Bay Banks of Virginia, Inc. Reports Second Quarter and First Half 2018 Results
BAY BANKS of VIRGINI (BAYK)
NASDAQ:AMEX Investor Relations:
baybanks.com
Company Research
Source: PR Newswire
RICHMOND, Va., Aug. 1, 2018 /PRNewswire/ -- Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company of Virginia Commonwealth Bank and VCB Financial Group, Inc., reported financial results for the second quarter and first half of 2018. The company reported net income of $946 thousand, or $0.07 per diluted share, for the second quarter of 2018 compared to $1.1 million, or $0.09 per diluted share, for the first quarter of 2018, and $557 thousand, or $0.06 per diluted share, for the second quarter of 2017. For the first half of 2018, the company reported net income of $2.1 million, or $0.16 per diluted share, compared to $380 thousand, or $0.05 per diluted share, for the first half of 2017. Randal R. Greene, President and Chief Executive Officer, commented: "Earnings for the second quarter were less than adequate; however, as I reflect on the first half of 2018, there were many highlights. Net new loan growth in the first half was strong considering the run-off
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