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Xenith Bankshares, Inc. Reports Improved Financial Performance In 2012: Net Income $7.38 Million In 2012 Compared To $4.45 Million In 2011

RICHMOND, Va., Feb. 27, 2013 (GLOBE NEWSWIRE) -- Xenith Bankshares, Inc. (Nasdaq:XBKS), parent company of Xenith Bank, a business-focused bank serving the Greater Washington, D.C., and Richmond and Greater Hampton Roads, Virginia markets, today announced financial results for the year and quarter ended December 31, 2012. Net income was $7.38 million, or $0.70 per common share, for the year ended December 31, 2012 compared to $4.45 million, or $0.48 per common share, for the year ended December 31, 2011. Net income in 2012 included a $4.95 million, or $0.47 per common share, income tax benefit due to the reversal of the valuation allowance on the company's net deferred tax asset. In 2011, net income included a pre-tax bargain purchase gain of $8.66 million resulting from the acquisition of Virginia Business Bank.

The company reported fourth quarter 2012 net income of $332,000, or $0.03 per common share, compared to fourth quarter 2011 net income of $215,000, or $0.02 per common share. Fourth quarter 2012 net income includes $380,000 of income tax expense, with income tax expense of $17,000 reported in the 2011 period.

2012 Highlights

  • Book value per common share at December 31, 2012 was $7.55, an increase of 10% from $6.88 at December 31, 2011. Tangible book value 1 at December 31, 2012 was $6.02 per common share, an increase of 13.2% from $5.32 per common share at December 31, 2011.
  • Total assets increased to $563.21 million, or 18%, at December 31, 2012 compared to $477.47 million at December 31, 2011.
  • Total deposits grew by $78.22 million, or 21%, to $453.23 million at December 31, 2012, compared to $375.01 million at December 31, 2011; noninterest bearing deposit accounts increased 57% to $74.54 million at December 31, 2012 compared to $47.49 million at December 31, 2011.
  • Net interest income, after provision for loan and lease losses, was $20.21 million in 2012 compared to $12.24 million in 2011, reflecting organic loan growth and reduced loan loss provision.
  • Net loans at year-end 2012, including loans held for sale, increased $138.01 million, or 43%, compared to year-end 2011.
  • Asset quality improved with net charge-offs as a percentage of average loans held for investment of 0.35% for the year ended 2012, compared to 0.58% for the year ended 2011, and nonperforming assets as a percentage of total assets declined to 0.95% at year-end 2012 compared to 1.40% at year-end 2011.
  • Capital ratios remained above regulatory standards for "well-capitalized" banks, with a Tier 1 leverage ratio of 12.9%, a Tier 1 risk-based capital ratio of 15.4%, and a total-risk based capital ratio of 16.5% at year-end 2012.

T. Gaylon Layfield, III, President and Chief Executive Officer, commented: "We are pleased with our progress during 2012 expanding Xenith's franchise and growing our reach, scope and services. Our relationships with business customers throughout our target markets are growing, as evidenced by loan and deposit growth. In 2012, we completed integrating two acquisitions executed in 2011 and made process enhancements to strengthen risk management oversight and efficiency. We had excellent customer retention rates from our acquisitions and made significant progress toward resolving the classified and criticized loans primarily acquired in our acquisition of Virginia Business Bank. Our growth in loans and deposits contributed to an increase in shareholders' equity to $87.55 million at December 31, 2012 compared to $80.30 million at December 31, 2011. With nonperforming assets falling to 0.95% of total assets, we are focused on delivering prudent growth coupled with leveraging our infrastructure, while maintaining strong asset quality.  We continue to evaluate strategic opportunities."

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