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Cordia Bancorp Inc. Reports 2013 Earnings

Stocks in this article: BVA

MIDLOTHIAN, Va., March 5, 2014 (GLOBE NEWSWIRE) -- Cordia Bancorp Inc. (the "Company") (Nasdaq:BVA), parent company of Bank of Virginia (the "Bank"), reported net income of $696 thousand or $0.27 per share for the year ended December 31, 2013, compared to a net loss of $544 thousand or ($0.32) per share for the year ended December 31, 2012.

2013 Highlights

  • Completion of merger of Cordia Bancorp and Bank of Virginia in March 2013.
  • Four quarters of profitability in 2013 - after losses in four previous years.
  • Double digit increase in assets for second consecutive year.
  • 82% reduction in substandard loans in past nine quarters.
  • Highest % increase in deposits among 47 financial institutions headquartered in the greater Richmond Virginia MSA in 2013 – an increase of 37% from 2012 to 2013.
  • A decrease in cost of funds from 1.45% in 2012 to 0.84% in 2013.
  • Lifting of our Written Agreement with regulators in August 2013.
  • Availability for future recovery of $6.0 million of deferred tax asset value.

Chief Executive Officer Jack Zoeller stated, "2013 was a game-changing year for Cordia and Bank of Virginia. We took some first steps forward in our growth strategy, after several years of rebuilding the bank's credit portfolio, culture and management. As we enter 2014, we are poised for a significant new phase of growth."

Mr. Zoeller added, "We are grateful to our shareholders, customers and employees for their substantial support these past few years. Our board and management remain stable and committed to achieving our shared goals."

Financial Highlights

  • Asset Growth. Total assets were $235.1 million at December 31, 2013, compared to $178.7 million at December 31, 2012. Total loans held for investment increased 54%, to $174.0 million at December 31, 2013, from $113.1 million at December 31, 2012. During 2013 the Company originated $61.4 million of new and renewed loans and also purchased $59.7 million of student loans that are approximately 98% guaranteed by the U.S. Department of Education.  
  • Deposit Growth and Mix. Total deposits increased to $210.8 million at December 31, 2013, compared to $154.4 million at December 31, 2012. The Company continued to shift its retail deposit mix away from time deposits into transaction accounts. Total checking, money market and savings accounts increased 42%, to $83.5 million at December 31, 2013, from $58.9 million at December 31, 2012.   
  • Net Interest Income. Net interest income after provision for loan losses was $8.0 million for the year ended December 31, 2013 compared to $6.3 million for the year ended December 31, 2012.  
  • Asset Quality. Asset quality continued to improve, with total non-performing assets, net of accruing troubled debt restructurings, decreasing to $5.5 million, or 2.3% of assets, at December 31, 2013, from $7.2 million, or 4.1% of assets, at December 31, 2012. At year-end 2013, the Company had reserve equivalents (including the credit mark on purchased loans) totaling 1.40% of total outstanding loans, excluding guaranteed student loans.   There were no delinquencies on the Company's accruing originated loan portfolio at December 31, 2013.   
  • Tangible Book Value. Tangible book value per share increased to $4.74 at December 31, 2013, from $4.15 at December 31, 2012, due primarily to the March 29, 2013 share exchange between the Company and the Bank.  
  • Deferred Tax Asset. As of December 31, 2013, the Company had net deferred tax assets that were fully offset by a valuation allowance (netting to zero on the balance sheet). Of the total such assets, $6.0 million will be fully recovered on the balance sheet, if it is determined that realization of the full deferred tax asset is more-likely-than-not.

Operating Results

Net interest income after the provision for loan losses was $8.0 million for the year ended December 31, 2013, compared to $6.3 million for the year ended December 31, 2012. The increase in net interest income for the year ended December 31, 2013 as compared to the year ended December 31, 2012 was primarily the result of an increase in average earning assets of $57.8 million.

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