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Bay Banks Of Virginia Inc (BAYK) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Bay Banks Of Virginia Inc

CIK: 1034594 Ticker: BAYK

Exhibit 99.1

Bay Banks of Virginia, Inc. Reports First Quarter 2019 Results

Improved Performance

RICHMOND, VA, April 30, 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 first quarter ended March 31, 2019.

The company reported net income of $1.5 million, or $0.11 per diluted share, for the first quarter of 2019 compared to $782 thousand, or $0.06 per diluted share, for the fourth quarter of 2018 and $1.1 million, or $0.09 per diluted share, for the first quarter of 2018. Net income for the fourth quarter of 2018 included $483 thousand ($382 thousand1 after income tax) of expenses incurred in connection with the company’s previously announced early retirement program. Net income in the first quarter of 2018 included $363 thousand ($287 thousand1 after income tax) of merger-related expenses in connection with the company’s merger with Virginia BanCorp, Inc. on April 1, 2017 (the “Merger”). Costs associated with the succession of the company's CFO and costs related to fees incurred relating to the completion of the company's 2017 year-end financial reporting in the first quarter of 2018 totaled approximately $1.0 million.

Randal R. Greene, President and Chief Executive Officer, commented: “I am pleased to report improved first quarter 2019 results, which reflect the strongest quarterly earnings reported since the Merger. Our results reflect an intentional slowing of loan growth as we exercise a disciplined approach of investing our liquidity in higher yielding loans. Growing deposits, particularly noninterest-bearing accounts, continues to be challenging in a fiercely competitive environment and our deposit costs continue to increase due to both this competition and the natural repricing of our maturing time deposits. In the first quarter of 2019, higher loan yields contributed to some stability in our net interest margin, when excluding accretion of loan discounts. Also, in the first quarter of 2019, we completed the closure of our Hopewell, Virginia branch, as planned.”

Operating Results

First Quarter 2019 compared to Fourth Quarter 2018

 

Income before income taxes for the first quarter of 2019 was $1.8 million compared to $670 thousand for the fourth 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 March 31, 2019 was $12.3 million, on average interest-earning assets of $1.0 billion, compared to $11.7 million on average interest-earning assets of $989.3 million for the three months ended December 31, 2018. Interest income in the first quarter of 2019 included accretion of acquired loan discounts of $439 thousand, while interest income in the fourth quarter of 2018 included $352 thousand of accretion of acquired loan discounts. Yields on average interest-earning assets were 4.90% and 4.72% for the linked quarter periods.

 

Interest expense was $3.7 million and $3.3 million for the three months ended March 31, 2019 and December 31, 2018, respectively, and cost of funds was 1.54% and 1.40% for the linked quarter periods. Average interest-bearing liabilities were $853.6 million and $817.3 million for the first and fourth quarters of 2019 and 2018, respectively. Higher funding costs in the first quarter of 2019 was primarily due to competition for deposits in the company's markets, higher interest rates in general, and the repricing of maturing time deposits.

 

Net interest margin (“NIM”) was 3.45% for the first quarter of 2019 compared to 3.41% for the fourth quarter of 2018. NIM excluding accretion of acquired loan discounts and amortization of fair value marks on acquired time deposits (“Core NIM”) for the first quarter of 2019 was 3.26%1 compared to 3.25%1 for the fourth quarter of 2018.

 

Provision for loan losses was $314 thousand in the first quarter of 2019, while provision for loan losses in the fourth quarter of 2018 was $870 thousand. Provision for loan losses in both periods was primarily attributable to loan growth of $16.5 million and $48.0 million for the first quarter of 2019 and the fourth quarter of 2018, respectively.

 

Noninterest income for the three months ended March 31, 2019 and December 31, 2018 was $1.1 million and $1.0 million, respectively. Wealth management and secondary market sales and servicing income were higher in the fourth quarter of


The following information was filed by Bay Banks Of Virginia Inc (BAYK) on Tuesday, April 30, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly 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
Consolidated Statements Of Operations
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 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)
Amendments To The Accounting Standards Codification
Amendments To The Accounting Standards Codification - Additional Information (Detail)
Basis Of Presentation
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Detail)
Borrowings - Advances Of Debt (Detail)
Changes In Accumulated Other Comprehensive Income (Loss), Net
Changes In Accumulated Other Comprehensive Income (Loss), Net (Tables)
Changes In Accumulated Other Comprehensive Income (Loss), Net - Components Of Accumulated Other Comprehensive Income (Loss) Net Of Deferred Taxes (Detail)
Changes In Accumulated Other Comprehensive Income (Loss), Net - Components Of Accumulated Other Comprehensive Income (Loss) Net Of Deferred Taxes (Parenthetical) (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Weighted Average Number Of Shares Used In Computing Earnings Per Share (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Reconciliation Of Items Using Level Three Inputs (Detail)
Fair Value Measurements - Schedule Of Balances Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Fair Value Measurements - Summary Of Assets And Liabilities At Carrying Value And Estimated Fair Value On A Nonrecurring Basis (Detail)
Fair Value Measurements - Summary Of Assets Measured At Fair Value On Nonrecurring Basis (Detail)
Fair Value Measurements - Summary Of Quantitative Fair Value Measurements For Level 3 (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Maturity Analysis Of Operating Lease Liabilities (Detail)
Leases - Schedule Of Rou Asset And Lease Liabilities (Detail)
Leases - Schedule Weighted Average Remaining Lease Term And Discount Rate Associated With Operating Leases (Detail)
Leases - Supplemental Cash Flow Information Related To Operating Leases (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 Loans (Detail)
Loans - Summary Of Recorded Investment Of Purchased Impaired Loans (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 Values Of Properties Included In Other Real Estate Owned (Oreo) (Detail)
Securities
Securities (Tables)
Securities - Additional Information (Detail)
Securities - Aggregate Amortized Costs And Fair Values Of Available-For-Sale Securities (Detail)
Securities - Summary Of Amortized Cost And Fair Value By Contractual Maturity Of Securities Available For Sale Securities (Detail)
Securities - Unrealized Loss Positions (Detail)
Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

Bay Banks Of Virginia Inc provided additional information to their SEC Filing as exhibits

Ticker: BAYK
CIK: 1034594
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-017165
Submitted to the SEC: Wed May 08 2019 4:02:00 PM EST
Accepted by the SEC: Wed May 08 2019
Period: Sunday, March 31, 2019
Industry: State Commercial Banks

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