Bay Commercial Bank Announces Earnings Results for the Fourth Quarter and Full Year December 31, 2014
January 29, 2015 at 12:57 pm
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Bay Commercial Bank announced earnings results for the fourth quarter and full year December 31, 2014. The Bank's net operating income for the fourth quarter 2014 was $1,278,000, or $0.27 per basic and share compared to net income for the same period in 2013 of $789,000, or $0.16 per diluted share. The increase in net operating income for the fourth quarter 2014 compared to the same period in 2013 was related to higher net interest income partially offset by higher operating costs. Net interest income was $1,278,000 compared to $789,000 a year ago. The increase in net operating income for the fourth quarter 2014 compared to the same period in 2013 was related to higher net interest income partially offset by higher operating costs.
For the full year 2014, the Bank reported net income of $5,178,000, or $1.08 per diluted share, compared to net income of $2,690,000, or $0.54 per diluted share for 2013. The increase in operating income for the year ended December 31, 2014 compared 2013 was primarily the result of higher net interest income partially offset by higher operating expenses, higher non-interest revenue as a result of the recognition of the bargain purchase gain, and higher loss provisions in 2014 to cover higher charge-offs as compared to 2013. Net interest income was $5,178,000 compared to $2,690,000 a year ago. Book value per share was $11.93 compared to $11.07 a year ago. The increase in operating income for the year ended December 31, 2014 compared 2013 was primarily the result of higher net interest income partially offset by higher operating expenses, higher non-interest revenue as a result of the recognition of the bargain purchase gain, and higher loss provisions in 2014 to cover higher charge-offs as compared to 2013.
BayCom Corp is a bank holding company. The Company, through its wholly owned operating subsidiary, United Business Bank, offers a full range of loans, including United States Small Business Administration (SBA), California Pollution Control Financing Authority (CalCAP), FSA and United States Department of Agriculture (USDA) guaranteed loans, and deposit products and services to businesses and its affiliates in California, Washington, New Mexico and Colorado. It offers a full range of lending products, including commercial and multifamily real estate loans (including owner-occupied and investor real estate loans), commercial and industrial loans, construction and land loans, agriculture-related loans and consumer loans. It also offers consumer loans predominantly as an accommodation to its commercial clients, which include installment loans, unsecured and secured personal lines of credit, and overdraft protection. The Company has a network of approximately 35 full-service branches.