Market Overview

Bay Bancorp, Inc. Announces Second Quarter 2015 Results and Stock Repurchase Program

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COLUMBIA, Md., July 30, 2015 (GLOBE NEWSWIRE) -- Bay Bancorp, Inc. ("Bay") (NASDAQ: BYBK), the savings and loan holding company for Bay Bank, FSB ("Bank"), announced today net income of $0.55 million or $0.05 per basic and diluted share for the second quarter of 2015, compared to net income of $0.34 million or $0.03 per basic and diluted share for the first quarter of 2015, and $2.76 million or $0.27 per basic and diluted share for the second quarter of 2014. Bay reported net income of $0.89 million or $0.08 per diluted share for the first half of 2015, compared to $2.84 million or $0.29 per diluted share for the first half of 2014, which included a bargain purchase gain from the May 30, 2014 acquisition of Slavie Federal Savings Bank from the FDIC (the "Slavie Acquisition") and income from the recognition of the remaining interest rate mark-to-market adjustment related to the Bank's exit from its IRA business, representing a combined $3.1 million of pre-tax income. Excluding the benefit of the 2014 bargain purchase gain and exit of the IRA business, pre-tax income increased by $0.84 million for the first half of 2015 when compared to the first half of 2014.

Commenting on the announcement, Joseph J. Thomas, President and CEO, said, "As we continue to execute our growth strategy, both organically and through strategic acquisitions, we completed a series of steps in the second quarter to enhance franchise growth with the hiring of Rich Ohnmacht as Corridor Market President, reduce non-interest expense with the consolidation of our headquarters location to Columbia and manage our capital levels with the adoption of a stock repurchase program, all combined as a path to enhance stockholder value." Thomas continued, "The Board's approval of a stock repurchase program reflects continued confidence in the value of our company and our ability to execute the Company's key strategies as the bank built by entrepreneurs for entrepreneurs."

Highlights from the First Six Months of 2015

The Bank's relationship management activities resulted in the growth of new loans in the Bank's originated portfolio by a 21.3% annualized pace in the first six-months of 2015. Deposit mix changes were favorable, with declines in certificate of deposit balances offset by noninterest-bearing deposit growth, as the Bank recorded annualized growth of over 13% for this deposit type during the period. Bay has a very strong capital position and capacity for future growth with total regulatory capital to risk weighted assets of 17.4% as of June 30, 2015. The Bank has a proven record of success in acquisitions and acquired problem asset resolutions and, at June 30, 2015, had $12.3 million in remaining net purchase discounts on acquired loan portfolios.

Specific highlights are listed below:

  • The return on average assets for the three- and six-month periods ended June 30, 2015 was 0.46% and 0.37%, respectively, as compared to 2.37% and 1.32%, respectively, for the same periods of 2014. The return on average equity for the three- and six-month periods ended June 30, 2015 was 3.26% and 2.66%, respectively, as compared to 17.61% and 9.89%, respectively, for the same periods in 2014.
     
  • Total assets were $489 million at June 30, 2015 compared to $487 million at March 31, 2015 and $480 million at December 31, 2014.
     
  • Total loans were $386 million at June 30, 2015, a decrease of 1.5% from $392 million at March 31, 2015, a decrease of 1.9% from $393 million at December 31, 2014 and a decrease of 2.4% from $395 million at June 30, 2014.
     
  • Total deposits were $384 million at June 30, 2015, a decrease of 4.9% from $404 million at March 31, 2015, a decrease of 0.9% from $388 million at December 31, 2014 and a decrease of 8.3% from $419 million at June 30, 2014. Non-interest bearing deposits were $97 million at June 30, an increase of 6.5% from $92 million at December 31, 2014.
     
  • Net interest income for the three- and six-month periods ended June 30, 2015 totaled $5.5 million and $10.8 million, respectively, compared to $5.8 million and $11.0 million, respectively, for the same periods of 2014. Interest income associated with discount accretion on purchased loans, deferred costs and deferred fees will vary due to the timing and nature of loan principal payments. Earning asset leverage was the primary driver in year-over-year results, as average earning loans and investments increased to $425 million for the six months ended June 30, 2015, compared to $365 million for the same period of 2014. 
     
  • Net interest margin for the three- and six-month periods ended June 30, 2015 was 4.88% and 4.81%, respectively, compared to 5.56% and 5.48%, respectively, for the same periods of 2014. The margin for six-months ended June 30, 2015 reflects the variable pace of discount accretion recognition within interest income and the impact of fair value amortization on the interest expense of acquired deposits. For the six-months ended June 30, 2015, the earning asset portfolio yield was influenced by a $1.19 million decline in net discount accretion of purchased loan discounts recognized in interest income and a $0.66 million decrease in the fair value amortization on deposits when compared to the same period of 2014. The margin declined by 67 basis points during the six months ending June 30, 2015 when compared to a year earlier, with the reduction in loan and deposit accretion accounting for 82 basis points of the fluctuation.
     
  • Nonperforming assets decreased to $13.1 million at June 30, 2015 or 16.1%, from $15.61 million at March 31, 2015, and declined 29.0% from $18.46 million at June 30, 2014. The second quarter of 2015 decrease resulted from the Bank's continued resolution of acquired nonperforming loans.
     
  • The provision for loan losses for the three and six months ended June 30, 2015 was $297,000 and $572,000, respectively, compared to $141,000 and $360,000, respectively, for the same periods of 2014. The increases for the 2015 periods were primarily the result of increases in loan originations. As a result, the allowance for loan losses was $1.43 million at June 30, 2015, representing 0.37% of total loans, compared to $1.35 million, or 0.35% of total loans, at March 31, 2015 and $1.29 million, or 0.33% of total loans, at December 31, 2014. Management expects both the allowance for loan losses and the related provision for loan losses to increase in the future due to the gradual accretion of the discount on the acquired loan portfolios and an increase in new loan originations.

Stock Repurchase Program

Bay today also announced that the Board of Directors has authorized the repurchase of up to 250,000 shares of its common stock. Bay plans to repurchase its shares in open market transactions from time to time or through privately negotiated transactions, at Bay's discretion. The repurchase program is authorized to continue for the next twelve (12) months.

The timing and amount of any share repurchases will depend on a variety of factors, including the trading price of Bay's common stock, securities laws restrictions, including but not limited to compliance with blackout periods, regulatory requirements, potential alternative uses for capital, and market and economic conditions. Bay intends to fund any repurchases through its consolidated earnings and borrowings under its holding company credit facility. Repurchased shares will be cancelled and returned to unissued but authorized status. The repurchase program does not obligate Bay to acquire any particular amount of shares and the repurchase program may be modified, suspended or discontinued at any time, at Bay's discretion.

Second Quarter Events

On May 27, 2015, Bay announced the election of two new members of its Board of Directors. Pierre Abushacra is a resident of Montgomery County, Maryland and the founder and CEO of Firehook Bakery, a retail and wholesale bakery with 10 locations in the broader Washington, D.C. market. Michael Chairamonte is the founder and former President of the Southern Maryland Healthcare System based in Prince George's County, Maryland before its sale to MedStar.

On June 1, 2015, the Bank announced that Richard H. Ohnmacht, a long-time resident of Howard County, joined the Bank as Corridor Market President and Senior Vice President where he will lead efforts to expand the Bank's reach into the Washington, D.C. corridor.

On July 1, 2015, the Bank announced it moved its corporate headquarters to Columbia, Maryland, where it also opened a new full service branch on April 27, 2015. This is the Bank's first branch in Howard County, Maryland. The headquarters and branch are located at 7151 Columbia Gateway Drive. The headquarters change resulted in 14 associates relocating to Columbia and 13 associates remaining in the Lutherville sales offices.

Balance Sheet Review

Total assets were $489 million at June 30, 2015, an increase of $9 million, or 1.79%, when compared to December 31, 2014. Investment securities increased by $4.4 million or 12.1% for the six-month period, while loans held for sale increased by $9.6 million or 133%. These increases were partially offset by a $7.4 million or 1.9% decline in loans held for investment.

Total deposits were $384 million at June 30, 2015, a decrease of $3.4 million, or 0.9%, when compared to December 31, 2014. The decrease was primarily due to managed declines in certificates of deposits and seasonal deposit fluctuations, offset by a $6 million or 6.5% increase in non-interest bearing deposits. The decrease in deposits resulted in an $11 million increase in short-term borrowings over the prior period.

Stockholders' equity increased to $66.1 million at June 30, 2015 compared to $65.7 million at March 31, 2015, $66.6 million at December 31, 2014, and $65.0 million at June 30, 2014. The second quarter 2015 increase related to corporate earnings partially offset by net market value adjustments on bank owned investment securities. The decrease over the first six months of 2015 related to an increase in the Bank's retirement income plan liability due to changes in actuarial assumptions, offset by related deferred taxes. The book value of Bay's common stock was $5.98 at June 30, 2015 compared to $5.96 per share at March 31, 2015 and $6.01 per share at June 30, 2014.

Nonperforming assets, which consist of nonaccrual loans, troubled debt restructurings, accruing loans past due 90 days or more, and real estate acquired through foreclosure, decreased to $13.1 million at June 30, 2015 from $15.61 million at March 31, 2015 and from $14.34 million at December 31, 2014. The decreases were driven by related decreases in nonaccrual loans of $2.0 million and $0.43 million from March 31, 2015 and December 31, 2014 respectively. Nonperforming assets represented 2.68% of total assets at June 30, 2015, which was down from 3.22% at March 31, 2015 and from 2.99% at December 31, 2014. 

At June 30, 2015, the Bank remained above all "well-capitalized" regulatory requirement levels. The Bank's tier 1 risk-based capital ratio was 17.02% at June 30, 2015 as compared to 16.22% at March 31, 2015, 16.31% at December 31, 2014 and 15.70% at June 30, 2014. Liquidity remained strong due to managed cash and cash equivalents, borrowing lines with the FHLB of Atlanta, the Federal Reserve and correspondent banks, and the size and composition of the investment portfolio.

Review of Financial Results

Net income for the three- and six-month periods ended June 30, 2015 was $0.55 million and $0.89 million, respectively, compared to net income of $2.76 million and $2.84 million, respectively, for the same periods of 2014. With the changes to net income primarily the result of 2014 bargain purchase gain attributable to the Slavie Acquisition and the 2014 recognition of the remaining interest rate mark-to-market adjustment of $2.4 million related to the exit of our IRA business, changes were less comparable to prior periods. 

Net interest income decreased to $10.8 million for the six months ended June 30, 2015 compared to $11.0 million for the same period of 2014. The decrease was the result of a $51.6 million growth in average interest-earning assets largely due to the Slavie Acquisition, offset by a $1.19 million decline in net discount accretion of purchased loan discounts recognized in interest income and a $0.66 million decrease in the fair value amortization on deposits. Excluding the impact of the fair value accounting, net interest income increased by $1.74 million when compared to the six months ended June 30, 2014. The net interest margin for second quarter of 2015 increased to 4.88% from 4.73% for the first quarter of 2015. The net interest margin for the six months ended June 30, 2015 decreased to 4.81% compared to 5.48% for the same period of 2014 due to the decline in discount accretion on loans and deposits.  As of June 30, 2015, the remaining net loan discounts on the Bank's loan portfolio, including loans acquired in the Slavie Acquisition, totaled $12.3 million.

Noninterest income for the three months ended June 30, 2015 was $1.6 million compared to $1.2 million for the three months ended March 31, 2015 and $4.3 million for the three months ended June 30, 2014. The increase over the immediately prior quarter was primarily the result of $0.05 million increase in electronic banking fees and by a $0.21 million increase in mortgage banking fees and gains. The decrease from the second quarter of 2014 was primarily the result of the above-mentioned 2014 $2.4 million remaining interest rate mark-to-market adjustment on IRA deposits and the $0.70 million bargain purchase gain recognized in 2014, offset by a $0.41 million increase in mortgage banking fees and gains.

Noninterest income for the six months ended June 30, 2015 was $2.8 million compared to $5.7 million for the same period of 2014. This decrease was primarily the result of the above-mentioned 2014 $2.4 million remaining interest rate mark-to-market adjustment on IRA deposits, the $0.70 million bargain purchase gain recognized in 2014 and a $0.11 million decrease in electronic banking fees, offset by a $0.49 million increase in mortgage banking fees and gains. Excluding the 2014 benefit of the bargain purchase gain and the benefit of the IRA exit, year-to-date 2015 noninterest income expanded by $0.40 million or 16.7% when compared to the same period of 2014.   Expectations are for mortgage fees and gains to expand during the remainder of 2015.

Noninterest expense reduction is a key focus for 2015 net income improvement. For the three months ended June 30, 2015, noninterest expense was $5.9 million compared to $5.7 million for the prior quarter and $6.3 million for the second quarter of 2014. The primary contributors to the decrease when compared to the second quarter of 2014 were decreases of $0.13 million in occupancy expense, $0.02 million in foreclosed property expenses, $0.08 million in advertising-related expenses and $0.13 million in merger related expenses.

For the six months ended June 30, 2015, noninterest expense was $11.6 million compared to $12.6 million for the same period of 2014. The primary contributors to the decrease when compared to the first six-months of 2014 were decreases of $0.46 million in salary and employee benefits, $0.16 million in occupancy expense, $0.16 million in foreclosed property expenses and $0.09 million in advertising-related expenses.

Bay Bancorp, Inc. Information

Bay Bancorp, Inc. is a financial holding company and a savings and loan holding company headquartered in Columbia, Maryland. Through Bay Bank, FSB, its federal savings bank subsidiary, Bay Bancorp, Inc. serves the community with a network of 11 branches strategically located throughout the Baltimore Metropolitan Statistical Area, particularly Baltimore City and the Maryland counties of Baltimore Washington corridor. The Bank serves small and medium size businesses, professionals and other valued customers by offering a broad suite of financial products and services, including on-line and mobile banking, commercial banking, cash management, mortgage lending and retail banking. The Bank funds a variety of loan types including commercial and residential real estate loans, commercial term loans and lines of credit, consumer loans and letters of credit. Additional information is available at www.baybankmd.com.

Forward-Looking Statements

The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions. Although these statements reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Bay Bancorp, Inc. with the Securities and Exchange Commission entitled "Risk Factors".

Bay Bancorp, Inc.        
Consolidated Balance Sheets        
         
  June 30,
2015 (unaudited)
March 31,
2015 (unaudited)
December 31, 2014 June 30,
2014 (unaudited)
         
ASSETS        
         
Cash and due from banks  $ 8,021,913  $ 6,335,049  $ 7,062,943  $ 9,536,345
Interest bearing deposits with banks and federal funds sold   11,395,843  17,250,151  9,794,382  14,890,664
Total Cash and Cash Equivalents  19,417,756  23,585,200  16,857,325  24,427,009
         
Time deposits with banks  --   --   34,849  500,000
Investment securities available for sale, at fair value  39,822,541  32,890,719  35,349,889  35,829,418
Investment securities held to maturity, at amortized cost  1,277,799  1,296,793  1,315,718  -- 
Restricted equity securities, at cost  2,153,595  1,291,095  1,862,995  919,795
Loans held for sale  16,832,511  12,494,787  7,233,306  6,103,088
         
Loans, net of deferred fees and costs  385,652,537  391,537,271  393,051,192  395,046,505
Less: Allowance for loan losses  (1,432,546)  (1,353,849)  (1,294,976)  (1,099,646)
Loans, net  384,219,991  390,183,422  391,756,216  393,946,859
         
Real estate acquired through foreclosure  1,611,451  1,501,135  1,480,472  1,520,609
Premises and equipment, net  5,216,009  5,398,901  5,553,957  5,646,918
Bank owned life insurance  5,548,022  5,516,549  5,485,377  5,420,981
Core deposit intangible  3,019,629  3,223,737  3,478,282  3,722,865
Deferred tax assets, net  4,213,522  4,117,563  3,214,100  5,287,136
Accrued interest receivable   1,276,005  1,300,297  1,306,111  1,389,888
Accrued taxes receivable  2,134,635  2,819,468  3,122,885  -- 
Defined benefit pension asset  --   --   680,668  42,231
Prepaid expenses  942,914  --   --   -- 
Other assets  849,345  1,410,994  1,210,835  2,713,245
Total Assets  $ 488,535,725  $ 487,030,660  $ 479,942,985  $ 487,470,042
         
LIABILITIES         
         
Noninterest-bearing deposits  $ 97,646,931  $ 101,629,926  $ 91,676,534  $ 104,021,800
Interest-bearing deposits  286,804,522  302,674,673  296,153,598  315,122,594
Total Deposits  384,451,453  404,304,599  387,830,132  419,144,394
         
         
Short-term borrowings  33,150,000  12,150,000  22,150,000  -- 
Defined benefit pension liability  1,704,352  1,731,102  --   -- 
Accrued expenses and other liabilities  3,102,767  3,194,319  3,319,567  3,280,059
Total Liabilities  422,408,572  421,380,020  413,299,699  422,424,453
         
STOCKHOLDERS' EQUITY        
Common stock - par value $1.00, authorized 20,000,000 shares, issued and outstanding 11,031,114, 11,014,517, 11,014,517, and 10,818,773 shares as of June 30, 2015, March 31, 2015, December 31, 2014, and June 30, 2014, respectively.  11,031,114  11,014,517  11,014,517  10,818,773
Additional paid-in capital   43,361,002  43,372,280  43,228,950  42,178,489
Retained earnings  11,625,473  11,079,558  10,736,305  10,540,587
Accumulated other comprehensive income  109,564  184,285  1,663,514  1,507,740
Total Stockholders' Equity  66,127,153  65,650,640  66,643,286  65,045,589
Total Liabilities and Stockholders' Equity  $ 488,535,725  $ 487,030,660  $ 479,942,985  $ 487,470,042
         
Bay Bancorp, Inc.        
Consolidated Statements of Income (Loss)
(Unaudited)
         
  Six Months Ended June 30,  Three Months Ended June 30, 
  2015 2014 2015 2014
         
Interest income:        
Interest and fees on loans  $ 11,093,443  $ 10,920,217  $ 5,585,676  $ 5,779,831
Interest on loans held for sale  193,691  132,009  132,180  46,208
Interest and dividends on securities  515,698  492,453  258,262  245,104
Interest on deposits with banks and federal funds sold  16,380  32,028  5,768  18,660
Total Interest Income  11,819,212  11,576,707  5,981,886  6,089,803
         
Interest expense:        
Interest on deposits  948,571  610,228  464,170  301,169
Interest on Fed Funds Purchased 604   604  
Interest on short-term borrowings  23,644  --   9,868  -- 
Total Interest Expense  972,819  610,228  474,642  301,169
Net Interest Income  10,846,393  10,966,479  5,507,244  5,788,634
         
Provision for loan losses  571,809  359,844  296,700  140,679
         
Net interest income after provision for loan losses  10,274,584  10,606,635  5,210,544  5,647,955
         
Noninterest income:        
Electronic banking fees  1,202,246  1,316,347  626,056  676,353
Mortgage banking fees and gains  997,707  508,063  604,065  195,388
(Loss) gain on sale of real estate acquired through foreclosure  39,449  28,925  40,077  27,096
Brokerage commissions  --   --     
Service charges on deposit accounts  149,731  203,945  70,714  111,432
Bargain purchase gain  --   697,526  --   697,526
Gain on securities sold  77,490  --   --   
Other income   357,330  2,936,626  245,821  2,730,265
Total Noninterest Income  2,823,953  5,691,432  1,586,733  4,438,060
         
Noninterest Expenses:        
Salary and employee benefits  6,062,935  6,524,461  3,143,816  3,159,029
Occupancy expenses  1,376,258  1,534,110  656,426  784,831
Furniture and equipment expenses  520,572  594,954  245,171  282,825
Legal, accounting and other professional fees  737,179  732,225  369,151  338,105
Data processing and item processing services  625,880  492,337  283,207  217,187
FDIC insurance costs  203,383  202,686  97,072  134,977
Advertising and marketing related expenses  95,304  184,965  66,555  145,560
Foreclosed property expenses  229,463  390,392  169,100  191,029
Loan collection costs  199,377  152,903  111,867  105,724
Core deposit intangible amortization  458,653  492,742  204,107  218,447
Merger and acquisition related expenses  --   240,288  --   128,965
Other expenses  1,122,878  1,053,312  585,526  549,023
Total Noninterest Expenses  11,631,882  12,595,375  5,931,998  6,255,702
Income before income taxes  1,466,655  3,702,692  865,279  3,830,313
Income tax expense   577,487  865,702  319,364  1,075,058
Net income  889,168 2,836,990 545,915 2,755,255
         
Basic net income per common share   $ 0.08  $ 0.29  $ 0.05  $ 0.27
         
Diluted net income per common share  $ 0.08  $ 0.29  $ 0.05  $ 0.27
           
Bay Bancorp, Inc.          
Consolidated Statements of Stockholders' Equity      
For the Six Months Ended June 30, 2015 and 2014    
(Unaudited)          
           
  Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (loss)
Total
           
Balance December 31, 2013  $ 9,379,753  $ 36,357,001  $ 7,703,597  $ 1,113,917  $ 54,554,268
           
Net income  --   --   2,836,990  --   2,836,990
Other comprehensive income      --   393,823  393,823
Issuance of restricted common stock  16,256  (16,256)  --   --   -- 
Stock-based compensation  --   260,508  --   --   260,508
Issuance of common stock   1,422,764  5,577,236  --   --   7,000,000
Balance June 30, 2014  $ 10,818,773  $ 42,178,489  $ 10,540,587  $ 1,507,740  $ 65,045,589
           
           
  Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (loss)
Total
           
Balance December 31, 2014  $ 11,014,517  $ 43,228,950  $ 10,736,305  $ 1,663,514  $ 66,643,286
           
Net income  --   --   889,168  --   889,168
Other comprehensive income      --   (1,553,950)  (1,553,950)
Stock-based compensation  --   132,052  --   --   132,052
Issuance of common stock   16,597  --   --   --   16,597
Balance June 30, 2015  $ 11,031,114  $ 43,361,002  $ 11,625,473  $ 109,564  $ 66,127,153
             
Bay Bank, FSB            
Capital Ratios            
(Unaudited)            
         
  Actual To Be Considered
Adequately Capitalized
To Be Well
Capitalized Under
Prompt Corrective
Action Provisions
  Amount Ratio Amount Ratio Amount Ratio
As of June 30, 2015:            
Total Risk-Based Capital Ratio  $ 64,639 17.39 %  $ 29,736 8.00 %  $ 37,170 10.00 %
Tier I Risk-Based Capital Ratio  $ 63,206 17.00 %  $ 14,868 4.00 %  $ 22,302 6.00 %
Common Equity Tier I Capital Ratio  $ 63,206 17.00 %  $ 16,726 4.50 %  $ 24,160 6.50 %
Leverage Ratio  $ 63,206 13.23 %  $ 19,106 4.00 %  $ 23,882 5.00 %
             
As of March 31, 2015:            
Total Risk-Based Capital Ratio  $ 64,172 16.57 %  $ 30,982 8.00 %  $ 38,728 10.00 %
Tier I Risk-Based Capital Ratio  $ 62,818 16.22 %  $ 15,491 4.00 %  $ 23,237 6.00 %
Common Equity Tier I Capital Ratio  $ 62,818 16.22 %  $ 17,428 4.50 %  $ 25,174 6.50 %
Leverage Ratio  $ 62,818 13.01 %  $ 19,314 4.00 %  $ 24,142 5.00 %
             
As of December 31, 2014:            
Total Risk-Based Capital Ratio  $ 62,743 16.66 %  $ 30,129 8.00 %  $ 37,661 10.00 %
Tier I Risk-Based Capital Ratio  $ 61,448 16.31 %  $ 15,070 4.00 %  $ 22,605 6.00 %
Leverage Ratio  $ 61,448 12.94 %  $ 18,995 4.00 %  $ 23,743 5.00 %
             
As of September 30, 2014:            
Total Risk-Based Capital Ratio  $ 60,376 16.14 %  $ 29,922 8.00 %  $ 37,402 10.00 %
Tier I Risk-Based Capital Ratio  $ 59,247 15.84 %  $ 14,961 4.00 %  $ 22,441 6.00 %
Leverage Ratio  $ 59,247 12.51 %  $ 18,943 4.00 %  $ 23,679 5.00 %
             
As of June 30, 2014:            
Total Risk-Based Capital Ratio  $ 60,205 15.99 %  $ 30,122 8.00 %  $ 37,653 10.00 %
Tier I Risk-Based Capital Ratio  $ 59,105 15.70 %  $ 15,061 4.00 %  $ 22,592 6.00 %
Leverage Ratio  $ 59,105 12.27 %  $ 19,263 4.00 %  $ 24,079 5.00 %
             
As of March 31, 2014:            
Total Risk-Based Capital Ratio  $ 49,354 15.53 %  $ 25,423 8.00 %  $ 31,778 10.00 %
Tier I Risk-Based Capital Ratio  $ 48,412 15.23 %  $ 12,711 4.00 %  $ 19,067 6.00 %
Leverage Ratio  $ 48,412 11.44 %  $ 16,927 4.00 %  $ 21,159 5.00 %
             
As of December 31, 2013:            
Total Risk-Based Capital Ratio  $ 47,815 14.68 %  $ 26,079 8.00 %  $ 32,562 10.00 %
Tier I Risk-Based Capital Ratio  $ 46,964 14.42 %  $ 13,025 4.00 %  $ 19,537 6.00 %
Leverage Ratio  $ 46,964 11.41 %  $ 16,461 4.00 %  $ 20,577 5.00 %
             
Bay Bancorp, Inc.            
Selected Financial Data            
(Unaudited)            
             
  Three Months Ended Six Months Ended Year Ended
  June 30,
2015
March 31,
2015
June 30,
2014
June 30,
2015
June 30,
2014
December 31,
2014
Financial Data:            
Assets  $ 488,535,725  $ 487,030,660  $ 487,470,042  $ 488,535,725  $ 487,470,042  $ 479,942,985
Investment securities  41,100,340  34,187,512  35,829,418  41,100,340  35,829,418  36,665,607
Loans (net of deferred fees and costs)  385,652,537  391,537,271  395,046,505  385,652,537  395,046,505  393,051,192
Allowance for loan losses  (1,432,546)  1,353,849  (1,099,646)  (1,432,546)  (1,099,646)  1,294,976
Deposits  384,451,453  404,304,599  419,144,394  384,451,453  419,144,394  387,830,131
Borrowings  33,150,000  12,150,000  --  33,150,000  --  22,150,000
Stockholders' equity  66,127,153  65,650,640  65,045,589  66,127,153  65,045,589  66,643,286
             
Net (loss) income   545,915  343,253  2,644,926  889,168  2,836,990  3,032,708
             
Average Balances:            
Assets  480,665,265  485,027,802  448,315,402  483,379,977  433,105,069  459,673,750
Investment securities  35,386,462  35,318,852  36,926,555  35,352,844  36,840,255  37,773,016
Loans (net of deferred fees and costs)  386,984,981  392,780,700  339,716,287  389,866,830  328,534,157  364,499,210
Borrowings  13,702,198  16,155,556  --  14,922,099  --  9,269,231
Deposits  395,286,356  399,249,747  385,002,128  397,256,654  372,535,119  385,700,292
Stockholders' equity   67,139,931  66,785,682  60,238,668  67,509,728  57,861,683  61,530,969
             
Performance Ratios:            
Return on average assets 0.46% 0.29% 2.37% 0.37% 1.32% 0.66%
Return on average equity 3.26% 2.08% 17.61% 2.66% 9.89% 4.93%
Yield on average interest-earning assets 5.30% 5.17% 5.84% 5.24% 5.78% 5.59%
Rate on average interest-bearing liabilities 0.46% 0.63% 0.42% 0.62% 0.44% 0.42%
Net interest spread 4.69% 4.54% 5.42% 4.61% 5.34% 5.17%
Net interest margin 4.88% 4.73% 5.56% 4.81% 5.48% 5.30%
             
Book value per share  $ 5.98  $ 5.96  $ 6.01  $ 5.98  $ 6.01  $ 6.05
Basic net income per share  0.05  0.03  0.26  0.08  0.29  0.29
Diluted net income per share  0.05  0.03  0.26  0.08  0.29  0.29
             
             
  June 30,
2015
March 31,
2015
June 30,
2014
December 31,
2014
   
Asset Quality Ratios:            
Allowance for loan losses to loans 0.37% 0.35% 0.28% 0.33%    
Nonperforming loans to total loans 2.98% 3.59% 4.29% 3.27%    
Nonperforming assets to total assets 2.68% 3.22% 3.79% 2.99%    
Net charge-offs annualized to avg. loans 0.06% 0.06% -0.02% 0.06%    
             
Capital Ratios (Bay Bank, FSB):             
Total risk-based capital ratio 17.39% 16.57% 15.99% 16.66%    
Common equity tier 1 capital ratio 17.00% 16.22% N/A N/A    
Tier 1 risk-based capital ratio 17.00% 16.22% 15.70% 16.31%    
Leverage ratio 13.23% 13.01% 12.27% 12.94%    
CONTACT: For investor inquiries contact: Joseph J. Thomas, President and CEO 410-536-7336 jthomas@baybankmd.com 7151 Columbia Gateway Drive, Suite A Columbia, MD 21046 For further information contact: Larry D. Pickett, Chief Financial Officer lpickett@baybankmd.com 410-312-5415

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