Bay National Corporation 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): October
25, 2006
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
Lutherville,
Maryland 21093
(Address
of Principal Executive Offices) (Zip Code)
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
October 25, 2006, Bay National Corporation (the “Company”) issued a press
release announcing its earnings for the quarter ended September 30, 2006.
Among
other figures, the press release presents a comparison of diluted net income
per
share before income taxes for the quarterly and nine month periods ended
September 30, 2006 compared to net income per diluted share for the quarterly
and nine month periods ended June 30, 2005. Because the Company had no income
tax expense during the periods ended September 30, 2005, a comparison of the
Company’s net income per diluted share, which would include the impact of taxes
for the periods ended September 30, 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 26.2% year-over-year to $171.2
million at September 30, 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:
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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Date
October 25, 2006
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By:
/s/
Hugh W. Mohler
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Hugh
W. Mohler, President
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