Bay Commercial Bank announced earnings results for the fourth quarter and full year December 31, 2014. The Bank's net operating income for the fourth quarter 2014 was $1,278,000, or $0.27 per basic and share compared to net income for the same period in 2013 of $789,000, or $0.16 per diluted share. The increase in net operating income for the fourth quarter 2014 compared to the same period in 2013 was related to higher net interest income partially offset by higher operating costs. Net interest income was $1,278,000 compared to $789,000 a year ago. The increase in net operating income for the fourth quarter 2014 compared to the same period in 2013 was related to higher net interest income partially offset by higher operating costs.

For the full year 2014, the Bank reported net income of $5,178,000, or $1.08 per diluted share, compared to net income of $2,690,000, or $0.54 per diluted share for 2013. The increase in operating income for the year ended December 31, 2014 compared 2013 was primarily the result of higher net interest income partially offset by higher operating expenses, higher non-interest revenue as a result of the recognition of the bargain purchase gain, and higher loss provisions in 2014 to cover higher charge-offs as compared to 2013. Net interest income was $5,178,000 compared to $2,690,000 a year ago. Book value per share was $11.93 compared to $11.07 a year ago. The increase in operating income for the year ended December 31, 2014 compared 2013 was primarily the result of higher net interest income partially offset by higher operating expenses, higher non-interest revenue as a result of the recognition of the bargain purchase gain, and higher loss provisions in 2014 to cover higher charge-offs as compared to 2013.