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 year and quarter ended December
31, 2013.
For the year ended December 31, 2013, net income was $2.0
million, or $0.18 per common share, compared to $7.4 million, or
$0.70 per common share, for the year ended December 31, 2012. Net
income in 2013 reflected income tax expense, while net income in
2012 included a $5.0 million, or $0.47 per common share, tax
benefit due to the reversal of the valuation allowance on the
company's net deferred tax asset.
The company reported fourth quarter 2013 net income of $268,000,
or $0.02 per common share, compared to fourth quarter 2012 net
income of $332,000, or $0.03 per common share.
T. Gaylon Layfield, III, President and Chief Executive Officer,
commented: "We continued our path of prudent and steady growth,
with a sharp focus on positioning the bank for an improving
macroeconomic environment. This past year presented challenging and
evolving economic conditions. In spite of these market conditions,
we continued to grow, build commercial banking market share and
expand client relationships. We further strengthened our balance
sheet and our technology and operations infrastructure enabling the
company to move forward with confidence, pursue organic growth in
our target markets, and seek pragmatic strategic
opportunities."
2013 Highlights
- For the year ended 2013, income before income tax expense was
$3.1 million, an increase of 8.6%, compared to income before income
tax expense of $2.8 million in 2012.
- Loans held for investment, net of allowance for loan losses, at
December 31, 2013 increased 40.7% to $533.1 million compared to
$379.0 million at December 31, 2012, primarily reflecting 20.8%
growth in commercial and industrial ("C&I") lending, 14.5%
growth in commercial real estate ("CRE") lending, and the addition
of approximately $94.0 million in variable-rate, federally
guaranteed student loans during 2013. Excluding guaranteed student
loans, loans held for investment at December 31, 2013 increased
$60.3 million, or nearly 16%, compared to year-end 2012.
- Average interest-earning assets in 2013 were $570.1 million, up
from $493.0 million in 2012.
- Total assets at December 31, 2013 increased to $679.9 million,
an increase of 20.7%, compared to $563.2 million at December 31,
2012, primarily reflecting loan growth, a modestly expanded
portfolio of securities available for sale, bank owned life
insurance, and cash and cash equivalents.
- Measures of asset quality reflected continuing strength and
year-over-year improvement. At December 31, 2013, the ratio of
nonperforming assets to total assets was 0.59% compared to 0.95% a
year earlier, the ratio of nonperforming assets to loans held for
investment was 0.75%, down from 1.39% a year earlier, and the ratio
of allowance for loan and lease losses to nonaccrual loans was 139%
compared to 96% at year-end 2012.
- Capital strength was reflected in ratios that were well above
regulatory standards for "well-capitalized" banks at December 31,
2013, with a Tier 1 leverage ratio of 10.5%, a Tier 1 risk-based
capital ratio of 13.4%, and a total risk-based capital ratio of
14.4%.
- Reflecting shareholder value growth, tangible book value1 at
December 31, 2013 was $6.10 per common share, compared to $6.02 at
December 31, 2012.
Operating Results
Income Statement
Total interest income for the year ended December 31, 2013 was
$25.6 million, compared to $26.0 million for the year ended
December 31, 2012. Interest income reflected stable interest and
fees on loans, and a slight decrease in interest from securities.
Relatively flat interest income for 2013 compared to 2012 reflects
lower accretion of fair value adjustments on acquired loans and a
decline in asset yields, partially offset by loan growth
particularly in the second half of 2013. Average interest-earning
assets increased 15.6% at year-end 2013 from year-end 2012.
Total interest expense for the year ended December 31, 2013 was
$3.5 million compared to $3.9 million for the year ended December
31, 2012, primarily reflecting lower interest expense on the Bank's
core deposits.
Net interest income after provision for loan and lease losses
was $20.7 million in 2013, compared to $20.2 million in 2012. Net
interest income increased moderately and the provision for loan and
lease losses decreased $333,000 to $1.5 million in 2013 from $1.8
million in 2012, primarily due to improved asset quality. Net
interest margin in 2013 was 3.89%, a decline from 4.47% in
2012. Net interest margin in 2013 was impacted by lower
accretion on acquired loans and lower asset yields, partially
offset by lower deposit costs.
"While 2013 reflected the pressure on margins that affected most
banks, our margin remained in our targeted range," noted
Layfield. "Our guaranteed student loans generate lower yields
than our commercial loans, but they offer a way to deploy our
capital to generate returns that we believe are superior to
investment securities in the current interest rate environment,
without the level of price risk that can come with fixed rate
securities." Layfield added that the 2013 net interest margin
also reflected unusually high cash balances late in the year
related to client deposit activity.
Total noninterest income for the year ended December 31, 2013
was $1.7 million, compared to $743,000 for the year ended December
31, 2012. The increase reflected growth in service charges on
deposit accounts, increased fees from treasury management services,
fees associated with customer interest rate swaps, and included a
$361,000 gain on the sale of collateral on an acquired impaired
loan.
Noninterest expense for the year ended 2013 was $19.3 million,
compared to $18.1 million for the year ended 2012. "The
increase in expenses was primarily for compensation and benefits,
in part reflecting the hiring of experienced relationship managers
and proven producers in the Greater Washington, D.C. and Richmond
markets to drive organic loan and deposit growth," Layfield
explained.
The company had income tax expense of $1.1 million in 2013,
while in 2012 the company had an income tax benefit of $5.0 million
due to the reversal of the valuation allowance on the company's net
deferred tax asset. For purposes of comparison, income before
income tax for the year ended December 31, 2013 and 2012 was $3.1
million and $2.8 million, respectively.
Net interest income in the fourth quarter ended December 31,
2013 was $5.6 million, unchanged from the fourth quarter of
2012. The impact of higher average loan balances and lower
cost of deposits was offset by lower accretion and lower yields on
loans. The provision for loan and lease losses in the fourth
quarter of 2013 was $573,000 compared to $436,000 in the fourth
quarter of 2012, reflecting growth in gross loans held for
investment of $101.0 million in the fourth quarter 2013 compared to
$42.7 million in the fourth quarter 2012. Fourth quarter 2013
growth includes the addition of $73.1 million of guaranteed student
loans. Noninterest expenses in the fourth quarter of 2013
were $4.9 million compared to $4.6 million in the same period of
2012. Income tax expense in the 2013 period was $140,000
compared to $380,000 in the fourth quarter of 2012, which included
the effect of nondeductible expenses related to incentive stock
options.
Balance Sheet
Loans held for investment increased to $533.1 million at
December 31, 2013, compared to $379.0 million at December 31,
2012. Growth in loans held for investment in the second half
of 2013 was $139.5 million, which includes $94.0 million of
guaranteed student loans.
Loans held for investment at December 31, 2013 included $246.3
million in C&I loans (46% of the loan portfolio), CRE loans of
$172.7 million (32% of the portfolio), and guaranteed student loans
of $94.0 million (17% of the portfolio). Management noted the
portfolio of student loans is substantially U.S. government
guaranteed, 20% risk-weighted for capital purposes, and re-priced
every 90 days based on changes in 90-day U.S. Treasury and Libor
rates.
"We were encouraged by the steady growth and ongoing
diversification of our loan portfolio, and particularly the
continued strength of our C&I business. We believe we have
the personnel, technology and infrastructure to support
considerable growth in C&I lending, as well as in other lending
categories. Our loan portfolio at the end of 2013 reflected
an increased diversification of borrowers, as we saw an
acceleration of loan growth in the second half of 2013, a sign that
the economy may have improved modestly. We believe our student
loan portfolio carries a very attractive risk profile, while taking
very little interest rate risk," Layfield noted.
Loans held for sale, which primarily reflect the company's
participation in a mortgage warehouse lending program, declined to
$3.4 million at December 31, 2013, compared to $80.9 million at
December 31, 2012, as nationwide mortgage activity slowed
substantially in 2013. Layfield commented that the company has
used existing liquidity from the reduction in mortgage warehouse
loans to build its portfolio of guaranteed student loans.
Total assets were $679.9 million at December 31, 2013, compared
to $563.2 million at December 31, 2012, primarily reflecting loan
growth, higher cash balances, and higher levels of investment
securities.
A continuing focus on attracting deposits as part of an overall
client relationship contributed to a 25.6% growth in total deposits
to $569.2 million at December 31, 2013 compared to $453.2 million
at December 31, 2012. Noninterest-bearing demand accounts and
lower interest rate money market accounts fueled a significant
portion of the growth, providing additional core deposit funding to
support the company's lending activities.
Asset and Credit Quality
Balance sheet quality and asset quality ratios continued to
improve throughout the year. At December 31, 2013, the ratio of
nonperforming assets to total assets was 0.59%, compared to 0.95% a
year earlier, the ratio of nonperforming assets to loans held for
investment was 0.75%, compared to 1.39% a year earlier, and the
ratio of allowance for loan and lease losses to nonaccrual loans
was 139%, compared to 96% a year earlier.
The company's ratio of allowance for loan and lease losses to
total loans held for investment was 0.99% at December 31, 2013
compared to 1.27% at December 31, 2012. Management noted the
decline in the ratio of allowance for loan and lease losses to
loans held for investment primarily reflected the addition of $94.0
million of guaranteed student loans in 2013, which are
approximately 98% guaranteed as to principal and interest. The
company provides allowance for the guaranteed student loans based
on historical loss estimates, which are only applied to the
non-guaranteed portion of the balances. Net charge-offs as a
percentage of average loans held for investment were 0.22% for the
year ended December 31, 2013.
Capital and Shareholder Value Measures
Capital ratios remained well above published regulatory
standards for "well-capitalized" banks, with a Tier 1 leverage
ratio of 10.5%, a Tier 1 risk-based capital ratio of 13.4%, and a
total risk-based capital ratio of 14.4% at December 31, 2013.
As part of the company's share repurchase program, which started
in the third quarter of 2013, the company repurchased 50,430 shares
at an average price of $5.88 per share during 2013.
Total shareholders' equity was $87.7 million at December 31,
2013, compared to $87.5 million at December 31, 2012.
Increases in longer term interest rates had a negative impact
on the market value of the company's available-for-sale securities
portfolio, thus reducing shareholders' equity and partially
offsetting the effect of earnings. Tangible book value1 at
December 31, 2013 was $6.10 per share, compared to $6.02 at
December 31, 2012. For the year ended December 31, 2013,
return on average assets was 0.33% compared to 1.42% in 2012, and
return on average common equity was 2.49% compared to 9.89% for the
year ended December 31, 2012.
Market Overview and Outlook
Layfield concluded: "We continue to take a long-term perspective
in building a premier business banking franchise, with diversity in
clients, products and services, in what we believe are attractive
markets. We have developed the infrastructure that will allow
for considerable operating leverage to support growth, and have
built a first-class team to keep moving us forward. Building
long-term shareholder value is a critical part of our philosophy,
and a key reason why we have been careful and thoughtful in our
growth initiatives. Our goal is to make steady progress and
ensure we hold onto our gains."
Profile
Xenith Bankshares, Inc. is the holding company for Xenith Bank.
Xenith Bank is a full-service, locally-managed commercial
bank, specifically targeting the banking needs of middle market and
small businesses, local real estate developers and investors,
private banking clients, and select retail banking clients.
As of December 31, 2013, the company had total assets of
$679.9 million and total deposits of $569.2 million. Xenith
Bank's target markets are Greater Washington, DC, Richmond, VA, and
Greater Hampton Roads, VA metropolitan statistical areas. The
company is headquartered in Richmond, Virginia and currently has
six branch locations in Tysons Corner, Richmond, and Suffolk,
Virginia. Xenith Bankshares common stock trades on the NASDAQ
Capital Market under the symbol "XBKS."
For more information about Xenith Bankshares and Xenith Bank,
visit our website: https://www.xenithbank.com/.
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. 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 Xenith Bankshares.
If a change occurs, Xenith Bankshares' 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 the risks discussed in
Xenith Bankshares' public filings with the Securities and Exchange
Commission, including those outlined in Part I, Item 1A, "Risk
Factors" of Xenith Bankshares' Annual Report on Form 10-K for the
year ended December 31, 2012. Except as required by applicable law
or regulations, Xenith Bankshares does not undertake, and
specifically disclaims any obligation, to update or revise any
forward-looking statement.
1 Please see the discussion of non-GAAP financial measures at
the end of the financial tables.
-Selected Financial Tables Follow-
XENITH BANKSHARES, INC.
AND SUBSIDIARY |
CONSOLIDATED BALANCE
SHEETS |
AS OF DECEMBER 31, 2013
AND DECEMBER 31, 2012 |
|
|
|
|
|
|
(in thousands, except share data) |
December 31,
2013 |
December 31,
2012 |
Assets |
|
|
Cash and cash equivalents |
|
|
Cash and due from banks |
$ 24,944 |
$ 9,457 |
Federal funds sold |
5,749 |
2,906 |
Total cash and cash
equivalents |
30,693 |
12,363 |
Securities available for sale, at fair
value |
69,185 |
57,551 |
Loans held for sale |
3,363 |
80,867 |
Loans held for investment, net of allowance
for loan and lease losses, 2013 - $5,305; 2012 - $4,875 |
533,137 |
379,006 |
Premises and equipment, net |
5,069 |
5,397 |
Other real estate owned |
199 |
276 |
Goodwill and other intangible assets,
net |
15,624 |
15,989 |
Accrued interest receivable |
2,403 |
1,606 |
Deferred tax asset |
4,345 |
4,094 |
Bank owned life insurance |
9,690 |
-- |
Other assets |
6,188 |
6,057 |
Total
assets |
$ 679,896 |
$ 563,206 |
Liabilities and Shareholders'
Equity |
|
|
Deposits |
|
|
Demand and money market |
$ 359,455 |
$ 317,526 |
Savings |
4,785 |
4,069 |
Time |
204,958 |
131,636 |
Total deposits |
569,198 |
453,231 |
Accrued interest payable |
215 |
232 |
Borrowings |
20,000 |
20,000 |
Other liabilities |
2,797 |
2,196 |
Total
liabilities |
592,210 |
475,659 |
Shareholders' equity |
|
|
Preferred stock, $1.00 par
value, $1,000 liquidation value, 25,000,000 shares authorized as of
December 31, 2013 and 2012; 8,381 shares issued and outstanding as
of December 31, 2013 and 2012 |
8,381 |
8,381 |
Common stock, $1.00 par value,
100,000,000 shares authorized as of December 31, 2013 and 2012;
10,437,630 shares issued and outstanding as of December 31, 2013
and 10,488,060 shares issued and outstanding as of December 31,
2012 |
10,438 |
10,488 |
Additional paid-in capital |
71,797 |
71,414 |
Accumulated deficit |
(1,758) |
(3,660) |
Accumulated other comprehensive
(loss) income, net of tax |
(1,172) |
924 |
Total shareholders'
equity |
87,686 |
87,547 |
Total liabilities and
shareholders' equity |
$ 679,896 |
$ 563,206 |
|
|
|
See notes to consolidated
financial statements. |
|
XENITH
BANKSHARES, INC. AND SUBSIDIARY |
CONSOLIDATED
STATEMENTS OF OPERATIONS |
FOR THE YEARS
ENDED DECEMBER 31, 2013 AND 2012 |
|
|
|
|
|
|
(in thousands, except per share data) |
December 31,
2013 |
December 31,
2012 |
Interest income |
|
|
Interest and fees on loans |
$ 24,074 |
$ 24,254 |
Interest on securities |
1,249 |
1,437 |
Interest on federal funds sold and deposits
in other banks |
310 |
285 |
Total interest
income |
25,633 |
25,976 |
Interest expense |
|
|
Interest on deposits |
2,148 |
2,656 |
Interest on time certificates of $100,000 and
over |
964 |
919 |
Interest on federal funds purchased and
borrowed funds |
374 |
372 |
Total interest
expense |
3,486 |
3,947 |
Net interest
income |
22,147 |
22,029 |
Provision for loan and lease
losses |
1,486 |
1,819 |
Net interest income
after provision for loan and lease losses |
20,661 |
20,210 |
Noninterest income |
|
|
Service charges on deposit accounts |
442 |
304 |
Net gain (loss) on sale and write-down of
other real estate owned and other collateral |
324 |
(11) |
Gain on sales of securities |
291 |
220 |
Increase in cash surrender value of bank
owned life insurance |
190 |
-- |
Other |
449 |
230 |
Total noninterest
income |
1,696 |
743 |
Noninterest expense |
|
|
Compensation and benefits |
11,317 |
10,579 |
Occupancy |
1,499 |
1,439 |
FDIC insurance |
409 |
326 |
Bank franchise taxes |
788 |
615 |
Technology |
1,611 |
1,580 |
Communications |
258 |
272 |
Insurance |
297 |
295 |
Professional fees |
1,083 |
1,187 |
Other real estate owned |
39 |
16 |
Amortization of intangible assets |
365 |
365 |
Guaranteed student loan servicing |
138 |
-- |
Other |
1,502 |
1,470 |
Total noninterest
expense |
19,306 |
18,144 |
Income before income
tax |
3,051 |
2,809 |
Income tax expense (benefit) |
1,065 |
(4,570) |
Net
income |
1,986 |
7,379 |
Preferred stock dividend |
(84) |
(89) |
Net income available to
common shareholders |
$ 1,902 |
$ 7,290 |
Earnings per common share (basic and
diluted): |
$ 0.18 |
$ 0.70 |
|
|
|
See notes to consolidated
financial statements. |
|
CONSOLIDATED FINANCIAL
HIGHLIGHTS (Unaudited) |
($ in thousands, except per share
data) |
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS |
Quarter
Ended |
Year
Ended |
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
|
|
2013 |
2013 |
2013 |
2013 |
2012 |
2013 |
2012 |
Net interest margin (1) |
3.50% |
4.38% |
3.90% |
3.83% |
4.18% |
3.89% |
4.47% |
Return on average assets (2) |
0.16% |
0.50% |
0.39% |
0.29% |
0.24% |
0.33% |
1.42% |
Return on average common equity (3) |
1.34% |
3.78% |
2.77% |
2.10% |
1.68% |
2.49% |
9.89% |
Efficiency ratio (4) |
83% |
74% |
85% |
82% |
80% |
81% |
80% |
Net income |
$ 268 |
748 |
552 |
418 |
332 |
1,986 |
7,379 |
Earnings per common share (basic and
diluted) |
$ 0.02 |
0.07 |
0.05 |
0.04 |
0.03 |
0.18 |
0.70 |
______________________________ |
|
|
|
|
|
|
|
(1) Net interest margin is net
interest income divided by average interest-earning assets. |
(2) Return on average assets is
net income for the respective period (annualized for quarter
periods) divided by average assets for the respective period. |
(3) Return on average equity is
net income for the respective period (annualized for quarter
periods) divided by average equity for the respective period. |
(4) Efficiency ratio is
non-interest expenses divided by the sum of net interest income and
non-interest income. |
|
|
|
|
|
|
|
|
ASSET QUALITY RATIOS |
Quarter
Ended |
|
|
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
|
|
2013 |
2013 |
2013 |
2013 |
2012 |
|
|
Net charge-offs as a percentage of average
loans held for investment |
0.22% |
0.15% |
0.11% |
0.04% |
0.35% |
|
|
Allowance for loan and lease losses (ALLL) as
a percentage of total loans held for investment (1) |
0.99% |
1.17% |
1.23% |
1.35% |
1.27% |
|
|
ALLL plus remaining discounts (fair value
adjustments) on acquired loans as a percentage of total loans held
for investment (2) |
1.80% |
2.34% |
2.96% |
3.31% |
3.32% |
|
|
ALLL to nonaccrual loans (1) |
138.78% |
126.59% |
100.08% |
104.35% |
96.16% |
|
|
Nonperforming assets as a percentage of total
loans held for investment |
0.75% |
1.02% |
1.29% |
1.37% |
1.39% |
|
|
Nonperforming assets as a percentage of total
assets |
0.59% |
0.73% |
0.89% |
0.89% |
0.95% |
|
|
______________________________ |
|
|
|
|
|
|
|
(1) ALLL excludes discounts (fair
value adjustments) on acquired loans. |
(2) Ratio is a non-GAAP financial
measure calculated as the sum of ALLL and discounts (fair value
adjustments) on acquired loans held for investment divided by the
sum of total loans held for investment and discounts on
loans. See discussion of non-GAAP financial measures
below. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS |
Quarter Ended |
|
|
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
|
|
2013 |
2013 |
2013 |
2013 |
2012 |
|
|
Tier 1 leverage ratio |
10.52% |
12.01% |
12.39% |
12.23% |
12.90% |
|
|
Tier 1 risk-based capital ratio |
13.35% |
13.82% |
13.69% |
14.60% |
15.39% |
|
|
Total risk-based capital ratio |
14.42% |
14.89% |
14.71% |
15.75% |
16.52% |
|
|
Book value per common share (1) |
$ 7.60 |
7.58 |
7.51 |
7.57 |
7.55 |
|
|
Tangible book value per common share (2) |
$ 6.10 |
6.07 |
6.00 |
6.05 |
6.02 |
|
|
______________________________ |
|
|
|
|
|
|
|
(1) Book value per common share
is total shareholders' equity less preferred stock divided by
common shares outstanding at the end of the respective period. |
(2) Tangible book value per
common share is a non-GAAP financial measure calculated as total
shareholders' equity less the sum of preferred stock and goodwill
and other intangible assets divided by common shares outstanding at
the end of the respective period. See discussion of non-GAAP
financial measures below. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES (1) |
Quarter Ended |
Year
Ended |
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
|
|
2013 |
2013 |
2013 |
2013 |
2012 |
2013 |
2012 |
Total assets |
$ 685,687 |
597,476 |
570,991 |
577,050 |
558,133 |
608,070 |
519,330 |
Loans held for sale |
$ 6,631 |
50,179 |
62,396 |
66,434 |
72,676 |
46,257 |
49,579 |
Loans held for investment, net of allowance
for loan and lease losses |
$ 478,985 |
402,703 |
372,746 |
369,688 |
351,335 |
406,321 |
332,507 |
Total deposits |
$ 574,171 |
485,511 |
460,288 |
466,018 |
447,829 |
496,763 |
413,808 |
Shareholders' equity |
$ 88,322 |
87,598 |
88,153 |
87,907 |
87,623 |
87,995 |
83,010 |
______________________________ |
|
|
|
|
|
|
|
(1) Average balances are computed
on a daily basis. |
|
|
|
|
|
|
|
|
END OF PERIOD BALANCES |
Quarter
Ended |
|
|
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
|
|
2013 |
2013 |
2013 |
2013 |
2012 |
|
|
Total assets |
$ 679,896 |
606,260 |
578,931 |
579,853 |
563,206 |
|
|
Loans held for sale |
$ 3,363 |
34,247 |
61,861 |
68,905 |
80,867 |
|
|
Loans held for investment, net of allowance
for loan and lease losses |
$ 533,137 |
432,269 |
393,591 |
372,052 |
379,006 |
|
|
Total deposits |
$ 569,198 |
495,821 |
464,676 |
468,798 |
453,231 |
|
|
Shareholders' equity |
$ 87,686 |
87,700 |
87,138 |
87,772 |
87,547 |
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES |
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
|
ALLL + Discount / Gross
Loans |
2013 |
2013 |
2013 |
2013 |
2012 |
|
|
Allowance for loan and lease losses |
$ 5,305 |
5,129 |
4,882 |
5,099 |
4,875 |
|
|
Add: Discounts (fair value
adjustments) on acquired loans |
$ 4,442 |
5,237 |
7,134 |
7,631 |
8,133 |
|
|
Total ALLL + discounts on acquired loans |
$ 9,747 |
10,366 |
12,016 |
12,730 |
13,008 |
|
|
Gross loans held for investment + discounts
(fair value adjustments) on acquired loans |
$ 542,884 |
442,635 |
405,607 |
384,782 |
392,014 |
|
|
ALLL plus discounts (fair value adjustments)
on acquired loans as a percentage of total loans held for
investment |
1.80% |
2.34% |
2.96% |
3.31% |
3.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common
share |
|
|
|
|
|
|
|
Total shareholders' equity |
$ 87,686 |
87,700 |
87,138 |
87,772 |
87,547 |
|
|
Deduct: Preferred
stock |
$ 8,381 |
8,381 |
8,381 |
8,381 |
8,381 |
|
|
Common shareholders' equity |
$ 79,305 |
79,319 |
78,757 |
79,391 |
79,166 |
|
|
Deduct: Goodwill and other
intangible assets |
$ 15,625 |
15,716 |
15,807 |
15,898 |
15,989 |
|
|
Tangible common shareholders' equity |
$ 63,680 |
63,603 |
62,950 |
63,493 |
63,177 |
|
|
Common shares outstanding |
10,438 |
10,471 |
10,488 |
10,488 |
10,488 |
|
|
Tangible book value per common share |
$ 6.10 |
6.07 |
6.00 |
6.05 |
6.02 |
|
|
______________________________ |
|
|
|
|
|
|
|
Allowance for loan and lease
losses (ALLL) plus discounts on acquired loans as a percentage of
total loans held for investment and tangible book value per share
are supplemental financial measures that are not required by, or
presented in accordance with, U.S. GAAP. Management believes
that ALLL plus discounts on acquired loans held for investment is
meaningful because it is one of the measures we use to assess our
asset quality. Management believes that tangible book value
per common share is meaningful because it is one of the measures we
use to assess capital adequacy. Set forth above are
reconciliations of each of these non-GAAP financial measures
calculated and reported in accordance with GAAP. Book value is
the same as shareholders' equity presented on our consolidated
balance sheets. Our calculations of these non-GAAP financial
measures may not be comparable to the calculation of similarly
titled measures reported by other companies. |
|
|
CONTACT: Thomas W. Osgood
Executive Vice President, Chief Financial Officer,
Chief Administrative Officer, and Treasurer
(804) 433-2209
tosgood@xenithbank.com
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