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Section 1: 10-Q (10-Q)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE

QUARTERLY PERIOD ENDED SEPTEMBER 30, 2020

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 0-22955

 

BAY BANKS OF VIRGINIA, INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

Virginia

54-1838100

(STATE OR OTHER JURISDICTION OF

INCORPORATION OR ORGANIZATION)

(I.R.S. EMPLOYER

IDENTIFICATION NO.)

1801 BAYBERRY COURT, SUITE 101

RICHMOND, Virginia 23226

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

(804) 325-3775

(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)

N/A

(FORMER NAME, FORMER ADDRESS, AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST REPORT)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

 

None

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      yes      no

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      yes      no

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      yes      no

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 13,329,695 shares of common stock on October 30, 2020.

 

 

 


 

 

FORM 10-Q

For the interim period ending September 30, 2020

INDEX

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

ITEM 1. FINANCIAL STATEMENTS

 

3

 

 

 

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

 

3

 

 

 

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

 

4

 

 

 

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

 

5

 

 

 

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

 

6

 

 

 

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

 

8

 

 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

9

 

 

 

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

 

30

 

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

43

 

 

 

ITEM 4. CONTROLS AND PROCEDURES

 

43

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

ITEM 1. LEGAL PROCEEDINGS

 

44

 

 

 

ITEM 1A. RISK FACTORS

 

44

 

 

 

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

 

46

 

 

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

46

 

 

 

ITEM 4. MINE SAFETY DISCLOSURES

 

46

 

 

 

ITEM 5. OTHER INFORMATION

 

46

 

 

 

ITEM 6. EXHIBITS

 

47

 

2


 

 

PART I – FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

BAY BANKS OF VIRGINIA, INC.

CONSOLIDATED BALANCE SHEETS

 

 

 

(unaudited)

 

 

 

 

 

(Dollars in thousands, except share data)

 

September 30,

2020

 

 

December 31,

2019 (1)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

9,324

 

 

$

6,096

 

Interest-earning deposits

 

 

50,069

 

 

 

34,358

 

Federal funds sold

 

 

152

 

 

 

1,359

 

Certificates of deposit

 

 

1,266

 

 

 

2,754

 

Available-for-sale securities, at fair value

 

 

87,853

 

 

 

99,454

 

Restricted securities

 

 

5,022

 

 

 

5,706

 

Loans receivable, net of allowance for loan losses of $12,899 and

   $7,562, respectively

 

 

1,041,711

 

 

 

916,628

 

Loans held for sale

 

 

2,687

 

 

 

1,231

 

Premises and equipment, net

 

 

17,859

 

 

 

20,141

 

Accrued interest receivable

 

 

4,664

 

 

 

3,035

 

Other real estate owned, net

 

 

1,113

 

 

 

1,916

 

Bank owned life insurance

 

 

20,103

 

 

 

19,752

 

Goodwill

 

 

 

 

 

10,374

 

Mortgage servicing rights

 

 

845

 

 

 

935

 

Core deposit intangible

 

 

1,094

 

 

 

1,518

 

Other assets

 

 

7,820

 

 

 

6,666

 

Total assets

 

$

1,251,582

 

 

$

1,131,923

 

LIABILITIES

 

 

 

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

190,843

 

 

$

137,933

 

Savings and interest-bearing demand deposits

 

 

424,001

 

 

 

382,607

 

Time deposits

 

 

412,837

 

 

 

389,900

 

Total deposits

 

 

1,027,681

 

 

 

910,440

 

Securities sold under repurchase agreements

 

 

1,117

 

 

 

6,525

 

Federal Home Loan Bank advances

 

 

25,000

 

 

 

45,000

 

Federal Reserve Bank advances

 

 

32,637

 

 

 

 

Subordinated notes, net of issuance costs

 

 

31,083

 

 

 

31,001

 

Other liabilities

 

 

12,635

 

 

 

12,772

 

Total liabilities

 

 

1,130,153

 

 

 

1,005,738

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

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

   outstanding - 13,342,104 and 13,261,801 shares, respectively) (2)

 

 

66,711

 

 

 

66,309

 

Additional paid-in capital

 

 

36,816

 

 

 

36,658

 

Unearned employee stock ownership plan shares

 

 

(1,326

)

 

 

(1,525

)

Retained earnings

 

 

18,012

 

 

 

24,660

 

Accumulated other comprehensive income, net

 

 

1,216

 

 

 

83

 

Total shareholders’ equity

 

 

121,429

 

 

 

126,185

 

Total liabilities and shareholders’ equity

 

$

1,251,582

 

 

$

1,131,923

 

 

(1)

Derived from audited December 31, 2019 Consolidated Financial Statements.

(2)

Preferred stock is authorized; however, none was outstanding as of September 30, 2020 and December 31, 2019.

See Notes to Consolidated Financial Statements.

3


 

BAY BANKS OF VIRGINIA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

(Dollars in thousands, except per share data)

 

September 30, 2020

 

 

September 30, 2019

 

 

September 30, 2020

 

 

September 30, 2019

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

11,371

 

 

$

11,930

 

 

$

34,013

 

 

$

34,849

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

596

 

 

 

553

 

 

 

1,821

 

 

 

1,725

 

Tax-exempt

 

 

88

 

 

 

113

 

 

 

270

 

 

 

327

 

Federal funds sold

 

 

 

 

 

6

 

 

 

2

 

 

 

31

 

Interest-bearing deposit accounts

 

 

6

 

 

 

145

 

 

 

119

 

 

 

432

 

Certificates of deposit

 

 

9

 

 

 

18

 

 

 

37

 

 

 

57

 

Total interest income

 

 

12,070

 

 

 

12,765

 

 

 

36,262

 

 

 

37,421

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,104

 

 

 

3,123

 

 

 

7,364

 

 

 

9,019

 

Securities sold under repurchase agreements

 

 

 

 

 

4

 

 

 

3

 

 

 

11

 

Subordinated notes

 

 

510

 

 

 

142

 

 

 

1,531

 

 

 

417

 

Federal Home Loan Bank advances

 

 

50

 

 

 

465

 

 

 

374

 

 

 

1,784

 

Federal Reserve Bank advances

 

 

29

 

 

 

 

 

 

49

 

 

 

 

Total interest expense

 

 

2,693

 

 

 

3,734

 

 

 

9,321

 

 

 

11,231

 

Net interest income

 

 

9,377

 

 

 

9,031

 

 

 

26,941

 

 

 

26,190

 

Provision for loan losses

 

 

869

 

 

 

495

 

 

 

5,673

 

 

 

871

 

Net interest income after provision for loan losses

 

 

8,508

 

 

 

8,536

 

 

 

21,268

 

 

 

25,319

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust management

 

 

220

 

 

 

201

 

 

 

615

 

 

 

621

 

Service charges and fees on deposit accounts

 

 

155

 

 

 

243

 

 

 

529

 

 

 

727

 

Wealth management

 

 

350

 

 

 

185

 

 

 

824

 

 

 

654

 

Interchange fees, net

 

 

149

 

 

 

108

 

 

 

378

 

 

 

330

 

Other service charges and fees

 

 

33

 

 

 

32

 

 

 

94

 

 

 

88

 

Secondary market sales and servicing

 

 

1,082

 

 

 

293

 

 

 

2,015

 

 

 

632

 

Increase in cash surrender value of bank owned life insurance

 

 

117

 

 

 

122

 

 

 

351

 

 

 

362

 

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

 

 

 

 

 

1

 

 

 

29

 

 

 

(1

)

Net gains (losses) on disposition of other assets

 

 

12

 

 

 

 

 

 

5

 

 

 

(2

)

Net gains (losses) gains on rabbi trust assets

 

 

74

 

 

 

 

 

 

(76

)

 

 

130

 

Referral fees

 

 

86

 

 

 

 

 

 

1,052

 

 

 

 

Other

 

 

8

 

 

 

15

 

 

 

54

 

 

 

44

 

Total noninterest income

 

 

2,286

 

 

 

1,200

 

 

 

5,870

 

 

 

3,585

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,801

 

 

 

3,666

 

 

 

11,267

 

 

 

11,532

 

Occupancy

 

 

700

 

 

 

805

 

 

 

2,156

 

 

 

2,510

 

Data processing

 

 

491

 

 

 

541

 

 

 

1,526

 

 

 

1,738

 

Bank franchise tax

 

 

256

 

 

 

209

 

 

 

770

 

 

 

655

 

Telecommunications and other technology

 

 

396

 

 

 

258

 

 

 

1,176

 

 

 

727

 

FDIC assessments

 

 

262

 

 

 

(7

)

 

 

557

 

 

 

371

 

Foreclosed property

 

 

22

 

 

 

48

 

 

 

58

 

 

 

110

 

Consulting

 

 

54

 

 

 

156

 

 

 

195

 

 

 

418

 

Advertising and marketing

 

 

47

 

 

 

124

 

 

 

140

 

 

 

300

 

Directors’ fees

 

 

187

 

 

 

148

 

 

 

568

 

 

 

525

 

Audit and accounting

 

 

92

 

 

 

193

 

 

 

402

 

 

 

586

 

Legal

 

 

(210

)

 

 

20

 

 

 

135

 

 

 

130

 

Core deposit intangible amortization

 

 

134

 

 

 

164

 

 

 

425

 

 

 

517

 

Net other real estate owned losses

 

 

176

 

 

 

375

 

 

 

256

 

 

 

441

 

Goodwill impairment

 

 

 

 

 

 

 

 

10,374

 

 

 

 

Merger-related

 

 

1,456

 

 

 

 

 

 

1,456

 

 

 

 

Other

 

 

782

 

 

 

747

 

 

 

1,947

 

 

 

2,108

 

Total noninterest expense

 

 

8,646

 

 

 

7,447

 

 

 

33,408

 

 

 

22,668

 

Income (loss) before income taxes

 

 

2,148

 

 

 

2,289

 

 

 

(6,270

)

 

 

6,236

 

Income tax expense

 

 

655

 

 

 

448

 

 

 

378

 

 

 

1,180

 

Net income (loss)

 

$

1,493

 

 

$

1,841

 

 

$

(6,648

)

 

$

5,056

 

Basic and diluted earnings (loss) per share

 

$

0.11

 

 

$

0.14

 

 

$

(0.51

)

 

$

0.39

 

 

See Notes to Consolidated Financial Statements.

4


 

BAY BANKS OF VIRGINIA, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(unaudited)

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

(Dollars in thousands)

 

September 30, 2020

 

 

September 30, 2019

 

 

September 30, 2020

 

 

September 30, 2019

 

Net income (loss)

 

$

1,493

 

 

$

1,841

 

 

$

(6,648

)

 

$

5,056

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gain on available-for-sale securities arising during the period

 

 

63

 

 

 

296

 

 

 

1,463

 

 

 

2,109

 

Deferred income tax expense on net unrealized gain on available-for-sale securities

 

 

(13

)

 

 

(62

)

 

 

(307

)

 

 

(443

)

Reclassification of net (gains) losses on sales and calls of available-for-sale securities recognized in net income

 

 

 

 

 

(1

)

 

 

(29

)

 

 

1

 

Income tax expense on net realized gain on available-for-sale securities

 

 

 

 

 

 

 

 

6

 

 

 

 

Total other comprehensive income

 

 

50

 

 

 

233

 

 

 

1,133

 

 

 

1,667

 

Comprehensive income (loss)

 

$

1,543

 

 

$

2,074

 

 

$

(5,515

)

 

$

6,723

 

 

See Notes to Consolidated Financial Statements.

5


 

 

BAY BANKS OF VIRGINIA, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

 

 

 

For the Nine Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee

Stock

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Shares of

 

 

 

 

 

 

Additional

 

 

Ownership

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Common

 

 

Common

 

 

Paid-in

 

 

Plan

 

 

Retained

 

 

Comprehensive

 

 

Shareholders’

 

(Dollars in thousands)