Bay Commercial Bank Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 31, 2014 at 10:56 pm IST
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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.
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.