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

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. - ConsolidatedThree 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

Source:Bay Bancorp, Inc.