Bay Banks of Virginia, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Reports Net Charge-Offs for the First Quarter Ended March 31, 2018
Bay Banks of Virginia, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total interest income of $10,692,000 against $4,798,000 a year ago. Net interest income was $8,644,000 against $3,884,000 a year ago. Income before income taxes was $1,374,000 against loss before income taxes of $278,000 a year ago. Net income was $1,124,000 against net loss of $177,000 a year ago. Basic and diluted earnings per share were $0.09 against basic and diluted loss per share of $0.04 a year ago. Book value per share at March 31, 2018 was $8.69 against $8.69 at March 31, 2017. Tangible book value per share at March 31, 2018 was $7.90 against $8.31 at March 31, 2017. Return on average assets (annualized) was 0.46% against negative return on average assets of 0.14% a year ago. Return on average equity (annualized) was 3.92% against negative return on average equity of 1.70% a year ago. Adjusted interest income was $10,221,000.
For the quarter, the company reported net charge-offs of $167,000 against $60,000 a year ago.