Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company [Abstract]

Condensed Financial Information of Parent Company

Note 22. Condensed Financial Information of Parent Company

Financial information pertaining only to Bay Banks of Virginia, Inc. is as follows:

Condensed Balance Sheets	2012		2011
Assets
Cash and due from banks	$	9,053,069	$	63,129
Investments in subsidiaries		31,324,616		27,917,081
Premises and equipment, net		1,168		1,760
Other assets		274,226		316,962
Total assets	$	40,653,079	$	28,298,932
Liabilities and Shareholders’ Equity
Liabilities
Deferred directors’ compensation	$	249,645	$	210,973
Other liabilities		3,818,463		168,216
Total liabilities	$	4,068,108	$	379,189
Total shareholders’ equity		36,584,971		27,919,743
Total liabilities and shareholders’ equity	$	40,653,079	$	28,298,932

Condensed Income Statements	2012		2011
Dividends from subsidiaries	$	—	$	—
Other income		730,940		480,076
Total non-interest income		730,940		480,076
Total non-interest expense		634,593		448,405
Income before income taxes and equity in undistributed earnings of subsidiaries		96,347		31,671
Income tax expense		22,145		3,083
Income before equity in undistributed earnings of subsidiaries		74,202		28,588
Equity in undistributed earnings of subsidiaries		623,560		321,554
Net income	$	697,762	$	350,142

Condensed Statements of Cash Flows	2012			2011
Cash Flows from Operating Activities:
Net income	$	697,762		$	350,142
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		592			698
Stock-based compensation		2,924			31,071
Equity in undistributed earnings of subsidiaries		(623,560	)		(321,554	)
Decrease in other assets		42,737			24,974
Net change in deferred directors’ compensation		38,672			(48,823	)
Increase (decrease) in other liabilities		3,650,247			(22,606	)
Net cash provided by operating activities		3,809,374			13,902
Cash Flows from Investing Activities:
Investment in subsidiaries		(3,515,000	)		—
Net cash (used in) investing activities		(3,515,000	)		—
Cash Flows from Financing Activities:
Proceeds from issuance of common stock		8,695,566			—
Net cash used in financing activities		8,695,566			—
Net increase in cash and due from banks		8,989,941			13,902
Cash and due from banks at January 1		63,129			49,227
Cash and due from banks at December 31	$	9,053,069		$	63,129