Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company

Note 23. Condensed Financial Information of Parent Company

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

(Dollars in thousands)
Condensed Balance Sheets	December 31, 2014		December 31, 2013
Assets
Cash and due from non-affiliated banks	$	2,445	$	3,884
Investments in subsidiaries		35,625		32,456
Premises and equipment, net		—		1
Other assets		1,732		1,266
Total assets	$	39,802	$	37,607
Liabilities and Shareholders’ Equity
Liabilities
Deferred directors’ compensation	$	414	$	337
Other liabilities		150		134
Total liabilities		564		471
Total shareholders’ equity		39,238		37,136
Total liabilities and shareholders’ equity	$	39,802	$	37,607

(Dollars in thousands)
Condensed Income Statements	Years ended December 31,
	2014		2013
Non-interest income	$	641	$	600
Non-interest expense		622		829
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries		19		(229	)
Income tax expense (benefit)		5		(27	)
Income (loss) before equity in undistributed earnings of subsidiaries		14		(202	)
Equity in undistributed earnings of subsidiaries		1,816		1,424
Net income	$	1,830	$	1,222

(Dollars in thousands)
Condensed Statements of Cash Flows	Years ended December 31,
	2014			2013
Cash Flows from Operating Activities:
Net income	$	1,830		$	1,222
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		—			1
Stock-based compensation		20			122
Equity in undistributed earnings of subsidiaries		(1,816	)		(1,424	)
Increase in other assets		(467	)		(186	)
Net change in deferred directors’ compensation		77			87
Increase (decrease) in other liabilities		17			(3,720	)
Net cash used in operating activities		(339	)		(3,898	)
Cash Flows from Investing Activities:
Purchase of other assets		—			(771	)
Investment in subsidiaries		(1,100	)		(500	)
Net cash used in investing activities		(1,100	)		(1,271	)
Cash Flows from Financing Activities:
Net cash provided by financing activities		—			—
Net decrease in cash and due from banks		(1,439	)		(5,169	)
Cash and due from banks at January 1		3,884			9,053
Cash and due from banks at December 31	$	2,445		$	3,884