Yes, banded water snakes are live bearers. I saw one giving birth about 2 months ago. Water moccasins are also live bearers, but it is really easy to tell them apart. Baby banded water snakes look like the mother. Baby water moccasins are lighter with more pronounced cross bands than the mother, and the last few inches of the tails of the babies are brightly colored - usually yellow, but sometimes green. The tail in adults is black.
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