Bay National Corporation, the bank holding company for Bay National Bank, today reported a fourth quarter net loss of $11,695,000 or ($5.43) per diluted share. Bay National Corp trades on the “NASDAQ” under the stock symbol “BAYN”. For More information regarding “BAYN”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
Join today and be part of the best free investment newsletter on the web where we focus on market moving news.
Bay National Corporation (NASDAQ:BAYN), the bank holding company for Bay National Bank, today reported a fourth quarter net loss of $11,695,000 or ($5.43) per diluted share, as compared to a net loss of $1,023,000 or $0.48 per diluted share reported for the quarter ending December 31, 2008. The primary contributors to the net loss for the quarter were the provision for credit losses taken during the quarter and a write-down in the carrying value of a deferred tax asset.
“The ‘elephant in the room’ is concern over the extent of future loan losses,” commented Hugh W. Mohler, President and Chief Executive Officer. “Therefore, we took an aggressive stance by increasing our loan loss reserve by $5,272,000 and charging off $1,444,000 (net of recoveries) in the fourth quarter of 2009. Net charge-offs for the fourth quarter of 2009 were principally in the real estate sector, including consumer residential construction, commercial real estate and other commercial categories.”
You can contact us during market hours at 1-888-9-ClubGrand (1888-925-8247) or via email at staff@wallstreetgrand.com.
Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including 2009 growth, revenue for the second quarter and year of 2009 and gross margin for the second quarter and year of 2009. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of intense competition, the continuation or worsening of current economic conditions and the condition of the domestic and global credit and capital markets.
Disclaimer:
Wall Street Grand LLC has not been compensated by the company for this press release and does not expect to be compensated in the future for any type of awareness. To read our full disclaimer clicks the link http://www.wallstreetgrand.com/disclosure.html.
