Bay Bancorp, Inc (BYBK) has reported a 13.84 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $0.46 million, or $0.04 a share in the quarter, compared with $0.53 million, or $0.05 a share for the same period last year.
Revenue during the quarter surged 38.33 percent to $9.14 million from $6.61 million in the previous year period. Net interest income for the quarter rose 4.99 percent over the prior year period to $5.69 million. Non-interest income for the quarter rose 155.02 percent over the last year period to $3.81 million.
Bay Bancorp, Inc has made provision of $0.36 million for loan losses during the quarter, up 17.50 percent from $0.31 million in the same period last year.
Net interest margin contracted 82 basis points to 3.86 percent in the quarter from 4.68 percent in the last year period.
Commenting on the announcement, Joseph J. Thomas, president and chief executive officer, said, “We were pleased to complete our merger with Hopkins Federal Savings Bank on July 8, 2016 and integrate the two legacy systems on July 25th. Our earlier estimates for the transaction are coming in as or better than expected, with cost savings exceeding 60% of Hopkins non-interest expense, year-to-date one-time merger expenses at $1.7 million and core deposit intangible of $1.2 million. The combination of these factors, additional share repurchases in the quarter and a $1.0 million bargain purchase gain resulted in a $0.11 per share or 1.8% increase in book value to $6.29 per share at September 30, 2016. We continue to expect the merger to be approximately 40% accretive to Bay earnings per share in 2017. Excluding merger-related expenses and bargain purchase gains, return on average assets and return on average equity improved to 0.65% and 6.02%, respectively, for the three-month period ended September 30, 2016.”
Liabilities outpace assets growth
Total assets stood at $606.34 million as on Sep. 30, 2016, up 27.88 percent compared with $474.16 million on Sep. 30, 2015. On the other hand, total liabilities stood at $541.11 million as on Sep. 30, 2016, up 32.86 percent from $407.28 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $479.98 million as on Sep. 30, 2016, up 23.79 percent compared with $387.74 million on Sep. 30, 2015. Deposits stood at $531.09 million as on Sep. 30, 2016, up 39.18 percent compared with $381.57 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $100.06 million or 18.84 percent of total deposits on Sep. 30, 2016, compared with $91.83 million or 24.07 percent of total deposits on Sep. 30, 2015.
Investments stood at $53.18 million as on Sep. 30, 2016, up 51.68 percent or $18.12 million from year-ago. Shareholders equity stood at $65.22 million as on Sep. 30, 2016, down 2.48 percent or $1.66 million from year-ago.
Return on average assets moved down 10 basis points to 0.33 percent in the quarter from 0.43 percent in the last year period. At the same time, return on average equity was stable at 3.12 percent in the quarter, when compared with the last year period.
Meanwhile, nonperforming assets to total assets was 2.60 percent in the quarter, down from 2.71 percent in the last year period.
Book value per share was $6.29 for the quarter, up 3.97 percent or $0.24 compared to $6.05 for the same period last year.
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