27.07.2017 01:20:00

Bay Banks of Virginia, Inc. Reports June 30, 2017 Quarterly Operating Results

RICHMOND, Va., July 26, 2017 /PRNewswire/ -- Bay Banks of Virginia, Inc. (OTCQB: BAYK) (the "Company"), the parent holding company of Virginia Commonwealth Bank (the "Bank"), reports its unaudited second quarter 2017 results.

VCB Logo

The Company completed its merger with Virginia BanCorp, Inc. on April 1, 2017 and the combined bank began operating as Virginia Commonwealth Bank.  During the second quarter of 2017, the Company reported net earnings of $557 thousand (net of merger related expenses) or $0.06 per diluted share. "Since the merger was finalized, the integration of Virginia Commonwealth Bank and Bank of Lancaster is progressing on schedule and the move of our headquarters to Richmond has been completed," said Randal R. Greene, President and Chief Executive Officer.  He continued, "Our total assets are now $867.4 million and pre-tax/pre-provision operating earnings are strong.  We have declared our first dividend in a number of years in the amount of $0.04 per share, with profitability supporting a diverse, well-capitalized balance sheet."

HIGHLIGHTS

Strong Operating Earnings Performance - Net interest income grew by $4.4 million, non-interest income was unchanged at $2.0 million and provision for loan losses increased by $610 thousand primarily due to organic loan portfolio growth.  Cumulative non-interest expense over the course of the first and second quarters increased by $4.7 million or 64.8% from the six month period last year, driven by merger-related costs ($985,000) as well as compensation expense related to severance costs and new hires associated with the merger and growth into the Richmond market. As a result, return on average assets ("ROA") for the second quarter decreased to 0.26% from 0.51% for the comparable prior-year period, and return on average equity decreased to 2.65% from 5.74%. Excluding the effect of merger expenses, pre-tax/pre-provision operating earnings amounted to $2.054 million for the second quarter, as compared to $908 thousand for the same period last year.

Consistent and Measured Growth - Total assets immediately post-merger were $834.7 million and increased to $867.4 million as of June 30, 2017, reflective of growth in our deposit base of $38.5 million since the merger date. This funded loan growth of $32.2 million, with the total portfolio standing at $649.6 million at second quarter end.

Diversified Loan Base and Improved Margins – Benefiting from an effective mix of residential, non-residential, commercial and consumer loans, net interest margin was 3.7% for the 2017 quarter compared to 3.37% for the second quarter of 2016. Asset quality remains good. For the second quarter of 2017, net interest income was $7.4 million compared to $3.5 million during the second quarter of 2016.  For the six months ended June 30, 2017, net interest income was $11.3 million compared to $7.0 million for the six months ended June 30, 2016.

Focus on Fee Income - Noninterest income was $1.1 million and $2.0 million respectively for the quarter and year to date period ending June 30, 2017, both comparable to last year. During the quarter, VCB Financial Group, formerly Bay Trust and Wealth Management Group, was established with a focus on growing wealth management and trust services within the Company's market footprint.

Operating Efficiency - Noninterest expense for the second quarter of 2017 was $7.2 million compared to $3.6 million for the second quarter of 2016.  For the six months ended June 30, 2017, noninterest expense was $12.1 million compared to $7.3 million for the six months ended June 30, 2016. As a result, the Company's efficiency ratio was 83.94% for the quarter as compared to 79.13% for the same period last year. Excluding merger-related expenses, the Company's efficiency ratio for the second quarter of 2017 was 75.96%.

Income tax expense was $254 thousand and $190 thousand for the second quarter of 2017 and 2016, respectively.  For the first half of 2017 and 2016, income tax expense was $133 thousand and $343 thousand, respectively.  The effective tax rate for the second quarter of 2017 and 2016 was 31.3% and 24.5%, respectively, and for the six months ended June 30, 2017 and 2016, was 25.9% and 23.6%, respectively.

BALANCE SHEET AND CAPITAL STRENGTH

As of June 30, 2017, loans totaled $649.6 million, of which $212.6 million were acquired in the merger.  As of December 31, 2016 and June 30, 2016, loans totaled $385.0 million and $350.9 million, respectively.  Investment securities and interest-bearing cash liquidity increased by $26.0 million to $91.2 million at June 30, 2017, from $65.2 million at year-end 2016, with $34.4 million acquired in the merger.

Deposits totaled $689.0 million at June 30, 2017, increasing $307.3 million, or 80.5%, from $381.7 million at December 31, 2016, of which $267.9 million of deposits were acquired in the merger. 

Stockholders' equity increased by $42.8 million to $84.5 million at June 30, 2017, from $41.7 million at December 31, 2016, of which $42.3 million related to the merger.  The Company's GAAP capital ratio was 9.74% as of June 30, 2017 as compared to 8.80% as of June 30, 2016. The Company continues to be a "well capitalized" institution as defined by the banking regulations.

The tangible equity to assets ratio was 8.55% at June 30, 2017, compared to 8.19% at December 31, 2016.  The tangible book value per common share was $7.89 at June 30, 2017, as compared to $8.35 at December 31, 2016.

ASSET QUALITY

Non-performing assets ("NPAs") were $10.7 million at June 30, 2017, or 1.24% of total assets compared to $7.8 million, or 1.67% of total assets, at December 31, 2016.  NPAs at June 30, 2017 included $5.4 million of other real estate owned (including $3.1 million acquired in the merger), up from $2.5 million at December 31, 2016.  Nonaccrual loans were $5.4 million at June 30, 2017 (excludes purchased credit-impaired loans), or 0.83% of total loans, compared to $5.3 million, or 1.39%, at December 31, 2016.

The provision for credit losses in the first half of 2017 was $758 thousand versus $148 thousand for the first half of 2016, the increase being driven by post-merger loan portfolio growth.  The allowance for loan losses ("ALL") represented 0.65% of total loans (including those acquired in the merger) at June 30, 2017, compared to 1.00% at December 31, 2016.

About Bay Banks of Virginia 

Bay Banks of Virginia, Inc. is the holding company for Virginia Commonwealth Bank and VCB Financial Group.  Founded in the 1930's, Virginia Commonwealth Bank and the former Bank of Lancaster are now combined and headquartered in Richmond, Virginia.  With nineteen 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 variety of financial services, including retail and commercial banking, investment services, and mortgage banking.   VCB Financial Group provides management services for personal and corporate trusts, wealth management services, estate planning, estate settlement and trust administration.

For further information, contact Randal R. Greene, President and Chief Executive Officer, at 800-435-1140 or inquiries@baybanks.com.

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, 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, 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 accounting 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.

NON-GAAP FINANCIAL MEASURES

Important disclosures about and reconciliations of non-GAAP measures to the corresponding GAAP measures, are provided below and attached to this press release.

This press release and the accompanying Supplemental Financial Data contain financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP") in the United States.  Management uses these "non-GAAP" measures in their analysis of the Company's performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrating the effects of significant gains and charges. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.  Reconciliations of non-GAAP disclosures are provided within the accompanying tables to this press release.

 

 

BAY BANKS OF VIRGINIA, INC.

Supplemental Financial Data (Unaudited)





CONSOLIDATED BALANCE SHEETS





June 30, 2017

December 31, 2016 (1)

June 30, 2016

(Dollars in thousands)

(unaudited)


(unaudited)

ASSETS




   Cash and due from banks

$                         7,454

$                           4,851

$                    5,141

   Interest-bearing deposits and federal funds sold

33,557

9,851

21,596

   Certificates of deposit

3,224

4,216

5,456

   Securities available-for-sale, at fair value

54,448

51,173

54,012

   Restricted securities

4,662

2,649

2,422

   Loans receivable, net of allowance for loan losses




     of $4,241 and $3,863

645,701

381,537

347,755

   Loans held for sale

55,620

276

2,425

   Premises and equipment, net

17,070

10,844

11,231

   Accrued interest receivable

2,624

1,372

1,270

   Other real estate owned, net

5,360

2,494

2,641

   Bank owned life insurance

18,508

9,869

7,719

   Goodwill

8,966

2,808

2,808

   Mortgage servicing rights

989

671

620

   Core deposit intangible

3,436

0

0

   Other assets

5,773

4,099

3,243

Total assets

$                     867,392

$                       486,710

$                468,339





LIABILITIES




   Noninterest-bearing deposits

$                       97,299

$                         74,799

$                  74,157

   Savings and interest-bearing demand deposits

282,056

178,869

177,075

   Time deposits

309,619

128,050

127,797

     Total deposits

688,974

381,718

379,029





   Securities sold under repurchase agreements

10,786

18,310

8,182

   Federal Home Loan Bank advances

70,000

35,000

30,000

   Subordinated debt, net of issuance costs

6,868

6,860

6,852

   Other liabilities

6,286

3,117

3,064

     Total liabilities

782,914

445,005

427,127





SHAREHOLDERS' EQUITY 




   Common stock ($5 par value; authorized - 30,000,000 shares;




     outstanding - 9,399,138 and 4,774,856 shares, respectively)

46,996

23,874

23,874

   Additional paid-in capital

23,111

2,872

2,828

   Unearned employee stock ownership plan shares

(911)

-

-

   Retained earnings

16,197

16,194

14,769

   Accumulated other comprehensive loss, net

(915)

(1,235)

(259)

     Total shareholders' equity

84,478

41,705

41,212





Total liabilities and shareholders' equity

$                     867,392

$                       486,710

$                468,339





(1) Derived from the audited December 31, 2016 Consolidated Financial Statements



 

 

BAY BANKS OF VIRGINIA, INC.

Supplemental Financial Data (Unaudited) - Con't









CONSOLIDATED STATEMENTS OF INCOME




(unaudited)

















For the three months ended


For the six months ended

(Dollars in thousands except per share amounts)

June 30, 2017


June 30, 2016


June 30, 2017


June 30, 2016

INTEREST INCOME








Loans, including fees

$                     8,326


$                     4,013


$                   12,714


$                     7,987

Securities:








  Taxable

348


211


617


418

  Tax-exempt

114


135


228


271

Interest-bearing deposit accounts and federal funds sold

86


13


94


28

Certificates of deposit

18


20


37


42

Total interest income

8,892


4,392


13,690


8,746









INTEREST EXPENSE








Deposits

1,077


641


1,707


1,286

Federal funds purchased

-


1


10


1

Securities sold under repurchase agreements

4


4


7


6

Subordinated debt

119


118


236


236

FHLB advances 

248


117


402


242

Total interest expense

1,448


881


2,362


1,771









Net interest income

7,444


3,511


11,328


6,975

Provision for loan losses

568


183


758


148









Net interest income after provision for loan losses

6,876


3,328


10,570


6,827









NON-INTEREST INCOME








Income from fiduciary activities

229


236


474


443

Service charges and fees on deposit accounts

246


228


458


455

VISA-related fees

49


59


48


105

Non-deposit product income

115


74


195


180

Other service charges and fees

184


149


355


297

Secondary market lending income

86


223


201


300

Increase in cash surrender value of life insurance

133


61


208


124

Net (losses) gains on sale of securities available for sale

7


104


2


110

Other real estate gains (losses)

3


(53)


(93)


(88)

Other income

91


3


152


16

Total non-interest income

1,143


1,084


2,000


1,942









NON-INTEREST EXPENSES








Salaries and employee benefits

3,321


1,815


6,145


3,870

Occupancy expense

693


451


1,132


899

Software maintenance

394


181


598


342

Bank franchise tax

142


61


218


121

VISA expense

15


22


35


61

Telephone expense

76


35


104


66

FDIC assessments

111


103


196


184

Foreclosure property expense

59


17


69


29

Consulting expense

97


74


151


129

Advertising and marketing

54


59


127


101

Directors' fees

209


65


331


144

Audit and accounting fees

217


56


245


157

Merger expense

685


-


985


-

Intangible amortization

234


-


234


-

Other expense

901


697


1,487


1,213

Total non-interest expenses

7,208


3,636


12,057


7,316









Net income before income taxes

811


776


513


1,453









Income tax expense

254


190


133


343









Net income 

$                        557


$                        586


$                        380


$                     1,110









Basic Earnings Per Share








  Average basic shares outstanding

9,233,615


4,774,856


7,017,907


4,774,856

  Earnings per share, basic

$                       0.06


$                       0.12


$                       0.05


$                       0.23









Diluted Earnings Per Share








  Average diluted shares outstanding

9,304,796


4,794,783


7,084,430


4,792,571

  Earnings per share, diluted

$                       0.06


$                       0.12


$                       0.05


$                       0.23

 

 

Bay Banks of Virginia, Inc.

Supplemental Financial Data (Unaudited) - Con't


Quarter to Date


6/30/2017

3/31/2017

12/31/2016

9/30/2016

6/30/2016

(Dollars in thousands, except per share amounts)





Consolidated balance sheet data:






Total assets

$      867,392

$      504,207

$      486,710

$      468,274

$      468,339

Loans:






    Mortgage loans on real estate

522,458

355,323

338,441

327,978

315,392

    Commercial and industrial

85,939

46,205

43,024

36,596

31,767

    Consumer loans

41,229

3,324

3,544

3,615

3,790

Total loans

649,626

404,852

385,009

368,189

350,949

Unamortized deferred loan costs

316

409

391

374

353

Allowance for loan losses

(4,241)

(3,993)

(3,863)

(3,741)

(3,547)

Net loans

645,701

401,268

381,537

364,822

347,755

Loans held for sale

55,620

-

276

481

2,425

Cash, interest-bearing deposits and fed funds sold

41,011

11,913

12,352

11,623

25,191

Securities available-for-sale, at fair value

54,448

49,826

51,173

52,563

54,012

Restricted securities

4,662

3,756

2,649

2,209

2,422

Premises and equipment, net

17,070

10,859

10,844

11,021

11,231

Other real estate owned

5,360

2,436

2,494

2,764

2,641

Bank owned life insurance

18,508

9,944

9,869

9,792

7,719

Goodwill

8,966

2,808

2,808

2,808

2,808

Identifiable intangible assets

3,436

-

-

-

-

Mortgage servicing rights

989

692

671

590

620

Deposits:






    Noninterest-bearing deposits

$        97,299

$        77,369

$        74,799

$        74,615

$        74,157

    Savings and interest-bearing deposits

282,056

169,027

178,869

175,448

177,075

    Time deposits

309,619

136,104

128,050

127,912

127,797

Total deposits

688,974

382,500

381,718

377,975

379,029

Securities sold under repurchase agreements

10,786

8,489

18,310

12,984

8,182

Federal Home Loan Bank advances

70,000

60,000

35,000

25,000

30,000

Subordinated debt, net of issuance costs

6,868

6,864

6,830

6,856

6,852

Stockholders' equity

84,478

41,617

41,705

41,948

41,212

Consolidated earnings (loss) summary:






Interest income

$          8,892

$          4,798

$          4,635

$          4,555

$          4,392

Interest expense

1,448

914

865

889

881

Net interest income

7,444

3,884

3,770

3,666

3,511

Provision for loan losses

568

190

(120)

259

183

Noninterest income

1,143

857

1,330

1,338

1,084

Noninterest expense

7,208

4,849

4,352

3,565

3,636

Income before taxes

811

(298)

868

1,180

776

Income tax expense (benefit)

254

(121)

297

326

190

Net income (loss)

$             557

$           (177)

$             571

$             854

$             586

Per Share Data:






Basic earnings (loss) per share

$            0.06

$          (0.04)

$            0.12

$            0.18

$            0.12

Diluted earnings (loss) per share

0.06

(0.04)

0.12

0.18

0.12

Dividends per share

0.04

-

-

-

-

Book value per share

8.99

8.69

8.73

8.79

8.63

Shares outstanding

9,399,138

4,787,356

4,774,856

4,774,856

4,774,856

Average basic shares

9,233,615

4,776,800

4,774,856

4,774,856

4,774,856

Average diluted shares

9,304,796

4,776,800

4,816,017

4,797,521

4,794,783

 

 

Bay Banks of Virginia, Inc.

Supplemental Financial Data (Unaudited) - Con't


Quarter to Date


6/30/2017

3/31/2017

12/31/2016

9/30/2016

6/30/2016

(Dollars in thousands, except per share amounts)





Performance ratios (tax-equivalent):






Yield on average earning assets

4.53%

4.25%

4.23%

4.22%

4.21%

Cost of funds

0.76%

0.82%

0.80%

0.83%

0.86%

Net interest spread

3.77%

3.43%

3.43%

3.38%

3.35%

Net interest margin

3.80%

3.45%

3.45%

3.40%

3.37%

Average earnings assets to total average assets

92.83%

93.44%

88.76%

92.73%

93.06%

Return on average assets (annualized)

0.26%

-0.14%

0.48%

0.72%

0.51%

Return on average equity (annualized)

2.65%

-1.70%

5.46%

8.14%

5.74%

Efficiency ratio(1)

83.94%

102.28%

85.33%

71.24%

79.13%

Merger Expense

$685

$300

$575

$0

$0

Efficiency ratio (ex-merger expense)

75.96%

95.95%

74.06%

71.24%

79.13%

Average assets

$851,071

$489,064

$476,034

$472,577

$455,300

Average earning assets

$790,072

$456,957

$422,537

$438,202

$423,711

Average equity

$84,170

$41,661

$41,827

$41,948

$40,826

Equity/Assets

9.74%

8.25%

8.57%

8.96%

8.80%







(1) Efficiency Ratio equals Non-Interest Expense as a percentage of the sum of Net Interest Income and Noninterest Income

 

 




Bay Banks of Virginia, Inc.




Supplemental Financial Data (Unaudited) - Con't














Quarter to Date





6/30/2017

3/31/2017

12/31/2016

9/30/2016

6/30/2016

(Dollars in thousands, except per share amounts)
























Asset quality data and ratios:






Nonaccrual loans

$          5,362

$          5,820

$          5,300

$          4,858

$          5,147

Loans greater than 90 days past due and still accruing

-

-

-

178

216

Other real estate owned

5,360

2,436

2,494

2,764

2,641

Total nonperforming assets

10,722

8,256

7,794

7,800

8,004

Net charge-offs (recoveries)

320

60

(242)

38

743

Net charge-offs to average loans (annualized)

0.20%

0.06%

-0.26%

0.03%

0.85%

Total nonperforming assets to total assets

1.24%

1.60%

1.67%

1.71%

1.70%

Total loans to total assets

74.89%

80.29%

79.10%

78.63%

74.93%










Reconciliation of Non-GAAP Measures






Pre-tax preprovision operating earnings (non-GAAP):







Income (loss) before taxes (GAAP)

$             811

$           (298)

$             868

$          1,180

$             776


Provision for loan losses

568

190

(120)

259

183


Pre-tax preprovision net income (loss)

1,379

(108)

748

1,439

959


Securities (gains) losses, net

(7)

5

(145)

(180)

(104)


Other real estate (gains) losses

(3)

96

33

6

53


Merger expense

685

300

575

-

-

Pre-tax preprovision operating earnings (non-GAAP)

2,054

293

1,211

1,265

908










Total core noninterest income (non-GAAP):







Noninterest income (GAAP)

$          1,143

$             857

$          1,330

$          1,338

$          1,084


Securities (gains) losses, net

(7)

5

(145)

(180)

(104)


OREO (gains) losses, net

(3)

96

33

6

53

Total core noninterest income (non-GAAP)

1,133

958

1,218

1,164

1,033










Tangible equity (non-GAAP):







Total equity (GAAP)

$        84,478

$        41,617

$        41,705

$        41,948

$        41,212


Intangible assets, net of taxes (a)

10,279

1,853

1,853

1,853

1,853

Tangible equity (non-GAAP)

74,199

39,764

39,852

40,095

39,359

Tangible equity/Assets (non-GAAP)

8.55%

7.89%

8.19%

8.56%

8.40%

Tangible Book Value Per Common Share

7.89

8.31

8.35

8.40

8.24










Return on average tangible common equity (non-GAAP):







Net income (GAAP)

$             557

$           (177)

$             571

$             854

$             586


Amortization of intangibles, net of tax

154

-

-

-

-


Tangible net income available to shareholders (non-GAAP)

711

(177)

571

854

586


Average equity

84,170

41,661

41,827

41,948

40,826


Average intangible assets (a)

10,356

1,853

1,853

1,853

1,853


Average tangible common equity (non-GAAP)

73,814

39,808

39,974

40,095

38,973

Return on average tangible common equity (non-GAAP)

3.02%

-1.78%

5.71%

8.52%

6.01%










(a) Excludes mortgage servicing rights






 

 

Net Interest Income Analysis 

Average Balances, Income and Expense, Yields and Rates

(Fully taxable equivalent basis)







(Dollars in Thousands)

Three months ended 6/30/2017

Three months ended 6/30/2016


Average Balance

Income/
Expense

Yield/ Cost

Average Balance

Income/
Expense

Yield/ Cost

INTEREST EARNING ASSETS:







Taxable investments

$              44,390

$          348

3.13%

$        30,240

$          211

2.79%

Tax-exempt investments(1)

19,235

173

3.60%

23,728

205

3.46%

  Total investments

63,625

521

3.27%

53,968

416

3.08%








Gross loans (2)

684,629

8,326

4.86%

351,765

4,013

4.57%

Interest-bearing deposits and federal funds sold

38,393

87

0.90%

12,522

13

0.40%

Certificates of deposits

3,426

18

2.09%

5,456

20

1.47%

  Total Interest Earning Assets

$            790,072

$       8,951

4.53%

$      423,711

$       4,462

4.21%








INTEREST-BEARING LIABILITIES:







Savings deposits

$              65,835

$            33

0.20%

$        42,926

$            22

0.21%

NOW deposits

91,919

40

0.17%

39,988

15

0.15%

Time deposits

288,324

813

1.13%

128,298

441

1.38%

Money market deposit accounts

128,640

191

0.59%

85,247

163

0.77%

  Total Deposits

574,717

1,077

0.75%

296,459

641

0.87%








Federal funds purchased

-

-

0.00%

609

1

1.11%

Securities sold under repurchase agreements

9,520

4

0.17%

6,708

4

0.20%

Subordinated debt

6,867

119

6.95%

6,850

118

6.92%

FHLB advances

76,630

248

1.29%

31,056

117

1.51%

  Total Interest-Bearing Liabilities

$            667,733

$       1,448

0.87%

$      341,682

$          881

1.03%








Net interest income and net interest margin


$       7,503

3.80%


$       3,581

3.37%















Non-interest-bearing deposits

$              95,264

-

0.00%

$        69,951

-

0.00%

Total Cost of funds



0.76%



0.86%

Net interest rate spread



3.77%



3.35%








Notes:







(1) Income and yield assumes a federal tax rate of 34%.

(2) Includes loan fees and nonaccrual loans.

 

 

Net Interest Income Analysis 

Average Balances, Income and Expense, Yields and Rates

(Fully taxable equivalent basis)







(Dollars in Thousands)

Six months ended 6/30/2017

Six months ended 6/30/2016


Average
Balance

Income/
Expense

Yield/ Cost

Average
Balance

Income/
Expense

Yield/ Cost

INTEREST EARNING ASSETS:







Taxable investments

$        36,096

$          617

3.42%

$        30,196

$          418

2.77%

Tax-exempt investments(1)

19,196

345

3.60%

24,043

411

3.42%

  Total investments

55,293

962

3.48%

54,239

829

3.06%








Gross loans(2)

539,156

12,714

4.72%

349,831

7,987

4.57%

Interest-bearing deposits and federal funds sold

23,294

95

0.81%

13,143

28

0.42%

Certificates of deposits

3,744

37

1.96%

5,497

42

1.53%

  Total Interest Earning Assets

$      621,486

$     13,807

4.44%

$      422,710

$       8,886

4.20%








INTEREST-BEARING LIABILITIES:







Savings deposits

$        55,136

$            58

0.21%

$        42,444

$            42

0.20%

NOW deposits

68,343

63

0.18%

39,611

30

0.15%

Time deposits

209,401

1,251

1.19%

129,316

892

1.39%

Money market deposit accounts

109,098

335

0.61%

84,225

322

0.77%

  Total Deposits

441,978

1,707

0.77%

295,596

1,286

0.88%








Federal funds purchased

1,339

10

1.54%

304

1

1.11%

Securities sold under repurchase agreements

8,876

7

0.16%

6,269

6

0.19%

Subordinated debt

6,865

236

6.86%

6,848

236

6.92%

FHLB advances

59,542

402

1.35%

34,465

242

1.41%

  Total Interest-Bearing Liabilities

$      518,599

$       2,362

0.91%

$      343,482

$       1,771

1.04%








Net interest income and net interest margin


$     11,445

3.68%


$       7,115

3.37%















Non-interest-bearing deposits

$        83,510

-

0.00%

$        66,738

-

0.00%

Total Cost of funds



0.78%



0.87%

Net interest rate spread



3.66%



3.33%








Notes:







(1) Income and yield assumes a federal tax rate of 34%.

(2) Includes loan fees and nonaccrual loans.

 

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SOURCE Bay Banks of Virginia, Inc.

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