NAPA -- Bay Commercial Bank (OTCBB: BCML), a Walnut Creek-based bank that recently opened a full-service branch in Napa, today reported net income of $380,000 in the first quarter of 2012.

Those earnings were $406,000 higher than during the same period in 2011, when the bank had a net operating loss of $106,000.  

The bank attributed that increase to a lower loan-loss provision, partially offset by expenses related to defaulted loans and the opening of their new Napa branch. The provision for loan losses as of March 31 was $224,000, down from $933,000 at the same point in 2011.

“As we move towards the grand opening of our Napa Office, scheduled for May 16, we are encouraged by the strength of our pipeline for new businesses while continuing to exercise caution given an economic environment fraught with uncertainty,” said CEO George Guarini, in a written release.

Bay Commercial’s earnings equaled 8 cents per share for the period, up from an operating loss of 3 cents per share in the first three months of 2011.

Total assets as of March 31 were $285.4 million, including loans outstanding of $215.5 million. Total assets were $162.9 million at the same point in 2011, with $137.4 million in loans.

Deposits reached $235.5 million at the end of March, compared with $128.7 million a year before.