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Bay Banks Of Virginia Inc (BAYK) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Bay Banks Of Virginia Inc

CIK: 1034594 Ticker: BAYK

Exhibit 99.1

Bay Banks of Virginia, Inc. Reports First Quarter 2020 Results

Response to COVID-19 Pandemic

RICHMOND, VA, May 7, 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 first quarter of 2020 and the company’s response to the COVID-19 pandemic.

The company reported a net loss of $14 thousand, or $0.00 per diluted share, for the first quarter of 2020 compared to net income of $2.0 million, or $0.15 per diluted share, for the fourth quarter of 2019 and net income of $1.5 million, or $0.11 per diluted share, for the first quarter of 2019. The net loss for the first quarter of 2020 includes loan loss provision expense of $2.8 million (pre-tax), a significant portion of which related to estimated reserve needs as a result of the COVID-19 pandemic.

The company reported that it has been operating under a pre-determined pandemic plan since the beginning of March. From the onset of the national pandemic, it proactively addressed the needs of its commercial and individual borrowers modifying nearly 180 loans, with balances of approximately $86.5 million, in the month of March 2020. The modifications allow for the short-term deferral of principal payments or of principal and interest payments.  

Beginning on March 20, 2020, the company’s retail branch lobbies were accessible by appointment; all its drive-through access points were open, as well as access to banking services using readily-available technology. On April 13, 2020, the company temporarily closed four retail branches and reduced hours of certain other branches. The company anticipates the branches will be re-opened during the third quarter of this year. These adjustments were primarily in response to the ‘stay-at-home’ order issued by the governor of Virginia on March 30, 2020. The changes in branch staffing along with certain other positions result in noninterest expense savings of approximately $225 thousand, which will be realized over the second and third quarters of 2020.  

Beginning on April 3, 2020, the company actively participated in the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, closing 405 loans totaling $45.3 million and earning $1.8 million in processing fees, pursuant to the first appropriation of government funding, which was depleted on April 16, 2020. Beginning on April 27, 2020 and through the end of April, an additional 107 loans were closed totaling $5.5 million and resulting in $250 thousand in processing fees, pursuant to the second appropriation of PPP government funding. Through the PPP, the federal government partnered with banks to provide over $650 billion to small businesses to support payrolls and other operating expenses.

Randal R. Greene, President and Chief Executive Officer, commented: “2020 started strong; with vibrant economies in our markets and with the leadership of our new Chief Revenue Officer, we were off to a great year. On a pre-tax, pre-provision basis, we earned $2.7 million1 in the first quarter of 2020 compared to $2.8 million1 in the fourth quarter of 2019. Excluding the higher accretion of loan discounts of $740 thousand in the fourth quarter of 2019, pre-tax, pre-provision earnings improved $663 thousand. Of the $2.8 million we recorded in provision for loan losses during the quarter, $1.5 million was an estimate of credit issues related to the impact of the virus on our borrowers’ businesses and their ability to repay us. First quarter loan growth, on an annualized basis, was nearly 20%, and we, like other banks our size, were feeling loan yield pressure as market rates were coming down. We aggressively reduced deposit rates, bringing overall deposit costs down 10 basis points in this first quarter.

“At the beginning of 2020, few would have predicted our economy would come to a halt due to a pandemic. As a nimble community bank, our focus quickly shifted to supporting our customers, modifying their loans, and assisting them in deciphering the many stimulus programs rolled out by our federal government. I couldn’t be more proud of how our teams responded, both the team that executed the Paycheck Protection Program loans for our customers and our branch employees that interface day-to-day with the public during this complicated situation. As of the end of April, 100% of our customers that applied for a PPP loan had been approved for one. I have received an overwhelming amount of positive feedback from customers we’ve helped, many that have temporarily lost revenues they’ve worked years to build.”

 


The following information was filed by Bay Banks Of Virginia Inc (BAYK) on Thursday, May 7, 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-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 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)
Amendments To The Accounting Standards Codification
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation - Additional Information (Detail)
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 Income Taxes (Detail)
Changes In Accumulated Other Comprehensive Income (Loss), Net - Components Of Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income 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 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 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 - Number And 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 - Securities In Unrealized Loss Positions (Detail)
Securities - Summary Of Amortized Cost And Fair Value By Contractual Maturity Of Available For Sale Securities (Detail)
Share Repurchase Program
Share Repurchase Program - Additional Information (Detail)

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: 0001564590-20-024260
Submitted to the SEC: Mon May 11 2020 4:33:01 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: State Commercial Banks

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