Bay Bancorp Earnings Boosted By Hopkins Deal


By Charlotte Chilton, Maryland Business News Wire

Bay Bancorp Inc., a savings and loans holding company, reported that its fourth-quarter profits doubled to $740,000, according to a Securities and Exchange Commission filing.

The fourth quarter increase can be attributed to the acquisition of Hopkins Federal Savings Bank by Bay Bancorp. The acquisition took place in the third quarter of 2016 and boosted Bay Bank’s quarterly performance.

Bay Bancorp reported earnings of $370,000 in the fourth quarter of 2015.

The Hopkins merger increased the company’s growth in net loans and targeted core deposits and allowed the bank to acquire total assets that exceed $620 million, compared to $606 million in the third quarter of 2016 and $491 million in the previous year.

“We are very proud of our team’s accomplishments this year with over $100 million in new loan originations, successful completion of the Hopkins acquisitions, and leadership transition in numerous key banking, credit and operations roles,” stated Joseph J. Thomas, chief executive officer of Bay Bancorp, in a statement.

Total deposits increased to $526 million from $367 million, a 43.3 percent increase from the previous year and is due to the deposits acquired in the merger.

Bay Bank’s pre tax earnings have increased 43 percent from last quarter and increased 52 percent from the last year.

Bay Bancorp ‘s stock increased 2.19 percent to $7 in midday trading Tuesday.

No analysts cover the company.

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