Community Bank of the Bay announced unaudited earnings results for the fourth quarter and fiscal year ending December 31, 2013. For the quarter, the company's net income totaled $475,000, or $0.11 per share, compared to $791,000 or $0.19 per share for the same quarter in 2012, when the Bank reversed the accrued salary continuation expense. Net income was a record $2.0 million, or $0.49 per share, an increase of $643,000, or 46% from the prior year's $1.4 million, or $0.33 per share.

2013 income included an $800,000 reversal of a deferred tax asset valuation allowance and 2012 income included a $656,000 reversal of an accrued salary continuation expense. 2013 net income increased 68% from the prior year excluding these non-core items. For the year 2013 return on average assets was 1.26% compared to 1.01% in 2012. Return on average common equity was 14.7% compared to 11.7% for the same period a year ago.

2013 book value per common share of $3.59 represented a 17.9% increase from a year ago.