Bay Banks Of Virginia Inc (BAYK) 10-Q Quarterly Report November 2019

RICHMOND, VA, October 29, 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 nine months ended September 30, 2019.

The company reported net income of $1.8 million, or $0.14 per diluted share, for the third quarter of 2019 compared to $1.7 million, or $0.13 per diluted share, for the second quarter of 2019 and $1.0 million, or $0.08 per diluted share, for the third quarter of 2018. For the first nine months of 2019, the company reported net income of $5.1 million, or $0.39 per diluted share, compared to $3.1 million, or $0.24 per diluted share, for the first nine months of 2018. Net income in the first nine months 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. On a pre-tax, pre-loan loss provision basis, income increased $600 thousand¹ when comparing the third quarter to the second quarter of 2019 and $1.1 million¹ when comparing the third quarter of 2019 to the third quarter of 2018. In the third quarter of 2019, we continued to realize the benefit of stronger loan yields, though recent index rate declines are resulting in downward pressure on yields.

“As noted last quarter, deposit costs in our markets are stabilizing. We began to lower deposit costs late in the second quarter, and due to this and lower rates on alternative funding sources, I am pleased to report declining funding costs on a sequential quarter basis. In addition, we are experiencing some success in growing noninterest-bearing accounts, though this growth is occurring at a slower pace than we would like. We’ve had many wins, though it takes time for these accounts to fund.”

Operating Results

Third Quarter 2019 compared to Second Quarter 2019

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Income before income taxes for the third quarter of 2019 was $2.3 million compared to $2.1 million for the second quarter of 2019.

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Interest income for the three months ended September 30, 2019 was $12.8 million, on average interest-earning assets of $1.04 billion, compared to $12.3 million, on average interest-earning assets of $1.04 billion, for the three months ended June 30, 2019. Interest income in the third quarter of 2019 included accretion of acquired loan discounts of $357 thousand, while interest income in the second quarter of 2019 included $197 thousand of accretion of acquired loan discounts. Higher accretion in the third quarter of 2019 was primarily attributable to early payoffs of loans acquired in the Merger. Yields on average interest-earning assets were 4.87% and 4.77% for the sequential quarter periods, including the effect of accretion. Of the increase in yield from the second quarter to the third quarter of 2019, 6 basis points were attributable to higher accretion of acquired loan discounts of $160 thousand.

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Interest expense was $3.7 million and $3.8 million for the three months ended September 30, 2019 and June 30, 2019, respectively, and cost of funds was 1.52% and 1.58% for the sequential quarter periods. Average interest-bearing liabilities were $851.4 million and $857.4 million for the third and second quarters of 2019, respectively.

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Net interest margin (“NIM”) was 3.45% for the third quarter of 2019 compared to 3.29% for the second quarter of 2019. Of the increase in NIM from the second quarter to the third quarter of 2019, 6 basis points were attributable to higher accretion of acquired loan discounts in the third quarter of 2019.

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Provision for loan losses was $495 thousand in the third quarter of 2019, while provision for loan losses in the second quarter of 2019 was $62 thousand. Higher provision for loan losses in the third quarter of 2019 was primarily attributable to

The following information was filed by Bay Banks Of Virginia Inc (BAYK) on Wednesday, October 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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Bay Banks Of Virginia Inc provided additional information to their SEC Filing as exhibits

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Exhibit 32.1: Section 1350 Certification

Ticker: BAYK
CIK: 1034594
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-041716
Submitted to the SEC: Thu Nov 07 2019 4:06:45 PM EST
Accepted by the SEC: Thu Nov 07 2019
Period: Monday, September 30, 2019
Industry: State Commercial Banks

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

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