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Bay Bancorp, Inc. Announces Record Third Quarter 2017 Results

COLUMBIA, Md., Oct. 26, 2017 (GLOBE NEWSWIRE) -- Bay Bancorp, Inc. (“Bay”) (NASDAQ:BYBK), the savings and loan holding company for Bay Bank, FSB (“Bank”), announced today net income increased to $2.2 million, or $0.21 per basic common share and $0.20 per diluted common share, for the third quarter of 2017 over the $0.5 million, or $0.04 per basic common share and $0.03 per diluted common share, recorded for the third quarter of 2016.  Bay reported net income of $4.4 million, or $0.41 per basic common share and diluted common share, for the first nine months of 2017, compared to $1.1 million, or $0.09 per basic common share and diluted common share, for the first nine months of 2016.  Net loans increased by $15.2 million, or 3%, when compared to June 30, 2017.  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 record quarter with solid balance sheet growth, sustained earnings momentum and improved returns on equity and assets.  Core income continued its strong growth and net income growth this quarter was further augmented by the $1.4 million in other income related to the insurance recovery in connection with the Bank’s settlement of the lawsuit filed by Alvin and Lois Lapidus. As part of the settlement, the Bank agreed to pay $1.4 million to Alvin and Lois Lapidus. The Bank had set up a liability for this settlement last year and did not incur additional expense in the third quarter of 2017 for the payment. For the three-month period ending September 30, 2017, we grew loans and deposits at 12% and 10% on an annualized basis, respectively.  Along with the insurance income, our organic growth in loans, our low cost core deposit funding and improved operational efficiencies drove the company’s net income before taxes to $3.7 million, an 85% increase over the $2.0 million recorded for the quarter ended June 30, 2017.  We were also able to improve asset quality through resolutions of acquired loans and our nonperforming assets decreased 22% on an annualized basis to $11.4 million at September 30, 2017 from $14.6 million at June 30, 2017.  We are excited about the proposed merger, announced on September 27, 2017, with Old Line Bank expected to close during the second quarter of 2018, where Bay’s attractive geographic footprint, strong client relationships, talented team of associates, diverse loan portfolio, low-cost core deposits and solid fee based revenues should complement and strengthen Old Line Bank’s high performing franchise.” 

Highlights from the First Nine Months of 2017

The Bank continued organic net growth in the third quarter of 2017.  Net loan and deposit growth was favorable.  Planned declines in certificate of deposit balances following the successful closing of Bay’s merger with Hopkins Bancorp, Inc. and the related merger of Hopkins Federal Savings Bank into the Bank (collectively, the “Hopkins Merger”) led to an attractive 0.46% cost of funds for the third quarter of 2017.  Bay has strong liquidity and capital positions along with capacity for future growth, with total regulatory capital to risk weighted assets of approximately 13.01% at September 30, 2017.  The Bank had $7.2 million in remaining net purchase discounts on acquired loan portfolios at September 30, 2017.

Specific highlights are listed below:

  • Return on average assets for the three-month period ended September 30, 2017 was 1.37% as compared to 0.79% and 0.33% for the three-month periods ended June 30, 2017 and September 30, 2016, respectively, and return on average equity for the three-month period ended September 30, 2017 was 13.21%, as compared to 7.44% and 3.14% for the three-month periods ended June 30, 2017 and September 30, 2016, respectively.
     
  • With consistent organic growth, total assets were $652 million at September 30, 2017 compared to $646 million at June 30, 2017 and $606 million at September 30, 2016.
     
  • Total loans were $525 million at September 30, 2017, an increase of 3% from $510 million at June 30, 2017, an increase of 8% from $487 million at December 31, 2016 and an increase of 9% from $482 million at September 30, 2016.
     
  • Total deposits were $549 million at September 30, 2017, an increase of 3% from $536 million at June 30, 2017, an increase of 4% from $526 million at December 31, 2016 and an increase of 3% from $531 million at September 30, 2016.  Non-interest bearing deposits were $130 million at September 30, 2017, an increase of 8% from $120 million at June 30, 2017, an increase of 16% from $111 million at December 31, 2016, and an increase of 30% from $100 million at September 30, 2016.
     
  • Net interest income for the three-month period ended September 30, 2017 totaled $6.6 million, compared to $6.3 million for the second quarter of 2017 and $5.7 million for the three-month period ended September 30, 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 $580 million for the three-month period ended September 30, 2017, compared to $534 million for the same period of 2016.
     
  • Net interest margin for the three- and nine-month periods ended September 30, 2017 was 4.66% and 4.19%, which were higher than the 3.86% and 4.11%, respectively, recorded for the same periods of 2016.  The margin for the nine-month period ended September 30, 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 Hopkins Merger. Nonperforming assets represented 1.8% of total assets at September 30, 2017, compared to 2.3% at June 30, 2017, 2.6% at December 31, 2016 and 2.6% at September 30, 2016.
     
  • Nonperforming assets decreased to $11.4 million at September 30, 2017 from $14.6 million at June 30, 2017 and compared favorably to the $15.8 million recorded at December 31, 2016 and the $15.7 million recorded at September 30, 2016.  The decrease over the second quarter of 2017 resulted primarily from continued resolution of acquired nonperforming loans. The changes since September 30, 2016 were driven by loans acquired in the Hopkins Merger offset by decreases in purchased credit impaired loans.
     
  • The provision for loan losses for the three- and nine-month periods ended September 30, 2017 was $0.3 million and $1.3 million, respectively, compared to $0.4 million and $1.0 million, respectively, for the same periods of 2016.  The increase for the nine-month period ended September 30, 2017 was primarily the result of increases in loan originations.  As a result, the allowance for loan losses was $4.0 million at September 30, 2017, representing 0.77% of total loans, compared to $3.6 million, or 0.71% of total loans, at June 30, 2017, $2.8 million, or 0.58% of total loans, at December 31, 2016, and $2.4 million, or 0.51% of total loans, at September 30, 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 on July 8, 2016, the Bank acquired a 51% interest in iReverse.  The Bank’s interest in iReverse qualifies as held for sale upon acquisition and is 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 three- months and nine- months ended September 30, 2016 was $228,221, with $138,212 attributable to non-controlling interest and $90,009 attributable to common stockholders.

Balance Sheet Review
             
Total assets were $652 million at September 30, 2017, representing increases of $6 million, or 1%, $31 million, or 5%, and $45 million, or 7%, when compared to June 30, 2017, December 31, 2016 and September 30, 2016, respectively.  Investment securities were $61 million at September 30, 2017, representing decreases of $5 million, or 8%, from June 30, 2017 and $2 million, or 4% from December 31, 2016, and an increase of $7 million, or 12%, when compared to September 30, 2016. Loans held for sale were $0.4 million at September 30, 2017, which decreased $2.5 million, $1.2 million and $2.4 million since June 30, 2017, December 31, 2016 and September 30, 2016, respectively.

Total deposits were $549 million at September 30, 2017, an increase of $13 million, or 3%, when compared to the $536 million recorded at June 30, 2017.  Activity included normal cyclical deposit fluctuations and a $9 million increase in non-interest bearing deposits.  Short-term borrowings from the Federal Home Loan Bank decreased to $25 million compared to $35 million at June 30, 2017.

Stockholders’ equity increased to $72 million at September 30, 2017, from $69 million at June 30, 2017, $66 million at December 31, 2016, and $65 million at September 30, 2016.  These increases related primarily to corporate earnings, with the increase over the third quarter of 2016 being offset by the $2.9 million decline related to the purchase of 568,436 shares of Bay’s common stock.  The combined activity improved the book value of Bay’s common stock to $6.73 per share at September 30, 2017, compared to $6.51 per share at June 30, 2017, $6.29 per share at December 31, 2016 and $6.28 per share at September 30, 2016.

During the second and third quarters of 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.  The Board may modify, suspend or discontinue the program at any time.

At September 30, 2017, the Bank remained above all “well-capitalized” regulatory requirement levels.  The Bank’s tier 1 risk-based capital ratio was approximately 12.27% at September 30, 2017 as compared to 12.15% at June 30, 2017, 12.32% at December 31, 2016 and 12.31% at September 30, 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 September 30, 2017 and 2016

Net income for the three-month period ended September 30, 2017 was $2.2 million, compared to net income of $1.2 million and $0.5 million for the three-month periods ended June 30, 2017 and September 30, 2016, respectively.

Net interest income for the three-month period ended September 30, 2017 totaled $6.6 million compared to $6.3 million for the previous quarter and $5.7 million for the same period of 2016.  The increase in interest income resulted from interest-earning asset growth from expansion of the Bay originated loan portfolio, selective investment purchases and the effects of the Hopkins Merger.  As of September 30, 2017, the remaining net loan discounts on the Bank’s loan portfolio totaled $7.2 million.

Noninterest income for the three-month period ended September 30, 2017 was $2.7 million, which included a $1.4 million insurance income gain. These results were lower when compared to the $2.4 million recorded for the three-month period ended September 30, 2016, which included a $1.0 million bargain purchase gain related to the Hopkins Merger. Adjusted for these merger related changes, Bay recorded a small decrease in noninterest income for the third quarter of 2017 when compared to the same period of 2016.

Noninterest expense reduction continues to be our focus for 2017 net income improvement.  For the three-month period ended September 30, 2017, noninterest expense was $5.3 million, compared to $7.2 million for the same period in 2016, or $5.8 million when adjusting for $1.4 million in merger expenses related to the Hopkins Merger in 2016.  After adjusting for the merger related expenses, the primary contributors to the change when compared to the third quarter of 2016 was a $0.5 million decrease in occupancy, legal, accounting and professional expenses. Loan collection costs were negative for the third quarter of 2017 as a result of larger than expected reimbursements of loan collection costs expensed during prior periods.

For the nine-month periods ended September 30, 2017 and 2016

Net income for the nine-month period ended September 30, 2017 was $4.4 million, compared to net income of $1.1 million for the nine-month period ended September 30, 2016.

Net interest income for the nine-month period ended September 30, 2017 totaled $18.8 million, compared to $15.3 million for the same period of 2016.  The increase in interest income resulted from interest-earning asset growth from expansion of the Bay originated loan portfolio, selective investment purchases and the effects of the Hopkins Merger.

Noninterest income for the nine-month period ended September 30, 2017 was $5.3 million, which included a $1.4 million insurance income gain. These results were $4.9 million recorded for the nine-month period ended September 30, 2016, which included a $1.0 million bargain purchase gain related to the Hopkins Merger.  After adjusting for these merger related changes, Bay recorded a similar results in noninterest income for the first nine months of 2017 when compared to the same period of 2016.

For the nine-month period ended September 30, 2017, noninterest expense was $15.7 million, compared to $19.0 million for the same period in 2016, or $16.1 million when adjusting for $1.6 million in merger expenses and $1.3 million in reverse mortgage subsidiary expenses related to the Hopkins Merger in 2016.  Adjusted for the merger related expenses, the primary contributor to the change when compared to the first nine months of 2016 was a decrease in occupancy, foreclosed property, legal, accounting and professional 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 SHEET  September 30, June 30,   September 30,
       2017   2017  December 31,  2016 
      (unaudited) (unaudited)  2016  (unaudited)
            
            
             
  ASSETS          
  Cash and due from banks $  6,697,379  $  8,137,129  $  7,591,685  $  6,157,165 
  Interest bearing deposits with banks and federal funds sold   32,827,575     33,529,073     32,435,771     40,109,554 
  Total cash and cash equivalents   39,524,954     41,666,202     40,027,456     46,266,719 
  Investment securities available for sale, at fair value   58,202,192     62,462,091     60,232,727     52,029,031 
  Investment securities held to maturity, at amortized cost   1,094,740     1,116,070     1,158,238     1,179,126 
  Restricted equity securities, at cost   1,620,800     2,364,795     1,823,195     973,195 
  Loans held for sale     401,803     2,893,943     1,613,497     2,836,938 
             
  Loans, net of deferred fees and costs   525,261,491     509,595,599     487,103,713     482,423,126 
  Allowance for loan losses    (4,049,647)    (3,608,484)    (2,823,153)    (2,447,785)
  Loans, net     521,211,844     505,987,115     484,280,560     479,975,341 
  Real estate acquired through foreclosure   1,077,687     1,147,546     1,224,939     1,638,737 
  Premises and equipment, net    3,517,788     3,717,494     3,882,343     5,288,283 
  Bank owned life insurance    16,084,188     15,963,231     15,729,302     5,700,245 
  Core deposit intangibles    2,415,056     2,596,967     3,030,309     3,265,774 
  Deferred tax assets, net    2,556,429     2,715,618     2,984,718     2,777,633 
  Accrued interest receivable     2,018,900     1,870,876     1,884,945     1,711,910 
  Accrued taxes receivable    841,299     259,386     1,153,102     1,532,266 
  Prepaid expenses     806,878     842,871     1,001,723     941,458 
  Other assets     209,373     335,363     276,540     218,860 
  Total assets  $  651,583,931  $  645,939,568  $  620,303,594  $  606,335,516 
             
  LIABILITIES         
  Noninterest-bearing deposits $  129,554,117  $  120,486,976  $  111,378,694  $  100,060,567 
  Deposits interest bearing    419,801,649     415,434,706     415,079,700     431,026,148 
  Total deposits     549,355,766     535,921,682     526,458,394     531,086,715 
             
  Short-term borrowings    25,000,000     35,000,000     20,000,000     1,975,000 
  Defined benefit pension liability    319,595     670,712     994,156     1,298,463 
  Accrued expenses and other liabilities   5,098,186     5,082,542     6,923,818     6,753,573 
  Total liabilities     579,773,547     576,674,936     554,376,368     541,113,751 
  STOCKHOLDERS' EQUITY        
  Common stock     10,667,227     10,642,372     10,456,098     10,363,998 
  Additional paid-in capital    41,624,354     41,557,518     40,814,285     40,526,319 
  Retained earnings      18,807,973     16,609,138     14,426,969     13,676,799 
  Accumulated other comprehensive income   710,830     455,604     30,383     516,437 
  Total controlling interest    71,810,384     69,264,632     65,727,735     65,083,553 
  Non-controlling interest    -     -     199,491     138,212 
  Total stockholders' equity    71,810,384     69,264,632     65,927,226     65,221,765 
  Total liabilities and equity $  651,583,931  $  645,939,568  $  620,303,594  $  606,335,516 


            
 BAY BANCORP, INC. - ConsolidatedThree Months Ended 
 INCOME STATEMENT  September 30,June 30,September 30, Nine Months Ended September 30,
       2017  2017 2016  2017  2016
            
  Interest income        
  Interest and fees on loans $  6,718,832 $  6,429,464$  5,845,239 $  19,068,440 $  15,684,450
  Interest on loans held for sale    12,447    13,025   31,817    32,355    110,270
  Interest and dividends on securities   379,600    388,435   311,693    1,118,918    728,716
  Interest on deposits with banks and federal funds sold   129,160    67,334   91,576    274,169    122,803
  Total interest income    7,240,039    6,898,258   6,280,325    20,493,882    16,646,239
            
  Interest expense        
  Interest on deposits     541,283    444,997   560,599    1,442,131    1,162,255
  Interest on federal funds purchased   43    89   -    132    28
  Interest on short-term borrowings   85,012    107,931   27,666    253,146    171,246
         626,338    553,017   588,265    1,695,409    1,333,529
  Net interest income     6,613,701    6,345,241   5,692,060    18,798,473    15,312,710
  Provision for loan losses    313,963    522,323   360,000    1,276,806    1,015,533
  Net interest income after provision   6,299,738    5,822,918   5,332,060    17,521,667    14,297,177
            
  Noninterest income        
  Payment sponsorship fees    766,951    844,810   691,138    2,267,953    1,833,697
  Mortgage banking fees and gains   83,537    199,447   252,990    465,928    674,273
  Service charges on deposit accounts   96,874    79,637   81,908    239,144    229,534
  Bargain purchase gain    -    -   1,034,456    -    1,034,456
  (Loss) gain on securities    (64,898)   -   -    (59,377)   486,534
  Other noninterest income    1,775,325    228,776   341,429    2,423,174    659,506
  Total operating income    2,657,789    1,352,670   2,401,921    5,336,822    4,918,000
            
  Noninterest expenses        
  Salaries and employee benefits    3,197,133    2,924,598   2,910,416    8,978,975    8,584,376
  Occupancy and equipment expenses   683,356    667,228   847,036    2,108,229    2,527,306
  Legal, accounting and other professional fees   83,804    295,494   255,569    612,253    783,583
  Data processing fees     381,032    304,718   364,637    1,013,544    899,451
  Advertising and marketing related expenses   133,217    122,849   103,783    280,386    244,522
  Loan collection expenses    (12,259)   36,176   21,614    58,582    56,203
  Foreclosed property expenses and REO sales, net   134,817    21,234   157,357    172,910    327,942
  FDIC insurance expenses    88,008    101,928   141,714    254,950    305,895
  Core deposit intangible amortization   181,912    197,876   207,278    615,253    555,410
  Merger related expenses    -    -   1,365,593    149,543    1,554,183
  Other noninterest expenses    429,610    531,495   797,034    1,441,161    1,769,132
  Total operating expenses    5,300,630    5,203,596   7,172,031    15,685,786    17,608,003
  Net income before taxes    3,656,897    1,971,992   561,950    7,172,703    1,607,174
  Income tax expense     1,458,061    746,633   277,733    2,791,700    687,454
  Net income from continuing operations   2,198,836    1,225,359   284,217    4,381,003    919,720
  Net income from discontinued operations, net of taxes   -    -   228,221    -    228,221
  Net income     2,198,836    1,225,359   512,438    4,381,003    1,147,941
  Net income from discontinued operations attributable to non-controlling interest   -    -   138,212    -    138,212
  Net income available to common stockholders   2,198,836    1,225,359   374,226    4,381,003    1,009,729
            
  Weighted average shares       
  Basic      10,655,098    10,597,629   10,635,740    10,586,994    10,848,931
  Diluted      10,805,791    10,718,725   10,749,382    10,720,703    10,957,041
            
  Earnings per share        
  available to common shareholders      
  Basic   $  0.21 $  0.12$  0.04 $  0.41 $  0.09
  Diluted   $  0.20 $  0.11$  0.03 $  0.41 $  0.09


BAY BANCORP, INC. AND SUBSIDIARY          
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY        
For the Nine Months Ended September 30, 2017 and 2016        
(Unaudited)             
              
              
         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    -    -    1,009,729   -    138,212    1,147,941 
Other comprehensive income    -    -    -   (57,123)   -    (57,123)
Stock-based compensation    -    101,017    -   -    -    101,017 
Issuance of common stock under stock compensation plan    44,502    94,937    -   -    -    139,439 
Repurchase of common stock     (743,436)   (3,048,562)   -   -    -    (3,791,998)
Balance September 30, 2016 $  10,363,998  $   40,526,319  $   13,676,799 $   516,437  $   138,212  $   65,221,765 
              
              
          Accumulated     
      Additional     Other   Non-   
    Common   Paid-in   Retained   Comprehensive   controlling   
    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    -    -    4,381,003   -    -    4,381,003 
Sale of iReverse    -    -    1   -    (199,491)   (199,490)
Other comprehensive income    -    -    -   680,447    -    680,447 
Stock-based compensation    -    194,771    -   -    -    194,771 
Issuance of common stock under stock compensation plan    211,129    615,298    -   -    -    826,427 
Balance September 30, 2017 $  10,667,227  $   41,624,354  $   18,807,973 $   710,830  $   -  $   71,810,384 


                   
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
As of 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%
                   
As of June 30, 2017:                 
(unaudited)                 
Total Risk-Based Capital Ratio$  69,071 12.82% $  43,094 8.00% $  53,867 10.00%
Tier I Risk-Based Capital Ratio$  65,463 12.15% $  32,320 6.00% $  43,094 8.00%
Common Equity Tier I Capital Ratio$  65,463 12.15% $  24,240 4.50% $  35,014 6.50%
Leverage Ratio$  65,463 10.44% $  25,086 4.00% $  31,357 5.00%
                   
As of 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%
                   
As of September 30, 2016:                 
(unaudited)                 
Total Risk-Based Capital Ratio$  64,536 12.80% $  40,348 8.00% $  50,436 10.00%
Tier I Risk-Based Capital Ratio$  62,088 12.31% $  30,261 6.00% $  40,348 8.00%
Common Equity Tier I Capital Ratio$  62,088 12.31% $  22,696 4.50% $  32,783 6.50%
Leverage Ratio$  62,088 10.16% $  24,434 4.00% $  30,542 5.00%


BAY BANCORP, INC. AND SUBSIDIARY               
SELECTED FINANCIAL DATA                
                  
                  
  Three Months Ended Nine Months Ended Year Ended
  September 30, June 30, September 30, September 30, September 30,December 31,
  2017  2017  2016  2017  2016 2016 
  (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)  
                  
Financial Data:                
Assets $  651,583,931  $  645,939,568  $  606,335,516  $  651,583,931  $  606,335,516 $  620,303,594 
Investment securities   60,917,732     63,214,160     54,181,352     60,917,732     54,181,352    63,214,160 
Loans (net of deferred fees and costs)   525,261,491     509,595,599     482,423,126     525,261,491     482,423,126    487,103,713 
Allowance for loan losses   (4,049,647)    (3,608,484)    (2,447,785)    (4,049,647)    (2,447,785)   (2,823,153)
Deposits    549,355,766     535,921,682     531,086,715     549,355,766     531,086,715    526,458,394 
Borrowings   25,000,000     35,000,000     1,975,000     25,000,000     1,975,000    20,000,000 
Equity attributable to non-controlling interest   -     -     138,212     -     138,212    199,491 
Equity attributable to common shareholders   71,810,384     69,264,632     65,083,553     71,810,384     65,083,553    65,727,735 
                  
Net income from continuing operations   2,198,836     1,225,359     284,217     4,381,003     919,720    1,593,356 
Net income from discontinued operations, net of taxes  -     -     228,221     -     228,221    366,034 
Net income   2,198,836     1,225,359     512,438     4,381,003     1,147,941    1,959,390 
                  
Net income available to common stockholders   2,198,836     1,225,359     374,226     4,381,003     1,009,729    1,759,899 
Net income from discontinued operations attributable to non-controlling interest   -     -     138,212     -     138,212    199,491 
                  
Average Balances: (unaudited)                
Assets    644,213,523     626,555,440     615,002,018     629,313,534     522,652,985    536,333,860 
Investment securities   62,570,680     65,521,366     55,180,076     63,777,260     37,683,531    40,537,934 
Loans (net of deferred fees and costs)   517,470,469     496,771,961     478,895,035     500,021,609     426,352,856    436,793,412 
Borrowings   26,430,645     39,311,475     9,003,261     31,951,235     31,951,734    26,493,284 
Deposits    546,060,168     515,528,700     530,943,677     525,114,354     418,537,356    443,144,111 
Stockholders' equity   66,757,244     66,826,333     65,439,159     66,547,387     66,605,781    66,146,705 
                  
Performance Ratios:                
Annualized return on average assets 1.37%  0.79%  0.33%  0.93%  0.26% 0.37%
Annualized return on average equity 13.21%  7.44%  3.14%  8.83%  2.03% 2.96%
Yield on average interest-earning assets 4.72%  4.65%  4.26%  4.58%  4.47% 4.50%
Rate on average interest-bearing liabilities 0.56%  0.50%  0.52%  0.51%  0.50% 0.50%
Net interest spread 4.50%  4.14%  3.74%  4.06%  3.97% 4.00%
Net interest margin 4.66%  4.27%  3.86%  4.19%  4.11% 4.14%
                  
Book value per share$  6.73  $  6.51  $  6.28  $  6.73  $  6.28 $  6.29 
Basic net income per share   0.21     0.12     0.04     0.41     0.09    0.16 
Diluted net income per share   0.20     0.12     0.03     0.41     0.09    0.16 


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