Last10K.com

Bay Banks Of Virginia Inc (BAYK) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Bay Banks Of Virginia Inc

CIK: 1034594 Ticker: BAYK

Exhibit 99.1

Bay Banks of Virginia, Inc. Reports Fourth Quarter and Full-Year 2018 Results

2018 Loan Growth Over 17%

RICHMOND, VA, February 6, 2019 /PRNewswire/ -- Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company of Virginia Commonwealth Bank and VCB Financial Group, Inc., announced financial results for the quarter and year ended December 31, 2018.

The company reported net income of $782 thousand, or $0.06 per diluted share, for the fourth quarter of 2018 compared to $1.0 million, or $0.08 per diluted share, for the third quarter of 2018, and to a net loss of $2.4 million, or ($0.18) per diluted share, for the fourth quarter of 2017. Net income for the fourth quarter of 2018 included $483 thousand ($382 thousand1 after income taxes) of expenses incurred in connection with the company’s previously announced early retirement program. Net income in the fourth quarter of 2017 included $850 thousand ($561 thousand1 after income taxes) of merger-related expenses in connection with the company’s merger with Virginia BanCorp, Inc. on April 1, 2017 (the “Merger”).

For the year of 2018, the company reported net income of $3.9 million, or $0.31 per diluted share, compared to a net loss of $1.2 million, or ($0.14) per diluted share, for the year of 2017. Expenses incurred in connection with the Merger were $363 thousand and $2.0 million for the years ended December 31, 2018 and 2017, respectively.

Randal R. Greene, President and Chief Executive Officer, commented: "Since our merger with Virginia BanCorp, Inc. at the beginning of the second quarter of 2017, we have grown our balance sheet by 30%. Our larger balance sheet coupled with the cost savings initiatives announced during the third quarter of 2018 are beginning to result in improved profitability. Income before income taxes for the fourth quarter of 2018 when excluding the provision for loan losses and the costs incurred in implementing our early retirement program was just over $2.0 million. Our challenge continues to be growing deposits at acceptable rates to keep pace with the loan growth opportunities we have in our very strong markets."

Operating Results

Fourth Quarter 2018 compared to Third Quarter 2018

 

Income before income taxes for the fourth quarter of 2018 was $670 thousand compared to $1.2 million for the third quarter of 2018. Income before income taxes, excluding the costs incurred to implement the company’s early retirement program, was $1.2 million1 for the fourth quarter of 2018.

 

Interest income for the three months ended December 31, 2018 was $11.7 million, on average interest-earning assets of $989.3 million, compared to $10.9 million for the three months ended September 30, 2018, on average interest-earning assets of $929.1 million. Interest income in the fourth quarter of 2018 included accretion of acquired loan discounts of $352 thousand, while interest income in the third quarter of 2018 included $357 thousand of accretion of acquired loan discounts. Yields on average interest-earning assets were 4.72% and 4.66% for the linked quarter periods.

 

Interest expense was $3.3 million and $2.6 million for the three months ended December 31, 2018 and September 30, 2018, respectively, and cost of funds was 1.40% and 1.19% for the linked quarter periods. Average interest-bearing liabilities were $817.3 million and $762.0 million for the fourth and third quarters of 2018, respectively. Higher funding cost in the fourth quarter period was primarily due to heightened competition for deposits in the company's markets and greater use of higher cost Federal Home Loan Bank of Atlanta (“FHLB”) borrowings to fund loan growth, both affected by higher interest rates, in general.

 

Net interest margin (“NIM”) was 3.41% for the fourth quarter of 2018 compared to 3.57% for the third quarter of 2018. Net interest margin excluding accretion of acquired loan discounts and amortization of fair value marks on time deposits (“Core NIM”) for the fourth quarter of 2018 was 3.25%1 compared to 3.40%1 for the third quarter of 2018. The decline in Core NIM for the linked quarter periods was primarily attributable to higher cost of funds, partially offset by higher yields on interest-earning assets.


The following information was filed by Bay Banks Of Virginia Inc (BAYK) on Wednesday, February 6, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Bay Banks Of Virginia Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Bay Banks Of Virginia Inc.

Continue

Assess how Bay Banks Of Virginia Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Bay Banks Of Virginia Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Accumulated Other Comprehensive Loss, Net
Accumulated Other Comprehensive Loss, Net (Tables)
Accumulated Other Comprehensive Loss, Net - Additional Information (Detail)
Accumulated Other Comprehensive Loss, Net - Components Of Accumulated Other Comprehensive Income (Loss) (Detail)
Accumulated Other Comprehensive Loss, Net - Components Of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail)
Accumulated Other Comprehensive Loss, Net - Reclassification For Previously Unrealized Gains Or Losses On Available-For-Sale Securities And Pension And Post-Retirement Benefit Plan-Related Costs (Detail)
Allowance For Loan Losses
Allowance For Loan Losses (Tables)
Allowance For Loan Losses - Additional Information (Detail)
Allowance For Loan Losses - All By Loan Type (Detail)
Allowance For Loan Losses - Company's Recorded Investment And Borrowers' Unpaid Principal Balances For Impaired Loans, Excluding Pci Loans, With Associated All Amount (Detail)
Allowance For Loan Losses - Loans Evaluated For Impairment Individually And Collectively By Loan Type (Detail)
Allowance For Loan Losses - Reconciliation Of Nonaccrual Loans To Impaired Loans (Detail)
Allowance For Loan Losses - Summary Of Roll Forward Of Accruing And Nonaccrual Tdrs (Detail)
Allowance For Loan Losses - Summary Of Troubled Debt Restructurings (Detail)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Detail)
Borrowings - Advances Of Debt (Detail)
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional Information (Detail)
Business Combinations - Schedule Of Fair Value Of Assets Acquired And Liabilities Assumed (Detail)
Business Combinations - Schedule Of Unaudited Pro Forma Financial Information (Detail)
Cash Reserves
Cash Reserves - Additional Information (Detail)
Deposits
Deposits (Tables)
Deposits - Additional Information (Detail)
Deposits - Schedule Of Time Deposits Maturities (Detail)
Deposits - Summary Of Deposit Accounts (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Weighted Average Number Of Shares Outstanding Used In Computing Earnings Per Share (Detail)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information (Detail)
Employee Benefit Plans - Amounts Recognized In Accumulated Other Comprehensive Loss (Income) (Detail)
Employee Benefit Plans - Changes In Accumulated Benefit Obligation And Fair Value Of Qualified Trust Assets (Pension Plan Only) And Statement Of Funded (Unfunded) Status For Pension Plan And Prb Plan (Detail)
Employee Benefit Plans - Components Of Net Periodic Benefit Cost (Gain) (Detail)
Employee Benefit Plans - Estimated Future Benefit Payments For Pension Plan And Prb Plan (Detail)
Employee Benefit Plans - Other Changes In Plan Assets And Benefit Obligations Recognized In Accumulated Other Comprehensive (Income) Loss (Detail)
Employee Benefit Plans - Schedule Of Actuarial Assumptions (Detail)
Fair Value
Fair Value (Tables)
Fair Value - Additional Information (Detail)
Fair Value - Schedule Of Balances Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Fair Value - Schedule Of Change In Financial Assets Valued Using Level Three Inputs (Detail)
Fair Value - Summary Of Assets And Liabilities At Carrying Value And Estimated Fair Value On A Nonrecurring Basis (Detail)
Fair Value - Summary Of Assets Measured At Fair Value On Nonrecurring Basis (Detail)
Fair Value - Summary Of Quantitative Fair Value Measurements For Level 3 (Detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Detail)
Goodwill And Intangible Assets - Estimated Remaining Amortization Expense (Detail)
Goodwill And Intangible Assets - Information On Intangible Assets, Other Than Goodwill (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Net Deferred Tax Assets (Detail)
Income Taxes - Current And Deferred Income Tax Expense (Benefit) (Detail)
Income Taxes - Summary Of Federal Statutory Income Tax Rate Reconciled To Effective Tax Rate (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Future Minimum Lease Payments For Long-Term Non-Cancelable Lease Agreements (Detail)
Loans
Loans (Tables)
Loans - Additional Information (Detail)
Loans - Internal Risk Rating Grades (Detail)
Loans - Recorded Investment For Past Due And Non-Accruing Loans (Detail)
Loans - Summary Of Changes In Accretable Yield For Pci Loans (Detail)
Loans - Summary Of Composition Of Loans (Detail)
Loans - Summary Of Recorded Investment Of Purchased Impaired Loans (Detail)
Off-Balance Sheet Commitments And Contingencies
Off-Balance Sheet Commitments And Contingencies - Additional Information (Detail)
Organization
Organization - Additional Information (Detail)
Other Real Estate Owned, Net
Other Real Estate Owned, Net (Tables)
Other Real Estate Owned, Net - Additional Information (Detail)
Other Real Estate Owned, Net - Carrying Value Of Properties Included In Other Real Estate Owned, Net (Detail)
Other Real Estate Owned, Net - Components Of Other Real Estate Owned (Oreo) Valuation Allowance (Detail)
Other Real Estate Owned, Net - Other Real Estate Owned (Oreo) Related Activity Reported In Consolidated Statements Of Operations (Detail)
Parent Financial Statements
Parent Financial Statements (Tables)
Parent Financial Statements - Condensed Balance Sheets (Detail)
Parent Financial Statements - Condensed Statements Of Cash Flows (Detail)
Parent Financial Statements - Condensed Statements Of Operations (Detail)
Premises And Equipment, Net
Premises And Equipment, Net (Tables)
Premises And Equipment, Net - Additional Information (Detail)
Premises And Equipment, Net - Components Of Premises And Equipment, Net Of Accumulated Depreciation, Included In Consolidated Balance Sheets (Detail)
Regulatory Requirements
Regulatory Requirements (Tables)
Regulatory Requirements - Additional Information (Detail)
Regulatory Requirements - Schedule Of Bank's Actual Capital Amounts And Ratios, And Minimum Capital Requirement Amounts And Ratios Per Regulatory Capital Framework (Detail)
Related Parties
Related Parties (Tables)
Related Parties - Additional Information (Detail)
Related Parties - Summary Of Amount Of Loans To And Repayments On Loans To Related Parties (Detail)
Securities
Securities (Tables)
Securities - Additional Information (Detail)
Securities - Aggregate Amortized Cost And Fair Values Of Available-For-Sale Securities (Detail)
Securities - Gross Realized Gains And Gross Realized Losses Of Available-For-Sale Securities (Detail)
Securities - Summary Of Amortized Cost And Fair Value By Contractual Maturity Of Available For Sale Securities (Detail)
Securities - Unrealized Loss Positions (Detail)
Share Based Compensation
Share Based Compensation (Tables)
Share-Based Compensation - Additional Information (Detail)
Share-Based Compensation - Fair Value Of Stock Options (Detail)
Share-Based Compensation - Fair Value Of Stock Options (Parenthetical) (Detail)
Share-Based Compensation - Summary Of Stock Option Activity (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Ticker: BAYK
CIK: 1034594
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-006941
Submitted to the SEC: Fri Mar 08 2019 2:12:37 PM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/bayk/0001564590-19-006941.htm