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Xenith Bankshares, Inc. Reports First Quarter 2014 Results, Including Strong Loan Growth

Stocks in this article: XBKS

RICHMOND, Va., April 30, 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 three months ended March 31, 2014.

Additionally, the company announced the Federal Reserve Bank of Richmond, acting on delegated authority from the Board of Governors of the Federal Reserve System, today granted the federal bank regulatory approvals necessary to merge Colonial Virginia Bank ("CVB") with and into Xenith Bank, a transaction the company announced on March 21, 2014. Completion of the merger remains subject to approval by the Bureau of Financial Institutions of the Virginia State Corporation Commission, and the shareholders of CVB, as well as the satisfaction of other customary closing conditions.

Net income was $255,000, or $0.02 per common share, for the three months ended March 31, 2014 compared to net income of $418,000, or $0.04 per common share, for the three months ended March 31, 2013. Costs associated with the proposed merger during the three months ended March 31, 2014 were $205,000, or $0.02 per common share.

T. Gaylon Layfield, III, President and Chief Executive Officer, commented: "Xenith's loan growth was solid in the first quarter, especially when compared to loan growth in the first quarter of the past several years. On an annualized basis, our loans held for investment increased over 14% continuing our steady progress of building a diversified commercial loan portfolio while keeping an ever-vigilant eye on credit quality."

First Quarter 2014 Highlights

  • Income before income tax in the first quarter of 2014 and 2013 was $0.46 million and $0.66 million, respectively. First quarter 2014 pretax net income included $205,000 of merger-related costs.
  • Net loans held for investment were $552.3 million at March 31, 2014, up 3.6%, compared to $533.1 million at December 31, 2013.
  • Average interest-earning assets in the first quarter 2014 were $639.6 million, up 12.2% from $570.1 million for the year ended December 31, 2013.
  • Total assets at March 31, 2014 were $683.5 million compared to $679.9 million at December 31, 2013, as the company used available cash to fund $19 million of organic loan growth.
  • Asset quality and coverage for loan losses remained strong at March 31, 2014 with ratios of nonperforming assets to total assets of 0.65%, nonperforming assets to loans held for investment of 0.80% and an allowance for loan and lease losses to nonaccrual loans of 126%.
  • Net charge-offs as a percentage of average loans held for investment were 0.01% for the three-month period ended March 31, 2014.
  • Capital strength was reflected in ratios that were well above regulatory standards for "well-capitalized" banks, with a Tier 1 leverage ratio of 10.6%, a Tier 1 risk-based capital ratio of 12.9% and a total risk-based capital ratio of 13.9% at March 31, 2014.
  • Reflecting shareholder value growth, tangible book value 1 at March 31, 2014 was $6.23 per common share compared to $6.10 at December 31, 2013.

"We continue to focus on time-tested banking fundamentals, including asset and liability diversification and capital strength, along with an emphasis on variable-rate lending resulting in an asset-sensitive balance sheet," Layfield explained. "As I have remarked previously, we have invested in people and process because long-term performance, growth and value creation requires seasoned bankers, supported by a staff focused on outstanding execution."

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