Bay Commercial Bank Reports First Quarter 2008 Results.WALNUT CREEK, 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 1st quarter 2008 operating results. The Bank reported total assets as of March 31, 2008 of $102.2 million including loans outstanding of $82.4 million compared to March 31, 2007 total assets of $83.1 million and total loans outstanding of $62.4 million. At March 31, 2008, total deposits were $81.5 million compared to total deposits at March 31, 2007 of $68.6 million. The Bank's operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the first quarter 2008 was $111,000 or $0.07 per share compared to net income for the same period in 2007 of $199,000, or $0.13 per share. The Bank's 2008 operating results are on a fully taxed basis as the Bank utilized all of its net 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. tax benefit in 2007. George J. Guarini, Chief Executive Officer of Bay Commercial Bank, stated, "We are pleased with our progress since opening in 2004. We have substantially recovered all of our organizational expenses and initial operating losses. The challenges for the future are to stay ahead of the economic conditions causing operating losses at other financial institutions. We believe the Bank is positioned to avoid these problems. We are evaluating strategies that will allow the Bank and its shareholders to benefit from the present economic environment." 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 155 Grand Avenue, Suite 100, Oakland, California. 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 Bankers Exchange Services Division can be found at www.BES1031.com. The Bank has made forward-looking statements 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. 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. [TABLE OMITTED] |
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