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09.05.2018 23:09:00
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Bay Banks of Virginia, Inc. Reports First Quarter 2018 Earnings
RICHMOND, Va., May 9, 2018 /PRNewswire/ -- Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company of Virginia Commonwealth Bank and VCB Financial Group, Inc., reported financial results for the first quarter of 2018.
The company reported net income of $1.1 million, or $0.09 per diluted share, for the first quarter of 2018 compared to a net loss of $177 thousand, or $0.04 per diluted share, for the first quarter of 2017, and a net loss of $2.4 million, or $0.18 per diluted share, for the fourth quarter of 2017.
Randal R. Greene, President and Chief Executive Officer, commented: "I am pleased with the strong performance delivered by our team in the first quarter of 2018, evidenced by strong first quarter earnings, particularly when excluding nonrecurring items, and strong loan growth. In the last twelve months, we have completed the merger with Virginia BanCorp, relocated our headquarters to the vibrant Richmond area market, strengthened our capital position through a successful share offering, converted core operating systems to a single platform, and added key leaders to our management team. Our management team and growing team of lenders have positioned Virginia Commonwealth Bank for growth, while we strengthen the infrastructure required for a larger organization."
Results for the first quarter of 2017 include the operations of the company prior to its merger with Virginia BanCorp Inc., which was effective April 1, 2017, thus are not comparable to the first quarter of 2018.
First Quarter 2018 compared to Fourth Quarter 2017
Operating Results
- Income before income taxes for the first quarter of 2018 was $1.4 million compared to a loss before income taxes of $2.0 million for the fourth quarter of 2017.
- Interest income for the three months ended March 31, 2018 was $10.7 million, on average interest-earning assets of $905.0 million, compared to $10.5 million for the three months ended December 31, 2017, on average interest-earning assets of $900.6 million. Interest income in the first quarter of 2018 included accretion of acquired loan discounts of $503 thousand, while interest income in the fourth quarter of 2017 included $1.0 million of accretion of acquired loan discounts.
- Interest expense was $2.0 million and $1.9 million for the first quarter of 2018 and the fourth quarter of 2017, respectively, and cost of funds was of 0.95% and 0.92% for the linked quarter periods.
- Net interest margin was 3.83% for the three months ended March 31, 2018 compared to 3.82% for the three months ended December 31, 2017. Net interest margin excluding accretion of acquired loan discounts and amortization of fair value marks on time deposits for the three months ended March 31, 2018 was 3.58%1 compared to 3.31%1 for the three months ended December 31, 2017.
- Provision for loan losses was $320 thousand for the first quarter of 2018, while provision for loan losses in the fourth quarter of 2017 was $3.1 million. The company recorded $2.2 million of provision expense in the fourth quarter of 2017 for a consumer loan pool.
- Non-interest income for the first quarter of 2018 was $1.2 million compared to $733 thousand in the fourth quarter of 2017. Non-interest income in the first quarter of 2018 included a gain of $352 thousand on the discontinuance of the company's post-retirement benefit plan effective March 1, 2018.
- Non-interest expenses for the first quarter of 2018 and fourth quarter of 2017 were $8.1 million and $8.2 million, respectively. Merger related expenses, including system conversion costs, were $363 thousand and $850 thousand for the three months ended March 31, 2018 and December 31, 2017, respectively. Additionally, costs associated with the succession of the company's CFO and costs related to fees incurred in the first quarter of 2018 in the completion of the company's year-end reporting totaled approximately $1.0 million.
Balance Sheet
- Loans, net of allowance for loan losses, were $783.0 million at March 31, 2018 compared to $758.7 million at December 31, 2017, an annualized growth rate of nearly 13%.
- Total assets were $994.7 million at March 31, 2018 compared to $970.6 million at December 31, 2017.
- Deposits were $797.0 million at March 31, 2018 compared to $761.8 million at December 31, 2017. Non-interest-bearing accounts comprised 15.6% of total deposits, an increase from 13.5% at December 31, 2017.
- Shareholders' equity was $114.9 million and $114.6 million at March 31, 2018 and December 31, 2017, respectively. Tangible book value, calculated as shareholders' equity less goodwill and core deposit intangible assets, net of the associated deferred tax liability, divided by common shares outstanding, was $7.901 and $7.881 at March 31, 2018 and December 31, 2017, respectively. Capital ratios for Virginia Commonwealth Bank were above regulatory minimum guidelines for well-capitalized banks as of March 31, 2018 and December 31, 2017.
- Return on average assets and return on average equity, both annualized, were 0.46% and 3.92%, respectively, for the three months ended March 31, 2018, while these same measures were (0.99)% and (8.24)% for the three months ended December 31, 2017, respectively.
Asset Quality
- Non-performing assets were $9.5 million, or 0.95% of total assets, as of March 31, 2018 compared to $10.8 million, or 1.11% of total assets, as of December 31, 2017. Net charge-offs to average loans was 0.09% and 0.50% for the three months ended March 31, 2018 and December 31, 2017, respectively.
- The ratio of allowance for loan losses to total gross loans was 1.00% and 1.01% at March 31, 2018 and December 31, 2017, respectively. The company's allowance for loan losses does not include discounts recorded on acquired loans. The ratio of allowance for loan losses plus remaining discounts on acquired loans to total gross loans (adding the remaining discounts on acquired loans) was 1.65%1 and 1.76%1 at March 31, 2018 and December 31, 2017, respectively.
Outlook
Greene concluded: "I believe we are well positioned to capture an under-served segment in our target markets. Recent consolidations have left a void, particularly in the Richmond and Hampton Roads areas. A community bank nearing the $1 billion asset mark should benefit from the recent bank mergers. I am excited to share that we will soon have a base in Virginia Beach and see great potential with our team on the ground to grow both loans and deposits. At the same time, on the back side of 2017, we are addressing infrastructure needs to support and mitigate the risks that come with growth. There is much opportunity, yet much to accomplish. Our team is coming together to meet the challenge."
About Bay Banks of Virginia, Inc.
Bay Banks of Virginia, Inc. is the bank holding company for Virginia Commonwealth Bank and VCB Financial Group, Inc. Founded in the 1930's, Virginia Commonwealth Bank is headquartered in Richmond, Virginia. With 18 banking offices located throughout the Richmond market area, the Northern Neck region, the Tri-Cities area of Petersburg, Hopewell and Colonial Heights, Middlesex County and Suffolk, the bank serves businesses, professionals and consumers with a wide variety of financial services, including retail and commercial banking, and mortgage banking. VCB Financial Group provides management services for personal and corporate trusts, including estate planning, estate settlement and trust administration along with investment and wealth management services.
Caution About Forward-Looking Statements
This press release contains statements concerning the company's expectations, plans, objectives, future financial performance and other statements that are not historical facts. These statements may constitute "forward-looking statements" as defined by federal securities laws. These statements may address issues that involve estimates and assumptions made by management, risks and uncertainties, and actual results could differ materially from historical results or those anticipated by such statements. Factors that could have a material adverse effect on the operations and future prospects of the company include, but are not limited to: the ability to successfully implement integration plans associated with the Virginia BanCorp merger (the "Merger"), which integration may be more difficult, time-consuming or costly than expected; the ability to achieve the cost savings and synergies contemplated by the Merger within the expected timeframe; disruptions to customer and employee relationships and business operations caused by the Merger; changes in interest rates and general economic conditions; the legislative/regularity climate; monetary and fiscal policies of the U. S. Government, including policies of the U. S. Treasury and Federal Reserve Board; the quality or composition of the loan or investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in the company's market area; acquisitions and dispositions; and tax and accounting rules, principles, polices and guidelines. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on such statements, which speak only as of the date they are made. Except to the extent required by applicable law or regulation, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
For further information, contact Randal R. Greene, President and Chief Executive Officer, at 844-404-9668 or inquiries@baybanks.com.
1 See discussion of non-GAAP financial measures at the end of the Supplemental Financial Data tables that follow.
BAY BANKS OF VIRGINIA, INC. | ||||
Supplemental Financial Data (Unaudited) | ||||
CONSOLIDATED BALANCE SHEETS | ||||
March 31, 2018 | December 31, 2017 | |||
(dollars in thousands, except share data) | ||||
ASSETS | ||||
Cash and due from banks | $ 7,774 | $ 9,396 | ||
Interest-bearing deposits | 52,564 | 41,971 | ||
Certificates of deposit | 3,224 | 3,224 | ||
Federal funds sold | 3,358 | 6,961 | ||
Available-for-sale securities, at fair value | 75,434 | 77,153 | ||
Restricted securities | 5,510 | 5,787 | ||
Loans receivable, net of allowance for loan losses | ||||
of $7,923 and $7,770, respectively | 782,965 | 758,726 | ||
Loans held for sale | 414 | 1,651 | ||
Premises and equipment, net | 17,661 | 17,463 | ||
Accrued interest receivable | 2,844 | 3,194 | ||
Other real estate owned, net | 2,593 | 4,284 | ||
Bank owned life insurance | 18,900 | 18,773 | ||
Goodwill | 10,374 | 10,374 | ||
Mortgage servicing rights | 930 | 999 | ||
Core deposit intangible | 2,780 | 2,991 | ||
Other assets | 7,351 | 7,609 | ||
Total assets | $ 994,676 | $ 970,556 | ||
LIABILITIES | ||||
Noninterest-bearing deposits | $ 124,572 | $ 103,037 | ||
Savings and interest-bearing demand deposits | 299,216 | 299,820 | ||
Time deposits | 373,163 | 358,989 | ||
Total deposits | 796,951 | 761,846 | ||
Securities sold under repurchase agreements | 6,551 | 9,498 | ||
Federal Home Loan Bank advances | 60,000 | 70,000 | ||
Subordinated notes, net of issuance costs | 6,881 | 6,877 | ||
Other liabilities | 9,374 | 7,781 | ||
Total liabilities | 879,757 | 856,002 | ||
SHAREHOLDERS' EQUITY | ||||
Common stock ($5 par value; authorized - 30,000,000 shares; | ||||
outstanding - 13,223,096 and 13,203,605 shares, respectively) (1) | 66,115 | 66,018 | ||
Additional paid-in capital | 37,189 | 37,142 | ||
Unearned employee stock ownership plan shares | (1,088) | (1,129) | ||
Retained earnings | 14,803 | 13,679 | ||
Accumulated other comprehensive loss, net | (2,100) | (1,156) | ||
Total shareholders' equity | 114,919 | 114,554 | ||
Total liabilities and shareholders' equity | $ 994,676 | $ 970,556 | ||
(1) Preferred stock is authorized; however, none was outstanding as of March 31, 2018 and December 31, 2017. | ||||
BAY BANKS OF VIRGINIA, INC. | |||||
Supplemental Financial Data (Unaudited) - Continued | |||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
For the three months ended | |||||
(dollars in thousands, except per share data) | March 31, 2018 | March 31, 2017 | |||
INTEREST INCOME | |||||
Loans, including fees | $ 9,984 | $ 4,388 | |||
Securities: | |||||
Taxable | 397 | 269 | |||
Tax-exempt | 120 | 114 | |||
Federal funds sold | 74 | 1 | |||
Interest-bearing deposit accounts | 98 | 7 | |||
Certificates of deposit | 19 | 19 | |||
Total interest income | 10,692 | 4,798 | |||
INTEREST EXPENSE | |||||
Deposits | 1,607 | 630 | |||
Federal funds purchased | - | 10 | |||
Securities sold under repurchase agreements | - | 3 | |||
Subordinated notes | 128 | 117 | |||
Federal Home Loan Bank advances | 313 | 154 | |||
Total interest expense | 2,048 | 914 | |||
Net interest income | 8,644 | 3,884 | |||
Provision for loan losses | 320 | 190 | |||
Net interest income after provision for loan losses | 8,324 | 3,694 | |||
NON-INTEREST INCOME | |||||
Income from fiduciary activities | 247 | 245 | |||
Service charges and fees on deposit accounts | 135 | 212 | |||
Non-deposit product income | 132 | 80 | |||
Other service charges and fees | 50 | 171 | |||
Secondary market lending income | 133 | 115 | |||
Increase in cash surrender value of bank owned life insurance | 127 | 75 | |||
Net losses on available-for-sale securities | - | (5) | |||
Net losses on disposition of other assets | (69) | - | |||
Gain on curtailment of post-retirement benefit plan | 352 | - | |||
Other income | 91 | 60 | |||
Total non-interest income | 1,198 | 953 | |||
NON-INTEREST EXPENSE | |||||
Salaries and employee benefits | 4,106 | 2,824 | |||
Occupancy | 795 | 439 | |||
Data processing | 548 | 204 | |||
Bank franchise tax | 176 | 76 | |||
Telecommunications | 106 | 28 | |||
FDIC assessments | 183 | 85 | |||
Foreclosed property | 12 | 10 | |||
Consulting | 383 | 54 | |||
Advertising and marketing | 68 | 95 | |||
Directors' fees | 168 | 111 | |||
Audit and accounting fees | 363 | 83 | |||
Merger related | 363 | 300 | |||
Intangible amortization | 211 | - | |||
Net other real estate owned (gains) losses | (141) | 96 | |||
Other | 807 | 540 | |||
Total non-interest expense | 8,148 | 4,945 | |||
Income (loss) before income taxes | 1,374 | (278) | |||
Income tax expense (benefit) | 250 | (121) | |||
Net income (loss) | $ 1,124 | $ (177) | |||
Basic and diluted earnings (loss) per share | $ 0.09 | $ (0.04) | |||
Bay Banks of Virginia, Inc. | |||||
Supplemental Financial Data (Unaudited) - Continued | |||||
As of and for the three months ended | |||||
March 31, | December 31, | September 30, | June 30, | March 31, | |
(dollars in thousands, except per share amounts) | 2018 | 2017 | 2017 | 2017 | 2017 |
Select Consolidated Balance Sheet Data | |||||
Total assets | $ 994,676 | $ 970,556 | $ 959,936 | $ 867,392 | $ 504,207 |
Cash, interest-bearing deposits and federal funds sold | 63,696 | 58,328 | 75,223 | 41,011 | 12,249 |
Available-for-sale securities, at fair value | 75,434 | 77,153 | 71,893 | 54,448 | 49,826 |
Loans: | |||||
Mortgage loans on real estate | 624,424 | 609,637 | 594,761 | 522,458 | 355,323 |
Commercial and industrial | 129,225 | 114,093 | 99,637 | 85,939 | 46,205 |
Consumer loans | 37,011 | 42,566 | 48,640 | 41,229 | 3,324 |
Loans receivable, net | 790,660 | 766,296 | 743,038 | 649,626 | 404,852 |
Unamortized deferred loan costs | 228 | 200 | 1,590 | 316 | 409 |
Allowance for loan losses (ALL) | (7,923) | (7,770) | (4,920) | (4,241) | (3,993) |
Net loans | 782,965 | 758,726 | 739,708 | 645,701 | 401,268 |
Loans held for sale | 414 | 1,651 | 162 | 55,620 | - |
Other real estate owned | 2,593 | 4,284 | 5,159 | 5,360 | 2,436 |
Total liabilities | $ 879,757 | $ 856,002 | $ 842,148 | $ 782,914 | $ 462,590 |
Deposits: | |||||
Noninterest-bearing deposits | 124,572 | 103,037 | 99,531 | 97,299 | 77,369 |
Savings and interest-bearing deposits | 299,216 | 299,820 | 297,150 | 282,056 | 169,027 |
Time deposits | 373,163 | 358,989 | 338,732 | 309,619 | 136,104 |
Total deposits | 796,951 | 761,846 | 735,413 | 688,974 | 382,500 |
Securities sold under repurchase agreements | 6,551 | 9,498 | 17,091 | 10,786 | 8,489 |
Federal Home Loan Bank advances | 60,000 | 70,000 | 75,000 | 70,000 | 60,000 |
Subordinated notes, net of issuance costs | 6,881 | 6,877 | 6,873 | 6,868 | 6,864 |
Shareholders' equity | 114,919 | 114,554 | 117,788 | 84,478 | 41,617 |
Condensed Consolidated Statements of Operations | |||||
Interest income | $ 10,692 | $ 10,514 | $ 9,496 | $ 8,892 | $ 4,798 |
Interest expense | 2,048 | 1,945 | 1,694 | 1,448 | 914 |
Net interest income | 8,644 | 8,569 | 7,802 | 7,444 | 3,884 |
Provision for loan losses | 320 | 3,101 | 1,075 | 568 | 190 |
Non-interest income | 1,198 | 733 | 1,070 | 1,143 | 953 |
Non-interest expense | 8,148 | 8,204 | 6,782 | 7,208 | 4,945 |
Income (loss) before taxes | 1,375 | (2,003) | 1,015 | 811 | (298) |
Income tax expense (benefit) | 250 | 391 | 273 | 254 | (121) |
Net income (loss) | $ 1,125 | $ (2,394) | $ 742 | $ 557 | $ (177) |
Bay Banks of Virginia, Inc. | |||||
Supplemental Financial Data (Unaudited) - Continued | |||||
As of and for the three months ended | |||||
March 31, | December 31, | September 30, | June 30, | March 31, | |
(dollars in thousands, except per share amounts) | 2018 | 2017 | 2017 | 2017 | 2017 |
Per Share Data | |||||
Basic earnings (loss) per share | $ 0.09 | $ (0.18) | $ 0.07 | $ 0.06 | $ (0.04) |
Diluted earnings (loss) per share | 0.09 | (0.18) | 0.07 | 0.06 | (0.04) |
Dividends per share | - | 0.04 | 0.04 | 0.04 | - |
Book value per share | 8.69 | 8.68 | 8.93 | 8.99 | 8.69 |
Tangible book value per share (1) | 7.90 | 7.88 | 8.25 | 8.02 | 8.31 |
Shares outstanding at end of period | 13,223,096 | 13,203,605 | 13,193,983 | 9,399,138 | 4,787,356 |
Weighted average shares outstanding, basic | 13,038,593 | 13,036,057 | 10,488,227 | 9,374,157 | 4,776,800 |
Weighted average shares outstanding, diluted | 13,106,214 | 13,108,400 | 10,557,623 | 9,445,338 | 4,776,800 |
Performance Ratios (tax-equivalent basis): | |||||
Yield on average interest-earning assets | 4.74% | 4.69% | 4.40% | 4.46% | 4.25% |
Cost of funds | 0.95% | 0.92% | 0.83% | 0.75% | 0.82% |
Net interest spread | 3.64% | 3.64% | 3.43% | 3.66% | 3.26% |
Net interest margin (NIM) | 3.83% | 3.82% | 3.62% | 3.80% | 3.45% |
NIM, excluding acquisition accounting adjustments (1) | 3.58% | 3.31% | 3.39% | 3.51% | 3.45% |
Average interest-earnings assets to total average assets | 92.10% | 93.30% | 94.99% | 92.83% | 93.44% |
Return on average assets (annualized) | 0.46% | -0.99% | 0.32% | 0.26% | -0.14% |
Return on average equity (annualized) | 3.92% | -8.24% | 3.10% | 2.65% | -1.70% |
Merger related expense | $ 363 | $ 850 | $ 141 | $ 685 | $ 300 |
Average assets | 982,616 | 965,246 | 913,664 | 851,071 | 489,064 |
Average interest-earning assets | 904,991 | 900,617 | 867,853 | 790,072 | 456,957 |
Average interest-bearing liabilities | 747,813 | 742,043 | 715,878 | 667,735 | 370,197 |
Average shareholders' equity | 114,736 | 116,171 | 95,650 | 84,170 | 41,661 |
Shareholders' equity to total assets ratio | 11.55% | 11.80% | 12.27% | 9.74% | 9.74% |
Asset Quality Data and Ratios: | |||||
Nonaccrual loans | $ 6,892 | $ 6,496 | $ 4,799 | $ 5,362 | $ 5,820 |
Loans past due 90 days or more and still accruing (excludes purchased | - | 48 | - | - | - |
Other real estate owned | 2,593 | 4,284 | 5,159 | 5,360 | 2,436 |
Total non-performing assets | 9,485 | 10,828 | 9,958 | 10,722 | 8,256 |
Net charge-offs (recoveries) | 167 | 948 | 397 | 320 | 60 |
Net charge-offs to average loans (annualized) | 0.09% | 0.50% | 0.22% | 0.20% | 0.06% |
Total non-performing assets to total assets | 0.95% | 1.11% | 1.04% | 1.24% | 1.64% |
Total loans to total assets | 79.49% | 78.95% | 77.40% | 74.89% | 74.89% |
ALL to gross loans | 1.00% | 1.01% | 0.66% | 0.65% | 0.99% |
ALL plus acquisition accounting adjustments (discounts) on acquired loans | 1.65% | 1.76% | 1.38% | 1.53% | N/A |
Bay Banks of Virginia, Inc. | ||||||
Supplemental Financial Data (Unaudited) - Continued | ||||||
As of and for the three months ended | ||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||
(dollars in thousands, except per share amounts) | 2018 | 2017 | 2017 | 2017 | 2017 | |
Reconciliation of Non-GAAP Financial Measures (1) | ||||||
NIM, excluding acquisition accounting adjustments | ||||||
Interest income | $ 10,692 | $ 10,514 | $ 9,496 | $ 8,892 | ||
Add: tax-equivalent yield adjustment for tax-exempt securities (a) | 32 | 21 | 60 | 59 | ||
Less: accretion of discounts on acquired loans | 503 | 1,047 | 409 | 451 | ||
Interest income, adjusted | 10,221 | 9,488 | 9,147 | 8,500 | ||
Average interest-earning assets | $ 904,991 | $ 900,617 | $ 867,853 | $ 790,073 | ||
Yield on interest-earning assets, excluding accretion of discounts on | 4.52% | 4.21% | 4.22% | 4.30% | ||
Interest expense | $ 2,048 | $ 1,944 | $ 1,694 | $ 1,448 | ||
Add: amortization of premium on acquired time deposits | 68 | 88 | 103 | 117 | ||
Interest expense, adjusted | 2,116 | 2,032 | 1,797 | 1,565 | ||
Net interest income, excluding acquisition accounting adjustments | 8,105 | 7,456 | 7,350 | 6,935 | ||
Average interest-bearing liabilities | $ 747,813 | $ 742,043 | $ 715,878 | $ 667,735 | ||
Cost of interest-bearing liabilities, excluding amortization of premium on | 1.13% | 1.10% | 1.00% | 0.94% | ||
NIM, excluding acquisition accounting adjustments | 3.58% | 3.31% | 3.39% | 3.51% | ||
ALL plus discounts on acquired loans to gross loans | ||||||
Allowance for loan losses | $ 7,923 | $ 7,770 | $ 4,920 | $ 4,241 | ||
Add: discounts on acquired loans | 5,212 | 5,792 | 5,375 | 5,812 | ||
ALL plus discounts on acquired loans | 13,135 | 13,562 | 10,295 | 10,053 | ||
Gross loans + discounts on acquired loans | $ 796,100 | $ 771,459 | $ 745,083 | $ 656,288 | ||
ALL plus discounts on acquired loans to gross loans | 1.65% | 1.76% | 1.38% | 1.53% | ||
Tangible book value per share | ||||||
Total shareholders' equity | $ 114,919 | $ 114,554 | $ 117,788 | $ 84,478 | $ 41,617 | |
Less: intangible assets, net of deferred tax liability (a) | 10,392 | 10,558 | 8,965 | 9,115 | 1,853 | |
Tangible shareholders' equity | $ 104,527 | $ 103,996 | $ 108,823 | $ 75,363 | $ 39,764 | |
Shares outstanding at end of period | 13,223,096 | 13,203,605 | 13,193,983 | 9,399,138 | 4,787,356 | |
Tangible book value per share | $ 7.90 | $ 7.88 | $ 8.25 | $ 8.02 | $ 8.31 | |
(a) Assumes a federal tax rate of 21% for the periods ended March 31, 2018 and December 31, 2017 and a 34% federal tax rate for the other periods ended presented. | ||||||
(1) Non-GAAP (generally accepted accounting principles) financial measure. Set forth above are calculations of each of the non-GAAP financial measures included in the | ||||||
Supplemental Financial Data tables. NIM, excluding acquisition accounting adjustments, ALL plus discounts on acquired loans to gross loans, and tangible book value per | ||||||
share are supplemental financial measures that are not required nor presented in accordance with GAAP. Management believes ALL plus discounts on acquired loans as | ||||||
a percentage of gross loans and tangible book value per share are meaningful because they are measures management uses to assess asset quality and capital levels, | ||||||
respectively. Management believes that NIM, excluding acquisition accounting adjustments is meaningful because management uses it to assess the financial | ||||||
performance of the company. Calculations of these non-GAAP financial measures may not be comparable to the calculation of similarly titled measures reported | ||||||
by other companies. | ||||||
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SOURCE Bay Banks of Virginia, Inc.
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