RICHMOND, Va., Feb. 19, 2014 (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 year and quarter ended December 31, 2013.
For the year ended December 31, 2013, net income was $2.0 million, or $0.18 per common share, compared to $7.4 million, or $0.70 per common share, for the year ended December 31, 2012. Net income in 2013 reflected income tax expense, while net income in 2012 included a $5.0 million, or $0.47 per common share, tax benefit due to the reversal of the valuation allowance on the company's net deferred tax asset.
The company reported fourth quarter 2013 net income of $268,000, or $0.02 per common share, compared to fourth quarter 2012 net income of $332,000, or $0.03 per common share.T. Gaylon Layfield, III, President and Chief Executive Officer, commented: "We continued our path of prudent and steady growth, with a sharp focus on positioning the bank for an improving macroeconomic environment. This past year presented challenging and evolving economic conditions. In spite of these market conditions, we continued to grow, build commercial banking market share and expand client relationships. We further strengthened our balance sheet and our technology and operations infrastructure enabling the company to move forward with confidence, pursue organic growth in our target markets, and seek pragmatic strategic opportunities." 2013 Highlights
- For the year ended 2013, income before income tax expense was $3.1 million, an increase of 8.6%, compared to income before income tax expense of $2.8 million in 2012.
- Loans held for investment, net of allowance for loan losses, at December 31, 2013 increased 40.7% to $533.1 million compared to $379.0 million at December 31, 2012, primarily reflecting 20.8% growth in commercial and industrial ("C&I") lending, 14.5% growth in commercial real estate ("CRE") lending, and the addition of approximately $94.0 million in variable-rate, federally guaranteed student loans during 2013. Excluding guaranteed student loans, loans held for investment at December 31, 2013 increased $60.3 million, or nearly 16%, compared to year-end 2012.
- Average interest-earning assets in 2013 were $570.1 million, up from $493.0 million in 2012.
- Total assets at December 31, 2013 increased to $679.9 million, an increase of 20.7%, compared to $563.2 million at December 31, 2012, primarily reflecting loan growth, a modestly expanded portfolio of securities available for sale, bank owned life insurance, and cash and cash equivalents.
- Measures of asset quality reflected continuing strength and year-over-year improvement. At December 31, 2013, the ratio of nonperforming assets to total assets was 0.59% compared to 0.95% a year earlier, the ratio of nonperforming assets to loans held for investment was 0.75%, down from 1.39% a year earlier, and the ratio of allowance for loan and lease losses to nonaccrual loans was 139% compared to 96% at year-end 2012.
- Capital strength was reflected in ratios that were well above regulatory standards for "well-capitalized" banks at December 31, 2013, with a Tier 1 leverage ratio of 10.5%, a Tier 1 risk-based capital ratio of 13.4%, and a total risk-based capital ratio of 14.4%.
- Reflecting shareholder value growth, tangible book value 1 at December 31, 2013 was $6.10 per common share, compared to $6.02 at December 31, 2012.
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