Bay Banks of Virginia, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Announces Unaudited Consolidated Net Charge-Offs for the Third Quarter Ended September 30, 2018
October 31, 2018 at 02:31 am IST
Bay Banks of Virginia, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported total interest income was $10,870,000 against $9,496,000 a year ago. Net interest income was $8,271,000 against $7,802,000 a year ago. Net interest income after provision for loan losses was $7,762,000 against $6,727,000 a year ago. Income before income taxes was $1,224,000 against $1,015,000 a year ago. Net income was $1,026,000 against $742,000 a year ago. Basic and diluted earnings per share were $0.08 against $0.07 a year ago. Book value per share was $8.8 against $8.93 a year ago. Tangible book value per share was $7.88 against $7.98 a year ago. Return on average assets (annualized) of 0.41% against 0.32% a year ago. Return on average equity (annualized) of 3.55% against 3.1% a year ago. Net charge-offs was $335,000 against $397,000 a year ago.
For the nine months, the company reported total interest income was $32,068,000 against $23,186,000 a year ago. Net interest income was $25,107,000 against $19,130,000 a year ago. Net interest income after provision for loan losses was $24,626,000 against $17,297,000 a year ago. Income before income taxes was $3,741,000 against $1,528,000 a year ago. Net income was $3,096,000 against $1,122,000 a year ago. Basic and diluted earnings per share were $0.24 against $0.14 a year ago. Return on average assets (annualized) of 0.42% against 0.2% a year ago. Return on average equity (annualized) of 3.61% against 2.03% a year ago.
For the quarter, the company reported net charge-offs was $335,000 against $397,000 a year ago.