Bay Commercial Bank Reports 2004 Results.WALNUT CREEK Walnut Creek, residential city (1990 pop. 60,569), Contra Costa co., W Calif., in the San Francisco Bay area; inc. 1914. It is the trade and shipping center of an extensive agricultural area where walnuts are among the major product. , Calif. -- Bay Commercial Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BCML BCML Balrampur Chini Mills Limited BCML Batch Control Markup Language BCML Baltimore County Major League ) today announces its 2004 operating results. The Bank reported total assets as of December 31, 2004 of $25.6 million including loans of $15.3 million, and deposits totaled $11.6 million. The Bank's operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the period July 20, 2004 through December 31, 2004 was $732,400 or a loss per share of $0.48. George J. Guarini, Chief Executive Officer of Bay Commercial Bank, stated, "We are pleased with the progress we are making into the local business community. Both the Oakland and Walnut Creek offices have seen increasing levels of business activity." The Bank offers a full range of loan and deposit products and services to businesses and their affiliates throughout the Bay Area. Its offices are located at 1280 Civic Drive, Suite 100, Walnut Creek, California Walnut Creek is a largely affluent suburb several miles east of Oakland in Contra Costa County, California, USA, in the East Bay region of the San Francisco Bay Area. While not as large as the neighboring Concord, Walnut Creek serves as the business and entertainment hub for the and at 1111 Broadway, Suite 110, Oakland, California “Oakland” redirects here. For other uses, see Oakland (disambiguation). Oakland (IPA: /ˈoʊklənd/), founded in 1852, is the eighth-largest city in the U.S. . Bay Commercial Bank is a member of FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). and is an Equal housing lender The terms Equal Housing Lender and Equal Opportunity Lender are synonymous and refer to all FDIC insured banks in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. . Bay Commercial Bank is traded on the bulletin board under the symbol BCML.OB and the Bank can be found at www.baycommercialbank.com. The following firms make a market in the Bank's common stock: Hoeffer and Arnett Wedbush Morgan Securities Lisa Gallo Joey Warmenhoven 555 Market Street, 18th Floor 4949 SW Meadows Road #100 San Francisco, California 94105 Lake Oswego, Oregon 97035 415-538-5700 503-675-3100 The Bank has made forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this Press Release that are subject to risks and uncertainties. Forward-looking statements include information concerning the Bank's possible or assumed future results of operations. Also, when the Bank uses such words as "believe," "expect," "anticipate," "plan," "could," "intend," or similar expressions, it is making forward-looking statements. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The Bank's actual results could differ materially from those anticipated in any forward-looking statements as a result of certain factors, including those set forth in "Risk Factors" and elsewhere in its Offering Circular Offering Circular An abbreviated prospectus for a new security listing. Delivered to individuals and brokerage houses, these documents are issued to arouse interest in the new issue. Notes: An offering circular allows investors to access information regarding a new issue. and are incorporated herein by reference. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
Selected Financial Data
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December 31, 2004
Year Quarter Quarter
Ending Ending Ending Change
-------------
Balance Sheet 12/31/2004 12/31/2004 9/30/2004 $ %
------------- ---------- ---------- ---------
(dollars in
thousands)
Total Assets $25,554 $25,554 $20,117 $5,437 27.0%
Total Loans 15,275 15,275 7,976 7,299 91.5%
Total Deposits 11,589 11,589 5,861 5,728 97.7%
Shareholders' Equity 13,880 13,880 14,216 (336) -2.4%
Operating Results
-----------------
(dollars in
thousands)
Interest Income $323 $251 $72 $179 249%
Interest Expense 50 41 9 32 356%
---------- ---------- ---------- ------- ------
Net Interest Income 273 210 63 147 233%
Provision for loan
losses 175 92 83 9 11%
Non-interest Income 3 2 1 1 100%
Non-interest Expense 833 450 383 67 17%
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Net Loss $(732) $(330) $(402) $72 18%
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Ratios and Data
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Net Interest Margin 2.93% 3.60% 1.74% 1.86%
Efficiency ratio 302% 212% 598% -386%
Leverage capital ratio 58.6% 58.6% 78.7% -20.1%
Loss Per share $(0.48) $(0.22) $(0.26) $0.04
Common Stock 1,540,000 1,540,000 1,540,000 -
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