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Bay Banks Of Virginia Inc (BAYK) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Bay Banks Of Virginia Inc

CIK: 1034594 Ticker: BAYK

Exhibit 99.1

Bay Banks of Virginia, Inc. Reports Fourth Quarter and Full Year 2019 Results

RICHMOND, VA, January 28, 2020 /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, 2019.

The company reported net income of $2.0 million, or $0.15 per diluted share, for the fourth quarter of 2019 compared to $1.8 million, or $0.14 per diluted share, for the third quarter of 2019 and $782 thousand, or $0.06 per diluted share, for the fourth quarter of 2018. 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.

For the year of 2019, the company reported net income of $7.1 million, or $0.54 per diluted share, compared to $3.9 million, or $0.30 per diluted share, for the year of 2018. Net income in the year 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: “2019 was a year of great improvement with increasing profitability in each sequential quarter. We began the year with a focus on balance sheet management and low-cost deposit growth. Our overall loan portfolio shows minimal growth in 2019; however, net growth in our markets was nearly $79 million in 2019. Our portfolio of loans acquired in the Merger and subsequent purchases of consumer portfolios have declined from $290 million since the Merger to approximately $123 million at year-end 2019. We have sold more originated residential mortgages into the secondary market, grown noninterest-bearing deposits and continue to emphasize these accounts, and we’ve aggressively lowered deposit costs since the second quarter of 2019.”

Operating Results

Fourth Quarter 2019 compared to Third Quarter 2019

 

Income before income taxes for the fourth quarter of 2019 was $2.5 million compared to $2.3 million for the third quarter of 2019.

 

Interest income for the three months ended December 31, 2019 was $13.0 million, on average interest-earning assets of $1.06 billion, compared to $12.8 million, on average interest-earning assets of $1.04 billion, for the three months ended September 30, 2019. Interest income in the fourth quarter of 2019 included accretion of acquired loan discounts of $929 thousand, while interest income in the third quarter of 2019 included $357 thousand of accretion of acquired loan discounts. Higher accretion in the fourth quarter of 2019 was primarily attributable to significant paydowns and payoffs of loans acquired in the Merger. Yields on average interest-earning assets were 4.87% for each of the sequential quarter periods, including the effect of accretion. Yields on average interest-earning assets in the fourth quarter of 2019 were positively affected by higher accretion of acquired loan discounts, which had a positive 21 basis point effect compared to yields in the third quarter of 2019. Negatively affecting yields on average interest-earning assets in the fourth quarter of 2019 were higher average balances of lower earning investment securities purchased in the quarter and lower yields on new loans originated in the latter part of the fourth quarter of 2019.

 

Interest expense was $3.9 million and $3.7 million for the three months ended December 31, 2019 and September 30, 2019, respectively, and cost of funds was 1.54% and 1.52% for the sequential quarter periods. Average interest-bearing liabilities were $860.4 million and $851.4 million for the fourth and third quarters of 2019, respectively. Interest expense on the company’s $25 million of 5.625% subordinated notes issued on October 7, 2019 and maturing on October 15, 2029 (the “2029 Notes”) contributed $354 thousand and 10 basis points to interest expense and cost of funds, respectively, in the fourth quarter of 2019. Cost of deposits was 1.34% for the fourth quarter of 2019, down six basis points from 1.40% for the third quarter of 2019.

 

Net interest margin (“NIM”) was 3.43% for the fourth quarter of 2019 compared to 3.45% for the third quarter of 2019. Higher accretion in the fourth quarter of 2019 had a positive 21 basis point effect on NIM, which was offset by higher


The following information was filed by Bay Banks Of Virginia Inc (BAYK) on Tuesday, January 28, 2020 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.

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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
Consolidated Statements Of Operations
Accumulated Other Comprehensive Income (Loss), Net
Accumulated Other Comprehensive Income (Loss), Net (Tables)
Accumulated Other Comprehensive Income (Loss), Net - Components Of Accumulated Other Comprehensive Income (Loss), Net (Detail)
Accumulated Other Comprehensive Income (Loss), Net - Components Of Accumulated Other Comprehensive Income (Loss), Net (Parenthetical) (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)
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 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)
Employee Benefit Plans - Summary Of Pension Plan's Assets By Asset Type (Detail)
Fair Value
Fair Value (Tables)
Fair Value - Additional Information (Detail)
Fair Value - Reconciliation Of Items Using Level Three Inputs (Detail)
Fair Value - Schedule Of Balances Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (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 Income Tax Rate (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Maturity Analysis Of Operating Lease Liabilities (Detail)
Leases - Schedule Of Future Minimum Lease Payments Required Under Long-Term Non-Cancelable Lease Agreements Under Asc 840 (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 Ratings (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 And Basis Of Presentation
Organization And Basis Of Presentation - 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 - Components Of Other Real Estate Owned (Oreo) Valuation Allowance (Detail)
Other Real Estate Owned, Net - Number And Carrying Value Of Properties Included In Oreo, Net (Detail)
Other Real Estate Owned, Net - Other Real Estate Owned (Oreo) Related Activity Reported In Consolidated Statements Of Operations (Detail)
Parent Company Financial Statements
Parent Company Financial Statements (Tables)
Parent Company Financial Statements - Condensed Balance Sheets (Detail)
Parent Company Financial Statements - Condensed Statements Of Cash Flows (Detail)
Parent Company 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, Unrealized Gains And Losses, And Fair Values Of Available-For-Sale Securities (Detail)
Securities - Gross Realized Gains And Gross Realized Losses Of Available-For-Sale Securities (Detail)
Securities - Securities In Unrealized Loss Positions (Detail)
Securities - Summary Of Amortized Cost And Fair Value By Contractual Maturity Of Securities Available For Sale Securities (Detail)
Share Based Compensation
Share Based Compensation (Tables)
Share Repurchase Program
Share Repurchase Program - Additional Information (Detail)
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 Restricted Stock Activity (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: 0001564590-20-009180
Submitted to the SEC: Fri Mar 06 2020 4:27:15 PM EST
Accepted by the SEC: Fri Mar 06 2020
Period: Tuesday, December 31, 2019
Industry: State Commercial Banks

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