Bay Commercial Bank announced earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported interest income of $4,016,000 compared with $3,677,000 for the same period a year ago. Net interest income was $3,500,000 compared with $3,087,000 for the same period a year ago. Net Income before tax was $1,346,000 compared with $952,000 for the same period a year ago. Net Income was $789,000 or $0.16 per diluted share compared with $624,000 or $0.13 per diluted share for the same period a year ago. Book value per share was $11.07 compared with $10.49 for the same period a year ago. The increase in net income for the fourth quarter 2013 compared to the same period in 2013 was comprised primarily of higher net interest margin and lower loan loss provisions partially offset by higher operating costs.

For the year, the company reported interest income of $14,915,000 compared with $14,727,000 for the same period a year ago. Net interest income was $12,835,000 compared with $12,373,000 for the same period a year ago. Net Income before tax was $4,589,000 compared with $3,846,000 for the same period a year ago. Net Income was $2,690,000 or $0.54 per diluted share compared with $2,155,000 or $0.45 per diluted share for the same period a year ago. Book value per share was $11.07 compared with $10.49 for the same period a year ago.