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Bay Bank sees profit increase from first quarter

Cash. (Flickr / frankieleon / “Grab that cash with both hands and make a stash” / CC BY 2.0 / resized and cropped)

Cash.
(Flickr / frankieleon / “Grab that cash with both hands and make a stash” / CC BY 2.0 / resized and cropped)

Bay Bancorp Inc. announced Friday that its profit more than doubled in the second quarter this year compared to the first but was down compared to the same quarter in 2015.

Profit increased to $0.45 million or $0.04 per basic and diluted common share for the second quarter, compared to $0.19 million or $0.02 per basic and diluted common in the first quarter. In comparison, profit for the second quarter of 2015 was $0.55 million or $0.05 per basic and diluted common share.

Bay reported profit of $0.64 million or $0.06 per basic and diluted common share for the first half of the year down from the $0.89 million or $0.08 per basic and diluted common share reported in the first half of last year.

Net loans held for investment increased by $20.3 million or 5.12 percent from the previous quarter.

“We celebrated the sixth anniversary of our founding in July and take pride in what we have accomplished in building a bank from the concept of a shelf charter in 2010 to what management expects to be the fifth largest community bank headquartered in the Baltimore region based upon deposit market share,” said Joseph J. Thomas, president and CEO of Bay Bank.

Bay Bank became the fifth largest community bank in the region upon acquiring Hopkins Federal Savings Bank. With the acquisition, Bay Bank will have total assets of $650 million and 12 branches in the Baltimore-Washington area.

The bank’s total assets were $496 million at the end of the second quarter compared to $463 million at the end of the first quarter. The bank had $491 million in assets as of Dec. 31, 2015.

Total loans were $417 million at June 30, a 5.1 percent increase from $397 million at March 31 and a 6.1 percent increase from $393 million at the end of 2015.

Total deposits were $363 million at the end of the quarter, down 0.7 percent from the first quarter this year and down 1.2 percent from the end of 2015. Short term borrowings were $61 million last quarter, up from $26 million at the end of the first quarter and $52 million at the end of last year.