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Bay Bancorp, Inc. Announces Year and Fourth Quarter 2017 Results

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COLUMBIA, Md., Jan. 31, 2018 (GLOBE NEWSWIRE) -- Bay Bancorp, Inc. ("Bay") (NASDAQ:BYBK), the savings and loan holding company for Bay Bank, FSB ("Bank"), announced today net income of $4.8 million, or $0.46 per basic common share and $0.45 per diluted common share, for the year ended December 31, 2017, compared to $2.0 million, or $0.16 per basic common share and diluted common share, for the year ended December 31, 2016.

For the fourth quarter ended December 31, 2017, net income decreased to $0.5 million, or $0.04 per basic common share and $0.04 per diluted common share, over the $0.8 million, or $0.07 per basic common share and $0.07 per diluted common share, reported for the fourth quarter of 2016. Net income results were decreased this quarter due to a $0.7 million increase in income tax expense related to the revaluation of our deferred tax assets and liabilities upon the enactment of the Tax Cuts and Jobs Act signed into law on December 22, 2017 and a $0.3 million increase in expenses related to our proposed merger with Old Line Bank. The adjustment of our deferred tax assets and liabilities represents a reasonable estimate and actual results could differ from those estimates. The enactment of the tax legislation is expected to reflect positively in our future results.

For the year ended December 31, 2017, we grew loans by $55.1 million or 11%. In the fourth quarter of 2017, loans increased by $17.0 million, or 3%, when compared to the quarter ended September 30, 2017. For the year ended December 31, 2017, deposits grew by $46.3 million. For the quarter ended December 31, 2017, deposits grew by $23.4 million primarily a result of a temporary escrow deposit. 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 quarter with continued growth in our balance sheet and net interest income. These results were achieved while we have begun planning efforts for our pending merger with Old Line Bank which is expected to close in the second quarter of 2018. For the quarter ended December 31, 2017, the company's net income before taxes was $1.7 million, an increase of $0.8 million over the $0.9 million recorded for the quarter ended December 31, 2016. We were also able to maintain and improve asset quality during the year through resolutions of acquired loans and our nonperforming assets which were $12.0 million at December 31, 2017, $11.4 million at September 30, 2017 and $15.8 million at December 31, 2016.

Since announcing our proposed merger with Old Line Bank, our discussions with shareholders, employees and clients have been universally positive. We believe that the merger will create the best banking franchise headquartered in the Baltimore Washington corridor with a size of $3.0 billion in assets, customer accessibility with 40 branches, strong client relationships, talented team of associates, diverse loan portfolio, low-cost core deposits and solid fee based revenues."

Highlights for the Quarter and Year ended December 31, 2017

The Bank continued organic net growth in the fourth quarter of 2017. Loan growth for the quarter was favorable and for the year exceeded $55 million, up 11%. The Bank maintains an attractive 0.45% cost of funds for the fourth quarter of 2017.
The Bank has strong liquidity and capital positions along with capacity for future growth, with total regulatory capital to risk weighted assets of approximately 12.85% at December 31, 2017. The Bank had $6.5 million in remaining net purchase discounts on acquired loan portfolios at December 31, 2017.

Specific highlights are listed below:

  • Return on average assets for the quarter ended December 31, 2017 was 0.28% as compared to 1.35% and 0.53% for the quarter ended September 30, 2017 and December 31, 2016, respectively, and return on average equity for the quarter ended December 31, 2017 was 2.71%, as compared to 13.07% and 5.04% for the quarter ended September 30, 2017 and December 31, 2016, respectively.
     
  • With consistent organic growth, total assets were $659 million at December 31, 2017 compared to $652 million at September 30, 2017 and $620 million at December 31, 2016.
     
  • Total loans were $542 million at December 31, 2017, an increase of 3% from $525 million at September 30, 2017, and an increase of 11% from $487 million at December 31, 2016.
  • Total deposits were $573 million at December 31, 2017, an increase of 4% from $549 million at September 30, 2017, and an increase of 9% from $526 million at December 31, 2016. Non-interest bearing deposits were $135 million at December 31, 2017, an increase of 4% from $130 million at September 30, 2017, and an increase of 21% from $111 million at December 31, 2016.
     
  • Net interest income for the three-month period ended December 31, 2017 totaled $6.7 million, compared to $6.6 million for the third quarter of 2017 and $5.9 million for the three-month period ended December 31, 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 $619 million for the three-month period ended December 31, 2017, compared to $576 million for the same period of 2016.
     
  • Net interest margin for the quarter and year ended December 31, 2017 were 4.33% and 4.23%, respectively, which were higher than the 4.05% and 4.14%, respectively, recorded for the same periods of 2016. The margin for the year ended December 31, 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 Bank's merger with Hopkins Federal Savings Bank on July 8, 2016 (the "Hopkins Merger"). Nonperforming assets represented 1.8% of total assets at December 31, 2017 and at September 30, 2017, compared to 2.6% at December 31, 2016.
     
  • Nonperforming assets increased $0.6 million to $12.0 million at December 31, 2017 from $11.4 million at September 30, 2017 and were $15.8 million at December 31, 2016. The increase over the third quarter of 2017 resulted primarily from the addition of nonaccrual loans during the period. The changes since December 31, 2016 were driven by decreases in purchased credit impaired loans partially offset by increases in nonaccrual loans.
     
  • The provision for loan losses for the quarter and year ended December 31, 2017 was $0.4 million and $1.7 million, respectively, compared to $0.4 million and $1.4 million, respectively, for the same periods of 2016. The increase for the year ended December 31, 2017 was primarily the result of increases in loan originations. As a result, the allowance for loan losses was $4.2 million at December 31, 2017, representing 0.77% of total loans, compared to $4.0 million, or 0.77% of total loans, at September 30, 2017, $2.8 million, or 0.58% of total loans, at December 31, 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, the Bank acquired a 51% interest in iReverse Home Loans, LLC ("iReverse"). The Bank's interest in iReverse qualified as held for sale upon acquisition and was 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 quarter ended December 31, 2016 was $273,629, with $61,279 attributable to non-controlling interest and $212,350 attributable to common stockholders. The net income from discontinued operations, net of taxes, for the year ended December 31, 2016 was $366,034, with $199,491 attributable to non-controlling interest and $166,543 attributable to common stockholders.

Balance Sheet Review

Total assets were $659 million at December 31, 2017, representing increases of $7 million, or 1%, and $39 million, or 6%, when compared to September 30, 2017, and December 31, 2016, respectively. Investment securities were $58 million at December 31, 2017, representing decreases of $3 million, or 4%, from September 30, 2017 and $5 million, or 8% from December 31, 2016. Loans held for sale were $1.1 million, $0.4 million and $1.6 million at December 31, 2017, September 30, 2017 and December 31, 2016, respectively.

Total deposits were $573 million at December 31, 2017, an increase of $23 million, or 4%, when compared to the $549 million recorded at September 30, 2017 and an increase of $46 million, or 9%, when compared to the $526 million recorded at December 31, 2016. The activity for the fourth quarter was primarily a result of a temporary escrow deposit. The activity for the year included normal cyclical deposit fluctuations and a $23 million increase in non-interest bearing deposits. Short-term borrowings from the Federal Home Loan Bank decreased to $10 million compared to $25 million at September 30, 2017 and $20 million at December 31, 2016.

Stockholders' equity was $72 million at December 31, 2017 and $72 million at September 30, 2017, and increased from $66 million at December 31, 2016. The minor change in the fourth quarter was related primarily to $0.5 million in lower corporate earnings which included the $0.7 million increase in income tax expense related to the revaluation of our deferred tax assets and liabilities upon the enactment of the Tax Cuts and Jobs Act and a $0.3 million increase in expenses related to our proposed merger with Old Line Bank offset by $0.4 million in pension related other comprehensive losses. The increase for the year was primarily related to $4.8 million in corporate earnings and $0.8 million related to the issuance of common stock under the stock compensation plan.  The book value of Bay's common stock was $6.74 per share at December 31, 2017, compared to $6.73 per share at September 30, 2017, and $6.29 per share at December 31, 2016.

During 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.

At December 31, 2017, the Bank remained above all "well-capitalized" regulatory requirement levels. The Bank's tier 1 risk-based capital ratio was approximately 12.11% at December 31, 2017 as compared to 12.27% at September 30, 2017, and 12.32% at December 31, 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 December 31, 2017 and 2016

Net income for the three-month period ended December 31, 2017 was $0.5 million, compared to net income of $2.2 million and $0.8 million for the three-month periods ended September 30, 2017 and December 31, 2016, respectively.

Net interest income for the three-month period ended December 31, 2017 totaled $6.7 million compared to $6.6 million for the previous quarter and $5.9 million for the fourth quarter of 2016. The increase in interest income primarily resulted from interest-earning asset growth from expansion of the Bank originated loan portfolio. As of December 31, 2017, the remaining net loan discounts on the Bank's loan portfolio was $6.5 million.

Noninterest income for the three-month period ended December 31, 2017 was $1.3 million compared to $2.7 million and $1.1 million for the three-month periods ended September 30, 2017 and December 31, 2016, respectively. These results were lower when compared to the three-month period ended September 30, 2017, which included a $1.4 million insurance income gain related to the Hopkins Merger. Adjusted for these merger related changes, Bay recorded a small difference in noninterest income when compared to the third quarter of 2017 and the fourth quarter of 2016.

For the three-month period ended December 31, 2017, noninterest expense was $6.0 million, compared to $5.3 million and $5.7 for the three-month periods ended September 30, 2017 and December 31, 2016, respectively.  After adjusting for the $0.3 million in merger related expenses in the fourth quarter of 2017, the primary contributor to the $0.4 million increase when compared to the third quarter of 2017 was an increase in salaries and employee benefit expense related to higher incentive and health insurance expenses. The primary contributor to the $0.3 million increase when compared to the fourth quarter of 2016 was an increase in salaries and employee benefit expense related to higher incentive and health insurance expenses partially offset by decreases in legal and professional fees, and foreclosed property and FDIC insurance expenses.

For the twelve-month periods ended December 31, 2017 and 2016

Net income for the year ended December 31, 2017 was $4.8 million, compared to net income of $2.0 million for the year ended December 31, 2016.

Net interest income for the year ended December 31, 2017 totaled $25.5 million, compared to $21.2 million for the same period of 2016. The increase in interest income resulted from interest-earning asset growth from expansion of the Bank originated loan portfolio, selective investment purchases and the effects of the Hopkins Merger.

Noninterest income for the year ended December 31, 2017 was $6.6 million, which included a $1.4 million insurance income gain. Noninterest income was $6.0 million recorded for the year ended December 31, 2016, which included a $0.9 million bargain purchase gain related to the Hopkins Merger. After adjusting for these merger related changes, the $0.1 million increase in 2017 compared to 2016 was related to an increase in sponsorship fee income and BOLI earnings partially offset by lower net gains on securities and lower mortgage banking fee income.

For the year ended December 31, 2017, noninterest expense was $21.6 million, compared to $23.2 million for the same period in 2016, or $21.2 million and $21.4 million when adjusting for $0.4 million and $1.8 million in merger expenses for 2017 and 2016, respectively. Adjusted for the merger related expenses, the primary contributors to the $0.2 million decrease in noninterest expenses were decreases in legal and professional fees, and lower occupancy, foreclosed property and FDIC insurance expenses partially offset by an increase in salaries and employee benefit expense related to higher incentive and health insurance 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 SHEETS                
            December 31, 2017   September 30, 2017     December 31, 2016
            (unaudited)   (unaudited)      
                     
                     
                       
    ASSETS                  
    Cash and due from banks   $   9,316,482     $   6,697,379       $   7,591,685  
    Interest bearing deposits with banks and federal funds sold     22,249,796         32,827,575           32,435,771  
    Total cash and cash equivalents     31,566,278         39,524,954           40,027,456  
    Investment securities available for sale, at fair value     55,864,016         58,202,192           60,232,727  
    Investment securities held to maturity, at amortized cost     1,073,107         1,094,740           1,158,238  
    Restricted equity securities, at cost     1,252,495         1,620,800           1,823,195  
    Loans held for sale         1,097,160         401,803           1,613,497  
                       
    Loans, net of deferred fees and costs     542,250,292         525,261,491           487,103,713  
    Allowance for loan losses       (4,156,425 )       (4,049,647 )         (2,823,153 )
    Loans, net         538,093,867         521,211,844           484,280,560  
    Real estate acquired through foreclosure     991,615         1,077,687           1,224,939  
    Premises and equipment, net       3,306,025         3,517,788           3,882,343  
    Bank owned life insurance       16,205,352         16,084,188           15,729,302  
    Core deposit intangibles       2,241,127         2,415,056           3,030,309  
    Deferred tax assets, net       1,806,352         2,556,429           2,984,718  
    Accrued interest receivable        2,176,359         2,018,900           1,884,945  
    Accrued taxes receivable       2,469,620         841,299           1,153,102  
    Prepaid expenses         604,381         806,878           1,001,723  
    Other assets         225,170         209,373           276,540  
    Total assets     $   658,972,924     $   651,583,931       $   620,303,594  
                       
    LIABILITIES                
    Noninterest-bearing deposits   $   134,617,261     $   129,554,117       $   111,378,694  
    Deposits interest bearing       438,137,299         419,801,649           415,079,700  
    Total deposits         572,754,560         549,355,766           526,458,394  
                       
    Short-term borrowings       10,000,000         25,000,000           20,000,000  
    Defined benefit pension liability       612,112         319,595           994,156  
    Accrued expenses and other liabilities     3,730,123         5,098,186           6,923,818  
    Total liabilities         587,096,795         579,773,547           554,376,368  
    STOCKHOLDERS' EQUITY              
    Common stock         10,667,227         10,667,227           10,456,098  
    Additional paid-in capital       41,692,751         41,624,354           40,814,285  
    Retained earnings          19,180,657         18,807,973           14,426,969  
    Accumulated other comprehensive income     335,494         710,830           30,383  
    Total controlling interest       71,876,129         71,810,384           65,727,735  
    Non-controlling interest       -         -           199,491  
    Total stockholders' equity       71,876,129         71,810,384           65,927,226  
    Total liabilities and equity   $   658,972,924     $   651,583,931       $   620,303,594  

 

                         
  BAY BANCORP, INC. - Consolidated Three Months Ended     Years Ended
  INCOME STATEMENTS      December 31, 2017  September 30, 2017  December 31, 2016      December 31, 2017  December 31, 2016
            (unaudited) (unaudited) (unaudited)     (unaudited)  
                         
    Interest income                  
    Interest and fees on loans   $ 6,907,484 $ 6,718,832   $ 5,983,623       $ 25,975,924   $ 21,668,074
    Interest on loans held for sale     11,003   12,447     10,728         43,358     120,997
    Interest and dividends on securities   373,084   379,600     305,374         1,492,003     1,034,090
    Interest on deposits with banks and federal funds sold   101,566   129,160     81,467         375,735     204,270
    Total interest income     7,393,137   7,240,039     6,381,192         27,887,020     23,027,431
                         
    Interest expense                  
    Interest on deposits       576,999   541,283     496,442         2,019,129     1,658,698
    Interest on federal funds purchased     -     43       -           132       28
    Interest on short-term borrowings     66,812     85,012       20,163           319,959       191,408
                643,811     626,338       516,605           2,339,220       1,850,134
    Net interest income         6,749,326     6,613,701       5,864,587           25,547,800       21,177,297
    Provision for loan losses       380,176     313,963       374,000           1,656,983       1,389,533
    Net interest income after provision     6,369,150     6,299,738       5,490,587           23,890,817       19,787,764
                         
    Noninterest income                  
    Payment sponsorship fees       771,209     766,951       690,404           3,039,162       2,524,101
    Mortgage banking fees and gains     62,019     83,537       158,717           527,947       832,990
    Service charges on deposit accounts     97,868     96,874       49,414           337,012       278,949
    Bargain purchase gain       -     -       (141,329 )         -       893,127
    (Loss) gain on securities       -     (64,898 )     194,448           (59,377 )     680,982
    Other noninterest income       322,545     1,775,325       123,942           2,745,720       783,447
    Total operating income       1,253,641     2,657,789       1,075,596           6,590,464       5,993,596
                         
    Noninterest expenses                  
    Salaries and employee benefits       3,434,189     3,197,133       2,717,398           12,413,164       11,301,774
    Occupancy and equipment expenses     724,716     683,356       813,916           2,832,945       3,341,221
    Data processing fees         376,914     381,032       313,020           1,390,458       1,212,471
    Legal, accounting and other professional fees     104,105     83,804       298,623           716,358       1,082,206
    Advertising and marketing related expenses     127,760     133,217       134,403           408,147       378,924
    FDIC insurance costs       56,113     88,008       158,721           311,063       464,616
    Foreclosed property expenses and OREO sales, net     27,686     134,817       147,254           200,596       475,197
    Loan collection costs         19,965     (12,259 )     49,612           78,547       105,816
    Core deposit intangible amortization     173,929     181,912       235,465           789,182       790,876
    Merger related expenses       289,512     -       204,154           439,055       1,758,337
    Other noninterest expenses       618,539     429,610       641,655           2,059,701       2,274,970
    Total operating expenses       5,953,428     5,300,630       5,714,221           21,639,216       23,186,408
    Net income before taxes       1,669,363     3,656,897       851,962           8,842,065       2,594,952
    Income tax expense         1,208,880     1,458,061       314,142           4,000,579       1,001,596
    Net income from continuing operations     460,483     2,198,836       537,820           4,841,486       1,593,356
    Net income from discontinued operations, net of taxes     -     -       273,629           -       366,034
    Net income       460,483   2,198,836     811,449         4,841,486     1,959,390
    Net income from discontinued operations attributable to non-controlling interest   -   -     61,279         -     199,491
    Net income available to common stockholders   460,483   2,198,836     750,170         4,841,486     1,759,899
                         
    Weighted average shares                
    Basic         10,667,227   10,655,098     10,389,681         10,607,217     10,734,748
    Diluted         10,781,805   10,805,791     10,532,600         10,740,982     10,860,152
                         
    Earnings per share                  
    available to common shareholders              
    Basic       $ 0.04 $ 0.21   $ 0.07       $ 0.46   $ 0.16
    Diluted       $ 0.04 $ 0.20   $ 0.07       $ 0.45   $ 0.16
                         

 

                           
BAY BANCORP, INC. AND SUBSIDIARY                          
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY                      
For the Year Ended December 31, 2017 and 2016                      
                                 
                                 
                  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       -       -       1,759,899       -       199,491       1,959,390        
Other comprehensive income       -       -       -       (543,177 )     -       (543,177 )      
Stock-based compensation     -     94,607     -     -     -     94,607        
Issuance of common stock for stock compensation plan & 401K match     136,602     389,313     -     -     -     525,915        
Repurchase of common stock     (743,436 )   (3,048,562 )   -     -     -     (3,791,998 )      
Balance December 31, 2016   $ 10,456,098   $ 40,814,285   $ 14,426,969   $ 30,383   $ 199,491   $ 65,927,226        
                                 
                                 
                   Accumulated               
           Additional         Other     Non-           
       Common     Paid-in     Retained     Comprehensive     controlling           
(unaudited)      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       -       -       4,841,486       -       -       4,841,486        
Sale of iReverse       -       -       -       -       (199,491 )     (199,491 )      
Other comprehensive income     -     -     (87,798 )   305,111     -     217,313        
Stock-based compensation     -     263,168     -     -     -     263,168        
Issuance of common stock under stock compensation plan     211,129     615,298     -     -     -     826,427        
Balance December 31, 2017   $ 10,667,227   $ 41,692,751   $ 19,180,657   $ 335,494   $ -   $ 71,876,129        
                                 


                                       
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  
At December 31, 2017:                                    
Total Risk-Based Capital Ratio $   72,735   12.85 %   $   45,291   8.00 %   $   56,613   10.00 %  
Tier I Risk-Based Capital Ratio $   68,579   12.11 %   $   33,968   6.00 %   $   45,291   8.00 %  
Common Equity Tier I Capital Ratio $   68,579   12.11 %   $   25,476   4.50 %   $   36,799   6.50 %  
Leverage Ratio $   68,579   10.54 %   $   26,036   4.00 %   $   32,546   5.00 %  
                                       
At 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 %  
                                       
At 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 %  


                               
BAY BANCORP, INC. AND SUBSIDIARY                              
SELECTED FINANCIAL DATA                                
                                   
                                   
    Three Months Ended     Year Ended  
        December 31,     September 30,   December 31,   December 31,  
        2017       2017     2016     2017     2016    
        (unaudited)     (unaudited)   (unaudited)     (unaudited)        
                                   
Financial Data:                                
Assets     $ 658,972,924     $ 651,583,932     $ 620,303,594     $ 658,972,924     $ 620,303,594    
Investment securities     58,189,618       60,917,732       63,214,160       58,189,618       63,214,160    
Loans (net of deferred fees and costs)     542,250,292       525,261,491       487,103,713       542,250,292       487,103,713    
Allowance for loan losses     (4,156,425 )     (4,049,647 )     (2,823,153 )     (4,156,425 )     (2,823,153 )  
Deposits       572,754,560       549,355,767       526,458,394       572,754,560       526,458,394    
Borrowings     10,000,000       25,000,000       20,000,000       10,000,000       20,000,000    
Equity attributable to non-controlling interest     -       -       199,491       -       199,491    
Equity attributable to common shareholders       71,876,129         71,810,384         65,727,735         71,876,129         65,727,735    
                                   
Net income from continuing operations       460,483         2,198,836         537,820         4,841,486         1,593,356    
Net income from discontinued operations, net of taxes     -         -         273,629         -         366,034    
Net income       460,483         2,198,836         811,449         4,841,486         1,959,390    
                                   
Net income available to common stockholders       460,483         2,198,836         750,170         4,841,486         1,759,899    
Net income from discontinued operations attributable to non-controlling interest     -       -       61,279       -       199,491    
                                   
Average Balances: (unaudited)                                
Assets       642,531,387       644,213,523       603,746,545       632,726,301       536,333,860    
Investment securities     60,211,519       64,252,312       54,013,150       64,331,571       42,154,769    
Loans (net of deferred fees and costs)     528,707,904       517,470,469       483,690,335       507,166,275       436,793,412    
Borrowings     22,206,557       26,430,645       1,975,000       29,728,293       26,493,284    
Deposits       549,819,040       546,060,168       529,537,517       531,075,110       443,144,111    
Stockholders' equity     67,396,179       66,757,244       64,084,518       66,781,799       66,146,705    
                                   
Performance Ratios:                                
Annualized return on average assets     0.28 %     1.35 %     0.53 %     0.77 %     0.37 %  
Annualized return on average equity     2.71 %     13.07 %     5.04 %     7.25 %     2.96 %  
Yield on average interest-earning assets     4.74 %     4.66 %     4.41 %     4.62 %     4.50 %  
Rate on average interest-bearing liabilities     0.57 %     0.55 %     0.48 %     0.53 %     0.50 %  
Net interest spread     4.17 %     4.11 %     3.93 %     4.09 %     4.00 %  
Net interest margin     4.33 %     4.23 %     4.05 %     4.23 %     4.14 %  
                                   
Book value per share   $ 6.74     $ 6.73     $ 6.29     $ 6.74     $ 6.29    
Basic net income per share     0.04       0.21       0.07       0.46       0.16    
Diluted net income per share     0.04       0.20       0.07       0.45       0.16    
                                   

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