PR Newswire
RICHMOND, Va., Aug. 1, 2018
RICHMOND, Va., Aug. 1, 2018 /PRNewswire/ -- Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company of Virginia Commonwealth Bank and VCB Financial Group, Inc., reported financial results for the second quarter and first half of 2018.
The company reported net income of $946 thousand, or $0.07 per diluted share, for the second quarter of 2018 compared to $1.1 million, or $0.09 per diluted share, for the first quarter of 2018, and $557 thousand, or $0.06 per diluted share, for the second quarter of 2017. For the first half of 2018, the company reported net income of $2.1 million, or $0.16 per diluted share, compared to $380 thousand, or $0.05 per diluted share, for the first half of 2017.
Randal R. Greene, President and Chief Executive Officer, commented: "Earnings for the second quarter were less than adequate; however, as I reflect on the first half of 2018, there were many highlights. Net new loan growth in the first half was strong considering the run-off of nearly $40 million of purchased portfolio loans including those acquired in the Virginia BanCorp merger. Comparing results for the first half of 2018 to the first half of 2017, we are realizing positive leverage from our larger balance sheet and our asset quality metrics continue to improve. In the first half of 2018, we transitioned several key management positions and the bank is stronger for it."
Operating Results
Second Quarter 2018 compared to First Quarter 2018
First Half 2018 compared to First Half 2017
Second Quarter 2018 compared to Second Quarter 2017
Balance Sheet
Asset Quality
Outlook
Greene concluded: "I continue to believe we are well-positioned to capture an under-served segment in our target markets. Our pipeline of opportunities in the greater Richmond area is strong, though we are pursuing cautiously due to the recent increase in deposit costs. Our branch and loan production office in Virginia Beach are open for business and we are actively pursuing both loan and deposit opportunities. As previously noted, we are addressing infrastructure needs to support and mitigate the risks that come with our larger organization. At the same time, we are keenly focused on deposit generation and expense management, two areas that are lagging. We've launched several initiatives to address both and I believe the results of these initiatives will deliver improving financial results."
About Bay Banks of Virginia, Inc.
Bay Banks of Virginia, Inc. is the bank holding company for Virginia Commonwealth Bank and VCB Financial Group, Inc. Founded in the 1930's, Virginia Commonwealth Bank is headquartered in Richmond, Virginia. With 19 banking offices, including one production office, located throughout the greater Richmond area, the Northern Neck region, the Tri-Cities area of Petersburg, Hopewell and Colonial Heights, Middlesex County, Suffolk, and Virginia Beach, the bank serves businesses, professionals, and consumers with a wide variety of financial services, including retail and commercial banking, and mortgage banking. VCB Financial Group provides management services for personal and corporate trusts, including estate planning, estate settlement and trust administration, along with investment and wealth management services.
Caution About Forward-Looking Statements
This press release contains statements concerning the company's expectations, plans, objectives, future financial performance and other statements that are not historical facts. These statements may constitute "forward-looking statements" as defined by federal securities laws. These statements may address issues that involve estimates and assumptions made by management, risks and uncertainties, and actual results could differ materially from historical results or those anticipated by such statements. Factors that could have a material adverse effect on the operations and future prospects of the company include, but are not limited to: the ability to successfully implement integration plans associated with the Virginia BanCorp merger (the "Merger"), which integration may be more difficult, time-consuming or costly than expected; the ability to achieve the cost savings and synergies contemplated by the Merger within the expected timeframe; disruptions to customer and employee relationships and business operations caused by the Merger; changes in interest rates and general economic conditions; the legislative/regularity climate; monetary and fiscal policies of the U. S. Government, including policies of the U.S. Treasury and Federal Reserve Board; the quality or composition of the loan or investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in the company's market area; acquisitions and dispositions; and tax and accounting rules, principles, polices and guidelines. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on such statements, which speak only as of the date they are made. Except to the extent required by applicable law or regulation, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
For further information, contact Randal R. Greene, President and Chief Executive Officer, at 844-404-9668 or [email protected].
1 See discussion of non-GAAP financial measures at the end of the Supplemental Financial Data tables that follow.
BAY BANKS OF VIRGINIA, INC. | |||
Supplemental Financial Data (Unaudited) | |||
CONSOLIDATED BALANCE SHEETS |
|||
June 30, 2018 |
December 31, 2017 (1) | ||
(Dollars in thousands, except share data) |
(unaudited) |
||
ASSETS |
|||
Cash and due from banks |
$ 8,319 |
$ 9,396 | |
Interest-bearing deposits |
28,263 |
41,971 | |
Certificates of deposit |
3,224 |
3,224 | |
Federal funds sold |
1,944 |
6,961 | |
Available-for-sale securities, at fair value |
74,322 |
77,153 | |
Restricted securities |
6,190 |
5,787 | |
Loans receivable, net of allowance for loan losses |
|||
of $7,113 and $7,770, respectively |
794,443 |
758,726 | |
Loans held for sale |
669 |
1,651 | |
Premises and equipment, net |
18,079 |
17,463 | |
Accrued interest receivable |
2,954 |
3,194 | |
Other real estate owned, net |
3,501 |
4,284 | |
Bank owned life insurance |
19,024 |
18,773 | |
Goodwill |
10,374 |
10,374 | |
Mortgage servicing rights |
977 |
999 | |
Core deposit intangible |
2,576 |
2,991 | |
Other assets |
8,357 |
7,609 | |
Total assets |
$ 983,216 |
$ 970,556 | |
LIABILITIES |
|||
Noninterest-bearing deposits |
$ 108,943 |
$ 103,037 | |
Savings and interest-bearing demand deposits |
296,206 |
299,820 | |
Time deposits |
369,917 |
358,989 | |
Total deposits |
775,066 |
761,846 | |
Securities sold under repurchase agreements |
7,008 |
9,498 | |
Federal Home Loan Bank advances |
70,000 |
70,000 | |
Subordinated notes, net of issuance costs |
6,885 |
6,877 | |
Other liabilities |
8,533 |
7,781 | |
Total liabilities |
867,492 |
856,002 | |
SHAREHOLDERS' EQUITY |
|||
Common stock ($5 par value; authorized - 30,000,000 shares; |
|||
outstanding - 13,226,096 and 13,203,605 shares, respectively) (2) |
66,130 |
66,018 | |
Additional paid-in capital |
37,207 |
37,142 | |
Unearned employee stock ownership plan shares |
(1,047) |
(1,129) | |
Retained earnings |
15,749 |
13,679 | |
Accumulated other comprehensive loss, net |
(2,315) |
(1,156) | |
Total shareholders' equity |
115,724 |
114,554 | |
Total liabilities and shareholders' equity |
$ 983,216 |
$ 970,556 | |
(1) Derived from audited December 31, 2017 Consolidated Financial Statements. | |||
(2) Preferred stock is authorized; however, none was outstanding as of June 30, 2018 and December 31, 2017. |
BAY BANKS OF VIRGINIA, INC. | |||||
Supplemental Financial Data (Unaudited) - Continued | |||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
(unaudited) |
For the three months ended | ||||
(Dollars in thousands, except per share data) |
June 30, 2018 |
March 31, 2018 |
June 30, 2017 | ||
INTEREST INCOME |
|||||
Loans, including fees |
$ 9,745 |
$ 9,984 |
$ 8,326 | ||
Securities: |
|||||
Taxable |
497 |
397 |
348 | ||
Tax-exempt |
117 |
120 |
114 | ||
Federal funds sold |
51 |
74 |
33 | ||
Interest-bearing deposit accounts |
80 |
98 |
53 | ||
Certificates of deposit |
18 |
19 |
18 | ||
Total interest income |
10,508 |
10,692 |
8,892 | ||
INTEREST EXPENSE |
|||||
Deposits |
1,796 |
1,604 |
1,077 | ||
Securities sold under repurchase agreements |
4 |
3 |
4 | ||
Subordinated notes |
128 |
128 |
119 | ||
Federal Home Loan Bank advances |
386 |
313 |
248 | ||
Total interest expense |
2,314 |
2,048 |
1,448 | ||
Net interest income |
8,194 |
8,644 |
7,444 | ||
Provision for (recovery of) loan losses |
(348) |
320 |
568 | ||
Net interest income after provision for loan losses |
8,542 |
8,324 |
6,876 | ||
NON-INTEREST INCOME |
|||||
Income from fiduciary activities |
198 |
247 |
229 | ||
Service charges and fees on deposit accounts |
152 |
135 |
246 | ||
Non-deposit product income |
283 |
132 |
115 | ||
Interchange fees, net |
124 |
(8) |
129 | ||
Other service charges and fees |
30 |
30 |
45 | ||
Secondary market lending income |
244 |
133 |
86 | ||
Increase in cash surrender value of bank owned life insurance |
124 |
127 |
133 | ||
Net gains on available-for-sale securities |
- |
- |
7 | ||
Net losses on disposition of other assets |
- |
(69) |
- | ||
Gain on curtailment of post-retirement benefit plan |
- |
352 |
- | ||
Other income |
9 |
91 |
91 | ||
Total non-interest income |
1,164 |
1,170 |
1,081 | ||
NON-INTEREST EXPENSE |
|||||
Salaries and employee benefits |
4,273 |
4,106 |
3,321 | ||
Occupancy |
882 |
795 |
693 | ||
Data processing |
837 |
548 |
394 | ||
Bank franchise tax |
178 |
176 |
142 | ||
Telecommunications |
131 |
106 |
76 | ||
FDIC assessments |
187 |
183 |
111 | ||
Foreclosed property |
53 |
12 |
59 | ||
Consulting |
345 |
383 |
97 | ||
Advertising and marketing |
153 |
68 |
54 | ||
Directors' fees |
69 |
168 |
209 | ||
Audit and accounting fees |
240 |
363 |
217 | ||
Legal |
119 |
133 |
13 | ||
Merger related |
- |
363 |
685 | ||
Intangible amortization |
203 |
211 |
234 | ||
Net other real estate owned (gains) losses |
84 |
(141) |
(3) | ||
Other |
809 |
646 |
844 | ||
Total non-interest expense |
8,563 |
8,120 |
7,146 | ||
Income before income taxes |
1,143 |
1,374 |
811 | ||
Income tax expense |
197 |
250 |
254 | ||
Net income |
$ 946 |
$ 1,124 |
$ 557 | ||
Basic and diluted earnings per share |
$ 0.07 |
$ 0.09 |
$ 0.06 |
BAY BANKS OF VIRGINIA, INC. | |||
Supplemental Financial Data (Unaudited) - Continued | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
(unaudited) |
For the six months ended | ||
(Dollars in thousands, except per share data) |
June 30, 2018 |
June 30, 2017 | |
INTEREST INCOME |
|||
Loans, including fees |
$ 19,729 |
$ 12,714 | |
Securities: |
|||
Taxable |
894 |
617 | |
Tax-exempt |
237 |
228 | |
Federal funds sold |
126 |
34 | |
Interest-bearing deposit accounts |
178 |
60 | |
Certificates of deposit |
36 |
37 | |
Total interest income |
21,200 |
13,690 | |
INTEREST EXPENSE |
|||
Deposits |
3,400 |
1,707 | |
Federal funds purchased |
- |
10 | |
Securities sold under repurchase agreements |
7 |
7 | |
Subordinated notes |
256 |
236 | |
Federal Home Loan Bank advances |
699 |
402 | |
Total interest expense |
4,362 |
2,362 | |
Net interest income |
16,838 |
11,328 | |
Provision for (recovery of) loan losses |
(28) |
758 | |
Net interest income after provision for loan losses |
16,866 |
10,570 | |
NON-INTEREST INCOME |
|||
Income from fiduciary activities |
445 |
474 | |
Service charges and fees on deposit accounts |
287 |
458 | |
Non-deposit product income |
414 |
195 | |
Interchange fees, net |
116 |
204 | |
Other service charges and fees |
61 |
77 | |
Secondary market lending income |
376 |
201 | |
Increase in cash surrender value of bank owned life insurance |
251 |
208 | |
Net gains on available-for-sale securities |
- |
2 | |
Net losses on disposition of other assets |
(69) |
- | |
Gain on curtailment of post-retirement benefit plan |
352 |
- | |
Other income |
101 |
152 | |
Total non-interest income |
2,334 |
1,971 | |
NON-INTEREST EXPENSE |
|||
Salaries and employee benefits |
8,379 |
6,145 | |
Occupancy |
1,677 |
1,132 | |
Data processing |
1,385 |
598 | |
Bank franchise tax |
353 |
218 | |
Telecommunications |
237 |
104 | |
FDIC assessments |
370 |
196 | |
Foreclosed property |
65 |
69 | |
Consulting |
729 |
151 | |
Advertising and marketing |
221 |
127 | |
Directors' fees |
236 |
331 | |
Audit and accounting fees |
603 |
245 | |
Legal |
249 |
95 | |
Merger related |
363 |
985 | |
Intangible amortization |
414 |
234 | |
Net other real estate owned (gains) losses |
(57) |
93 | |
Other |
1,459 |
1,305 | |
Total non-interest expense |
16,683 |
12,028 | |
Income before income taxes |
2,517 |
513 | |
Income tax expense |
447 |
133 | |
Net income |
$ 2,070 |
$ 380 | |
Basic and diluted earnings per share |
$ 0.16 |
$ 0.05 |
Bay Banks of Virginia, Inc. | |||||
Supplemental Financial Data (Unaudited) - Continued | |||||
As of and for the Three Months Ended | |||||
June 30, |
March 31, |
December 31, |
September 30, |
June 30, | |
(Dollars in thousands, except per share amounts) |
2018 |
2018 |
2017 |
2017 |
2017 |
Select Consolidated Balance Sheet Data |
|||||
Total assets |
$ 983,216 |
$ 994,676 |
$ 970,556 |
$ 959,936 |
$ 867,392 |
Cash, interest-bearing deposits and federal funds sold |
38,526 |
63,696 |
58,328 |
75,223 |
41,011 |
Available-for-sale securities, at fair value |
74,322 |
75,434 |
77,153 |
71,893 |
54,448 |
Loans: |
|||||
Mortgage loans on real estate |
644,202 |
624,424 |
609,637 |
594,761 |
522,458 |
Commercial and industrial |
124,563 |
129,225 |
114,093 |
99,637 |
85,939 |
Consumer loans |
32,767 |
37,011 |
42,566 |
48,640 |
41,229 |
Loans receivable |
801,532 |
790,660 |
766,296 |
743,038 |
649,626 |
Unamortized net deferred loan costs |
24 |
228 |
200 |
1,590 |
316 |
Allowance for loan losses (ALL) |
(7,113) |
(7,923) |
(7,770) |
(4,920) |
(4,241) |
Net loans |
794,443 |
782,965 |
758,726 |
739,708 |
645,701 |
Loans held for sale |
669 |
414 |
1,651 |
162 |
55,620 |
Other real estate owned, net |
3,501 |
2,593 |
4,284 |
5,159 |
5,360 |
Total liabilities |
$ 867,492 |
$ 879,757 |
$ 856,002 |
$ 842,148 |
$ 782,914 |
Deposits: |
|||||
Noninterest-bearing demand deposits |
108,943 |
124,572 |
103,037 |
99,531 |
97,299 |
Savings and interest-bearing deposits |
296,206 |
299,216 |
299,820 |
297,150 |
282,056 |
Time deposits |
369,917 |
373,163 |
358,989 |
338,732 |
309,619 |
Total deposits |
775,066 |
796,951 |
761,846 |
735,413 |
688,974 |
Securities sold under repurchase agreements |
7,008 |
6,551 |
9,498 |
17,091 |
10,786 |
Federal Home Loan Bank advances |
70,000 |
60,000 |
70,000 |
75,000 |
70,000 |
Subordinated notes, net of issuance costs |
6,885 |
6,881 |
6,877 |
6,873 |
6,868 |
Shareholders' equity |
115,724 |
114,919 |
114,554 |
117,788 |
84,478 |
Condensed Consolidated Statements of Operations |
|||||
Interest income |
$ 10,508 |
$ 10,692 |
$ 10,514 |
$ 9,496 |
$ 8,892 |
Interest expense |
2,314 |
2,048 |
1,945 |
1,694 |
1,448 |
Net interest income |
8,194 |
8,644 |
8,569 |
7,802 |
7,444 |
Provision for (recovery of) loan losses |
(348) |
320 |
3,101 |
1,075 |
568 |
Non-interest income |
1,164 |
1,170 |
733 |
1,070 |
1,081 |
Non-interest expense |
8,563 |
8,120 |
8,204 |
6,782 |
7,146 |
Income (loss) before taxes |
1,143 |
1,374 |
(2,003) |
1,015 |
811 |
Income tax expense |
197 |
250 |
391 |
273 |
254 |
Net income (loss) |
$ 946 |
$ 1,124 |
$ (2,394) |
$ 742 |
$ 557 |
Bay Banks of Virginia, Inc. | |||||
Supplemental Financial Data (Unaudited) - Continued | |||||
As of and for the Three Months Ended | |||||
June 30, |
March 31, |
December 31, |
September 30, |
June 30, | |
(Dollars in thousands, except per share amounts) |
2018 |
2018 |
2017 |
2017 |
2017 |
Per Share Data |
|||||
Basic earnings (loss) per share |
$ 0.07 |
$ 0.09 |
$ (0.18) |
$ 0.07 |
$ 0.06 |
Diluted earnings (loss) per share |
0.07 |
0.09 |
(0.18) |
0.07 |
0.06 |
Dividends per share |
- |
- |
0.04 |
0.04 |
0.04 |
Book value per share |
8.75 |
8.69 |
8.68 |
8.93 |
8.99 |
Tangible book value per share (1) |
7.81 |
7.74 |
7.71 |
7.98 |
7.64 |
Shares outstanding at end of period |
13,226,096 |
13,223,096 |
13,203,605 |
13,193,983 |
9,399,138 |
Weighted average shares outstanding, basic |
13,059,604 |
13,038,593 |
13,036,057 |
10,488,227 |
9,374,157 |
Weighted average shares outstanding, diluted |
13,126,419 |
13,106,214 |
13,108,400 |
10,557,623 |
9,445,338 |
Performance Ratios (tax-equivalent basis): |
|||||
Yield on average interest-earning assets |
4.61% |
4.74% |
4.69% |
4.40% |
4.46% |
Cost of funds |
1.08% |
0.95% |
0.92% |
0.83% |
0.76% |
Cost of deposits |
0.93% |
0.83% |
0.81% |
0.72% |
0.64% |
Net interest spread |
3.37% |
3.64% |
3.64% |
3.43% |
3.66% |
Net interest margin (NIM) |
3.60% |
3.83% |
3.82% |
3.62% |
3.80% |
NIM, excluding acquisition accounting adjustments (1) |
3.34% |
3.58% |
3.31% |
3.39% |
3.51% |
Average interest-earnings assets to total average assets |
92.37% |
92.10% |
93.30% |
94.99% |
92.83% |
Return on average assets (annualized) |
0.38% |
0.46% |
-0.99% |
0.32% |
0.26% |
Return on average equity (annualized) |
3.28% |
3.92% |
-8.24% |
3.10% |
2.65% |
Merger related expense |
$ - |
$ 363 |
$ 850 |
$ 141 |
$ 685 |
Average assets |
988,946 |
982,616 |
965,246 |
913,664 |
851,071 |
Average interest-earning assets |
913,486 |
904,991 |
900,617 |
867,853 |
790,072 |
Average interest-bearing liabilities |
747,227 |
747,813 |
742,043 |
715,878 |
667,735 |
Average shareholders' equity |
115,321 |
114,736 |
116,171 |
95,650 |
84,170 |
Shareholders' equity to total assets ratio |
11.77% |
11.55% |
11.80% |
12.27% |
9.74% |
Asset Quality Data and Ratios: |
|||||
Nonaccrual loans |
$ 3,474 |
$ 6,892 |
$ 6,496 |
$ 4,799 |
$ 5,362 |
Loans past due 90 days or more and still accruing (excludes |
- |
- |
48 |
- |
- |
Other real estate owned, net |
3,501 |
2,593 |
4,284 |
5,159 |
5,360 |
Total non-performing assets |
6,975 |
9,485 |
10,828 |
9,958 |
10,722 |
Net charge-offs (recoveries) |
462 |
167 |
948 |
397 |
320 |
Net charge-offs to average loans (annualized) |
0.23% |
0.09% |
0.50% |
0.22% |
0.20% |
Total non-performing assets to total assets |
0.71% |
0.95% |
1.11% |
1.04% |
1.24% |
Gross loans to total assets |
81.52% |
79.49% |
78.95% |
77.40% |
74.89% |
ALL to gross loans |
0.89% |
1.00% |
1.01% |
0.66% |
0.65% |
ALL plus acquisition accounting adjustments (discounts) on |
1.46% |
1.65% |
1.76% |
1.38% |
1.53% |
(1) Non-GAAP financial measure. See GAAP to Non-GAAP financial measure reconciliation at the end of the |
Bay Banks of Virginia, Inc. | |||||
Supplemental Financial Data (Unaudited) - Continued | |||||
As of and for the Three Months Ended | |||||
June 30, |
March 31, |
December 31, |
September 30, |
June 30, | |
(Dollars in thousands, except per share amounts) |
2018 |
2018 |
2017 |
2017 |
2017 |
Reconciliation of Non-GAAP Financial Measures (1) |
|||||
NIM, excluding acquisition accounting adjustments |
|||||
Interest income |
$ 10,508 |
$ 10,692 |
$ 10,514 |
$ 9,496 |
$ 8,892 |
Add: tax-equivalent yield adjustment for tax-exempt securities (a) |
31 |
32 |
21 |
60 |
59 |
Less: accretion of discounts on acquired loans |
547 |
503 |
1,047 |
409 |
451 |
Interest income, adjusted |
9,992 |
10,221 |
9,488 |
9,147 |
8,500 |
Average interest-earning assets |
$ 913,486 |
$ 904,991 |
$ 900,617 |
$ 867,853 |
$ 790,073 |
Yield on interest-earning assets, excluding accretion of discounts on |
4.38% |
4.52% |
4.21% |
4.22% |
4.30% |
Interest expense |
$ 2,314 |
$ 2,048 |
$ 1,944 |
$ 1,694 |
$ 1,448 |
Add: amortization of premium on acquired time deposits |
42 |
68 |
88 |
103 |
117 |
Interest expense, adjusted |
2,356 |
2,116 |
2,032 |
1,797 |
1,565 |
Net interest income, excluding acquisition accounting adjustments |
7,637 |
8,105 |
7,456 |
7,350 |
6,935 |
Average interest-bearing liabilities |
$ 747,227 |
$ 747,813 |
$ 742,043 |
$ 715,878 |
$ 667,735 |
Cost of interest-bearing liabilities, excluding amortization of premium on acquired time deposits (annualized) |
1.26% |
1.13% |
1.10% |
1.00% |
0.94% |
NIM, excluding acquisition accounting adjustments |
3.34% |
3.58% |
3.31% |
3.39% |
3.51% |
ALL plus discounts on acquired loans to gross loans |
|||||
Allowance for loan losses |
$ 7,113 |
$ 7,923 |
$ 7,770 |
$ 4,920 |
$ 4,241 |
Add: discounts on acquired loans |
4,655 |
5,212 |
5,792 |
5,375 |
5,812 |
ALL plus discounts on acquired loans |
11,768 |
13,135 |
13,562 |
10,295 |
10,053 |
Gross loans + discounts on acquired loans |
$ 806,211 |
$ 796,100 |
$ 771,459 |
$ 745,083 |
$ 656,288 |
ALL plus discounts on acquired loans to gross loans |
1.46% |
1.65% |
1.76% |
1.38% |
1.53% |
Tangible book value per share |
|||||
Total shareholders' equity |
$ 115,724 |
$ 114,919 |
$ 114,554 |
$ 117,788 |
$ 84,478 |
Less: intangible assets, net of deferred tax liability on core deposit intangible (a) |
12,409 |
12,570 |
12,737 |
12,492 |
12,642 |
Tangible shareholders' equity |
$ 103,316 |
$ 102,350 |
$ 101,818 |
$ 105,297 |
$ 71,837 |
Shares outstanding at end of period |
13,226,096 |
13,223,096 |
13,203,605 |
13,193,983 |
9,399,138 |
Tangible book value per share |
$ 7.81 |
$ 7.74 |
$ 7.71 |
$ 7.98 |
$ 7.64 |
(a) Assumes a federal income tax rate of 21% for the 2018 periods and for the three months-ended December 31, 2017 and a 34% federal income tax | |||||
rate for the other 2017 periods ended presented. |
|||||
(1) Set forth above are calculations of each of the non-GAAP (generally accepted accounting principles) financial measures included in the Supplemental Financial Data tables. NIM, excluding acquisition accounting adjustments, ALL plus discounts on acquired loans to gross loans, and tangible book value per share are supplemental financial measures that are not required nor presented in accordance with GAAP. Management believes ALL plus discounts on acquired loans as a percentage of gross loans and tangible book value per share are meaningful because they are measures management uses to assess asset quality and capital levels, respectively. Management believes that NIM, excluding acquisition accounting adjustments, is meaningful because management uses it to assess the financial performance of the company. Calculations of these non-GAAP financial measures may not be comparable to the calculation of similarly titled measures reported by other companies. |
View original content with multimedia:http://www.prnewswire.com/news-releases/bay-banks-of-virginia-inc-reports-second-quarter-and-first-half-2018-results-300690604.html
SOURCE Bay Banks of Virginia, Inc.
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