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Cordia Bancorp Inc. Reports Second Quarter Profit

Stocks in this article: BVA

MIDLOTHIAN, Va., Aug. 15, 2013 (GLOBE NEWSWIRE) -- Cordia Bancorp Inc. (the "Company") (Nasdaq:BVA), parent company of Bank of Virginia (the "Bank"), reported net income of $261,000, or $0.09 per share, in the second quarter of 2013, compared to a net loss of $29,000, or $(0.02) per share, in the second quarter of 2012. For the first six months of 2013, net income was $482,000, or $0.20 per share, compared to $24,000, or $0.02 per share, for the first six months of 2012.

Financial Highlights

  • Net Interest Income. Net interest income after provision for loan losses was $2.1 million in the second quarter of 2013 compared to $1.6 million in the second quarter of 2012, and $4.2 million in the first half of 2013 compared to $3.4 million in the first half of 2012.  
  • Asset Growth. Total assets were $229.5 million at June 30, 2013, compared to $178.7 million at December 31, 2012. Loans increased 49%, to $168.5 million at June 30, 2013, from $113.1 million at December 31, 2012.   During the first six months of 2013 the Company purchased $53.0 million of student loans that are 98% guaranteed by the U.S. Department of Education.  
  • Deposit Rates. Average rates paid on the Bank's interest-bearing deposits decreased from 1.71% in the first half of 2012 to 0.97% in the first half of 2013, while adding $64.0 million in average deposits.  
  • Deposit Growth and Mix.  Total deposits increased to $205.4 million at June 30, 2013, compared to $154.4 million at December 31, 2012. The Company acquired institutional time deposits at rates lower than its retail rates and continued to shift its retail deposit mix away from time deposits into transaction accounts. Total checking, money market and savings accounts increased 20%, to $70.8 million at June 30, 2013, from $58.9 million at December 31, 2012.  
  • Asset Quality. Asset quality continued to improve, with total non-performing assets decreasing to $7.6 million, or 3.3% of assets, at June 30, 2013, from $9.3 million, or 5.2% of assets, at December 31, 2012.   Delinquencies on the Company's accruing commercial and consumer loan portfolios reduced further, to $290,000 at June 30, 2013, from $649,000 at year-end 2012.  
  • Book Value. Tangible book value per share increased to $4.74 at June 30, 2013, from $4.24 at December 31, 2012.

Operating Results

Interest income increased $1.1 million, from $1.6 million during the second quarter of 2012 to $2.6 million for the second quarter of 2013. Interest income increased $1.4 million, from $3.9 million during the first half of 2012 to $5.3 million for the first half of 2013. A substantial increase in the average balance of loans held for investment was the primary factor driving these increases in interest income.

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