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 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.