Company Quick10K Filing
Bay Banks of Virginia
Price7.85 EPS0
Shares13 P/E21
MCap105 P/FCF11
Net Debt-31 EBIT17
TEV73 TEV/EBIT4
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-08
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-11
10-K 2017-12-31 Filed 2018-04-09
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-15
10-K 2016-12-31 Filed 2017-03-22
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-10
10-Q 2016-03-31 Filed 2016-05-13
10-K 2015-12-31 Filed 2016-03-28
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-25
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-13
10-K 2013-12-31 Filed 2014-03-28
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-14
10-K 2012-12-31 Filed 2013-03-28
10-Q 2012-09-30 Filed 2012-11-13
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-14
10-K 2011-12-31 Filed 2012-03-28
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-12
10-K 2010-12-31 Filed 2011-03-22
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-03-30
8-K 2020-05-07 Earnings, Exhibits
8-K 2020-01-28 Other Events, Exhibits
8-K 2020-01-28 Earnings, Exhibits
8-K 2020-01-02 Other Events, Exhibits
8-K 2019-11-13 Other Events, Exhibits
8-K 2019-11-12 Other Events, Exhibits
8-K 2019-10-29 Earnings, Exhibits
8-K 2019-10-18 Other Events, Exhibits
8-K 2019-10-09 Officers
8-K 2019-10-07 Enter Agreement, Off-BS Arrangement, Regulation FD, Other Events, Exhibits
8-K 2019-09-05 Other Events, Exhibits
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-05-20 Shareholder Vote
8-K 2019-05-13 Other Events, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-04-08 Officers
8-K 2019-02-06 Earnings, Exhibits
8-K 2019-01-29 Other Events, Exhibits
8-K 2018-12-03 Other Events, Exhibits
8-K 2018-11-06 Other Events, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-10-29 Other Events, Exhibits
8-K 2018-09-25 Officers, Amend Bylaw, Exhibits
8-K 2018-09-04 Other Events, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-07-06 Other Events, Exhibits
8-K 2018-06-11 Shareholder Vote
8-K 2018-05-09 Earnings, Exhibits
8-K 2018-03-28 Other Events, Exhibits
8-K 2018-03-27 Earnings, Exhibits
8-K 2018-03-22 Other Events, Exhibits
8-K 2018-03-12 Officers, Amend Bylaw, Exhibits
8-K 2018-03-02 Other Events, Exhibits
8-K 2018-02-08 Other Events, Exhibits
8-K 2018-01-31 Other Events, Exhibits

BAYK 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1: Basis of Presentation
Note 2: Amendments To The Accounting Standards Codification
Note 3: Securities
Note 4: Loans
Note 5: Allowance for Loan Losses
Note 6: Other Real Estate Owned, Net
Note 7: Leases
Note 8: Earnings per Share
Note 9. Share Repurchase Program
Note 10: Borrowings
Note 11: Fair Value Measurements
Note 12: Changes in Accumulated Other Comprehensive Income (Loss), Net
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II - Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
EX-31.1 bayk-ex311_6.htm
EX-31.2 bayk-ex312_7.htm
EX-32.1 bayk-ex321_8.htm

Bay Banks of Virginia Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 bayk-10q_20200331.htm 10-Q bayk-10q_20200331.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE

QUARTERLY PERIOD ENDED MARCH 31, 2020

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 0-22955

 

BAY BANKS OF VIRGINIA, INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

Virginia

54-1838100

(STATE OR OTHER JURISDICTION OF

INCORPORATION OR ORGANIZATION)

(I.R.S. EMPLOYER

IDENTIFICATION NO.)

1801 BAYBERRY COURT, SUITE 101

RICHMOND, Virginia 23226

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

(804) 325-3775

(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)

N/A

(FORMER NAME, FORMER ADDRESS, AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST REPORT)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

 

None

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      yes      no

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      yes      no

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      yes      no

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 13,332,874 shares of common stock on May 1, 2020.

 

 

1


 

FORM 10-Q

For the interim period ending March 31, 2020

INDEX

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

ITEM 1. FINANCIAL STATEMENTS

 

3

 

 

 

CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2020 (UNAUDITED) AND DECEMBER 31, 2019

 

3

 

 

 

CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019 (UNAUDITED)

 

4

 

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019 (UNAUDITED)

 

5

 

 

 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019 (UNAUDITED)

 

6

 

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019 (UNAUDITED)

 

7

 

 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

8

 

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

25

 

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

33

 

 

 

ITEM 4. CONTROLS AND PROCEDURES

 

33

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

ITEM 1. LEGAL PROCEEDINGS

 

34

 

 

 

ITEM 1A. RISK FACTORS

 

34

 

 

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

34

 

 

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

35

 

 

 

ITEM 4. MINE SAFETY DISCLOSURES

 

35

 

 

 

ITEM 5. OTHER INFORMATION

 

35

 

 

 

ITEM 6. EXHIBITS

 

36

 

2


 

PART I – FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

BAY BANKS OF VIRGINIA, INC.

CONSOLIDATED BALANCE SHEETS

 

 

 

March 31,

2020

 

 

December 31,

2019 (1)

 

(Dollars in thousands, except share data)

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

9,976

 

 

$

6,096

 

Interest-earning deposits

 

 

44,711

 

 

 

34,358

 

Federal funds sold

 

 

1,319

 

 

 

1,359

 

Certificates of deposit

 

 

2,754

 

 

 

2,754

 

Available-for-sale securities, at fair value

 

 

94,618

 

 

 

99,454

 

Restricted securities

 

 

5,752

 

 

 

5,706

 

Loans receivable, net of allowance for loan losses of $10,172 and

   $7,562, respectively

 

 

960,023

 

 

 

916,628

 

Loans held for sale

 

 

747

 

 

 

1,231

 

Premises and equipment, net

 

 

19,462

 

 

 

20,141

 

Accrued interest receivable

 

 

3,139

 

 

 

3,035

 

Other real estate owned, net

 

 

1,679

 

 

 

1,916

 

Bank owned life insurance

 

 

19,870

 

 

 

19,752

 

Goodwill

 

 

10,374

 

 

 

10,374

 

Mortgage servicing rights

 

 

774

 

 

 

935

 

Core deposit intangible

 

 

1,369

 

 

 

1,518

 

Other assets

 

 

6,986

 

 

 

6,666

 

Total assets

 

$

1,183,553

 

 

$

1,131,923

 

LIABILITIES

 

 

 

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

136,437

 

 

$

137,933

 

Savings and interest-bearing demand deposits

 

 

394,637

 

 

 

382,607

 

Time deposits

 

 

433,393

 

 

 

389,900

 

Total deposits

 

 

964,467

 

 

 

910,440

 

Securities sold under repurchase agreements

 

 

3,284

 

 

 

6,525

 

Federal Home Loan Bank advances

 

 

45,000

 

 

 

45,000

 

Subordinated notes, net of issuance costs

 

 

31,029

 

 

 

31,001

 

Other liabilities

 

 

12,371

 

 

 

12,772

 

Total liabilities

 

 

1,056,151

 

 

 

1,005,738

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

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

   outstanding - 13,346,789 and 13,261,801 shares, respectively) (2)

 

 

66,734

 

 

 

66,309

 

Additional paid-in capital

 

 

36,536

 

 

 

36,658

 

Unearned employee stock ownership plan shares

 

 

(1,463

)

 

 

(1,525

)

Retained earnings

 

 

24,646

 

 

 

24,660

 

Accumulated other comprehensive income, net

 

 

949

 

 

 

83

 

Total shareholders’ equity

 

 

127,402

 

 

 

126,185

 

Total liabilities and shareholders’ equity

 

$

1,183,553

 

 

$

1,131,923

 

 

(1)

Derived from audited December 31, 2019 Consolidated Financial Statements.

(2)

Preferred stock is authorized; however, none was outstanding as of March 31, 2020 and December 31, 2019.

See Notes to Consolidated Financial Statements.

3


BAY BANKS OF VIRGINIA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

For the Three Months Ended

 

(Dollars in thousands, except per share data)

 

March 31, 2020

 

 

March 31, 2019

 

INTEREST INCOME

 

 

 

 

 

 

 

 

Loans, including fees

 

$

11,352

 

 

$

11,461

 

Securities:

 

 

 

 

 

 

 

 

Taxable

 

 

652

 

 

 

595

 

Tax-exempt

 

 

94

 

 

 

118

 

Federal funds sold

 

 

2

 

 

 

7

 

Interest-bearing deposit accounts

 

 

104

 

 

 

135

 

Certificates of deposit

 

 

14

 

 

 

20

 

Total interest income

 

 

12,218

 

 

 

12,336

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

Deposits

 

 

2,848

 

 

 

2,809

 

Securities sold under repurchase agreements

 

 

2

 

 

 

3

 

Subordinated notes

 

 

512

 

 

 

137

 

Federal Home Loan Bank advances

 

 

234

 

 

 

704

 

Total interest expense

 

 

3,596

 

 

 

3,653

 

Net interest income

 

 

8,622

 

 

 

8,683

 

Provision for loan losses

 

 

2,777

 

 

 

314

 

Net interest income after provision for loan losses

 

 

5,845

 

 

 

8,369

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

Trust management

 

 

193

 

 

 

214

 

Service charges and fees on deposit accounts

 

 

236

 

 

 

238

 

Wealth management

 

 

247

 

 

 

206

 

Interchange fees, net

 

 

98

 

 

 

101

 

Other service charges and fees

 

 

33

 

 

 

29

 

Secondary market sales and servicing

 

 

202

 

 

 

71

 

Increase in cash surrender value of bank owned life insurance

 

 

118

 

 

 

120

 

Net gains on sales and calls of available-for-sale securities

 

 

26

 

 

 

 

Net losses on disposition of other assets

 

 

(7

)

 

 

(1

)

Net (losses) gains on rabbi trust assets

 

 

(263

)

 

 

90

 

Referral fees

 

 

471

 

 

 

 

Other

 

 

37

 

 

 

22

 

Total noninterest income

 

 

1,391

 

 

 

1,090

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,628

 

 

 

4,001

 

Occupancy

 

 

751

 

 

 

868

 

Data processing

 

 

537

 

 

 

588

 

Bank franchise tax

 

 

256

 

 

 

216

 

Telecommunications and other technology

 

 

358

 

 

 

207

 

FDIC assessments

 

 

148

 

 

 

216

 

Foreclosed property

 

 

7

 

 

 

43

 

Consulting

 

 

71

 

 

 

115

 

Advertising and marketing

 

 

67

 

 

 

67

 

Directors’ fees

 

 

192

 

 

 

164

 

Audit and accounting

 

 

140

 

 

 

204

 

Legal

 

 

191

 

 

 

83

 

Core deposit intangible amortization

 

 

149

 

 

 

180

 

Net other real estate owned gains

 

 

 

 

 

(6

)

Other

 

 

813

 

 

 

684

 

Total noninterest expense

 

 

7,308

 

 

 

7,630

 

(Loss) income before income taxes

 

 

(72

)

 

 

1,829

 

Income tax (benefit) expense

 

 

(58

)

 

 

337

 

Net (loss) income

 

$

(14

)

 

$

1,492

 

Basic and diluted earnings per share

 

$

 

 

$

0.11

 

 

See Notes to Consolidated Financial Statements.

4


 

BAY BANKS OF VIRGINIA, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

 

 

 

For the Three Months Ended

 

(Dollars in thousands)

 

March 31, 2020

 

 

March 31, 2019

 

Net (loss) income

 

$

(14

)

 

$

1,492

 

Other comprehensive income:

 

 

 

 

 

 

 

 

Unrealized holding gain on available-for-sale securities arising during the

   period

 

 

1,070

 

 

 

1,020

 

Deferred income tax expense on unrealized gain on available-for-sale

   securities

 

 

(225

)

 

 

(214

)

Reclassification of net gains on sales and calls of available-for-sale

   securities recognized in net income

 

 

26

 

 

 

 

Deferred income tax expense on realized gain on available-for-sale

   securities

 

 

(5

)

 

 

 

Total other comprehensive income

 

 

866

 

 

 

806

 

Comprehensive income

 

$

852

 

 

$

2,298

 

 

See Notes to Consolidated Financial Statements.

5


 

BAY BANKS OF VIRGINIA, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unearned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee

Stock

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Shares of

 

 

 

 

 

 

Additional

 

 

Ownership

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Common

 

 

Common

 

 

Paid-in

 

 

Plan

 

 

Retained

 

 

Comprehensive

 

 

Shareholders’

 

(Dollars in thousands)

 

Stock

 

 

Stock

 

 

Capital

 

 

Shares

 

 

Earnings

 

 

Income, net

 

 

Equity

 

Three months ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

13,261,801

 

 

$

66,309

 

 

$

36,658

 

 

$

(1,525

)

 

$

24,660

 

 

$

83

 

 

$

126,185

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14

)

 

 

 

 

 

(14

)

Other comprehensive income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

866

 

 

 

866

 

Stock options exercised, net

 

 

15,514

 

 

 

77

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

81

 

Director and executive stock grant

 

 

11,734

 

 

 

59

 

 

 

46

 

 

 

 

 

 

 

 

 

 

 

 

105

 

Restricted stock awards

 

 

61,020

 

 

 

305

 

 

 

(305

)

 

 

 

 

 

 

 

 

 

 

 

 

Shares repurchased pursuant to ESOP

 

 

(3,280

)

 

 

(16

)

 

 

(9

)

 

 

 

 

 

 

 

 

 

 

 

(25

)

ESOP collateral release

 

 

 

 

 

 

 

 

 

 

 

62

 

 

 

 

 

 

 

 

 

62

 

Share-based compensation expense

 

 

 

 

 

 

 

 

142

 

 

 

 

 

 

 

 

 

 

 

 

142

 

Balance at end of period

 

 

13,346,789

 

 

$

66,734

 

 

$

36,536

 

 

$

(1,463

)

 

$

24,646

 

 

$

949

 

 

$

127,402

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unearned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee

Stock

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Shares of

 

 

 

 

 

 

Additional

 

 

Ownership

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Common

 

 

Common

 

 

Paid-in

 

 

Plan

 

 

Retained

 

 

Comprehensive

 

 

Shareholders’

 

(Dollars in thousands)

 

Stock

 

 

Stock

 

 

Capital

 

 

Shares

 

 

Earnings

 

 

Loss, net

 

 

Equity

 

Three months ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

13,201,682

 

 

$

66,008

 

 

$

36,972

 

 

$

(1,734

)

 

$

17,557

 

 

$

(1,327

)

 

$

117,476

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,492

 

 

 

 

 

 

1,492

 

Other comprehensive income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

806

 

 

 

806

 

Stock options exercised, net

 

 

5,173

 

 

 

26

 

 

 

(17

)

 

 

 

 

 

 

 

 

 

 

 

9

 

Director stock grant

 

 

762

 

 

 

4

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

6

 

Restricted stock awards

 

 

105,920

 

 

 

530

 

 

 

(530

)

 

 

 

 

 

 

 

 

 

 

 

 

ESOP collateral release

 

 

 

 

 

 

 

 

 

 

 

37

 

 

 

 

 

 

 

 

 

37

 

Share-based compensation expense

 

 

 

 

 

 

 

 

66

 

 

 

 

 

 

 

 

 

 

 

 

66

 

Cumulative effect adjustment of adoption of accounting principle

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45

 

 

 

 

 

 

45

 

Balance at end of period

 

 

13,313,537

 

 

$

66,568

 

 

$

36,493

 

 

$

(1,697

)

 

$

19,094

 

 

$

(521

)

 

$

119,937

 

 

See Notes to Consolidated Financial Statements.

 

6


 

BAY BANKS OF VIRGINIA, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

 

 

For the Three Months Ended

 

(Dollars in thousands)

 

March 31, 2020

 

 

March 31, 2019

 

Cash Flows From Operating Activities

 

 

 

 

 

 

 

 

Net (loss)  income

 

$

(14

)

 

$

1,492

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

375

 

 

 

446

 

Net premium amortization on available-for-sale securities

 

 

130

 

 

 

118

 

Amortization of subordinated notes issuance costs

 

 

28

 

 

 

4

 

Amortization of core deposit intangible

 

 

149

 

 

 

180

 

Accretion of fair value adjustment on acquired time deposits

 

 

(24

)

 

 

(34

)

Accretion of fair value adjustments (discounts) on acquired loans

 

 

(189

)

 

 

(439

)

Provision for loan losses

 

 

2,777

 

 

 

314

 

Share-based compensation expense

 

 

142

 

 

 

66

 

Increase in other real estate owned valuation allowance

 

 

10

 

 

 

16

 

Gain on sale of other real estate owned

 

 

(10

)

 

 

(22

)

Net loss on the disposition of fixed and other assets

 

 

7

 

 

 

1

 

Decrease in value of mortgage servicing rights

 

 

161

 

 

 

54

 

Increase in cash surrender value of bank owned life insurance

 

 

(118

)

 

 

(120

)

Net gains on sales and calls of available-for-sale securities

 

 

(26

)

 

 

 

Originations of loans held for sale (HFS)

 

 

(23,327

)

 

 

(2,344

)

Proceeds from HFS loan sales

 

 

24,068

 

 

 

2,773

 

Gain on HFS sold loans

 

 

(257

)

 

 

(61

)

Decrease (increase) in other assets and accrued interest receivable

 

 

103

 

 

 

(4,099

)

(Decrease) increase in other liabilities

 

 

(444

)

 

 

5,116

 

Net cash provided by operating activities

 

 

3,541

 

 

 

3,461

 

Cash Flows From Investing Activities

 

 

 

 

 

 

 

 

Proceeds from maturities, calls, and principal paydowns of available-for-sale securities

 

 

7,846

 

 

 

1,098

 

Purchases of available-for-sale securities

 

 

(2,018

)

 

 

 

Purchases of restricted securities, net

 

 

(46

)

 

 

(204

)

Decrease in federal funds sold

 

 

40

 

 

 

443

 

Net increase in loans

 

 

(46,113

)

&nbs