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BAYK Bay Banks of Virginia

Bay Banks of Virginia Inc. is the bank holding company for Virginia Commonwealth Bank and VCB Financial Group Inc. Founded in the 1930s, Virginia Commonwealth Bank is headquartered in Richmond, Virginia. With 19 banking offices including one loan production office, located throughout the greater Richmond region, the Northern Neck region, Middlesex County, and the Hampton Roads region, the bank serves businesses, professionals, and consumers with a wide variety of financial services including retail and commercial banking, and mortgage banking. VCB Financial Group provides management services for personal and corporate trusts including estate planning, estate settlement and trust administration, and investment and wealth management services.

Company profile

Ticker
BAYK
Exchange
CEO
Randal R. Greene
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
541838100

BAYK stock data

(
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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

6 Nov 20
24 Jun 21
31 Dec 21
Quarter (USD)
Sep 20 Jun 20 Mar 20 Sep 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 19 Dec 18 Dec 17 Dec 16
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 59.39M 59.39M 59.39M 59.39M 59.39M 59.39M
Cash burn (monthly) (positive/no burn) (positive/no burn) (positive/no burn) 331.58K (positive/no burn) (positive/no burn)
Cash used (since last report) n/a n/a n/a 2.92M n/a n/a
Cash remaining n/a n/a n/a 56.47M n/a n/a
Runway (months of cash) n/a n/a n/a 170.3 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
31 Jan 21 Judy Carol Gavant Common Stock Sale back to company Dispose D No No 0 27,681 0 0
31 Jan 21 Judy Carol Gavant Stock Option Common Stock Sale back to company Dispose D No No 8.1 5,000 40.5K 0
31 Jan 21 Judy Carol Gavant Stock Option Common Stock Sale back to company Dispose D No No 9.86 5,000 49.3K 0
31 Jan 21 Greene Randal R Common Stock Sale back to company Dispose D No No 0 104,908 0 0
31 Jan 21 Greene Randal R Stock Option Common Stock Sale back to company Dispose D No No 8.1 5,000 40.5K 0
31 Jan 21 Greene Randal R Stock Option Common Stock Sale back to company Dispose D No No 8.08 1,000 8.08K 0
31 Jan 21 Greene Randal R Stock Option Comnnon Stock Sale back to company Dispose D No No 10.35 10,579 109.49K 0
31 Jan 21 Greene Randal R Stock Option Common Stock Sale back to company Dispose D No No 7.74 5,000 38.7K 0
31 Jan 21 Greene Randal R Stock Option Common Stock Sale back to company Dispose D No No 5.75 5,000 28.75K 0
31 Jan 21 Greene Randal R Stock Option Common Stock Sale back to company Dispose D No No 5.25 15,000 78.75K 0

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

11.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 2 4 -50.0%
Opened positions 1 1
Closed positions 3 1 +200.0%
Increased positions 0 0
Reduced positions 1 1
13F shares
Current Prev Q Change
Total value 13.43M 149.67M -91.0%
Total shares 1.52M 1.63M -7.0%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
EJF Capital 840.2K $7.44M NEW
Maltese Capital Management 677.1K $5.99M -9.1%
Largest transactions
Shares Bought/sold Change
EJF Capital 840.2K +840.2K NEW
Banc Funds 0 -635.32K EXIT
Siena Capital Partners GP 0 -231.35K EXIT
Maltese Capital Management 677.1K -67.8K -9.1%
Heritage Wealth Advisors 0 -20.73K EXIT

Financial report summary

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Risks
  • We may have difficulty managing our growth in our target markets due to competition and our previous limited operations in these markets.
  • Changes in economic and market conditions, especially in the areas in which we conduct operations, could materially and negatively affect our business.
  • We may be adversely affected by changes in market conditions.
  • We have a high concentration of loans secured by real estate, and a downturn in real estate markets in which we conduct business could materially and negatively affect our business.
  • We have a significant concentration of credit exposure in commercial real estate, and loans with this type of collateral are viewed as having more risk of default.
  • A portion of our loan portfolio consists of construction and development loans, which are inherently higher risk. Our ability to evaluate these loans or our borrower’s ability to effectively manage these projects could have an adverse effect on our business.
  • A portion of our loan portfolio consists of purchased loans and participations, which may have a higher risk of loss than loans we originate.
  • Our focus on lending to small to mid-sized businesses may increase our credit risk.
  • We depend on the accuracy and completeness of information about customers and counterparties and our financial condition could be adversely affected if we rely on misleading information.
  • Our allowance for loan losses may not be adequate to cover actual losses, which could materially and adversely affect our operating results.
  • We rely upon independent appraisals to determine the value of the real estate that secures a significant portion of our loans, and the values indicated by such appraisals may not be realizable if we are forced to foreclose upon such loans.
  • Nonperforming assets take significant time to resolve and adversely affect our results of operations and financial condition.
  • The amount of our OREO may increase, resulting in additional OREO-related losses, and costs and expenses that will negatively affect our operations.
  • We are exposed to risk of environmental liabilities with respect to properties to which we take title.
  • Our business is subject to interest rate risk and variations in interest rates may negatively affect financial performance.
  • We may be required to transition from the use of the London Interbank Offered Rate (“LIBOR”) index in the future.
  • Liquidity risk could impair our ability to fund operations and jeopardize our business and financial condition.
  • We may not be able to raise capital at an acceptable price.
  • Our common stock has less liquidity than stocks of larger publicly traded companies.
  • The success of our strategy depends on our ability to identify and retain individuals with experience and relationships in our markets.
  • We face strong competition from financial services companies and other companies that offer banking and other financial services, which could negatively affect our business.
  • Consumers may decide not to use banks to complete their financial transactions.
  • Our exposure to operational, technological, and organizational risk may adversely affect us.
  • Our information systems may experience an interruption or breach in security.
  • We operate in a highly-regulated industry and the laws and regulations that govern our operations, corporate governance, executive compensation, and financial accounting, or reporting, including changes in them or our failure to comply with them, may adversely affect us.
  • We are subject to more stringent capital and liquidity requirements, the short-term and long-term effect of which is uncertain.
  • Our ability to pay dividends is limited, and we may be unable to pay future dividends.
  • If we fail to pay interest on or otherwise default on our subordinated notes, we will be prohibited from paying dividends or distributions on our common stock.
  • Changes in the federal, state, or local tax laws may negatively affect our financial performance.
  • Our governing documents and Virginia law contain anti-takeover provisions that could negatively affect our shareholders.
  • Changes in accounting standards could affect reported earnings.
  • Severe weather, natural disasters, acts of war or terrorism, and other external events could significantly impact our business.
Management Discussion
  • This report contains statements concerning the Company’s expectations, plans, objectives, future financial performance and other statements that are not historical facts. These statements may constitute “forward-looking statements” as defined by federal securities laws. These statements may address issues that involve estimates and assumptions made by management, risks and uncertainties, and actual results could differ materially from historical results or those anticipated by such statements. Words such as “anticipates,” “believes,” “intends,” “should,” “expects,” “will,” and variations of similar expressions are intended to identify forward-looking statements. Factors that could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to, changes in interest rates; general economic conditions; the legislative/regulatory climate; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; the quality or composition of the loan or investment portfolios; the adequacy of the Company’s allowance for loan losses; demand for loan products; deposit flows; competition; difficulty managing growth; demand for financial services in the Company’s market area; operational risks; the Company’s ability to maintain effective systems of internal and disclosure controls; accounting principles, policies and guidelines, and the other factors detailed in Item 1A, Risk Factors, in this Form 10-K and in the Company’s other documents publicly filed with the SEC. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on such statements, which speak only as of the date they are made.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: acquiror, addressed, agreed, approval, arise, attract, attractive, beneficial, blue, challenging, competing, conglomerate, connection, consent, consideration, consummate, consummation, contemplated, costly, create, customary, deal, desire, discourage, distract, distraction, EPS, facilitate, failure, harmed, hotel, incorporated, key, landlord, leading, longer, lose, motivate, newly, nondeductible, onset, pendency, pending, prepared, proactively, pursue, pursuing, realize, realized, realizing, reclassification, recommendation, recovery, Reorganization, restaurant, Retention, ridge, seek, statutory, strain, successfully, suspend, swap, temporarily, timeframe, unable, undetermined, unforeseen, unintended
Removed: accreted, TDR, volatility