Bay National Corp., a Baltimore-based holding company for Bay National Bank, reported a jump in net income of 16.2 percent for the first quarter of 2007. This boost is a $400,000 increase, going up from $2.7 million reported in 2006, to $3.1 million this year. During the quarter there were no charge-offs, and Bay National only reported one loan as “non-accrual.” “Given the dynamics of the banking industry and the uncertain economic news, we are very pleased with our performance in the first quarter of 2007,” Hugh Mohler, chairman and chief executive officer of Bay National, said in a statement.
