Bay Commercial Bank Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Fiscal 2013
January 30, 2013 at 03:25 pm
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Bay Commercial Bank announced earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported interest income was $3.68 million against $3.33 million a year ago. Net interest income was $3.09 million against $2.72 million a year ago. Net income before tax was $0.952 million against $6.47 million a year ago. Net income was $0.624 million against $6.8 million a year ago. Diluted income per share was $0.13 against $1.49 a year ago.
For the full year, the company reported interest income was $14.73 million against $10.32 million a year ago. Net interest income was $12.37 million against $8.55 million a year ago. Net income before tax was $3.85 million against $7.33 million a year ago. Net income was $2.15 million against $7.31 million a year ago. Diluted income per share was $0.45 against $1.92 a year ago. Excluding the merger related items, net income in 2012 exceed 2011 net income by $1.416 million or 192% primarily due to higher net interest margin partially offset by higher operating expenses.
For the fiscal 2013, the company remain committed to the pursuit of external strategic growth opportunities. The company believes that a continued focus on earnings, efficiency and a sound credit culture are important ingredients to growing a successful franchise.
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.
Bay Commercial Bank Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Fiscal 2013