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Xenith Bankshares, Inc. Reports Second Quarter, First Half 2013 Results And Announces Share Repurchase Program

Stocks in this article: XBKS

RICHMOND, Va., July 31, 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 three and six months ended June 30, 2013.

Net income was $552,000, or $0.05 per common share, in second quarter 2013, compared to $832,000, or $0.08 per common share, in second quarter 2012. For the first six months of 2013, net income was $970,000, or $0.09 per common share, compared to $1.14 million, or $0.10 per common share, for the first six months of 2012. Net income in second quarter and first half 2013 reflected income tax expense, while net income in the comparable 2012 periods did not include income tax expense, as the company had a valuation allowance on its net deferred tax asset.

Second Quarter, First Half 2013 Highlights

  • Net interest income after provision for loan losses was $5.25 million in the second quarter of 2013 compared to $5.03 million in the second quarter of 2012, and $10.09 million in the first half of 2013 compared to $9.74 million in the first half of 2012. Interest income was lower in the 2013 periods due to lower loan and investment yields, which was more than offset by lower cost of deposits and lower provisions for loan losses.
  • Total assets were $578.93 million at June 30, 2013, compared to $563.21 million at December 31, 2012, primarily reflecting loan growth and higher levels of investment securities.
  • Net loans held for investment increased to $393.59 million at June 30, 2013, compared to $379.01 million at December 31, 2012. Loans held for sale, which reflect the company's participation in a mortgage warehouse lending program, were $61.86 million at June 30, 2013, compared to $80.87 million at December 31, 2012. This decrease in loans held for sale is due to a decline in mortgage refinancing activity nationwide, a trend that could continue.
  • Total deposits grew to $464.68 million at June 30, 2013, compared to $453.23 million at December 31, 2012, providing additional core deposit funding to support the company's lending activities.
  • Asset quality remained strong, with a ratio of nonperforming assets to total assets of 0.89% at June 30, 2013, down from 0.95% at December 31, 2012. The ratio of ALLL to nonaccrual loans exceeded 100% at June 30, 2013.
  • Book value per common share at June 30, 2013 was $7.51, down from $7.55 at December 31, 2012, while tangible book value 1 was $6.00 at June 30, 2013, compared to $6.02 at December 31, 2012. Total shareholders' equity was $87.14 million at June 30, 2013, compared to $87.55 million at December 31, 2012. The recent increase in longer term interest rates had a negative impact on the market value of the company's securities portfolio, which reduced the company's equity.
  • Capital ratios remained above regulatory standards for "well-capitalized" banks, with a Tier 1 leverage ratio of 12.39%, a Tier 1 risk-based capital ratio of 13.69%, and a total risk-based capital ratio of 14.71% at June 30, 2013.

T. Gaylon Layfield, III, President and Chief Executive Officer, commented: "Xenith continues to demonstrate consistent financial performance and balance sheet and capital strength. We have added loans in a highly competitive environment, while maintaining our unwavering commitment to credit quality, risk management and risk-adjusted loan pricing. With approximately 75% of our loan portfolio comprised of floating rate loans, we believe we have built an asset-sensitive balance sheet that should perform well as interest rates rise.

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