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Bay Commercial Bank (OTCBB:BCML) (the “Bank”) today announced its first
quarter 2011 operating results.
The Bank reported total assets as of March 31, 2011 of $162.9 million
including loans outstanding of $137.4 million compared to March 31, 2010
total assets of $143.2 million and total loans outstanding of 124.8
million. At March 31, 2011, total deposits were $128.7 million compared
to total deposits of $126.3 million at March 31, 2010. The Bank’s net
operating loss for the first quarter 2011 was $106,000 or a loss of
$0.03 per share compared to net income for the same period in 2010 of
$288,000, or $0.19 per share. The decrease of $394,000 in net operating
income for the first quarter 2011 compared to the same period in 2010
was comprised primarily of higher a loan loss provision partially offset
by higher net interest income and non-interest income.
George J. Guarini, Chief Executive Officer of the Bank, stated “We are
disappointed to report our first quarterly loss since early 2006. The
higher loan loss provision was primarily related to one loan, and is not
an indication of deterioration in the Bank’s loan portfolio. Our
non-performing assets as a percent of total capital remain well below
industry averages. We remain focused on maintaining strong credit
quality and liquidity.”
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