Bay National 8K
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of
Report (Date of Earliest Event Reported): January
25, 2007
Bay
National Corporation
(Exact
Name of Registrant as Specified in its Charter)
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Maryland
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000-51765
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52-2176710
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(State
of Incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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2328
West Joppa Road
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Lutherville,
Maryland
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21093
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
Telephone Number, Including Area Code: 410-494-2580
N/A
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[
]
Written communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Section
2 - Financial Information
Item
2.02 Results of Operations and Financial Condition.
On
January 25, 2007, Bay National Corporation (the “Company”) issued a press
release announcing its earnings for the quarter and year ended December 31,
2006.
Among
other figures, the press release presents a comparison of diluted net income
per
share before income taxes for the quarterly and twelve month periods ended
December 31, 2006 compared to net income per diluted share for the quarterly
and
twelve month periods ended December 31, 2005. Because the Company had an income
tax benefit during the periods ended December 31, 2005, a comparison of the
Company’s net income per diluted share, which would include the impact of income
tax expense for the periods ended December 31, 2006, could obscure the impact
of
changes in the Company’s operations. Therefore, management believes that the
comparison provides investors with a more accurate period-to-period comparison
of the per-share impact of changes in the Company’s operations.
The
press
release also reports that core deposits rose 33.5% year-over-year to $189.4
million at December 31, 2006. Core deposits, which management categorizes as
all
deposits other than national market certificates of deposit, deposits purchased
through the certificate
of deposit account registry service (CDARS) program
and all
but $3.0 million in deposits from select accounts with highly variable balances,
are closely monitored by management because they consider them not only a
relatively stable source of funding but also reflective of the growth of
commercial and consumer depository relationships.
The
press
release is furnished as Exhibit 99.1 hereto.
Section
9 - Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
The
following exhibit is filed herewith:
99.1 Press
Release
dated January 25, 2007.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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BAY
NATIONAL CORPORATION
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By:
/s/
Hugh W. Mohler
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Date:
January 25, 2007
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Hugh
W. Mohler, President
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