RICHMOND, Va., Sept. 13, 2012 /PRNewswire/ -- Xenith Bankshares, Inc. (Nasdaq: XBKS), the holding company for Xenith Bank, today announced that it is among the 25 banks and thrifts that comprise the Sandler O'Neill Sm-All Stars – Class of 2012. The objective of Sandler O'Neill's annual research is to identify the top performing small-cap banks and thrifts in the nation. Sandler O'Neill + Partners, L.P., is a full-service investment banking firm dedicated to providing comprehensive, innovative advisory and transaction execution services to the financial industry.
"We are delighted to be among the Sm-All Stars selected by the Sandler O'Neill research," stated, T. Gaylon Layfield, III, President and Chief Executive Officer. "For a relatively young bank, this kind of recognition of our progress is exciting for our shareholders, customers, and employees."
In developing its list of Sm-All Stars, Sandler O'Neill evaluated 461 publicly traded banks with a market capitalization of less than $2 billion and placed a $25 million minimum market capitalization cutoff to incorporate a liquidity constraint. In announcing the Sm-All Stars, Sandler O'Neill's Director of Research Mark Fitzgibbon and Associate Director Casey Orr stated that their "screening methodology eliminated 95% of the institutions being evaluated and the performance metrics of the remaining 25 institutions are exceptional with the Class of 2012 delivering bottom line results that are markedly better than the industry as a whole."
Companies were evaluated based on absolute performance in eight financial variables: growth in EPS, loans and deposits, return on average equity, nonperforming assets (excluding accruing Troubled Debt Restructurings) to loans plus OREO ratio, net charge-off ratio, reserves to nonperforming assets ratio and Tier 1 risk-based capital ratio. To earn Sm-All Star status, the banks and thrifts needed to be at or above the peer median for the first seven metrics surveyed, plus be considered "Well Capitalized" per the Tier 1 risk-based capital ratio.