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Bay Banks Of Virginia Inc (BAYK) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Bay Banks Of Virginia Inc

CIK: 1034594 Ticker: BAYK

Exhibit 99.1

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

RICHMOND, VA, July 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 three and six months ended June 30, 2019.

The company reported net income of $1.7 million, or $0.13 per diluted share, for the second quarter of 2019 compared to $1.5 million, or $0.11 per diluted share, for the first quarter of 2019 and $946 thousand, or $0.07 per diluted share, for the second quarter of 2018. For the first half of 2019, the company reported net income of $3.2 million, or $0.25 per diluted share, compared to $2.1 million, or $0.16 per diluted share, for the first half of 2018. Net income in the first half of 2018 included $363 thousand ($287 thousand1 after income tax) of merger-related expenses incurred in connection with the company’s merger with Virginia BanCorp, Inc. on April 1, 2017 (the “Merger”).

Randal R. Greene, President and Chief Executive Officer, commented: “I am again pleased to report improved quarterly results. As noted in our first quarter report, we have intentionally slowed loan growth preserving our liquidity for higher yielding opportunities.  In the second quarter, we experienced a higher than usual level of loan payoffs. However, loans to new relationships and advances under current lines were strong in the quarter and we are earning slightly higher yields on these loans. Deposit costs in our markets appear to be stabilizing, and as a result, we have taken actions to lower the cost of this funding source. We are experiencing some success in growing noninterest-bearing accounts, though this growth is not at the pace we would like. We are focused on growing these accounts.”

Operating Results

Second Quarter 2019 compared to First Quarter 2019

 

Income before income taxes for the second quarter of 2019 was $2.1 million compared to $1.8 million for the first quarter of 2019.

 

Interest income for the three months ended June 30, 2019 was $12.3 million, on average interest-earning assets of $1.04 billion, compared to $12.3 million, on average interest-earning assets of $1.02 billion, for the three months ended March 31, 2019. Interest income in the second quarter of 2019 included accretion of acquired loan discounts of $197 thousand, while interest income in the first quarter of 2019 included $439 thousand of accretion of acquired loan discounts. Higher accretion in the first quarter of 2019 was primarily attributable to early payoffs of loans acquired in the Merger. Yields on average interest-earning assets were 4.77% and 4.90% for the linked quarter periods, including the effect of accretion. Of the decline in yield from the first quarter to the second quarter of 2019, 11 basis points were attributable to lower accretion of acquired loan discounts of $242 thousand.

 

Interest expense was $3.8 million and $3.7 million for the three months ended June 30, 2019 and March 31, 2019, respectively, and cost of funds was 1.58% and 1.54% for the linked quarter periods. Average interest-bearing liabilities were $857.4 million and $853.6 million for the second and first quarters of 2019, respectively.

 

Net interest margin (“NIM”) was 3.29% for the second quarter of 2019 compared to 3.45% for the first quarter of 2019. Of the decline in NIM from the first quarter to the second quarter of 2019, 9 basis points were attributable to lower accretion of acquired loan discounts, while the remaining decline was primarily due to higher cost of funds.

 

Provision for loan losses was $62 thousand in the second quarter of 2019, while provision for loan losses in the first quarter of 2019 was $314 thousand. Provision for loan losses in the second quarter of 2019 was primarily attributable to adjustments to certain qualitative loan loss factors to adjust for the change in the composition of the company’s loan portfolio. Provision for loan losses in the first quarter of 2019 was primarily attributable to gross loan growth of $16.5 million.

 

Noninterest income for the three months ended June 30, 2019 and March 31, 2019 was $1.3 million and $1.1 million, respectively. Greater noninterest income in the second quarter of 2019 compared to the first quarter of 2019 was primarily due to higher secondary market mortgage sales and servicing income, which increased $196 thousand, as the company sold a greater volume of originated loans and due to general seasonality in the mortgage banking business.


The following information was filed by Bay Banks Of Virginia Inc (BAYK) on Tuesday, July 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: 0001564590-19-030660
Submitted to the SEC: Thu Aug 08 2019 2:50:31 PM EST
Accepted by the SEC: Thu Aug 08 2019
Period: Sunday, June 30, 2019
Industry: State Commercial Banks

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