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Cordia Bancorp Inc. Reports Third Quarter Profit

Stocks in this article: BVA

MIDLOTHIAN, Va., Nov. 14, 2013 (GLOBE NEWSWIRE) -- Cordia Bancorp Inc. (the "Company") (Nasdaq:BVA), parent company of Bank of Virginia (the "Bank"), reported net income of $208,000, or $0.07 per share, in the third quarter of 2013, compared to a net loss of $449,000, or $(0.26) per share, in the third quarter of 2012. For the first nine months of 2013, net income was $690,000, or $0.27 per share, compared to a loss of $425,000, or $0.27 per share, for the first nine months of 2012.

Financial Highlights

  • Asset Growth. Total assets were $233.0 million at September 30, 2013, compared to $178.7 million at December 31, 2012. Loans increased 53%, to $172.8 million at September 30, 2013, from $113.1 million at December 31, 2012. During the first nine months of 2013 the Company purchased $51.3 million of student loans that are approximately 98% guaranteed by the U.S. Department of Education and also originated $28.4 million of new organic loans.
  • Net Interest Income. Net interest income after provision for loan losses was $1.9 million in the third quarter of 2013 compared to $1.2 million in the third quarter of 2012, and $6.1 million in the first nine months of 2013 compared to $4.6 million in the first nine months of 2012.
  • Deposit Growth and Mix. Total deposits increased to $208.9 million at September 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 38.0%, to $81.3 million at September 30, 2013, from $58.9 million at December 31, 2012.
  • Deposit Rates. Average rates on the Bank's interest-bearing deposits decreased from 1.16% in the first nine months of 2012 to 0.87% in the nine months of 2013, while adding $60.3 million in total average deposits.
  • Asset Quality. Asset quality continued to improve, with total non-performing assets, net of accruing troubled debt restructurings, decreasing to $5.6 million, or 2.4% of assets, at September 30, 2013, from $7.2 million, or 4.0% of assets, at December 31, 2012. There were no delinquencies on the Company's accruing organic loan portfolio at September 30, 2013.
  • Tangible Book Value. Tangible book value per share increased to $4.69 at September 30, 2013, from $4.15 at December 31, 2012.
  • Deferred Tax Asset. As of September 30, 2013, the Company has net deferred tax assets totaling $9.3 million of which $8.5 million represents the after-tax impact of net operating losses. This net deferred tax asset is fully offset by a valuation allowance as a result of uncertainty surrounding the ultimate realization of these tax benefits. If it is determined that realization of the deferred tax assets is more-likely-than-not, based primarily on developing sufficient core profitability, some or all of $5.9 million of valuation allowance may be reversed.

Balance Sheet and Asset Quality

The company's total assets were $233.0 million at September 30, 2013, compared to $178.7 million at December 31, 2012. Loans held for investment net of the allowance for loan losses increased to $171.3 million at September 30, 2013, from $111.0 million at December 31, 2012. Total deposits were $208.9 million at September 30, 2013, compared to $154.4 million at December 31, 2012.

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