Cordia Bancorp Inc. Reports First Quarter 2016 Results
May 16 2016 - 4:00PM
Cordia Bancorp Inc. (“Cordia”) (NASDAQ:BVA), parent company of Bank
of Virginia, reported net loss of $(2.315) million, or $(0.35) per
share, for the first quarter of 2015, compared to net income of
$351,000, $0.05 per share, for the first quarter of 2015.
Excluding one-time charges of $2.366 million related to the
divestiture of CordiaGrad, our online student loan refinancing
platform, core net earnings were $51,000, or $0.01 per share.
Included in first quarter results were $221,000 of non-interest
expenses for CordiaGrad that will not be included in future
quarters due to the divestiture.
Highlights
- Divestiture of CordiaGrad, our online student loan refinancing
platform. One-time charges related to the divestiture are
$800,000 for stock compensation for the former chief executive
officer, loss on sale of the CordiaGrad business of $843,000, and a
loan held-for-sale valuation expense of $723,000, for a total of
$2.366 million.
- 16% year-over-year growth in loans, excluding guaranteed
student loans
- 9% year-over-year growth in total deposits
- Net interest income up 19%, compared to the first quarter of
2015
- Nonperforming assets decreased to 1.06% of total assets from
1.16% for the first quarter of 2015
- Tangible book value per share was $3.94 at March 31, 2016, down
from $4.20 at December 31, 2015
- Net interest margin increased to 2.88% from 2.69% for the first
quarter of 2015
Chief Executive Officer Ed Barham stated, “Clearly, the biggest
impact to our first quarter results related to the company’s
strategic decision to exit the student loan refinance
business. While we will incur some additional transitional
costs related to the divestiture of CordiaGrad over the next
quarter, our second half of the year should generate improved
earnings momentum as we focus on our core community banking
business. Despite the loss incurred from divestiture, Cordia
Bancorp remains well capitalized as measured by regulatory
standards.”
About Cordia Bancorp
Cordia Bancorp Inc. is a public bank holding
company founded in 2009 seeking to invest in undervalued community
banks and pursue organic and strategic growth in the Mid-Atlantic
banking market. Substantially all of the assets of Cordia
consist of its investment in Bank of Virginia. Bank of
Virginia provides retail banking services to individuals and
commercial customers through six full-service banking locations in
the greater Richmond market, including Chesterfield and Henrico
Counties and Colonial Heights, Virginia.
For more information about Cordia Bancorp and
Bank of Virginia, visit our websites:
www.cordiabancorp.com and www.bankofva.com
DISCLAIMER
This news release may include forward-looking
statements. These forward-looking statements are based on current
expectations that involve risks, uncertainties and assumptions.
Should one or more of these risks or uncertainties materialize or
should underlying assumptions prove incorrect, actual results may
differ materially. These risks include: changes in business or
other market conditions; the timely development, production and
acceptance of new products and services; the challenge of managing
asset/liability levels; the management of credit risk and interest
rate risk; the difficulty of keeping expense growth at modest
levels while increasing revenues; and other risks detailed from
time to time in the Company’s periodic filings with the Securities
Exchange Commission. Pursuant to the Private Securities Litigation
Reform Act of 1995, the Company does not undertake to update
forward-looking statements contained within this news release.
Cordia Bancorp |
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Consolidated Balance Sheets (unaudited) |
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March 31, |
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Dec. 31, |
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Sept. 30, |
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June 30, |
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March 31, |
(Dollars in thousands, except per share data) |
|
2016 |
|
2015 |
|
2015 |
|
2015 |
|
2015 |
Assets |
|
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|
|
|
|
|
|
Cash and
due from banks |
|
$ |
4,911 |
|
|
$ |
6,135 |
|
|
$ |
9,437 |
|
|
$ |
11,771 |
|
|
$ |
9,602 |
|
|
Fed funds
sold and interest-bearing deposits |
|
|
12,805 |
|
|
|
12,325 |
|
|
|
15,970 |
|
|
|
7,593 |
|
|
|
23,495 |
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|
Total cash
and cash equivalents |
|
|
17,716 |
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|
|
18,460 |
|
|
|
25,407 |
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|
|
19,364 |
|
|
|
33,097 |
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Securities
available for sale, at fair value |
|
|
44,899 |
|
|
|
46,220 |
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|
|
48,721 |
|
|
|
58,445 |
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|
|
41,411 |
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|
Securities
held to maturity, at cost |
|
|
37,227 |
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|
|
25,500 |
|
|
|
26,281 |
|
|
|
27,087 |
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|
|
20,132 |
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Restricted
securities |
|
|
2,393 |
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|
|
2,355 |
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|
|
2,330 |
|
|
|
2,331 |
|
|
|
2,405 |
|
|
Loans held
for sale |
|
|
10,646 |
|
|
|
220 |
|
|
|
109 |
|
|
|
96 |
|
|
|
117 |
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Loans held
for investment: |
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Commercial
real estate |
|
|
110,903 |
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|
|
105,902 |
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|
|
106,335 |
|
|
|
111,180 |
|
|
|
109,734 |
|
|
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Commercial
and industrial |
|
|
32,881 |
|
|
|
34,819 |
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|
|
26,751 |
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|
|
27,919 |
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|
|
24,057 |
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|
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Guaranteed
student loans |
|
|
51,693 |
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|
|
53,847 |
|
|
|
56,072 |
|
|
|
57,900 |
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|
|
61,441 |
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|
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Consumer
and other |
|
|
29,943 |
|
|
|
51,465 |
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|
|
39,607 |
|
|
|
28,865 |
|
|
|
24,521 |
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Total loans
held for investment |
|
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225,420 |
|
|
|
246,033 |
|
|
|
228,765 |
|
|
|
225,864 |
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|
|
219,753 |
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|
Less:
Allowance for loan losses |
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|
(866 |
) |
|
|
(823 |
) |
|
|
(903 |
) |
|
|
(990 |
) |
|
|
(1,102 |
) |
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Net loans
held for investment |
|
|
224,554 |
|
|
|
245,210 |
|
|
|
227,862 |
|
|
|
224,874 |
|
|
|
218,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Premises
and equipment, net |
|
|
5,919 |
|
|
|
5,980 |
|
|
|
6,034 |
|
|
|
6,083 |
|
|
|
4,402 |
|
|
Accrued
interest receivable |
|
|
2,018 |
|
|
|
2,085 |
|
|
|
1,924 |
|
|
|
2,033 |
|
|
|
1,986 |
|
|
Other real
estate owned, net of valuation allowance |
|
|
2,017 |
|
|
|
1,870 |
|
|
|
1,761 |
|
|
|
1,769 |
|
|
|
1,647 |
|
|
Other
assets |
|
|
429 |
|
|
|
590 |
|
|
|
7,555 |
|
|
|
704 |
|
|
|
696 |
|
|
|
Total
assets |
|
$ |
347,818 |
|
|
$ |
348,490 |
|
|
$ |
347,984 |
|
|
$ |
342,786 |
|
|
$ |
324,544 |
|
|
|
|
|
|
|
|
|
|
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Liabilities and stockholders' equity |
|
|
|
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Non-interest bearing deposits |
|
|
26,938 |
|
|
|
28,969 |
|
|
|
26,829 |
|
|
|
30,066 |
|
|
|
26,489 |
|
|
Savings and
interest bearing demand deposits |
|
|
112,582 |
|
|
|
107,057 |
|
|
|
105,540 |
|
|
|
101,769 |
|
|
|
84,216 |
|
|
Time
deposits |
|
|
150,503 |
|
|
|
154,018 |
|
|
|
156,939 |
|
|
|
152,800 |
|
|
|
154,920 |
|
|
|
Total
deposits |
|
|
290,023 |
|
|
|
290,044 |
|
|
|
289,308 |
|
|
|
284,635 |
|
|
|
265,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued
expenses and other liabilities |
|
|
943 |
|
|
|
707 |
|
|
|
553 |
|
|
|
464 |
|
|
|
1,061 |
|
|
FHLB
borrowings |
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
Total
liabilities |
|
|
320,966 |
|
|
|
320,751 |
|
|
|
319,861 |
|
|
|
315,099 |
|
|
|
296,686 |
|
|
|
|
|
|
|
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|
|
|
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Common
stock - voting |
|
|
53 |
|
|
|
51 |
|
|
|
50 |
|
|
|
51 |
|
|
|
51 |
|
|
Common
stock - nonvoting |
|
|
14 |
|
|
|
14 |
|
|
|
14 |
|
|
|
14 |
|
|
|
14 |
|
|
Additional
paid-in-capital |
|
|
34,075 |
|
|
|
33,191 |
|
|
|
33,044 |
|
|
|
33,061 |
|
|
|
33,011 |
|
|
Retained
deficit |
|
|
(7,142 |
) |
|
|
(4,827 |
) |
|
|
(4,700 |
) |
|
|
(4,830 |
) |
|
|
(5,066 |
) |
|
Accumulated
other comprehensive loss |
|
|
(148 |
) |
|
|
(690 |
) |
|
|
(285 |
) |
|
|
(609 |
) |
|
|
(152 |
) |
|
|
Total
stockholders' equity |
|
|
26,852 |
|
|
|
27,739 |
|
|
|
28,123 |
|
|
|
27,687 |
|
|
|
27,858 |
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
347,818 |
|
|
$ |
348,490 |
|
|
$ |
347,984 |
|
|
$ |
342,786 |
|
|
$ |
324,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cordia Bancorp |
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|
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|
Consolidated Statements of Income (unaudited) |
|
|
|
Three Months Ended |
|
March 31, |
|
Dec. 31, |
|
Sept. 30, |
|
June 30, |
|
March 31, |
(Dollars in thousands, except per share data) |
|
2016 |
|
2015 |
|
2015 |
|
2015 |
|
2015 |
Interest Income |
|
|
Interest and fees on
loans |
|
$ |
2,628 |
|
|
$ |
2,404 |
|
|
$ |
2,294 |
|
|
$ |
2,327 |
|
|
$ |
2,183 |
|
|
Investment
securities |
|
|
398 |
|
|
|
412 |
|
|
|
446 |
|
|
|
383 |
|
|
|
363 |
|
|
Interest on federal
funds sold and |
|
|
|
|
|
|
|
|
|
|
|
deposits with
banks |
|
|
9 |
|
|
|
8 |
|
|
|
9 |
|
|
|
5 |
|
|
|
7 |
|
|
Total interest
income |
|
|
3,035 |
|
|
|
2,824 |
|
|
|
2,749 |
|
|
|
2,715 |
|
|
|
2,553 |
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits |
|
|
546 |
|
|
|
529 |
|
|
|
506 |
|
|
|
470 |
|
|
|
454 |
|
|
Interest on FHLB
Borrowings |
|
|
95 |
|
|
|
95 |
|
|
|
95 |
|
|
|
93 |
|
|
|
89 |
|
|
Total interest
expense |
|
|
641 |
|
|
|
624 |
|
|
|
601 |
|
|
|
563 |
|
|
|
543 |
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
|
2,394 |
|
|
|
2,200 |
|
|
|
2,148 |
|
|
|
2,152 |
|
|
|
2,010 |
|
|
Provision for (recovery
of) loan losses |
|
|
98 |
|
|
|
37 |
|
|
|
(53 |
) |
|
|
63 |
|
|
|
(340 |
) |
Net
interest income after provision for (recovery of) loan losses |
|
2,296 |
|
|
|
2,163 |
|
|
|
2,201 |
|
|
|
2,089 |
|
|
|
2,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income (loss) |
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts |
|
|
31 |
|
|
|
39 |
|
|
|
35 |
|
|
|
30 |
|
|
|
30 |
|
|
Net gain (loss) on sale
of available for sale securities |
|
|
- |
|
|
|
(3 |
) |
|
|
22 |
|
|
|
- |
|
|
|
114 |
|
|
Realized and unrealized
gains (losses) on loans held for sale |
|
(713 |
) |
|
|
11 |
|
|
|
6 |
|
|
|
9 |
|
|
|
21 |
|
|
Other fee income |
|
|
68 |
|
|
|
62 |
|
|
|
52 |
|
|
|
58 |
|
|
|
48 |
|
|
|
Total non-interest
income (loss) |
|
|
(614 |
) |
|
|
109 |
|
|
|
115 |
|
|
|
97 |
|
|
|
213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
1,904 |
|
|
|
1,006 |
|
|
|
1,085 |
|
|
|
1,082 |
|
|
|
1,280 |
|
|
Professional
services |
|
|
170 |
|
|
|
147 |
|
|
|
108 |
|
|
|
100 |
|
|
|
84 |
|
|
Occupancy |
|
|
144 |
|
|
|
139 |
|
|
|
149 |
|
|
|
159 |
|
|
|
153 |
|
|
Reversal of occupancy
fair value discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(225 |
) |
|
|
- |
|
|
Data processing and
communications |
|
|
246 |
|
|
|
257 |
|
|
|
233 |
|
|
|
206 |
|
|
|
198 |
|
|
FDIC assessment and
bank fees |
|
|
169 |
|
|
|
195 |
|
|
|
88 |
|
|
|
92 |
|
|
|
90 |
|
|
Bank franchise
taxes |
|
|
48 |
|
|
|
49 |
|
|
|
49 |
|
|
|
49 |
|
|
|
49 |
|
|
Student loan servicing
fees and other loan expenses |
|
|
167 |
|
|
|
227 |
|
|
|
174 |
|
|
|
208 |
|
|
|
146 |
|
|
Other real estate
expenses |
|
|
39 |
|
|
|
13 |
|
|
|
26 |
|
|
|
45 |
|
|
|
6 |
|
|
Supplies and
equipment |
|
|
73 |
|
|
|
72 |
|
|
|
71 |
|
|
|
70 |
|
|
|
73 |
|
|
Insurance |
|
|
18 |
|
|
|
19 |
|
|
|
20 |
|
|
|
19 |
|
|
|
20 |
|
|
Director's fees |
|
|
53 |
|
|
|
104 |
|
|
|
28 |
|
|
|
21 |
|
|
|
26 |
|
|
Marketing and business
development |
|
|
35 |
|
|
|
118 |
|
|
|
64 |
|
|
|
31 |
|
|
|
18 |
|
|
Loss on sale of
subsidiary |
|
|
843 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Other operating
expenses |
|
|
88 |
|
|
|
53 |
|
|
|
91 |
|
|
|
93 |
|
|
|
69 |
|
|
|
Total non-interest
expense |
|
|
3,997 |
|
|
|
2,399 |
|
|
|
2,186 |
|
|
|
1,950 |
|
|
|
2,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
$ |
(2,315 |
) |
|
$ |
(127 |
) |
|
$ |
130 |
|
|
$ |
236 |
|
|
$ |
351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per share, basic and diluted |
|
$ |
(0.35 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.02 |
|
|
$ |
0.04 |
|
|
$ |
0.05 |
|
Weighted
average shares outstanding, basic |
|
|
6,658,976 |
|
|
|
6,572,933 |
|
|
|
6,572,239 |
|
|
|
6,583,848 |
|
|
|
6,559,217 |
|
Weighted
average shares outstanding, diluted |
|
|
6,658,976 |
|
|
|
6,572,933 |
|
|
|
6,572,239 |
|
|
|
6,583,848 |
|
|
|
6,559,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cordia Bancorp |
|
|
|
|
|
|
|
|
|
|
Consolidated Financial Highlights (unaudited) |
|
|
As of and for the Three Months Ended |
|
March 31, |
|
Dec. 31, |
|
Sept. 30, |
|
June 30, |
|
March 31, |
(Dollars in thousands, except per share data) |
|
2016 |
|
2015 |
|
2015 |
|
2015 |
|
2015 |
Results of Operations |
|
|
Interest income |
|
$ |
3,035 |
|
|
$ |
2,824 |
|
|
$ |
2,749 |
|
|
$ |
2,715 |
|
|
$ |
2,553 |
|
|
Interest expense |
|
|
641 |
|
|
|
624 |
|
|
|
601 |
|
|
|
563 |
|
|
|
543 |
|
|
Net interest
income |
|
|
2,394 |
|
|
|
2,200 |
|
|
|
2,148 |
|
|
|
2,152 |
|
|
|
2,010 |
|
|
Provision for (recovery
of) loan losses |
|
|
98 |
|
|
|
37 |
|
|
|
(53 |
) |
|
|
63 |
|
|
|
(340 |
) |
|
Net interest income
after provision for (recovery of) loan losses |
|
|
2,296 |
|
|
|
2,163 |
|
|
|
2,201 |
|
|
|
2,089 |
|
|
|
2,350 |
|
|
Non-interest income
(loss) |
|
|
(614 |
) |
|
|
109 |
|
|
|
115 |
|
|
|
97 |
|
|
|
213 |
|
|
Non-interest
expense |
|
|
3,997 |
|
|
|
2,399 |
|
|
|
2,186 |
|
|
|
1,950 |
|
|
|
2,212 |
|
|
Net income (loss) |
|
$ |
(2,315 |
) |
|
$ |
(127 |
) |
|
$ |
130 |
|
|
$ |
236 |
|
|
$ |
351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share, basic and diluted |
|
$ |
(0.35 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.02 |
|
|
$ |
0.04 |
|
|
$ |
0.05 |
|
|
Weighted average shares
outstanding, basic |
|
|
6,658,976 |
|
|
|
6,572,933 |
|
|
|
6,572,239 |
|
|
|
6,583,848 |
|
|
|
6,559,217 |
|
|
Weighted average shares
outstanding, diluted |
|
|
6,658,976 |
|
|
|
6,572,933 |
|
|
|
6,572,239 |
|
|
|
6,583,848 |
|
|
|
6,559,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
|
-2.65 |
% |
|
|
-0.14 |
% |
|
|
0.15 |
% |
|
|
0.29 |
% |
|
|
0.44 |
% |
|
Return on average
equity |
|
|
-33.54 |
% |
|
|
-1.79 |
% |
|
|
1.85 |
% |
|
|
3.40 |
% |
|
|
5.20 |
% |
|
Return on average
tangible equity |
|
|
-33.61 |
% |
|
|
-1.80 |
% |
|
|
1.85 |
% |
|
|
3.41 |
% |
|
|
5.22 |
% |
|
Efficiency ratio |
|
|
224.55 |
% |
|
|
103.90 |
% |
|
|
96.60 |
% |
|
|
86.71 |
% |
|
|
99.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields and Rates |
|
|
|
|
|
|
|
|
|
|
|
Yield on loans |
|
|
4.18 |
% |
|
|
4.03 |
% |
|
|
4.09 |
% |
|
|
4.18 |
% |
|
|
4.16 |
% |
|
Yield on
securities |
|
|
2.18 |
% |
|
|
2.15 |
% |
|
|
2.06 |
% |
|
|
2.12 |
% |
|
|
2.07 |
% |
|
Yield on interest
earning assets |
|
|
3.65 |
% |
|
|
3.39 |
% |
|
|
3.34 |
% |
|
|
3.51 |
% |
|
|
3.42 |
% |
|
Cost of interest
bearing deposits |
|
|
0.83 |
% |
|
|
0.80 |
% |
|
|
0.77 |
% |
|
|
0.79 |
% |
|
|
0.78 |
% |
|
Cost of total
deposits |
|
|
0.75 |
% |
|
|
0.72 |
% |
|
|
0.70 |
% |
|
|
0.71 |
% |
|
|
0.70 |
% |
|
Cost of borrowings |
|
|
1.23 |
% |
|
|
1.26 |
% |
|
|
1.26 |
% |
|
|
1.19 |
% |
|
|
1.25 |
% |
|
Cost of interest
bearing liabilities |
|
|
0.87 |
% |
|
|
0.84 |
% |
|
|
0.82 |
% |
|
|
0.83 |
% |
|
|
0.83 |
% |
|
Interest rate
spread |
|
|
2.78 |
% |
|
|
2.55 |
% |
|
|
2.52 |
% |
|
|
2.67 |
% |
|
|
2.59 |
% |
|
Net interest
margin |
|
|
2.88 |
% |
|
|
2.64 |
% |
|
|
2.61 |
% |
|
|
2.78 |
% |
|
|
2.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity to total
assets |
|
|
7.72 |
% |
|
|
7.96 |
% |
|
|
8.08 |
% |
|
|
8.08 |
% |
|
|
8.58 |
% |
|
Tangible equity
to total assets |
|
|
7.70 |
% |
|
|
7.94 |
% |
|
|
8.06 |
% |
|
|
8.05 |
% |
|
|
8.56 |
% |
|
Book value per
share |
|
|
3.95 |
|
|
|
4.21 |
|
|
|
4.29 |
|
|
|
4.21 |
|
|
|
4.23 |
|
|
Tangible book value per
share |
|
|
3.94 |
|
|
|
4.20 |
|
|
|
4.27 |
|
|
|
4.19 |
|
|
|
4.22 |
|
|
Common shares
outstanding |
|
|
6,795,000 |
|
|
|
6,586,786 |
|
|
|
6,562,906 |
|
|
|
6,582,806 |
|
|
|
6,584,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances |
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
$ |
252,849 |
|
|
$ |
236,822 |
|
|
$ |
222,371 |
|
|
$ |
223,286 |
|
|
$ |
212,566 |
|
|
Securities |
|
|
73,562 |
|
|
|
75,979 |
|
|
|
86,089 |
|
|
|
72,391 |
|
|
|
71,198 |
|
|
Earning assets |
|
|
334,158 |
|
|
|
330,603 |
|
|
|
326,904 |
|
|
|
310,680 |
|
|
|
302,481 |
|
|
Total assets |
|
|
351,450 |
|
|
|
350,910 |
|
|
|
346,917 |
|
|
|
327,439 |
|
|
|
321,455 |
|
|
Interest bearing
deposits |
|
|
264,891 |
|
|
|
263,393 |
|
|
|
261,609 |
|
|
|
239,871 |
|
|
|
236,415 |
|
|
Total deposits |
|
|
291,847 |
|
|
|
292,067 |
|
|
|
288,455 |
|
|
|
267,356 |
|
|
|
264,434 |
|
|
FHLB borrowings |
|
|
31,129 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
31,346 |
|
|
|
28,778 |
|
|
Interest bearing
liabilities |
|
|
296,020 |
|
|
|
293,393 |
|
|
|
291,609 |
|
|
|
271,217 |
|
|
|
265,193 |
|
|
Total equity |
|
|
27,763 |
|
|
|
28,106 |
|
|
|
27,938 |
|
|
|
27,835 |
|
|
|
27,353 |
|
|
Tangible equity |
|
|
27,700 |
|
|
|
28,034 |
|
|
|
27,857 |
|
|
|
27,745 |
|
|
|
27,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) |
|
|
55 |
|
|
|
171 |
|
|
|
34 |
|
|
|
175 |
|
|
|
(353 |
) |
|
Net charge-off
rate |
|
|
0.09 |
% |
|
|
0.29 |
% |
|
|
0.06 |
% |
|
|
0.31 |
% |
|
|
-0.67 |
% |
|
Non-performing
loans |
|
|
1,683 |
|
|
|
1,834 |
|
|
|
1,975 |
|
|
|
1,918 |
|
|
|
2,108 |
|
|
Non-performing
assets |
|
|
3,700 |
|
|
|
3,704 |
|
|
|
3,736 |
|
|
|
3,687 |
|
|
|
3,755 |
|
|
Allowance for loan
losses |
|
|
866 |
|
|
|
823 |
|
|
|
903 |
|
|
|
990 |
|
|
|
1,102 |
|
|
Non-performing loans as
a % of total loans held for investment |
|
|
0.75 |
% |
|
|
0.75 |
% |
|
|
0.86 |
% |
|
|
0.85 |
% |
|
|
0.96 |
% |
|
Non-performing assets
as a % of total assets |
|
|
1.06 |
% |
|
|
1.06 |
% |
|
|
1.07 |
% |
|
|
1.08 |
% |
|
|
1.16 |
% |
|
Allowance for loan
losses as a % of total loans held for investment |
|
0.38 |
% |
|
|
0.33 |
% |
|
|
0.39 |
% |
|
|
0.44 |
% |
|
|
0.50 |
% |
|
Allowance for loan
losses as a % of non-performing loans |
|
|
51.46 |
% |
|
|
44.87 |
% |
|
|
45.72 |
% |
|
|
51.62 |
% |
|
|
52.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cordia Bancorp |
|
|
|
|
|
|
|
|
|
|
|
GAAP to
Non-GAAP Reconciliations (unaudited) |
|
|
The table
below shows the computations of tangible equity and tangible assets
and certain related ratios, all of which |
|
|
are
considered to be non-GAAP financial measures. The tangible
equity to tangible assets ratio has become a focus |
|
of some
investors and management believes this ratio may assist in
analyzing the Corporation's capital position, |
|
absent the
effects of intangible assets. These non-GAAP financial
measures have limitations as analytical tools |
|
and should
not be considered in isolation, or as substitute for analysis of
results reported under GAAP. Because |
|
not all
companies use identical calculations, the non-GAAP measures
presented in the following table may not be |
|
comparable
to those reported by other companies. |
|
|
|
|
|
|
|
|
As of and for the Three Months Ended |
|
March 31, |
|
Dec. 31, |
|
Sept. 30, |
|
June 30, |
|
March 31, |
(Dollars in thousands, except per share data) |
|
2016 |
|
2015 |
|
2015 |
|
2015 |
|
2015 |
Tangible Equity and Tangible Assets (Period
End) |
|
|
|
|
|
|
Total
shareholders' equity (GAAP) |
|
$ |
26,852 |
|
|
$ |
27,739 |
|
|
$ |
28,123 |
|
|
$ |
27,687 |
|
|
$ |
27,858 |
|
Less:
intangible assets |
|
|
59 |
|
|
|
68 |
|
|
|
77 |
|
|
|
86 |
|
|
|
95 |
|
Tangible
Equity (non-GAAP) |
|
$ |
26,793 |
|
|
$ |
27,671 |
|
|
$ |
28,046 |
|
|
$ |
27,601 |
|
|
$ |
27,763 |
|
|
|
|
|
|
|
|
|
|
|
Total
assets (GAAP) |
|
$ |
347,818 |
|
|
$ |
348,490 |
|
|
$ |
347,984 |
|
|
$ |
342,786 |
|
|
$ |
324,544 |
|
Less:
intangible assets |
|
|
59 |
|
|
|
68 |
|
|
|
77 |
|
|
|
86 |
|
|
|
95 |
|
Tangible
assets (non-GAAP) |
|
$ |
347,759 |
|
|
$ |
348,422 |
|
|
$ |
347,907 |
|
|
$ |
342,700 |
|
|
$ |
324,449 |
|
|
|
|
|
|
|
|
|
|
|
Total
equity to total assets (GAAP) |
|
|
7.72 |
% |
|
|
7.96 |
% |
|
|
8.08 |
% |
|
|
8.08 |
% |
|
|
8.58 |
% |
Book value
per share (GAAP) |
|
$ |
3.95 |
|
|
$ |
4.21 |
|
|
$ |
4.29 |
|
|
$ |
4.21 |
|
|
$ |
4.23 |
|
Tangible
equity to tangible assets (non-GAAP) |
|
|
7.70 |
% |
|
|
7.94 |
% |
|
|
8.06 |
% |
|
|
8.05 |
% |
|
|
8.56 |
% |
Tangible
book value per share (non-GAAP) |
|
$ |
3.94 |
|
|
$ |
4.20 |
|
|
$ |
4.27 |
|
|
$ |
4.19 |
|
|
$ |
4.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Equity and Tangible Assets (Average) |
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity (GAAP) |
|
$ |
27,763 |
|
|
$ |
28,106 |
|
|
$ |
27,938 |
|
|
$ |
27,835 |
|
|
$ |
27,353 |
|
Less:
intangible assets |
|
|
63 |
|
|
|
72 |
|
|
|
81 |
|
|
|
90 |
|
|
|
99 |
|
Tangible
Equity (non-GAAP) |
|
$ |
27,700 |
|
|
$ |
28,034 |
|
|
$ |
27,857 |
|
|
$ |
27,745 |
|
|
$ |
27,254 |
|
|
|
|
|
|
|
|
|
|
|
Total
assets (GAAP) |
|
|
351,450 |
|
|
|
350,910 |
|
|
|
346,917 |
|
|
|
327,439 |
|
|
|
321,455 |
|
Less:
intangible assets |
|
|
63 |
|
|
|
72 |
|
|
|
81 |
|
|
|
90 |
|
|
|
99 |
|
Tangible
assets (non-GAAP) |
|
$ |
351,387 |
|
|
$ |
350,838 |
|
|
$ |
346,836 |
|
|
$ |
327,349 |
|
|
$ |
321,356 |
|
|
|
|
|
|
|
|
|
|
|
Total
equity to total assets (GAAP) |
|
|
7.90 |
% |
|
|
8.01 |
% |
|
|
8.05 |
% |
|
|
8.50 |
% |
|
|
8.51 |
% |
Book value
per share (GAAP) |
|
$ |
4.09 |
|
|
$ |
4.27 |
|
|
$ |
4.26 |
|
|
$ |
4.23 |
|
|
$ |
4.15 |
|
Tangible
equity to tangible assets (non-GAAP) |
|
|
7.88 |
% |
|
|
7.99 |
% |
|
|
8.03 |
% |
|
|
8.48 |
% |
|
|
8.48 |
% |
Tangible
book value per share (non-GAAP) |
|
$ |
4.08 |
|
|
$ |
4.26 |
|
|
$ |
4.24 |
|
|
$ |
4.21 |
|
|
$ |
4.14 |
|
|
|
|
|
FOR MORE INFORMATION
CONTACT: Mark Severson,
CFO, Cordia Bancorp Inc.
804-763-1322
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