Bay Bancorp Inc. lost nearly $1 million in the third quarter as it absorbed the assets and deposits of Slavie Federal Savings Bank after that bank's failure.
Bay Bancorp, Inc., the parent of Lutherville-based Bay Bank, acquired assets of $117.1 million, including $82.9 million in loans, while assuming $110.8 million of deposits after Slavie was closed by federal regulators in May.
Bay reported on Wednesday it lost $941,515, or 9 cents a share, in the quarter ended Sept. 30, compared to earnings of $922,793, or 11 cents a share, a year earlier. Bay said it paid $1.1 million for a one-time stock-based compensation expense, and about $600,000 in expenses related to absorbing Slavie.
Bel Air-based Slavie was one of two Maryland banks to fail this year. The other, Rising Sun-based NBRS Financial Bank, was absorbed by Howard Bank in Ellicott City.
As of Sept. 30, Bay said it had $479 million in assets, down about 1.6 percent from the prior quarter. Its deposits declined 4.7 percent to $399 million.
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