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Cordia Bancorp Inc. Reports First Quarter Results

Stocks in this article: BVA

MIDLOTHIAN, Va., May 7, 2014 (GLOBE NEWSWIRE) -- Cordia Bancorp Inc. ("Cordia") (Nasdaq:BVA), parent company of Bank of Virginia, reported a net loss of $284,000 or $(0.10) per share for the first quarter of 2014, compared to net income of $222,000 or $0.08 per share for the first quarter of 2013.

First Quarter 2014 Highlights

  • 19% growth in total assets
  • 11% growth in deposits
  • 10% increase in full time employees
  • Acquisition of $26.5 million portfolio of student loans
  • Nonperforming assets continued to decrease to 1.7% of total assets

Chief Executive Officer Jack Zoeller stated, "We launched a fresh round of growth in the first quarter in anticipation of the $15.4 million capital raise that closed in early April. While we incurred a modest quartlerly loss primarily due to one-time factors and timing differences related to compensation, additions to staffand loan loss reserves, Cordia remains focused on its strategy to grow both our geographic footprint and earnings base." Cordia recently announced plans to open two new full-service branches in Chesterfield County and Colonial Heights, Virginia.

Financial Highlights

  • Asset Growth. Total assets were $280.3 million at March 31, 2014, compared to $235.1 million at December 31, 2013. During the first three months of 2014 the Company originated $11.7 million of new organic loans and also purchased $26.5 million of student loans 98% guaranteed by the U.S. Department of Education.  
  • Deposit Growth and Mix. Total deposits increased to $235.0 million at March 31, 2014, compared to $210.8 million at December 31, 2013. Total checking, money market and savings accounts increased 16%, to $96.5 million at March 31, 2014, from $83.5 million at December 31, 2013.  
  • Net Interest Income. Net interest income after provision for loan losses was $1.9 million in the first quarter of 2014, compared to $2.1 million in the first quarter of 2013.  
  • Asset Quality. Asset quality continued to improve, with total non-performing assets decreasing to $4.8 million, or 1.7% of assets, at March 31, 2014, from $5.5 million, or 2.3% of assets, at December 31, 2013. There were no delinquencies in the Company's organic loan portfolio at March 31, 2014.  
  • Tangible Book Value. Tangible book value per share decreased to $4.63 at March 31, 2014, from $4.72 at December 31, 2013.  
  • Deferred Tax Asset. As of March 31, 2014, the Company had net deferred tax assets totaling $6.9 million. Upon a determination that realizing the full deferred tax asset is more likely than not, $6.2 million of valuation allowance may be reversed. Cordia anticipates that such a determination may potentially be made near the end of 2014.

Operating Results

Cordia reported a net loss of $284,000 or $(0.10) per share for the first quarter of 2014, compared to net income of $222,000 or $0.08 per share for the first quarter of 2013.

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