Bay Commercial Bank (BCML.OB) announced third quarter and year to date operating results.
The company has reported operating income for the third quarter 2007 of $434,000 or $0.28. per share; compared to the income for the same period in 2006 of $96,000, or $0.06 per share, which represents a significant increase. The Bank’s year to date September 2007 operating income totaled $837,000 or $0.54 per share compared to income for the same period in 2006 of $97,000, or $0.06 per share.
Bay Commercial Bank’s total assets as of September 30, 2007 were $85.7 million, which included loans outstanding of $75.0 million. Total assets for the period ended September 30, 2006 was $69.7 million and total loans outstanding of $51.4 million. On September 30, 2007, total deposits were $70.4 million compared to total deposits at September 30, 2006 of $55.8 million.
George J. Guarini, Chief Executive Officer of Bay Commercial Bank, also announced James Apple will become Chairman of the Bank. Previously, Mr. Apple has served on the Board and has been Chair of the loan committee since the Bank opened in July 2004. Mr. Guarini stated “We are pleased to have Mr. Apple as our Chairman. He brings a wealth of relevant business experience as Co-Founder of the Buck Horn Grille Restaurant chain and Co-Owner/Developer of the Sedona Rouge Hotel, in Sedona, Arizona. This blend of non-real estate and real estate experience should serve the Bank well.”
Jim Apple, Chairman, said “I am pleased to continue as an active member of the Board and look forward to assisting with the growth and success of the Bank”.
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