Bay Banks of Virginia (BAYK) in Kilmarnock is adjusting its 2013 financial results after unloading a troubled asset.
The $331 million-asset company said in a press release Tuesday that it had sold a $1.2 million South Carolina Student Loan Corp. auction-rate security at a 24% discount to its face value.
Bay Banks, which had already recognized a $120,000 impairment loss tied to the security in 2013, said it would record another an additional impairment loss of $110,880 to last year's results. The added loss will reduce its 2013 net income by $100,000, to $1.2 billion.
"We are pleased to report that this troubled asset is now gone," Randal Greene, the company's president and chief executive, said in the release. "All other investment securities are rated 'A' or better."