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
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8-K 2018-01-31

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: Goodwill
Note 8: Leases
Note 9: Earnings per Share
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-10.1 bayk-ex101_147.htm
EX-31.1 bayk-ex311_8.htm
EX-31.2 bayk-ex312_6.htm
EX-32.1 bayk-ex321_7.htm

Bay Banks of Virginia Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

bayk-10q_20200630.htm
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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 JUNE 30, 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: 13,334,049 shares of common stock on August 3, 2020.

 

 

 


 

 

FORM 10-Q

For the interim period ending June 30, 2020

INDEX

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

ITEM 1. FINANCIAL STATEMENTS

 

3

 

 

 

CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2020 (UNAUDITED) AND DECEMBER 31, 2019

 

3

 

 

 

CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)

 

4

 

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)

 

5

 

 

 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)

 

6

 

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)

 

8

 

 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

9

 

 

 

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

 

30

 

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

42

 

 

 

ITEM 4. CONTROLS AND PROCEDURES

 

42

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

ITEM 1. LEGAL PROCEEDINGS

 

43

 

 

 

ITEM 1A. RISK FACTORS

 

43

 

 

 

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

 

44

 

 

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

44

 

 

 

ITEM 4. MINE SAFETY DISCLOSURES

 

44

 

 

 

ITEM 5. OTHER INFORMATION

 

44

 

 

 

ITEM 6. EXHIBITS

 

45

 

2


 

 

PART I – FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

BAY BANKS OF VIRGINIA, INC.

CONSOLIDATED BALANCE SHEETS

 

 

 

(unaudited)

 

 

 

 

 

(Dollars in thousands, except share data)

 

June 30,

2020

 

 

December 31,

2019 (1)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

10,778

 

 

$

6,096

 

Interest-earning deposits

 

 

28,667

 

 

 

34,358

 

Federal funds sold

 

 

467

 

 

 

1,359

 

Certificates of deposit

 

 

2,506

 

 

 

2,754

 

Available-for-sale securities, at fair value

 

 

92,560

 

 

 

99,454

 

Restricted securities

 

 

5,327

 

 

 

5,706

 

Loans receivable, net of allowance for loan losses of $12,007 and

   $7,562, respectively

 

 

1,040,848

 

 

 

916,628

 

Loans held for sale

 

 

2,521

 

 

 

1,231

 

Premises and equipment, net

 

 

18,330

 

 

 

20,141

 

Accrued interest receivable

 

 

4,128

 

 

 

3,035

 

Other real estate owned, net

 

 

1,903

 

 

 

1,916

 

Bank owned life insurance

 

 

19,985

 

 

 

19,752

 

Goodwill

 

 

 

 

 

10,374

 

Mortgage servicing rights

 

 

687

 

 

 

935

 

Core deposit intangible

 

 

1,228

 

 

 

1,518

 

Other assets

 

 

8,291

 

 

 

6,666

 

Total assets

 

$

1,238,226

 

 

$

1,131,923

 

LIABILITIES

 

 

 

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

185,201

 

 

$

137,933

 

Savings and interest-bearing demand deposits

 

 

413,025

 

 

 

382,607

 

Time deposits

 

 

408,672

 

 

 

389,900

 

Total deposits

 

 

1,006,898

 

 

 

910,440

 

Securities sold under repurchase agreements

 

 

1,035

 

 

 

6,525

 

Federal Home Loan Bank advances

 

 

35,000

 

 

 

45,000

 

Federal Reserve Bank advances

 

 

33,160

 

 

 

 

Subordinated notes, net of issuance costs

 

 

31,056

 

 

 

31,001

 

Other liabilities

 

 

11,387

 

 

 

12,772

 

Total liabilities

 

 

1,118,536

 

 

 

1,005,738

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

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

   outstanding - 13,334,049 and 13,261,801 shares, respectively) (2)

 

 

66,670

 

 

 

66,309

 

Additional paid-in capital

 

 

36,729

 

 

 

36,658

 

Unearned employee stock ownership plan shares

 

 

(1,394

)

 

 

(1,525

)

Retained earnings

 

 

16,519

 

 

 

24,660

 

Accumulated other comprehensive income, net

 

 

1,166

 

 

 

83

 

Total shareholders’ equity

 

 

119,690

 

 

 

126,185

 

Total liabilities and shareholders’ equity

 

$

1,238,226

 

 

$

1,131,923

 

 

(1)

Derived from audited December 31, 2019 Consolidated Financial Statements.

(2)

Preferred stock is authorized; however, none was outstanding as of June 30, 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

 

 

For the Six Months Ended

 

(Dollars in thousands, except per share data)

 

June 30, 2020

 

 

June 30, 2019

 

 

June 30, 2020

 

 

June 30, 2019

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

11,290

 

 

$

11,458

 

 

$

22,642

 

 

$

22,919

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

573

 

 

 

577

 

 

 

1,225

 

 

 

1,172

 

Tax-exempt

 

 

89

 

 

 

97

 

 

 

183

 

 

 

214

 

Federal funds sold

 

 

 

 

 

18

 

 

 

2

 

 

 

25

 

Interest-bearing deposit accounts

 

 

8

 

 

 

152

 

 

 

112

 

 

 

288

 

Certificates of deposit

 

 

14

 

 

 

19

 

 

 

28

 

 

 

39

 

Total interest income

 

 

11,974

 

 

 

12,321

 

 

 

24,192

 

 

 

24,657

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,411

 

 

 

3,088

 

 

 

5,260

 

 

 

5,896

 

Securities sold under repurchase agreements

 

 

1

 

 

 

4

 

 

 

3

 

 

 

7

 

Subordinated notes

 

 

510

 

 

 

138

 

 

 

1,021

 

 

 

275

 

Federal Home Loan Bank advances

 

 

90

 

 

 

614

 

 

 

324

 

 

 

1,319

 

Federal Reserve Bank advances

 

 

20

 

 

 

 

 

 

20

 

 

 

 

Total interest expense

 

 

3,032

 

 

 

3,844

 

 

 

6,628

 

 

 

7,497

 

Net interest income

 

 

8,942

 

 

 

8,477

 

 

 

17,564

 

 

 

17,160

 

Provision for loan losses

 

 

2,027

 

 

 

62

 

 

 

4,804

 

 

 

376

 

Net interest income after provision for loan losses

 

 

6,915

 

 

 

8,415

 

 

 

12,760

 

 

 

16,784

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust management

 

 

203

 

 

 

206

 

 

 

396

 

 

 

420

 

Service charges and fees on deposit accounts

 

 

137

 

 

 

246

 

 

 

373

 

 

 

484

 

Wealth management

 

 

228

 

 

 

262

 

 

 

475

 

 

 

469

 

Interchange fees, net

 

 

130

 

 

 

121

 

 

 

228

 

 

 

222

 

Other service charges and fees

 

 

28

 

 

 

27

 

 

 

61

 

 

 

56

 

Secondary market sales and servicing

 

 

731

 

 

 

267

 

 

 

933

 

 

 

339

 

Increase in cash surrender value of bank owned life insurance

 

 

116

 

 

 

121

 

 

 

233

 

 

 

240

 

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

 

 

3

 

 

 

(2

)

 

 

29

 

 

 

(2

)

Net gains (losses) on disposition of other assets

 

 

1

 

 

 

(1

)

 

 

(7

)

 

 

(1

)

Net gains (losses) gains on rabbi trust assets

 

 

114

 

 

 

40

 

 

 

(150

)

 

 

130

 

Referral fees

 

 

496

 

 

 

 

 

 

966

 

 

 

 

Other

 

 

7

 

 

 

8

 

 

 

46

 

 

 

28

 

Total noninterest income

 

 

2,194

 

 

 

1,295

 

 

 

3,583

 

 

 

2,385

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,839

 

 

 

3,892

 

 

 

7,466

 

 

 

7,893

 

Occupancy

 

 

705

 

 

 

837

 

 

 

1,456

 

 

 

1,705

 

Data processing

 

 

498

 

 

 

609

 

 

 

1,035

 

 

 

1,197

 

Bank franchise tax

 

 

257

 

 

 

230

 

 

 

514

 

 

 

446

 

Telecommunications and other technology

 

 

371

 

 

 

262

 

 

 

780

 

 

 

469

 

FDIC assessments

 

 

147

 

 

 

162

 

 

 

295

 

 

 

378

 

Foreclosed property

 

 

28

 

 

 

19

 

 

 

35

 

 

 

62

 

Consulting

 

 

70

 

 

 

147

 

 

 

141

 

 

 

262

 

Advertising and marketing

 

 

26

 

 

 

109

 

 

 

93

 

 

 

176

 

Directors’ fees

 

 

188

 

 

 

213

 

 

 

381

 

 

 

377

 

Audit and accounting

 

 

170

 

 

 

189

 

 

 

310

 

 

 

393

 

Legal