Bay Bank Sees 80% Earnings Increase in Best Quarter Ever
Columbia-based Bay Bank announced its highest quarterly earnings ever for the quarter ending March 31, 2017. With a net income of $.96 million, the bank increased earnings 80% since last year, with 15% of that growth occurring just in the last quarter. The entrepreneurially-focused bank has experienced growth in all areas, expanding its opportunities to better serve its customers.
Highlights from the past year include the following.
• A profitable merger with Hopkins Bancorp and Hopkins Federal Savings Bank. With the Hopkins merger, the bank’s total assets top $633 million, and it is now the fifth-largest community bank headquartered in the Baltimore region.
• A successful record in acquisitions and acquired problem asset resolutions. At the end of the first quarter, Bay Bank held $7.6 million in remaining net purchase discounts on acquired loan portfolios.
• Greater equity for stockholders. Increases related to corporate earnings improved the book value of the bank’s common stock by 3.6% per share.
KatzAbosch Announces New Service to Help Optimize Businesses
KatzAbosch, a CPA and business consulting service, now offers process improvement services based on Lean Six Sigma methodology.
Top-performing companies often turn to strategy and operations consulting firms to assist them with their business process improvement initiatives. An outside partner can provide objectivity in assessing the company’s current processes, identifying and prioritizing opportunities for process improvement and designing and implementing solutions.
“For nearly 50 years KatzAbosch has been helping our clients achieve operational excellence. It seemed like a natural extension to offer a defined service offering around our expertise in this area,” said Mark Cissell, KatzAbosch’s CEO and president.
The Process Improvement Service group is led by KatzAbosch’s Claudia R. Wolter, CPA. As a certified Lean Six Sigma expert, Wolter is uniquely trained to utilize Lean Six Sigma methodology with process improvement strategies. This methodology is now commonplace throughout various industries. It helps identify the cause of the problem and implement a fix based on facts, rather than assumptions. The benefits include increases in customer satisfaction, revenue and/or resources and production of results.