BAY BANCORP, INC.

CIK:0000859222|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Dec. 31, 2017	Dec. 31, 2016
INTEREST INCOME
Interest and fees on loans	$ 25,975,924	$ 21,668,074
Interest on loans held for sale	43,358	120,997
Interest and dividends on securities	1,492,003	1,034,090
Interest on deposits with banks and federal funds sold	375,735	204,270
Total interest income	27,887,020	23,027,431
INTEREST EXPENSE
Interest on deposits	2,019,129	1,658,698
Interest on federal funds purchased	132	28
Interest on short-term borrowings	319,959	191,408
Total interest expense	2,339,220	1,850,134
Net interest income	25,547,800	21,177,297
Provision for loan losses	1,656,983	1,389,533
Net interest income after provision for loan losses	23,890,817	19,787,764
NONINTEREST INCOME
Payment sponsorship fees	3,039,162	2,524,101
Mortgage banking fees and gains	527,947	832,990
Service charges on deposit accounts	337,012	278,949
Bargain purchase gain		893,127
(Loss) gain on securities	(59,377)	680,982
Other income	2,745,720	783,447
Total noninterest Income	6,590,464	5,993,596
NONINTEREST EXPENSES
Salary and benefits	12,413,164	11,301,774
Occupancy and equipment expenses	2,832,945	3,341,221
Data processing and item processing services	1,390,458	1,212,471
Legal, accounting and other professional fees	716,358	1,082,206
Advertising and marketing related expenses	408,147	378,924
FDIC insurance costs	311,063	464,616
Foreclosed property expenses and REO sales, net	200,596	474,652
Loan collection costs	78,547	106,361
Core deposit intangible amortization	789,182	790,876
Merger related expenses	439,055	1,758,337
Other expenses	2,059,701	2,274,970
Total noninterest expenses	21,639,216	23,186,408
Income before income taxes	8,842,065	2,594,952
Income tax expense	4,000,579	1,001,596
NET INCOME FROM CONTINUING OPERATIONS	4,841,486	1,593,356
Net income from discontinued operations, net of tax		366,034
NET INCOME	4,841,486	1,959,390
Net income from discontinued operations attributable to non-controlling interest		199,491
Net income available to common stockholders	$ 4,841,486	$ 1,759,899
Weighted average shares outstanding, Basic	10,607,217	10,734,748
Weighted average shares outstanding, Diluted	10,740,982	10,860,153
Earnings per share, Basic	$ 0.46	$ 0.16
Earnings per share, Diluted	$ 0.45	$ 0.16

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 4,841,486	$ 1,959,390
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of premises and equipment	579,012	649,878
Stock-based compensation	263,168	94,607
Amortization of investment premiums and discounts, net	224,415	237,298
Accretion of net discounts on loans	(2,626,987)	(1,894,976)
Amortization of core deposit intangibles	789,182	790,876
(Accretion) amortization of deposit discounts and premiums	(25,941)	4,955
Provision for loan losses	1,656,983	1,389,533
Increase in cash surrender value of bank owned life insurance	(476,050)	(117,950)
Bargain purchase gain		(893,127)
Loss (gain) on securities	59,377	(680,982)
Loss (gain) on sale and disposal of premises and equipment	97,773	(347,587)
Write down of real estate acquired through foreclosure	158,842	308,536
Gain on sale of real estate acquired through foreclosure	(86,587)	(34,940)
Origination of loans held for sale	(30,129,383)	(41,825,473)
Proceeds from sales of loans held for sale	31,610,318	45,998,019
Gains on sales of loans held for sale	(964,598)	(1,232,406)
Deferred income taxes	748,953	58,785
Net increase in accrued interest receivable	(291,414)	(86,412)
Net (increase) decrease in accrued taxes receivable	(1,316,518)	1,622,135
Net decrease (increase) in prepaid expenses and other assets	448,712	(8,981,750)
Net increase (decrease) in pension plan liability	99,884	(119,287)
Net decrease in accrued expenses and other liabilities	(3,393,186)	(355,050)
Net cash provided by (used in) operating activities - continuing operations	2,267,441	(3,455,928)
Net cash provided by operating activities - discontinued operations		408,721
Net cash provided by (used in) operating activities	2,267,441	(3,047,207)
Cash flows from investing activities:
Acquisition, net of cash acquired		103,889,228
Purchases of investment securities available for sale	(8,808,580)	(18,429,993)
Redemptions and maturities of investment securities available for sale	13,104,591	32,853,420
Redemption and maturities of investment securities held to maturity	88,638	435,566
Net redemption of Federal Home Loan Bank Stock	520,900	1,358,500
Net increase in loans	(53,538,851)	(34,868,466)
Proceeds from sale of real estate acquired through foreclosure	856,617	958,058
Purchases of premises and equipment	(193,049)	(312,226)
Proceeds from sale of premises and equipment	92,581	1,282,832
Net cash (used in) provided by investing activities - continuing operations	(47,877,153)	87,166,919
Net cash provided by investing activities - discontinued operations		151,943
Net cash (used in) provided by investing activities	(47,877,153)	87,318,862
Cash flows from financing activities:
Net increase (decrease) in deposits	46,322,107	(43,091,338)
Net decrease in short-term borrowings	(10,000,000)	(32,300,000)
Repurchase of common stock		(3,791,998)
Issuance of common stock for 401K match		68,189
Issuance of common stock under stock-based compensation plan	826,427	457,726
Net cash provided by (used in) financing activities	37,148,534	(78,657,421)
Net (decrease) increase in cash and cash equivalents	(8,461,178)	5,614,234
Cash and cash equivalents at beginning of period	40,027,456	34,413,222
Cash and cash equivalents at end of period	31,566,278	40,027,456
Supplemental Disclosures of Cash Flow information:
Interest paid on deposits and borrowings	2,362,896	1,849,933
Net income tax paid (refunded)	4,322,000	(552,391)
Non Cash activities:
Transfer of loans to real estate acquired through foreclosure	$ 695,548	996,860
Transfer of loans held for sale to loan portfolio		$ 310,707

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Cash and due from banks	$ 9,316,482	$ 7,591,685
Interest bearing deposits with banks and federal funds sold	22,249,796	32,435,771
Total Cash and Cash Equivalents	31,566,278	40,027,456
Investment securities available for sale, at fair value	55,814,216	60,232,727
Investment securities held to maturity, at amortized cost	1,073,107	1,158,238
Restricted equity securities, at cost	1,302,295	1,823,195
Loans held for sale	1,097,160	1,613,497
Loans, net of deferred fees and costs	542,250,292	487,103,713
Less: Allowance for loan losses	(4,156,425)	(2,823,153)
Loans, net	538,093,867	484,280,560
Real estate acquired through foreclosure	991,615	1,224,939
Premises and equipment, net	3,306,025	3,882,343
Bank owned life insurance	16,205,352	15,729,302
Core deposit intangibles	2,241,127	3,030,309
Deferred tax assets, net	1,806,352	2,984,718
Accrued interest receivable	2,176,359	1,884,945
Accrued taxes receivable	2,469,620	1,153,102
Prepaid expenses	604,381	1,001,723
Other assets	225,170	276,540
Total Assets	658,972,924	620,303,594
LIABILITIES
Noninterest-bearing deposits	134,617,261	111,378,694
Interest-bearing deposits	438,137,299	415,079,700
Total Deposits	572,754,560	526,458,394
Short-term borrowings	10,000,000	20,000,000
Defined benefit pension liability	612,112	994,156
Accrued expenses and other liabilities	3,730,123	6,923,818
Total Liabilities	587,096,795	554,376,368
STOCKHOLDERS' EQUITY
Common stock - par $1.00 per shares, authorized 20,000,000 shares, issued and outstanding 10,717,889 and 10,626,290 shares at December 31, 2017 and December 31, 2016, respectively.	10,667,227	10,456,098
Additional paid-in capital	41,692,751	40,814,285
Retained earnings	19,180,657	14,426,969
Accumulated other comprehensive income	335,494	30,383
Total controlling interest	71,876,129	65,727,735
Non-controlling interest		199,491
Total Stockholders' Equity	71,876,129	65,927,226
Total Liabilities and Stockholders' Equity	$ 658,972,924	$ 620,303,594