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): July
26, 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
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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
July
26, 2006, Bay National Corporation (the “Company”) issued a press release
announcing its earnings for the quarter ended June 30, 2006.
Among
other figures, the press release presents a comparison of diluted net income
per
share before income taxes for the quarterly and six month periods ended June
30,
2006 compared to net income per diluted share for the quarterly and six month
periods ended June 30, 2005. Because the Company had no income tax expense
during the periods ended June 30, 2005, a comparison of the Company’s net income
per diluted share, which would include the impact of taxes for the periods
ended
June 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 22.2% year-over-year to $158.7
million at June 30, 2006. Core deposits, which management categorizes as all
deposits other than national market certificates of deposit and all but $5.0
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
July 27, 2006
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By:
/s/
Hugh W. Mohler
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Hugh
W. Mohler, President
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