10-Q/A 1 d10qa.htm FORM 10-Q AMENDMENT NO. 1 Form 10-Q Amendment No. 1

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q/A

Amendment No. 1 to Form 10-Q

 

 

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 2008

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 0-22955

 

 

BAY BANKS OF VIRGINIA, INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

 

 

VIRGINIA   54-1838100

(STATE OR OTHER JURISDICTION OF

INCORPORATION OR ORGANIZATION)

  

(I.R.S. EMPLOYER

IDENTIFICATION NO.)

100 SOUTH MAIN STREET, KILMARNOCK, VA 22482

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

(804) 435-1171

(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    x  yes    ¨  no

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer  ¨    Accelerated filer  ¨
        Non-accelerated filer  ¨            Smaller reporting company  x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ¨  yes    x  no

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

2,367,924 shares of common stock on May 1, 2008

 

 

 

EXPLANATORY NOTE

This Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 is being filed to correct the error on the Consolidated Statements of Changes in Shareholders’ Equity (page 5). The total comprehensive income originally reported was “$640,182” and is hereby corrected to show “$699,944”.

Except as described above, no other changes have been made to the original filing and this Form 10-Q/A does not amend, update or change the financial statements or any other items or disclosures in the original filing.

CONSOLIDATED STATEMENTS OF CHANGES

IN SHAREHOLDERS’ EQUITY

 

     Common
Stock		     Additional
Paid-in
Capital		     Retained
Earnings		     Accumulated
Other
Comprehensive
Income (Loss)		     Total
Shareholders’
Equity		  

Balance at January 1, 2007

    $ 11,873,633     $ 4,722,592     $ 10,726,121     $ (954,462 )   $ 26,367,884  

Comprehensive Income:

           

Net Income

      —         —         378,926       —         378,926  

Changes in unrealized holding gains on securities arising during the period, net of taxes of $183

            356       356  
                

Total comprehensive income

              379,282  

Cash dividends paid – $0.165 per share

      —         —         (390,675 )     —         (390,675 )

Stock repurchases

      (20,000 )     (39,266 )     —         —         (59,266 )

Stock-based compensation

        9,168           9,168  
                      

Balance at March 31, 2007

    $ 11,853,633     $ 4,692,494     $ 10,714,372     $ (954,106 )   $ 26,306,393  
                                        

Balance at January 1, 2008

    $ 11,819,583     $ 4,643,827     $ 10,959,793     $ (350,340 )   $ 27,072,863  

Comprehensive Income:

           

Net Income

      —         —         485,613       —         485,613  

Changes in unrealized holding gains on securities arising during the period, net of taxes of $114,807

            222,858       222,858  

Reclassification adjustment for securities gains included in net income, net of taxes of ($4,393)

            (8,527 )     (8,527 )
                

Total comprehensive income

              699,944  

Effects of changing the pension plan measurement date pursuant to FAS158, net of tax benefit of ($17,731)

          (34,419 )       (34,419 )

Cash dividends paid – $0.17 per share

      —         —         (401,533 )     —         (401,533 )

Stock repurchases

      (8,000 )     (12,770 )     —         —         (20,770 )

Stock-based compensation

        7,184           7,184  

Sale of common stock:

           

Dividends Reinvested

      30,035       47,442       —         —         77,477  
                                        

Balance at March 31, 2008

    $ 11,841,618     $ 4,685,683     $ 11,009,454     $ (136,009 )   $ 27,400,746  
                                        

See Notes to Consolidated Financial Statements.

 

5

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to the report to be signed on its behalf by the undersigned thereunto duly authorized, on the 13th day of May, 2008.

 

Bay Banks of Virginia, Inc.
(Registrant)
By:  

/s/ Austin L. Roberts, III

Austin L. Roberts, III
President and Chief Executive Officer
(Principal Executive Officer)
By:  

/s/ Deborah M. Evans

Deborah M. Evans
Treasurer
(Principal Financial Officer)