RICHMOND, Va., May 1, 2013 (GLOBE NEWSWIRE) -- Xenith Bankshares, Inc. (Nasdaq:XBKS), parent company of Xenith Bank, a business-focused bank serving the Greater Washington, D.C., Richmond and Greater Hampton Roads, Virginia markets, today announced financial results for the quarter ended March 31, 2013. Net income was $418,000, or $0.04 per common share, in first quarter 2013, compared to $312,000, or $0.03 per common share, in first quarter 2012. Pre-tax net income more than doubled to $663,000 in first quarter 2013 compared to $312,000 in first quarter 2012. The company reported no income tax expense in first quarter 2012.
First Quarter 2013 Highlights
- Book value per common share at March 31, 2013 increased nearly 10% to $7.57 compared to $6.91 at March 31, 2012, while tangible book value per common share 1 rose to $6.05 compared to $5.35 at March 31, 2012.
- Shareholders' equity was $87.77 million at March 31, 2013, up 9%, compared to $80.59 million at March 31, 2012.
- Total assets increased 17% to $579.85 million at March 31, 2013, from $495.19 million at March 31, 2012.
- Net loans, including loans held for sale, were $440.96 million at March 31, 2013, up 25%, compared to $354.08 million at the end of prior year's first quarter.
- Total deposits grew to $468.80 million at March 31, 2013 compared to $392.26 million at the end of the prior year's first quarter, providing additional low-cost core funding for the company's lending activities. Noninterest-bearing demand deposits increased to $75.88 million at March 31, 2013 compared to $53.30 million at March 31, 2012. Demand and money market account balances grew 31% between March 31, 2012 and March 31, 2013.
- Net interest income after provision for loan and lease losses was $4.84 million for first quarter 2013 compared to $4.71 million for first quarter 2012, the increase primarily reflecting interest income generated from loan growth and a stable loan loss provision.
- Asset quality improved with net charge-offs as a percentage of average loans held for investment of 0.04% for first quarter 2013, compared to 0.13% for first quarter 2012.
- The ratio of nonperforming assets to total assets was 0.89% at March 31, 2013 compared to 1.26% at March 31, 2012 and 0.95% at year-end 2012.
- Capital ratios remained above regulatory standards for "well-capitalized" banks, with a Tier 1 leverage ratio of 12.2%, a Tier 1 risk-based capital ratio of 14.6%, and a total-risk based capital ratio of 15.8% at March 31, 2013.
T. Gaylon Layfield, III, President and Chief Executive Officer, commented: "Xenith demonstrated in the first quarter its ability to continue building shareholder value, as reflected by the company's growth in book value, earnings, loans, and deposits. While the rate of our organic loan growth was less than we would have liked in the first quarter, we believe that we continued making progress building an asset-sensitive balance sheet that we expect will perform well as interest rates rise in the future. Further, we have seen growth in noninterest bearing deposits, which are adding value to the Xenith franchise."
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