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.