Xenith Bankshares, Inc. (formerly known as Hampton Roads
Bankshares, Inc.) (NASDAQ:XBKS), parent company of Xenith Bank
(formerly known as The Bank of Hampton Roads), today announced
financial results for the three and six months ended June 30, 2016.
Results for Pre-Merger Company:
As previously announced, on July 29, 2016,
Xenith Bankshares, Inc. ("Legacy Xenith") merged with and into
Hampton Roads Bankshares, Inc. ("HMPR"), with HMPR as the surviving
corporation. Immediately following the merger, Legacy
Xenith’s wholly owned banking subsidiary, Xenith Bank, merged with
and into HMPR's wholly owned banking subsidiary, The Bank of
Hampton Roads ("BOHR"), with BOHR as the surviving entity. In
connection with the merger, the combined company assumed the
“Xenith Bankshares, Inc.” name for the holding company and the
“Xenith Bank” name for all banking operations. The surviving
corporation's headquarters has been moved to Legacy Xenith's
current headquarters in Richmond, Virginia, and is trading on the
NASDAQ under the symbol "XBKS".
All information contained herein is for HMPR
(referred to herein as the “Company”) and BOHR for the three and
six months ended June 30, 2016, and does not include any
information related to Legacy Xenith, which separately released its
second-quarter and year-to-date financial results on July 27,
2016.
Highlights:
- Net income attributable to common shareholders of $2.6
million and $4.0 million for the three and six months ended June
30, 2016, respectively, compared to $2.7 million and $4.1 million
for the three and six months ended June 30, 2015, respectively.
Included in the operating results for the three and six months
ended June 30, 2016, were before tax merger-related expenses of
$0.8 million and $2.4 million, respectively. Net income in the
three and six months ended June 30, 2016 included an increase in
provision for income taxes of $1.3 million and $2.0 million,
respectively.
- Non-performing assets decreased by $13.9 million, or
29.0%, from December 31, 2015 to $34.0 million at June 30, 2016,
resulting in a non-performing asset ratio of 2.09%.
- Non-interest expenses, excluding merger-related
expenses, declined $2.9 million, or 14.0% for the three months
ended June 30, 2016, and declined $4.5 million, or 11.1%, for the
six months ended June 30, 2016, compared to the same periods in
2015.
- Mortgage banking revenue grew 5.3% during the second
quarter 2016 compared to the same period in 2015, as favorable
market conditions continued to drive mortgage financing
demand.
Net Interest Income
Interest income declined $800 thousand, or 4.2%,
in the quarter ended June 30, 2016, compared to the same period in
2015, due mainly to declining average yields earned on the
Company's loan portfolio, as market-based interest rates continue
to remain low. Interest expense declined $176 thousand, or
5.3%, in the quarter ended June 30, 2016, compared to the same
period in 2015, mainly due to the Company replacing maturing long
term FHLB advances with lower cost overnight FHLB funds, as well as
a decline in higher cost time deposits. Net interest margin was
3.29% for the three and six months ended June 30, 2016 compared to
3.32% and 3.23% for the three and six months ended June 30, 2015,
respectively.
Credit Quality
Total non-performing assets were $34.0 million
and $47.9 million at June 30, 2016 and December 31, 2015,
respectively. The Company's non-performing assets ratio,
defined as the ratio of non-performing assets to gross loans, loans
held for sale, and other real estate owned and repossessed assets,
was 2.09% and 2.98% at June 30, 2016 and December 31, 2015,
respectively. At June 30, 2016 and December 31, 2015 there
were no loans categorized as 90 days or more past due and still
accruing interest. Loans in nonaccrual status totaled $29.9
million and $35.5 million at June 30, 2016 and December 31, 2015,
respectively. Other real estate owned and repossessed assets
at June 30, 2016 and December 31, 2015 was $4.1 million and $12.4
million, respectively. This decline was mainly due to sales
of real estate owned outpacing foreclosure and repossession
activity during the six months ended June 30, 2016. The
allowance for loan losses was $22.9 million or 1.47% of outstanding
loans as of June 30, 2016 compared with $23.2 million or 1.50% of
outstanding loans as of December 31, 2015. The consolidated
regulatory Classified Assets Ratio, defined as the sum of
classified loans and other real estate owned and repossessed assets
as a percentage of the sum of the allowance of loan losses and Tier
1 capital, has improved to 17.69% at June 30, 2016 from 29.14% and
34.75% at the end of June 2015 and 2014, respectively.
Noninterest Income
Noninterest income for the three and six months
ended June 30, 2016 was $8.4 million and $15.4 million,
respectively, compared to $8.4 million and $15.7 million,
respectively, for the same periods in 2015. Mortgage banking
revenue continued to see healthy growth during the second quarter
of 2016, as favorable market interest rates continued to drive
demand for mortgage financing. Offsetting this growth was
declines in non-sufficient fund ("NSF") fee revenue, rental income,
and trading income.
Noninterest Expense
Noninterest expense for the three and six months
ended June 30, 2016 was $19.0 million and $38.5 million,
respectively, compared to $20.9 million and $40.4 million,
respectively, for the same periods in 2015. As the Company's
credit and risk profile improves, and legacy legal issues are
resolved, professional and consultant fees, FDIC insurance, and
problem loan and repossessed asset costs have declined. The
improvement in impairments and gains and losses on sales of other
real estate owned and repossessed assets was driven mainly by the
year-over-year decline in these assets and the timing of the
Company recording impairments. Offsetting these declines in
operating expenses were $2.6 million of merger-related expenses the
Company incurred during the first six months of 2016.
Balance Sheet Trends
As of June 30, 2016, assets have increased $26.5
million, or 1.3%, from December 31, 2015. A major contributor
to this growth in assets was driven by new loan originations in the
Company's marine financing division. While certain loan
categories experienced some level of decline, installment loans
grew $39.0 million or 24.1%, as marine financing continues to grow
at a robust pace. While benefiting from seasonal purchase
patterns, growth in marine lending has been fueled by developing
the Company's wholesale network and enhancing customer service to
retail buyers. Deposits declined $61.4 million, or 3.6%, from
December 31, 2015 to June 30, 2016. The majority of this
decline was due to seasonal outflow of interest-bearing demand
deposits and a decrease in time deposits due in part to the
maturing of a portion of national and brokered certificates of
deposit. Borrowings with the FHLB increased during the first
half of 2016 in order to fund loan demand, maintain sufficient
liquidity, and offset the decline in deposits.
Capitalization
Total shareholders’ equity increased $7.3
million or 2.5% to $297.9 million at June 30, 2016, from $290.6
million at December 31, 2015. The Company and BOHR are
subject to regulatory capital guidelines that measure capital
relative to risk-weighted assets and off-balance sheet financial
instruments. As of June 30, 2016, the Company's consolidated
regulatory capital ratios were Common Equity Tier 1 Capital Ratio
of 14.54%, Tier 1 Risk-Based Capital Ratio of 14.94%, Total
Risk-Based Capital Ratio of 16.21%, and Tier 1 Leverage Ratio of
13.09%. As of June 30, 2016, the Company exceeded the
regulatory capital minimums, and BOHR was considered “well
capitalized” under the risk-based capital standards. BOHR's
Common Equity Tier 1 Capital Ratio, Tier 1 Risk-Based Capital
Ratio, Total Risk-Based Capital Ratio, and Tier 1 Leverage Ratio
were as follows: 14.60%, 14.60%, 15.87%, and 12.76%,
respectively.
Caution About Forward-Looking
Statements
All statements other than statements of
historical facts contained in this press release are
forward-looking statements. Forward-looking statements made in this
press release reflect beliefs, assumptions and expectations of
future events or results, taking into account the information
currently available to Xenith Bankshares, Inc. (“XBKS”). These
beliefs, assumptions and expectations may change as a result of
many possible events, circumstances or factors, not all of which
are currently known to XBKS. If a change occurs, XBKS’s business,
financial condition, liquidity, results of operations and prospects
may vary materially from those expressed in, or implied by, the
forward-looking statements. Accordingly, you should not place
undue reliance on these forward-looking statements. Factors that
may cause actual results to differ materially from those
contemplated by these forward-looking statements include among
others: difficulties and delays in integrating the HMPR and Legacy
Xenith businesses or fully realizing cost savings and other
benefits; business disruptions following the proposed transaction;
changes in asset quality and credit risk; the inability to sustain
revenue and earnings growth; changes in interest rates and capital
markets; inflation; customer borrowing, repayment, investment and
deposit practices; customer disintermediation; the introduction,
withdrawal, success and timing of business initiatives; competitive
conditions; the inability to realize cost savings or revenues or to
implement integration plans and other consequences associated with
mergers, acquisitions and divestitures; economic conditions; the
inability to realize deferred tax assets within expected time
frames or at all; and the impact, extent and timing of
technological changes, capital management activities and other
actions of the Federal Reserve Board and legislative and regulatory
actions and reforms; and the risks discussed in XBKS’s public
filings with the Securities and Exchange Commission, including
those outlined under “Risk Factors” in the registration statement
on Form S-4 (Registration Statement No: 333-210643). Except as
required by applicable law or regulations, XBKS does not undertake,
and specifically disclaims any obligation, to update or revise any
forward-looking statement.
About Xenith BanksharesXenith
Bankshares, Inc. (f/k/a/ Hampton Roads Bankshares, Inc., the
“combined company”), is the holding company for Xenith Bank, a
full-service commercial bank headquartered in Richmond, Virginia.
The combined company is the fifth largest community bank by
deposits headquartered in the Commonwealth of Virginia. Xenith
Bank specifically targets the banking needs of middle market and
small businesses, local real estate developers and investors,
private banking clients and individuals, and retail banking
clients. Through various divisions, the combined company also
offers mortgage banking services and marine finance. Xenith
Bank’s regional area of operations spans from Baltimore,
Maryland and Rehoboth Beach, Delaware, to Raleigh and eastern North
Carolina, complementing its significant presence in Greater
Washington, D.C., Greater Richmond, Virginia, Greater Hampton
Roads, Virginia and on the Eastern Shore of Maryland and
Virginia. Xenith Bank has 42 full-service branches and four
loan production offices located across these areas with its
headquarters centrally-located in Richmond. The combined
company’s common stock trades on The NASDAQ Stock Market under the
symbol “XBKS.”
Additional information about the Company and its
subsidiaries can be found at www.xenithbank.com.
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Xenith
Bankshares, Inc. (f/k/a Hampton Roads Bankshares,
Inc.) |
|
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|
Financial
Highlights |
|
|
|
|
|
|
(unaudited) |
|
|
June 30, |
|
|
December 31, |
(in thousands) |
|
|
|
2016 |
|
|
|
|
2015 |
|
Assets: |
|
|
|
|
|
|
Cash and due from banks |
|
$ |
|
16,166 |
|
|
$ |
|
17,031 |
|
Interest-bearing deposits in other
banks |
|
|
|
705 |
|
|
|
|
691 |
|
Overnight funds sold and due from
Federal Reserve Bank |
|
|
|
47,613 |
|
|
|
|
46,024 |
|
Investment securities available for
sale, at fair value |
|
|
|
200,427 |
|
|
|
|
198,174 |
|
Restricted equity securities, at
cost |
|
|
|
15,693 |
|
|
|
|
9,830 |
|
|
|
|
|
|
|
|
Loans held for sale |
|
|
|
61,713 |
|
|
|
|
56,486 |
|
|
|
|
|
|
|
|
Loans |
|
|
|
1,562,155 |
|
|
|
|
1,541,502 |
|
Allowance for loan losses |
|
|
|
(22,911 |
) |
|
|
|
(23,184 |
) |
Net loans |
|
|
|
1,539,244 |
|
|
|
|
1,518,318 |
|
Premises and equipment, net |
|
|
|
50,941 |
|
|
|
|
52,245 |
|
Interest receivable |
|
|
|
3,846 |
|
|
|
|
4,116 |
|
Other real estate owned and
repossessed assets, |
|
|
|
|
|
|
net of valuation allowance |
|
|
|
4,086 |
|
|
|
|
12,409 |
|
Net deferred tax assets, net of
valuation allowance |
|
|
|
88,760 |
|
|
|
|
92,142 |
|
Bank-owned life insurance |
|
|
|
51,346 |
|
|
|
|
50,695 |
|
Other assets |
|
|
|
11,908 |
|
|
|
|
7,779 |
|
Totals assets |
|
$ |
|
2,092,448 |
|
|
$ |
|
2,065,940 |
|
Liabilities and
Shareholders' Equity: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
|
306,627 |
|
|
$ |
|
298,351 |
|
Interest-bearing: |
|
|
|
|
|
|
Demand |
|
|
|
662,780 |
|
|
|
|
693,413 |
|
Savings |
|
|
|
68,281 |
|
|
|
|
61,023 |
|
Time deposits: |
|
|
|
|
|
|
Less than $100 |
|
|
|
322,272 |
|
|
|
|
343,031 |
|
$100 or more |
|
|
|
283,799 |
|
|
|
|
309,327 |
|
Total deposits |
|
|
|
1,643,759 |
|
|
|
|
1,705,145 |
|
Federal Home Loan Bank
borrowings |
|
|
|
98,000 |
|
|
|
|
25,000 |
|
Other borrowings |
|
|
|
29,936 |
|
|
|
|
29,689 |
|
Interest payable |
|
|
|
495 |
|
|
|
|
463 |
|
Other liabilities |
|
|
|
22,358 |
|
|
|
|
15,022 |
|
Total
liabilities |
|
|
|
1,794,548 |
|
|
|
|
1,775,319 |
|
Shareholders' equity: |
|
|
|
|
|
|
Common stock |
|
|
|
1,715 |
|
|
|
|
1,711 |
|
Capital surplus |
|
|
|
590,982 |
|
|
|
|
590,417 |
|
Accumulated deficit |
|
|
|
(298,575 |
) |
|
|
|
(302,580 |
) |
Accumulated other comprehensive
income, net of tax |
|
|
|
2,913 |
|
|
|
|
560 |
|
Total shareholders' equity before
non-controlling interest |
|
|
|
297,035 |
|
|
|
|
290,108 |
|
Non-controlling interest |
|
|
|
865 |
|
|
|
|
513 |
|
Total shareholders'
equity |
|
|
|
297,900 |
|
|
|
|
290,621 |
|
Total liabilities and
shareholders' equity |
|
$ |
|
2,092,448 |
|
|
$ |
|
2,065,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing
Assets at Period-End: |
|
|
|
|
|
|
Loans 90 days past due
and still accruing interest |
|
$ |
|
— |
|
|
$ |
|
— |
|
Nonaccrual loans,
including nonaccrual impaired loans |
|
|
|
29,938 |
|
|
|
|
35,512 |
|
Other real estate owned
and repossessed assets |
|
|
|
4,086 |
|
|
|
|
|
|
Total non-performing
assets |
|
$ |
|
34,024 |
|
|
$ |
|
47,921 |
|
|
|
|
|
|
|
|
Composition of
Loan Portfolio at Period-End: |
|
|
|
|
|
|
Commercial and
Industrial |
|
$ |
|
226,072 |
|
|
$ |
|
233,319 |
|
Construction |
|
|
|
140,387 |
|
|
|
|
141,208 |
|
Real estate -
commercial mortgage |
|
|
|
652,684 |
|
|
|
|
655,895 |
|
Real estate -
residential mortgage |
|
|
|
341,606 |
|
|
|
|
349,758 |
|
Installment |
|
|
|
200,896 |
|
|
|
|
161,918 |
|
Deferred loan fees and
related costs |
|
|
|
510 |
|
|
|
|
(596 |
) |
Total loans |
|
$ |
|
1,562,155 |
|
|
$ |
|
1,541,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Xenith
Bankshares, Inc. (f/k/a Hampton Roads Bankshares,
Inc.) |
|
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|
|
|
|
|
|
|
|
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|
Financial
Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
Three Months Ended |
|
|
Six Months Ended |
(in thousands, except
share and per share data) |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
Interest
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
|
16,845 |
|
|
$ |
17,452 |
|
$ |
|
33,577 |
|
|
$ |
33,612 |
Investment securities |
|
|
|
1,364 |
|
|
|
1,555 |
|
|
|
2,713 |
|
|
|
3,297 |
Overnight funds sold and due from
FRB |
|
|
|
38 |
|
|
|
40 |
|
|
|
83 |
|
|
|
99 |
Total interest income |
|
|
|
18,247 |
|
|
|
19,047 |
|
|
|
36,373 |
|
|
|
37,008 |
Interest
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
|
|
831 |
|
|
|
670 |
|
|
|
1,669 |
|
|
|
1,344 |
Savings |
|
|
|
24 |
|
|
|
13 |
|
|
|
40 |
|
|
|
23 |
Time deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Less than $100 |
|
|
|
890 |
|
|
|
943 |
|
|
|
1,844 |
|
|
|
1,853 |
$100 or more |
|
|
|
822 |
|
|
|
1,007 |
|
|
|
1,733 |
|
|
|
1,941 |
Interest on deposits |
|
|
|
2,567 |
|
|
|
2,633 |
|
|
|
5,286 |
|
|
|
5,161 |
Federal Home Loan Bank
borrowings |
|
|
|
66 |
|
|
|
251 |
|
|
|
84 |
|
|
|
574 |
Other borrowings |
|
|
|
499 |
|
|
|
424 |
|
|
|
972 |
|
|
|
842 |
Total interest expense |
|
|
|
3,132 |
|
|
|
3,308 |
|
|
|
6,342 |
|
|
|
6,577 |
Net interest income |
|
|
|
15,115 |
|
|
|
15,739 |
|
|
|
30,031 |
|
|
|
30,431 |
Provision for loan losses |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
600 |
Net interest income after provision
for loan losses |
|
|
|
15,115 |
|
|
|
15,739 |
|
|
|
30,031 |
|
|
|
29,831 |
Noninterest
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking revenue |
|
|
|
5,789 |
|
|
|
5,500 |
|
|
|
10,228 |
|
|
|
9,722 |
Service charges on deposit
accounts |
|
|
|
1,118 |
|
|
|
1,298 |
|
|
|
2,256 |
|
|
|
2,440 |
Income from bank-owned life
insurance |
|
|
|
302 |
|
|
|
305 |
|
|
|
651 |
|
|
|
655 |
Gain on sale of investment
securities available for sale |
|
|
|
15 |
|
|
|
126 |
|
|
|
15 |
|
|
|
238 |
Visa check card income |
|
|
|
707 |
|
|
|
676 |
|
|
|
1,348 |
|
|
|
1,317 |
Other |
|
|
|
468 |
|
|
|
506 |
|
|
|
853 |
|
|
|
1,364 |
Total noninterest income |
|
|
|
8,399 |
|
|
|
8,411 |
|
|
|
15,351 |
|
|
|
15,736 |
Noninterest
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
|
10,797 |
|
|
|
11,249 |
|
|
|
21,577 |
|
|
|
21,916 |
Professional and consultant
fees |
|
|
|
621 |
|
|
|
1,459 |
|
|
|
1,254 |
|
|
|
2,267 |
Occupancy |
|
|
|
1,624 |
|
|
|
1,626 |
|
|
|
3,248 |
|
|
|
3,255 |
FDIC insurance |
|
|
|
431 |
|
|
|
399 |
|
|
|
845 |
|
|
|
1,023 |
Data processing |
|
|
|
1,456 |
|
|
|
1,606 |
|
|
|
2,763 |
|
|
|
3,037 |
Problem loan and repossessed asset
costs |
|
|
|
101 |
|
|
|
492 |
|
|
|
202 |
|
|
|
612 |
Impairments and gains and losses on
sales of other real estate owned and repossessed assets, net |
|
|
|
(396 |
) |
|
|
387 |
|
|
|
(573 |
) |
|
|
1,245 |
Impairments and gains and losses on
sale of premises and equipment, net |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
14 |
Equipment |
|
|
|
242 |
|
|
|
335 |
|
|
|
546 |
|
|
|
685 |
Directors' and regional board
fees |
|
|
|
394 |
|
|
|
293 |
|
|
|
640 |
|
|
|
594 |
Advertising and marketing |
|
|
|
266 |
|
|
|
445 |
|
|
|
536 |
|
|
|
705 |
Merger-related expenses |
|
|
|
1,077 |
|
|
|
— |
|
|
|
2,646 |
|
|
|
— |
Other |
|
|
|
2,403 |
|
|
|
2,570 |
|
|
|
4,862 |
|
|
|
5,016 |
Total noninterest expense |
|
|
|
19,015 |
|
|
|
20,861 |
|
|
|
38,545 |
|
|
|
40,369 |
Income before provision
for income taxes |
|
|
|
4,499 |
|
|
|
3,289 |
|
|
|
6,837 |
|
|
|
5,198 |
Provision for income
taxes - current |
|
|
|
21 |
|
|
|
35 |
|
|
|
36 |
|
|
|
75 |
Provision for income
taxes - deferred |
|
|
|
1,311 |
|
|
|
— |
|
|
|
2,046 |
|
|
|
— |
Net income |
|
|
|
3,167 |
|
|
|
3,254 |
|
|
|
4,755 |
|
|
|
5,123 |
Net income attributable
to non-controlling interest |
|
|
|
544 |
|
|
|
528 |
|
|
|
750 |
|
|
|
1,062 |
Net income attributable
to Xenith Bankshares, Inc. |
|
$ |
|
2,623 |
|
|
$ |
2,726 |
|
$ |
|
4,005 |
|
|
$ |
4,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
Share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
income per share |
|
$ |
|
0.02 |
|
|
$ |
0.02 |
|
$ |
|
0.02 |
|
|
$ |
0.02 |
Basic weighted average
shares outstanding |
|
|
|
171,809,356 |
|
|
|
171,505,172 |
|
|
|
171,855,588 |
|
|
|
171,447,138 |
Effect of dilutive
shares and warrant |
|
|
|
924,888 |
|
|
|
1,170,106 |
|
|
|
883,741 |
|
|
|
1,095,593 |
Diluted weighted
average shares outstanding |
|
|
|
172,734,244 |
|
|
|
172,675,278 |
|
|
|
172,739,329 |
|
|
|
172,542,731 |
|
Xenith Bankshares, Inc. (f/k/a Hampton Roads Bankshares,
Inc.) |
Financial
Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
Three Months Ended |
|
|
Six Months Ended |
(in thousands, except
share and per share data) |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
Daily
Averages: |
|
|
|
2016 |
|
|
|
|
2015 |
|
|
|
|
2016 |
|
|
|
|
2015 |
|
Total assets |
|
$ |
|
2,053,285 |
|
|
$ |
|
2,035,901 |
|
|
$ |
|
2,044,117 |
|
|
$ |
|
2,035,178 |
|
Gross loans (excludes
loans held for sale) |
|
|
|
1,544,553 |
|
|
|
|
1,536,988 |
|
|
|
|
1,532,306 |
|
|
|
|
1,513,132 |
|
Investment and
restricted equity securities |
|
|
|
211,592 |
|
|
|
|
238,979 |
|
|
|
|
210,762 |
|
|
|
|
253,063 |
|
Total deposits |
|
|
|
1,670,289 |
|
|
|
|
1,673,718 |
|
|
|
|
1,676,017 |
|
|
|
|
1,651,635 |
|
Total borrowings |
|
|
|
71,462 |
|
|
|
|
141,700 |
|
|
|
|
56,467 |
|
|
|
|
161,651 |
|
Shareholders' equity
* |
|
|
|
296,377 |
|
|
|
|
204,099 |
|
|
|
|
295,308 |
|
|
|
|
202,205 |
|
Interest-earning
assets |
|
|
|
1,849,152 |
|
|
|
|
1,903,614 |
|
|
|
|
1,834,864 |
|
|
|
|
1,901,060 |
|
Interest-bearing
liabilities |
|
|
|
1,441,260 |
|
|
|
|
1,521,933 |
|
|
|
|
1,438,319 |
|
|
|
|
1,532,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
|
|
0.51 |
% |
|
|
|
0.54 |
% |
|
|
|
0.39 |
% |
|
|
|
0.40 |
% |
Return on average
equity * |
|
|
|
3.56 |
% |
|
|
|
5.36 |
% |
|
|
|
2.73 |
% |
|
|
|
4.05 |
% |
Net interest
margin |
|
|
|
3.29 |
% |
|
|
|
3.32 |
% |
|
|
|
3.29 |
% |
|
|
|
3.23 |
% |
Efficiency ratio |
|
|
|
80.92 |
% |
|
|
|
86.83 |
% |
|
|
|
84.96 |
% |
|
|
|
87.89 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
Loan Losses: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
|
21,228 |
|
|
$ |
|
28,177 |
|
|
$ |
|
23,184 |
|
|
$ |
|
27,050 |
|
Provision for
losses |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
600 |
|
Charge-offs |
|
|
|
(1,608 |
) |
|
|
|
(1,246 |
) |
|
|
|
(4,373 |
) |
|
|
|
(1,697 |
) |
Recoveries |
|
|
|
3,291 |
|
|
|
|
805 |
|
|
|
|
4,100 |
|
|
|
|
1,783 |
|
Ending balance |
|
$ |
|
22,911 |
|
|
$ |
|
27,736 |
|
|
$ |
|
22,911 |
|
|
$ |
|
27,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net
charge-offs to average loans |
|
|
|
(0.43 |
)% |
|
|
|
0.11 |
% |
|
|
|
0.03 |
% |
|
|
|
(0.01 |
)% |
Non-performing loans to
total loans |
|
|
|
1.92 |
% |
|
|
|
2.67 |
% |
|
|
|
1.92 |
% |
|
|
|
2.67 |
% |
Non-performing assets
ratio |
|
|
|
2.09 |
% |
|
|
|
3.36 |
% |
|
|
|
2.09 |
% |
|
|
|
3.36 |
% |
Allowance for loan
losses to total loans |
|
|
|
1.47 |
% |
|
|
|
1.81 |
% |
|
|
|
1.47 |
% |
|
|
|
1.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
* Equity
amounts exclude non-controlling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact: Thomas W. Osgood
Chief Financial Officer
(804) 433-2200
Xenith Bankshares, Inc. NEW (NASDAQ:XBKS)
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