Market Overview

Bay Bancorp, Inc. Announces Record Third Quarter 2017 Results

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COLUMBIA, Md., Oct. 26, 2017 (GLOBE NEWSWIRE) -- Bay Bancorp, Inc. ("Bay") (NASDAQ:BYBK), the savings and loan holding company for Bay Bank, FSB ("Bank"), announced today net income increased to $2.2 million, or $0.21 per basic common share and $0.20 per diluted common share, for the third quarter of 2017 over the $0.5 million, or $0.04 per basic common share and $0.03 per diluted common share, recorded for the third quarter of 2016.  Bay reported net income of $4.4 million, or $0.41 per basic common share and diluted common share, for the first nine months of 2017, compared to $1.1 million, or $0.09 per basic common share and diluted common share, for the first nine months of 2016.  Net loans increased by $15.2 million, or 3%, when compared to June 30, 2017.  The Bank now has total assets exceeding $650 million and 11 branches in the Baltimore-Washington region, and is the fifth largest community bank headquartered in the Baltimore region based upon deposit market share.

Commenting on the earnings announcement, Joseph J. Thomas, President and CEO, said, "I am very proud to announce yet another record quarter with solid balance sheet growth, sustained earnings momentum and improved returns on equity and assets.  Core income continued its strong growth and net income growth this quarter was further augmented by the $1.4 million in other income related to the insurance recovery in connection with the Bank's settlement of the lawsuit filed by Alvin and Lois Lapidus. As part of the settlement, the Bank agreed to pay $1.4 million to Alvin and Lois Lapidus. The Bank had set up a liability for this settlement last year and did not incur additional expense in the third quarter of 2017 for the payment. For the three-month period ending September 30, 2017, we grew loans and deposits at 12% and 10% on an annualized basis, respectively.  Along with the insurance income, our organic growth in loans, our low cost core deposit funding and improved operational efficiencies drove the company's net income before taxes to $3.7 million, an 85% increase over the $2.0 million recorded for the quarter ended June 30, 2017.  We were also able to improve asset quality through resolutions of acquired loans and our nonperforming assets decreased 22% on an annualized basis to $11.4 million at September 30, 2017 from $14.6 million at June 30, 2017.  We are excited about the proposed merger, announced on September 27, 2017, with Old Line Bank expected to close during the second quarter of 2018, where Bay's attractive geographic footprint, strong client relationships, talented team of associates, diverse loan portfolio, low-cost core deposits and solid fee based revenues should complement and strengthen Old Line Bank's high performing franchise." 

Highlights from the First Nine Months of 2017

The Bank continued organic net growth in the third quarter of 2017.  Net loan and deposit growth was favorable.  Planned declines in certificate of deposit balances following the successful closing of Bay's merger with Hopkins Bancorp, Inc. and the related merger of Hopkins Federal Savings Bank into the Bank (collectively, the "Hopkins Merger") led to an attractive 0.46% cost of funds for the third quarter of 2017.  Bay has strong liquidity and capital positions along with capacity for future growth, with total regulatory capital to risk weighted assets of approximately 13.01% at September 30, 2017.  The Bank had $7.2 million in remaining net purchase discounts on acquired loan portfolios at September 30, 2017.

Specific highlights are listed below:

  • Return on average assets for the three-month period ended September 30, 2017 was 1.37% as compared to 0.79% and 0.33% for the three-month periods ended June 30, 2017 and September 30, 2016, respectively, and return on average equity for the three-month period ended September 30, 2017 was 13.21%, as compared to 7.44% and 3.14% for the three-month periods ended June 30, 2017 and September 30, 2016, respectively.
     
  • With consistent organic growth, total assets were $652 million at September 30, 2017 compared to $646 million at June 30, 2017 and $606 million at September 30, 2016.
     
  • Total loans were $525 million at September 30, 2017, an increase of 3% from $510 million at June 30, 2017, an increase of 8% from $487 million at December 31, 2016 and an increase of 9% from $482 million at September 30, 2016.
     
  • Total deposits were $549 million at September 30, 2017, an increase of 3% from $536 million at June 30, 2017, an increase of 4% from $526 million at December 31, 2016 and an increase of 3% from $531 million at September 30, 2016.  Non-interest bearing deposits were $130 million at September 30, 2017, an increase of 8% from $120 million at June 30, 2017, an increase of 16% from $111 million at December 31, 2016, and an increase of 30% from $100 million at September 30, 2016.
     
  • Net interest income for the three-month period ended September 30, 2017 totaled $6.6 million, compared to $6.3 million for the second quarter of 2017 and $5.7 million for the three-month period ended September 30, 2016.  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 $580 million for the three-month period ended September 30, 2017, compared to $534 million for the same period of 2016.
     
  • Net interest margin for the three- and nine-month periods ended September 30, 2017 was 4.66% and 4.19%, which were higher than the 3.86% and 4.11%, respectively, recorded for the same periods of 2016.  The margin for the nine-month period ended September 30, 2017 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, and the higher level of investments, including interest bearing federal funds acquired in the Hopkins Merger. Nonperforming assets represented 1.8% of total assets at September 30, 2017, compared to 2.3% at June 30, 2017, 2.6% at December 31, 2016 and 2.6% at September 30, 2016.
     
  • Nonperforming assets decreased to $11.4 million at September 30, 2017 from $14.6 million at June 30, 2017 and compared favorably to the $15.8 million recorded at December 31, 2016 and the $15.7 million recorded at September 30, 2016.  The decrease over the second quarter of 2017 resulted primarily from continued resolution of acquired nonperforming loans. The changes since September 30, 2016 were driven by loans acquired in the Hopkins Merger offset by decreases in purchased credit impaired loans.
     
  • The provision for loan losses for the three- and nine-month periods ended September 30, 2017 was $0.3 million and $1.3 million, respectively, compared to $0.4 million and $1.0 million, respectively, for the same periods of 2016.  The increase for the nine-month period ended September 30, 2017 was primarily the result of increases in loan originations.  As a result, the allowance for loan losses was $4.0 million at September 30, 2017, representing 0.77% of total loans, compared to $3.6 million, or 0.71% of total loans, at June 30, 2017, $2.8 million, or 0.58% of total loans, at December 31, 2016, and $2.4 million, or 0.51% of total loans, at September 30, 2016.  Management expects both the allowance for loan losses and the related provision for loan losses to increase in the future periods due to the gradual accretion of the discount on the acquired loan portfolios and an increase in new loan originations. 
     
  • As part of the Hopkins Merger on July 8, 2016, the Bank acquired a 51% interest in iReverse.  The Bank's interest in iReverse qualifies as held for sale upon acquisition and is therefore required to be presented as a discontinued operations.  Discontinued operations include noninterest income and noninterest expense related to iReverse.  On December 15, 2016, the Bank entered into an Ownership Interest Sale Agreement and Assignment with the other owner of iReverse pursuant to which the Bank agreed to sell its 51% interest effective March 31, 2017 for $70,000 which was paid in cash on February 28, 2017.  The net income from discontinued operations, net of taxes, for the three- months and nine- months ended September 30, 2016 was $228,221, with $138,212 attributable to non-controlling interest and $90,009 attributable to common stockholders.

Balance Sheet Review
             
Total assets were $652 million at September 30, 2017, representing increases of $6 million, or 1%, $31 million, or 5%, and $45 million, or 7%, when compared to June 30, 2017, December 31, 2016 and September 30, 2016, respectively.  Investment securities were $61 million at September 30, 2017, representing decreases of $5 million, or 8%, from June 30, 2017 and $2 million, or 4% from December 31, 2016, and an increase of $7 million, or 12%, when compared to September 30, 2016. Loans held for sale were $0.4 million at September 30, 2017, which decreased $2.5 million, $1.2 million and $2.4 million since June 30, 2017, December 31, 2016 and September 30, 2016, respectively.

Total deposits were $549 million at September 30, 2017, an increase of $13 million, or 3%, when compared to the $536 million recorded at June 30, 2017.  Activity included normal cyclical deposit fluctuations and a $9 million increase in non-interest bearing deposits.  Short-term borrowings from the Federal Home Loan Bank decreased to $25 million compared to $35 million at June 30, 2017.

Stockholders' equity increased to $72 million at September 30, 2017, from $69 million at June 30, 2017, $66 million at December 31, 2016, and $65 million at September 30, 2016.  These increases related primarily to corporate earnings, with the increase over the third quarter of 2016 being offset by the $2.9 million decline related to the purchase of 568,436 shares of Bay's common stock.  The combined activity improved the book value of Bay's common stock to $6.73 per share at September 30, 2017, compared to $6.51 per share at June 30, 2017, $6.29 per share at December 31, 2016 and $6.28 per share at September 30, 2016.

During the second and third quarters of 2016, Bay purchased a total of 743,436 shares of its common stock at an average price of $5.10 per share.  Bay Bancorp has not elected to repurchase additional shares since that time.  The Board may modify, suspend or discontinue the program at any time.

At September 30, 2017, the Bank remained above all "well-capitalized" regulatory requirement levels.  The Bank's tier 1 risk-based capital ratio was approximately 12.27% at September 30, 2017 as compared to 12.15% at June 30, 2017, 12.32% at December 31, 2016 and 12.31% at September 30, 2016.  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

For the three-month periods ended September 30, 2017 and 2016

Net income for the three-month period ended September 30, 2017 was $2.2 million, compared to net income of $1.2 million and $0.5 million for the three-month periods ended June 30, 2017 and September 30, 2016, respectively.

Net interest income for the three-month period ended September 30, 2017 totaled $6.6 million compared to $6.3 million for the previous quarter and $5.7 million for the same period of 2016.  The increase in interest income resulted from interest-earning asset growth from expansion of the Bay originated loan portfolio, selective investment purchases and the effects of the Hopkins Merger.  As of September 30, 2017, the remaining net loan discounts on the Bank's loan portfolio totaled $7.2 million.

Noninterest income for the three-month period ended September 30, 2017 was $2.7 million, which included a $1.4 million insurance income gain. These results were lower when compared to the $2.4 million recorded for the three-month period ended September 30, 2016, which included a $1.0 million bargain purchase gain related to the Hopkins Merger. Adjusted for these merger related changes, Bay recorded a small decrease in noninterest income for the third quarter of 2017 when compared to the same period of 2016.

Noninterest expense reduction continues to be our focus for 2017 net income improvement.  For the three-month period ended September 30, 2017, noninterest expense was $5.3 million, compared to $7.2 million for the same period in 2016, or $5.8 million when adjusting for $1.4 million in merger expenses related to the Hopkins Merger in 2016.  After adjusting for the merger related expenses, the primary contributors to the change when compared to the third quarter of 2016 was a $0.5 million decrease in occupancy, legal, accounting and professional expenses. Loan collection costs were negative for the third quarter of 2017 as a result of larger than expected reimbursements of loan collection costs expensed during prior periods.

For the nine-month periods ended September 30, 2017 and 2016

Net income for the nine-month period ended September 30, 2017 was $4.4 million, compared to net income of $1.1 million for the nine-month period ended September 30, 2016.

Net interest income for the nine-month period ended September 30, 2017 totaled $18.8 million, compared to $15.3 million for the same period of 2016.  The increase in interest income resulted from interest-earning asset growth from expansion of the Bay originated loan portfolio, selective investment purchases and the effects of the Hopkins Merger.

Noninterest income for the nine-month period ended September 30, 2017 was $5.3 million, which included a $1.4 million insurance income gain. These results were $4.9 million recorded for the nine-month period ended September 30, 2016, which included a $1.0 million bargain purchase gain related to the Hopkins Merger.  After adjusting for these merger related changes, Bay recorded a similar results in noninterest income for the first nine months of 2017 when compared to the same period of 2016.

For the nine-month period ended September 30, 2017, noninterest expense was $15.7 million, compared to $19.0 million for the same period in 2016, or $16.1 million when adjusting for $1.6 million in merger expenses and $1.3 million in reverse mortgage subsidiary expenses related to the Hopkins Merger in 2016.  Adjusted for the merger related expenses, the primary contributor to the change when compared to the first nine months of 2016 was a decrease in occupancy, foreclosed property, legal, accounting and professional expenses.

Bay Bancorp, Inc. Information

Bay is a financial holding company and a savings and loan holding company headquartered in Columbia, Maryland.  Through the Bank, Bay 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 Bay. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Bay.  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 with the Securities and Exchange Commission entitled "Risk Factors".

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 

                         
  BAY BANCORP, INC. - Consolidated                
  BALANCE SHEET     September 30,   June 30,       September 30,
              2017       2017     December 31,     2016  
            (unaudited)   (unaudited)     2016     (unaudited)
                       
                       
                         
    ASSETS                    
    Cash and due from banks   $   6,697,379     $   8,137,129     $   7,591,685     $   6,157,165  
    Interest bearing deposits with banks and federal funds sold     32,827,575         33,529,073         32,435,771         40,109,554  
    Total cash and cash equivalents     39,524,954         41,666,202         40,027,456         46,266,719  
    Investment securities available for sale, at fair value     58,202,192         62,462,091         60,232,727         52,029,031  
    Investment securities held to maturity, at amortized cost     1,094,740         1,116,070         1,158,238         1,179,126  
    Restricted equity securities, at cost     1,620,800         2,364,795         1,823,195         973,195  
    Loans held for sale         401,803         2,893,943         1,613,497         2,836,938  
                         
    Loans, net of deferred fees and costs     525,261,491         509,595,599         487,103,713         482,423,126  
    Allowance for loan losses       (4,049,647 )       (3,608,484 )       (2,823,153 )       (2,447,785 )
    Loans, net         521,211,844         505,987,115         484,280,560         479,975,341  
    Real estate acquired through foreclosure     1,077,687         1,147,546         1,224,939         1,638,737  
    Premises and equipment, net       3,517,788         3,717,494         3,882,343         5,288,283  
    Bank owned life insurance       16,084,188         15,963,231         15,729,302         5,700,245  
    Core deposit intangibles       2,415,056         2,596,967         3,030,309         3,265,774  
    Deferred tax assets, net       2,556,429         2,715,618         2,984,718         2,777,633  
    Accrued interest receivable        2,018,900         1,870,876         1,884,945         1,711,910  
    Accrued taxes receivable       841,299         259,386         1,153,102         1,532,266  
    Prepaid expenses         806,878         842,871         1,001,723         941,458  
    Other assets         209,373         335,363         276,540         218,860  
    Total assets     $   651,583,931     $   645,939,568     $   620,303,594     $   606,335,516  
                         
    LIABILITIES                  
    Noninterest-bearing deposits   $   129,554,117     $   120,486,976     $   111,378,694     $   100,060,567  
    Deposits interest bearing       419,801,649         415,434,706         415,079,700         431,026,148  
    Total deposits         549,355,766         535,921,682         526,458,394         531,086,715  
                         
    Short-term borrowings       25,000,000         35,000,000         20,000,000         1,975,000  
    Defined benefit pension liability       319,595         670,712         994,156         1,298,463  
    Accrued expenses and other liabilities     5,098,186         5,082,542         6,923,818         6,753,573  
    Total liabilities         579,773,547         576,674,936         554,376,368         541,113,751  
    STOCKHOLDERS' EQUITY                
    Common stock         10,667,227         10,642,372         10,456,098         10,363,998  
    Additional paid-in capital       41,624,354         41,557,518         40,814,285         40,526,319  
    Retained earnings          18,807,973         16,609,138         14,426,969         13,676,799  
    Accumulated other comprehensive income     710,830         455,604         30,383         516,437  
    Total controlling interest       71,810,384         69,264,632         65,727,735         65,083,553  
    Non-controlling interest       -         -         199,491         138,212  
    Total stockholders' equity       71,810,384         69,264,632         65,927,226         65,221,765  
    Total liabilities and equity   $   651,583,931     $   645,939,568     $   620,303,594     $   606,335,516  


                       
  BAY BANCORP, INC. - Consolidated Three Months Ended  
  INCOME STATEMENT     September 30, June 30, September 30,   Nine Months Ended September 30,
              2017     2017   2016     2017     2016
                       
    Interest income                
    Interest and fees on loans   $   6,718,832   $   6,429,464 $   5,845,239   $   19,068,440   $   15,684,450
    Interest on loans held for sale       12,447       13,025     31,817       32,355       110,270
    Interest and dividends on securities     379,600       388,435     311,693       1,118,918       728,716
    Interest on deposits with banks and federal funds sold     129,160       67,334     91,576       274,169       122,803
    Total interest income       7,240,039       6,898,258     6,280,325       20,493,882       16,646,239
                       
    Interest expense                
    Interest on deposits         541,283       444,997     560,599       1,442,131       1,162,255
    Interest on federal funds purchased     43       89     -       132       28
    Interest on short-term borrowings     85,012       107,931     27,666       253,146       171,246
                626,338       553,017     588,265       1,695,409       1,333,529
    Net interest income         6,613,701       6,345,241     5,692,060       18,798,473       15,312,710
    Provision for loan losses       313,963       522,323     360,000       1,276,806       1,015,533
    Net interest income after provision     6,299,738       5,822,918     5,332,060       17,521,667       14,297,177
                       
    Noninterest income                
    Payment sponsorship fees       766,951       844,810     691,138       2,267,953       1,833,697
    Mortgage banking fees and gains     83,537       199,447     252,990       465,928       674,273
    Service charges on deposit accounts     96,874       79,637     81,908       239,144       229,534
    Bargain purchase gain       -       -     1,034,456       -       1,034,456
    (Loss) gain on securities       (64,898 )     -     -       (59,377 )     486,534
    Other noninterest income       1,775,325       228,776     341,429       2,423,174       659,506
    Total operating income       2,657,789       1,352,670     2,401,921       5,336,822       4,918,000
                       
    Noninterest expenses                
    Salaries and employee benefits       3,197,133       2,924,598     2,910,416       8,978,975       8,584,376
    Occupancy and equipment expenses     683,356       667,228     847,036       2,108,229       2,527,306
    Legal, accounting and other professional fees     83,804       295,494     255,569       612,253       783,583
    Data processing fees         381,032       304,718     364,637       1,013,544       899,451
    Advertising and marketing related expenses     133,217       122,849     103,783       280,386       244,522
    Loan collection expenses       (12,259 )     36,176     21,614       58,582       56,203
    Foreclosed property expenses and REO sales, net     134,817       21,234     157,357       172,910       327,942
    FDIC insurance expenses       88,008       101,928     141,714       254,950       305,895
    Core deposit intangible amortization     181,912       197,876     207,278       615,253       555,410
    Merger related expenses       -       -     1,365,593       149,543       1,554,183
    Other noninterest expenses       429,610       531,495     797,034       1,441,161       1,769,132
    Total operating expenses       5,300,630       5,203,596     7,172,031       15,685,786       17,608,003
    Net income before taxes       3,656,897       1,971,992     561,950       7,172,703       1,607,174
    Income tax expense         1,458,061       746,633     277,733       2,791,700       687,454
    Net income from continuing operations     2,198,836       1,225,359     284,217       4,381,003       919,720
    Net income from discontinued operations, net of taxes     -       -     228,221       -       228,221
    Net income         2,198,836       1,225,359     512,438       4,381,003       1,147,941
    Net income from discontinued operations attributable to non-controlling interest     -       -     138,212       -       138,212
    Net income available to common stockholders     2,198,836       1,225,359     374,226       4,381,003       1,009,729
                       
    Weighted average shares              
    Basic           10,655,098       10,597,629     10,635,740       10,586,994       10,848,931
    Diluted           10,805,791       10,718,725     10,749,382       10,720,703       10,957,041
                       
    Earnings per share                
    available to common shareholders            
    Basic       $   0.21   $   0.12 $   0.04   $   0.41   $   0.09
    Diluted       $   0.20   $   0.11 $   0.03   $   0.41   $   0.09


BAY BANCORP, INC. AND SUBSIDIARY                    
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY                
For the Nine Months Ended September 30, 2017 and 2016                
(Unaudited)                          
                           
                           
                  Accumulated        
          Additional       Other   Non-     
      Common   Paid-in   Retained   Comprehensive   controlling    
      Stock   Capital   Earnings   Income (loss)   Interest   Total
                           
Balance December 31, 2015   $   11,062,932    $    43,378,927    $    12,667,070  $    573,560    $    -    $    67,682,489  
                           
Net income       -       -       1,009,729     -       138,212       1,147,941  
Other comprehensive income       -       -       -     (57,123 )     -       (57,123 )
Stock-based compensation       -       101,017       -     -       -       101,017  
Issuance of common stock under stock compensation plan       44,502       94,937       -     -       -       139,439  
Repurchase of common stock        (743,436 )     (3,048,562 )     -     -       -       (3,791,998 )
Balance September 30, 2016   $   10,363,998    $    40,526,319    $    13,676,799  $    516,437    $    138,212    $    65,221,765  
                           
                           
                   Accumulated         
           Additional         Other     Non-     
       Common     Paid-in     Retained     Comprehensive     controlling     
       Stock     Capital     Earnings     Income     Interest     Total 
                           
Balance December 31, 2016   $   10,456,098    $    40,814,285    $    14,426,969  $    30,383    $    199,491    $    65,927,226  
                           
Net income       -       -       4,381,003     -       -       4,381,003  
Sale of iReverse       -       -       1     -       (199,491 )     (199,490 )
Other comprehensive income       -       -       -     680,447       -       680,447  
Stock-based compensation       -       194,771       -     -       -       194,771  
Issuance of common stock under stock compensation plan       211,129       615,298       -     -       -       826,427  
Balance September 30, 2017   $   10,667,227    $    41,624,354    $    18,807,973  $    710,830    $    -    $    71,810,384  


                                     
BAY BANK, FSB                                  
CAPITAL RATIOS                                  
                                     
                  To Be Well  
                  Capitalized Under  
            To Be Considered     Prompt Corrective  
      Actual       Adequately Capitalized     Action Provisions  
    Amount   Ratio   Amount   Ratio   Amount   Ratio
As of September 30, 2017:                                  
(unaudited)                                  
Total Risk-Based Capital Ratio $   71,847   13.01 %   $   44,194   8.00 %   $   55,243   10.00 %
Tier I Risk-Based Capital Ratio $   67,797   12.27 %   $   33,146   6.00 %   $   44,194   8.00 %
Common Equity Tier I Capital Ratio $   67,797   12.27 %   $   24,859   4.50 %   $   35,908   6.50 %
Leverage Ratio $   67,797   10.53 %   $   25,751   4.00 %   $   32,189   5.00 %
                                     
As of June 30, 2017:                                  
(unaudited)                                  
Total Risk-Based Capital Ratio $   69,071   12.82 %   $   43,094   8.00 %   $   53,867   10.00 %
Tier I Risk-Based Capital Ratio $   65,463   12.15 %   $   32,320   6.00 %   $   43,094   8.00 %
Common Equity Tier I Capital Ratio $   65,463   12.15 %   $   24,240   4.50 %   $   35,014   6.50 %
Leverage Ratio $   65,463   10.44 %   $   25,086   4.00 %   $   31,357   5.00 %
                                     
As of December 31, 2016:                                  
Total Risk-Based Capital Ratio $   65,883   12.87 %   $   40,959   8.00 %   $   51,199   10.00 %
Tier I Risk-Based Capital Ratio $   63,057   12.32 %   $   30,719   6.00 %   $   40,959   8.00 %
Common Equity Tier I Capital Ratio $   63,057   12.32 %   $   23,039   4.50 %   $   33,279   6.50 %
Leverage Ratio $   63,057   10.45 %   $   24,133   4.00 %   $   30,166   5.00 %
                                     
As of September 30, 2016:                                  
(unaudited)                                  
Total Risk-Based Capital Ratio $   64,536   12.80 %   $   40,348   8.00 %   $   50,436   10.00 %
Tier I Risk-Based Capital Ratio $   62,088   12.31 %   $   30,261   6.00 %   $   40,348   8.00 %
Common Equity Tier I Capital Ratio $   62,088   12.31 %   $   22,696   4.50 %   $   32,783   6.50 %
Leverage Ratio $   62,088   10.16 %   $   24,434   4.00 %   $   30,542   5.00 %


BAY BANCORP, INC. AND SUBSIDIARY                              
SELECTED FINANCIAL DATA                                
                                   
                                   
    Three Months Ended   Nine Months Ended   Year Ended
    September 30,   June 30,   September 30,   September 30,   September 30, December 31,
    2017     2017     2016     2017     2016   2016  
    (unaudited)   (unaudited)   (unaudited)   (unaudited)   (unaudited)    
                                   
Financial Data:                                
Assets   $   651,583,931     $   645,939,568     $   606,335,516     $   651,583,931     $   606,335,516   $   620,303,594  
Investment securities     60,917,732         63,214,160         54,181,352         60,917,732         54,181,352       63,214,160  
Loans (net of deferred fees and costs)     525,261,491         509,595,599         482,423,126         525,261,491         482,423,126       487,103,713  
Allowance for loan losses     (4,049,647 )       (3,608,484 )       (2,447,785 )       (4,049,647 )       (2,447,785 )     (2,823,153 )
Deposits       549,355,766         535,921,682         531,086,715         549,355,766         531,086,715       526,458,394  
Borrowings     25,000,000         35,000,000         1,975,000         25,000,000         1,975,000       20,000,000  
Equity attributable to non-controlling interest     -         -         138,212         -         138,212       199,491  
Equity attributable to common shareholders     71,810,384         69,264,632         65,083,553         71,810,384         65,083,553       65,727,735  
                                   
Net income from continuing operations     2,198,836         1,225,359         284,217         4,381,003         919,720       1,593,356  
Net income from discontinued operations, net of taxes   -         -         228,221         -         228,221       366,034  
Net income     2,198,836         1,225,359         512,438         4,381,003         1,147,941       1,959,390  
                                   
Net income available to common stockholders     2,198,836         1,225,359         374,226         4,381,003         1,009,729       1,759,899  
Net income from discontinued operations attributable to non-controlling interest     -         -         138,212         -         138,212       199,491  
                                   
Average Balances: (unaudited)                                
Assets       644,213,523         626,555,440         615,002,018         629,313,534         522,652,985       536,333,860  
Investment securities     62,570,680         65,521,366         55,180,076         63,777,260         37,683,531       40,537,934  
Loans (net of deferred fees and costs)     517,470,469         496,771,961         478,895,035         500,021,609         426,352,856       436,793,412  
Borrowings     26,430,645         39,311,475         9,003,261         31,951,235         31,951,734       26,493,284  
Deposits       546,060,168         515,528,700         530,943,677         525,114,354         418,537,356       443,144,111  
Stockholders' equity     66,757,244         66,826,333         65,439,159         66,547,387         66,605,781       66,146,705  
                                   
Performance Ratios:                                
Annualized return on average assets   1.37 %     0.79 %     0.33 %     0.93 %     0.26 %   0.37 %
Annualized return on average equity   13.21 %     7.44 %     3.14 %     8.83 %     2.03 %   2.96 %
Yield on average interest-earning assets   4.72 %     4.65 %     4.26 %     4.58 %     4.47 %   4.50 %
Rate on average interest-bearing liabilities   0.56 %     0.50 %     0.52 %     0.51 %     0.50 %   0.50 %
Net interest spread   4.50 %     4.14 %     3.74 %     4.06 %     3.97 %   4.00 %
Net interest margin   4.66 %     4.27 %     3.86 %     4.19 %     4.11 %   4.14 %
                                   
Book value per share $   6.73     $   6.51     $   6.28     $   6.73     $   6.28   $   6.29  
Basic net income per share     0.21         0.12         0.04         0.41         0.09       0.16  
Diluted net income per share     0.20         0.12         0.03         0.41         0.09       0.16  


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