Cordia Bancorp Inc. Reports Fourth Quarter 2014 Profit
04 Marzo 2015 - 3:00PM
Cordia Bancorp Inc. ("Cordia") (Nasdaq:BVA), parent company of Bank
of Virginia, reported net income of $60,000 or $0.01 per share for
the fourth quarter of 2014, compared to net income of $5,000 for
the fourth quarter of 2013. For the year ended December 31, 2014,
the net loss was $(412,000) or $(0.09) per share compared to net
income of $696,000 or $0.27 per share for the year ended December
31, 2013.
Highlights for the year 2014
- $15.4 million capital raise in April 2014 with the issuance of
3,629,871 voting and nonvoting common shares
- Added five new officers in commercial, residential and student
lending
- Launched CordiaGrad in the fourth quarter, a new online lending
platform to refinance student loans
- Added two new retail bank branches in the third quarter to
expand market share in Chesterfield County, the largest and
wealthiest county in Greater Richmond
- 35% growth in total assets
- 22% growth in loans
- 26% growth in deposits
- 31% increase in employees
- Net interest income increased $1.4 million, or 21%, net of
acquisition accounting adjustment
- Nonperforming assets decreased to 1.21% of total assets
Chief Executive Officer Jack Zoeller stated, "We have positioned
Cordia for a significant new round of growth and sustainable
profitability in 2015 and beyond. Our company has grown over 35%
after raising fresh capital in the spring of 2014. In addition,
CordiaGrad, our new online lending platform, began refinancing
student loan debt in late 2014. Our commercial and residential
lending team in Richmond continued to produce exceptional results
with over 22% growth last year."
Balance Sheet Activity
- Asset Growth. Total assets increased over 35%,
to $318.6 million at December 31, 2014, compared to $235.1 million
at December 31, 2013. During 2014, loans increased 22%, or $39
million. Of this amount, organic originations accounted for $29.5
million and purchases of guaranteed student loans increased $9.5
million. In addition, investment securities increased $34.9
million.
- Deposit Growth and Mix. Total deposits
increased 26% to $265.6 million at December 31, 2014, compared to
$210.8 million at December 31, 2013. Non-interest bearing deposits
increased 34% while interest bearing deposits increased 25% during
the year ended December 31, 2014. The cost of deposits
decreased from 80 to 73 basis points during the year.
- Asset Quality. Asset quality continued to
improve, with non-performing assets decreasing to $3.9 million, or
1.21% of total assets, at December 31, 2014, from $5.5 million, or
2.33% of total assets, at December 31, 2013.
- Tangible Book Value. Tangible book value
per share was $4.16 at December 31, 2014.
Operating Results
Three months ended December 31, 2014 compared to the
three months ended December 31, 2013
- Net income for the quarter ended December 31, 2014 was $60,000
compared to net income of $5,000 for the prior year fourth
quarter.
- Net interest income was $2.13 million for the fourth quarter of
2014, compared to $1.81 million for the fourth quarter of
2013.
- Net interest income, net of acquisition accounting adjustments,
increased $429,000, or 25.5%.
- Net interest margin was 2.83% and 3.30% for the fourth quarter
of 2014 and 2013, respectively. Adjusting for the impact of
acquisition accounting, net interest margin was 2.80% compared to
3.04% for the 2013 period.
- The provision for loan losses was $182,000 in the fourth
quarter of 2014 compared to a $92,000 recovery in the prior year
quarter.
- Noninterest expense increased to $2.09 million for the fourth
quarter of 2014, compared to $1.98 million for the fourth quarter
of 2013. The increase in noninterest expense was primarily due
to staff additions and increased student loan servicing
expenses.
Year ended December 31, 2014 compared to the year ended
December 31, 2013
- The net loss for the year ended December 31, 2014 was
$(412,000) compared to net income of $696,000 for the year ended
December 31, 2013.
- Net interest income was $8.23 million for the 2014 period,
compared to $8.06 million for the 2013 period.
- Net interest income, net of acquisition accounting adjustments,
increased $1.38 million, or 21%.
- Net interest margin for the 2014 period was 3.04% compared to
3.64% for the 2013 period. Adjusting for the impact of
acquisition accounting, net interest margin was 2.96% compared to
2.97% for the 2013 period.
- Noninterest income was $467,000 for the 2014 period, compared
to $300,000 for the 2013 period.
- Noninterest expense increased to $8.80 million for the 2014
period, compared to $7.64 million for the 2013 period. The
increase in noninterest expense was primarily due to incentive
compensation, staff additions and an increase in student loan
servicing volume.
In the fourth quarter of 2014 the Bank launched CordiaGrad, a
student loan refinancing program aimed at high-achieving student
loan borrowers who have earned their degrees, established their
careers, and maintained good to excellent credit. CordiaGrad
is dedicated to offering significant rate savings to holders of
federal, private, or parent student loans. To date, the
average CordiaGrad customer has lowered their interest rate by
2.50% and reduced their total interest costs by more than $23,000
over the lifetime of their loans.
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. CordiaGrad provides student loan
refinancing services through two offices in Midlothian, VA and
Washington, DC.
For more information about Cordia Bancorp, Bank of Virginia and
CordiaGrad, visit our websites: www.cordiabancorp.com,
www.bankofva.com and www.cordiagrad.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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Dec. 31, |
Sept. 30, |
June 30, |
March 31, |
Dec. 31, |
(Dollars in thousands, except per share
data) |
2014 |
2014 |
2014 |
2014 |
2013 |
Assets |
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Cash and due from banks |
$ 5,484 |
$ 5,789 |
$ 5,332 |
$ 10,499 |
$ 5,290 |
Fed funds sold and Interest-bearing
deposits |
16,363 |
6,131 |
9,843 |
16,839 |
8,694 |
Total cash and cash equivalents |
21,847 |
11,920 |
15,175 |
27,338 |
13,984 |
Securities available for sale, at fair
value |
53,483 |
54,581 |
45,835 |
24,464 |
24,567 |
Securities held to maturity, at cost |
20,716 |
21,263 |
21,839 |
14,500 |
14,753 |
Restricted securities |
2,092 |
1,525 |
1,525 |
1,529 |
1,074 |
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Loans held for investment: |
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Commercial real estate |
103,253 |
92,300 |
90,909 |
85,084 |
82,581 |
Commercial and industrial |
24,153 |
25,376 |
24,605 |
22,118 |
21,085 |
Guaranteed student loans |
64,870 |
67,421 |
70,624 |
80,966 |
55,427 |
Consumer and other |
20,683 |
19,221 |
18,147 |
16,914 |
14,914 |
Total loans held for investment |
212,959 |
204,318 |
204,285 |
205,082 |
174,007 |
Less: Allowance for loan losses |
(1,089) |
(1,226) |
(1,407) |
(1,504) |
(1,489) |
Net loans held for investment |
211,870 |
203,092 |
202,878 |
203,578 |
172,518 |
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Premises and equipment, net |
4,432 |
4,496 |
4,510 |
4,430 |
4,464 |
Accrued interest receivable |
2,040 |
1,902 |
1,830 |
2,177 |
1,655 |
Other real estate owned, net of valuation
allowance |
1,641 |
1,543 |
1,543 |
1,543 |
1,545 |
Other assets |
479 |
485 |
390 |
697 |
588 |
Total assets |
$ 318,600 |
$ 300,807 |
$ 295,525 |
$ 280,256 |
$ 235,148 |
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Liabilities and stockholders'
equity |
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Non-interest bearing deposits |
30,709 |
24,490 |
24,890 |
21,649 |
22,845 |
Savings and interest bearing demand
deposits |
83,339 |
78,779 |
75,660 |
74,818 |
60,685 |
Time deposits |
151,555 |
149,679 |
144,643 |
138,561 |
127,284 |
Total deposits |
265,603 |
252,948 |
245,193 |
235,028 |
210,814 |
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Accrued expenses and other
liabilities |
861 |
877 |
3,419 |
12,202 |
1,047 |
FHLB borrowings |
25,000 |
20,000 |
20,000 |
20,000 |
10,000 |
Total liabilities |
291,464 |
273,825 |
268,612 |
267,230 |
221,861 |
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Common stock - voting |
50 |
50 |
50 |
28 |
28 |
Common stock - nonvoting |
14 |
14 |
14 |
-- |
-- |
Additional paid-in-capital |
32,957 |
32,896 |
32,848 |
18,672 |
18,648 |
Retained deficit |
(5,417) |
(5,477) |
(5,559) |
(5,289) |
(5,005) |
Accumulated other comprehensive loss |
(468) |
(501) |
(440) |
(385) |
(384) |
Total stockholders' equity |
27,136 |
26,982 |
26,913 |
13,026 |
13,287 |
Total liabilities and stockholders'
equity |
$ 318,600 |
$ 300,807 |
$ 295,525 |
$ 280,256 |
$ 235,148 |
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Cordia
Bancorp |
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Consolidated Statements of Income
(unaudited) |
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Three Months Ended |
Year Ended |
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Dec. 31, |
Sept. 30, |
June 30, |
March 31, |
Dec. 31, |
Dec. 31, |
Dec. 31, |
(Dollars in thousands, except per share
data) |
2014 |
2014 |
2014 |
2014 |
2013 |
2014 |
2013 |
Interest Income |
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Interest and fees on loans |
$ 2,247 |
$ 2,275 |
$ 2,252 |
$ 2,149 |
$ 2,089 |
$ 8,923 |
$ 9,366 |
Investment securities |
405 |
346 |
311 |
207 |
161 |
1,269 |
426 |
Interest on federal funds sold
and deposits with banks |
6 |
4 |
9 |
6 |
10 |
25 |
73 |
Total interest income |
2,658 |
2,625 |
2,572 |
2,362 |
2,260 |
10,217 |
9,865 |
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Interest Expense |
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Interest on deposits |
451 |
443 |
441 |
426 |
412 |
1,761 |
1,644 |
Interest on FHLB Borrowings |
76 |
57 |
56 |
41 |
40 |
230 |
164 |
Total interest expense |
527 |
500 |
497 |
467 |
452 |
1,991 |
1,808 |
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Net interest income |
2,131 |
2,125 |
2,075 |
1,895 |
1,808 |
8,226 |
8,057 |
Provision for (recovery of) loan
losses |
182 |
(106) |
209 |
20 |
(92) |
305 |
19 |
Net interest income after provision for
(recovery of) loan losses |
1,949 |
2,231 |
1,866 |
1,875 |
1,900 |
7,921 |
8,038 |
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Non-interest income |
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Service charges on deposit accounts |
34 |
44 |
19 |
26 |
40 |
123 |
132 |
Net gain (loss) on sale of available for
sale securities |
116 |
(3) |
-- |
64 |
-- |
177 |
-- |
Other fee income |
50 |
41 |
43 |
33 |
46 |
167 |
168 |
Total non-interest income |
200 |
82 |
62 |
123 |
86 |
467 |
300 |
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Non-interest expense |
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Salaries and employee benefits |
1,094 |
1,244 |
1,102 |
1,406 |
1,066 |
4,846 |
4,216 |
Professional services |
104 |
92 |
125 |
106 |
161 |
427 |
501 |
Occupancy |
139 |
139 |
136 |
151 |
138 |
565 |
565 |
Data processing and communications |
184 |
206 |
160 |
148 |
139 |
698 |
548 |
FDIC assessment and bank fees |
96 |
99 |
96 |
94 |
97 |
385 |
388 |
Bank franchise taxes |
23 |
23 |
27 |
29 |
14 |
102 |
73 |
Student loan servicing fees and other
loan expenses |
191 |
144 |
210 |
126 |
76 |
671 |
275 |
Other real estate expenses |
18 |
6 |
17 |
5 |
16 |
46 |
48 |
Gain on sale of other real estate
owned |
-- |
-- |
-- |
-- |
-- |
-- |
(36) |
Supplies and equipment |
78 |
82 |
83 |
75 |
75 |
318 |
274 |
Insurance |
42 |
40 |
44 |
41 |
40 |
167 |
166 |
Director's fees |
50 |
46 |
75 |
16 |
32 |
187 |
138 |
Marketing and business development |
21 |
15 |
9 |
6 |
32 |
51 |
88 |
Other operating expenses |
49 |
95 |
114 |
79 |
95 |
337 |
398 |
Total non-interest expense |
2,089 |
2,231 |
2,198 |
2,282 |
1,981 |
8,800 |
7,642 |
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Net income (loss) |
$ 60 |
$ 82 |
$ (270) |
$ (284) |
$ 5 |
$ (412) |
$ 696 |
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Earnings (loss) per share, basic and
diluted |
$ 0.01 |
$ 0.01 |
$ (0.09) |
$ (0.10) |
$ -- |
$ (0.09) |
$ 0.27 |
Weighted average shares outstanding,
basic |
6,426,078 |
6,420,107 |
3,017,772 |
2,776,992 |
2,773,320 |
4,675,468 |
2,602,357 |
Weighted average shares outstanding,
diluted |
6,504,160 |
6,504,106 |
3,017,772 |
2,776,992 |
2,788,302 |
4,705,948 |
2,615,387 |
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Cordia
Bancorp |
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Consolidated Financial Highlights
(unaudited) |
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As of and for the Three
Months Ended |
Year Ended |
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Dec. 31, |
Sept. 30, |
June 30, |
March 31, |
Dec. 31, |
Dec. 31, |
Dec. 31, |
(Dollars in thousands, except per share
data) |
2014 |
2014 |
2014 |
2014 |
2013 |
2014 |
2013 |
Results of Operations |
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Interest income |
$ 2,658 |
$ 2,625 |
$ 2,572 |
$ 2,362 |
$ 2,260 |
$ 10,217 |
$ 9,865 |
Interest expense |
527 |
500 |
497 |
467 |
452 |
1,991 |
1,808 |
Net interest income |
2,131 |
2,125 |
2,075 |
1,895 |
1,808 |
8,226 |
8,057 |
Provision for (recovery of) loan
losses |
182 |
(106) |
209 |
20 |
(92) |
305 |
19 |
Net interest income after provision for
(recovery of) loan losses |
1,949 |
2,231 |
1,866 |
1,875 |
1,900 |
7,921 |
8,038 |
Non-interest income |
200 |
82 |
62 |
123 |
86 |
467 |
300 |
Non-interest expense |
2,089 |
2,231 |
2,198 |
2,282 |
1,981 |
8,800 |
7,642 |
Net income (loss) |
$ 60 |
$ 82 |
$ (270) |
$ (284) |
$ 5 |
$ (412) |
$ 696 |
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Earnings (loss) per share, basics and
diluted |
$ 0.01 |
$ 0.01 |
$ (0.09) |
$ (0.10) |
$ -- |
$ (0.09) |
$ 0.27 |
Weighted average shares outstanding,
basic |
6,426,078 |
6,420,107 |
3,017,772 |
2,776,992 |
2,773,320 |
4,675,468 |
2,602,357 |
Weighted average shares outstanding,
diluted |
6,504,160 |
6,504,106 |
3,017,772 |
2,776,992 |
2,788,302 |
4,705,948 |
2,615,387 |
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Performance Ratios |
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Return on average assets |
0.08% |
0.11% |
-0.38% |
-0.47% |
0.01% |
-0.14% |
0.30% |
Return on average equity |
0.88% |
1.22% |
-4.20% |
-8.52% |
0.15% |
-1.77% |
5.12% |
Return on average tangible equity |
0.89% |
1.16% |
-4.22% |
-8.61% |
0.15% |
-1.77% |
5.18% |
Efficiency ratio |
89.62% |
101.09% |
102.85% |
113.08% |
104.59% |
101.23% |
91.44% |
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Yields and Rates |
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Yield on loans |
4.32% |
4.51% |
4.39% |
4.88% |
4.82% |
4.50% |
5.50% |
Yield on securities |
2.06% |
1.95% |
2.27% |
2.08% |
2.14% |
2.08% |
1.84% |
Yield on interest earning assets |
3.56% |
3.75% |
3.77% |
4.16% |
4.13% |
3.78% |
4.45% |
Cost of interest bearing deposits |
0.77% |
0.79% |
0.82% |
0.88% |
0.89% |
0.81% |
0.87% |
Cost of total deposits |
0.69% |
0.71% |
0.74% |
0.79% |
0.80% |
0.73% |
0.80% |
Cost of borrowings |
1.26% |
1.14% |
1.12% |
1.62% |
1.60% |
1.24% |
1.64% |
Cost of interest bearing liabilities |
0.81% |
0.81% |
0.84% |
0.92% |
0.93% |
0.84% |
0.91% |
Interest rate spread |
2.75% |
2.91% |
2.93% |
3.25% |
3.21% |
2.94% |
3.54% |
Net interest margin |
2.83% |
3.01% |
3.34% |
3.30% |
3.30% |
3.04% |
3.64% |
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Capital |
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Total equity to total assets |
8.52% |
8.97% |
9.11% |
4.65% |
5.65% |
8.52% |
5.65% |
Tangible equity to total assets |
8.49% |
8.94% |
9.07% |
4.60% |
5.59% |
8.49% |
5.59% |
Book value per share |
4.17 |
4.15 |
4.14 |
4.67 |
4.77 |
4.17 |
4.77 |
Tangible book value per share |
4.16 |
4.13 |
4.12 |
4.63 |
4.72 |
4.16 |
4.72 |
Common shares outstanding |
6,504,106 |
6,504,106 |
6,504,106 |
2,788,302 |
2,788,302 |
6,504,106 |
2,788,302 |
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Average Balances |
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Loans |
$ 207,833 |
$ 201,953 |
$ 205,104 |
$ 176,161 |
$ 173,536 |
$ 198,227 |
$ 170,200 |
Securities |
78,590 |
70,848 |
54,904 |
39,747 |
30,156 |
61,156 |
23,159 |
Earning assets |
298,712 |
279,876 |
272,733 |
226,968 |
218,707 |
270,163 |
221,448 |
Total assets |
315,167 |
295,834 |
286,525 |
241,660 |
231,435 |
285,028 |
233,140 |
Interest bearing deposits |
234,953 |
223,927 |
215,856 |
193,946 |
184,920 |
217,301 |
188,206 |
Total deposits |
262,947 |
248,087 |
238,416 |
215,721 |
206,981 |
241,441 |
204,868 |
FHLB borrowings |
24,185 |
20,000 |
20,000 |
10,111 |
10,000 |
18,616 |
10,000 |
Interest bearing liabilities |
259,138 |
243,927 |
235,856 |
204,057 |
194,920 |
235,917 |
198,206 |
Total equity |
27,198 |
26,918 |
25,727 |
13,332 |
13,266 |
23,342 |
13,591 |
Tangible equity |
27,089 |
26,800 |
25,601 |
13,196 |
13,124 |
23,220 |
13,434 |
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Asset Quality |
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Net charge-offs |
319 |
75 |
306 |
5 |
(65) |
705 |
640 |
Net charge-off rate |
0.61% |
0.15% |
0.60% |
0.01% |
-0.15% |
0.36% |
0.38% |
Non-performing loans |
2,221 |
1,323 |
2,572 |
3,225 |
3,934 |
2,221 |
3,934 |
Non-performing assets |
3,862 |
2,866 |
4,115 |
4,768 |
5,479 |
3,862 |
5,479 |
Allowance for loan losses |
1,089 |
1,226 |
1,407 |
1,504 |
1,489 |
1,089 |
1,489 |
Non-performing loans as a % of total
loans held for investment |
1.04% |
0.65% |
1.26% |
1.57% |
2.26% |
1.04% |
2.26% |
Non-performing assets as a % of total
assets |
1.21% |
0.95% |
1.39% |
1.70% |
2.33% |
1.21% |
2.33% |
Allowance for loan losses as a %
of total loans held for investment |
0.51% |
0.60% |
0.69% |
0.73% |
0.86% |
0.51% |
0.86% |
Allowance for loan losses as a % of
non-performing loans |
49.03% |
92.67% |
54.70% |
46.64% |
37.85% |
49.03% |
37.85% |
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Cordia
Bancorp |
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GAAP to Non-GAAP Reconciliations
(unaudited) |
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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. |
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As of and for the Three
Months Ended |
Year Ended |
|
Dec. 31, |
Sept. 30, |
June 30, |
March 31, |
Dec. 31, |
December 31, |
(Dollars in thousands, except per share
data) |
2014 |
2014 |
2014 |
2014 |
2013 |
2014 |
2013 |
Tangible Equity and Tangible Assets
(Period End) |
|
|
|
|
|
|
|
Total shareholders' equity (GAAP) |
$ 27,136 |
$ 26,982 |
$ 26,913 |
$ 13,026 |
$ 13,287 |
$ 27,136 |
$ 13,287 |
Less: intangible assets |
104 |
112 |
121 |
130 |
139 |
104 |
139 |
Tangible Equity (non-GAAP) |
$ 27,032 |
$ 26,870 |
$ 26,792 |
$ 12,896 |
$ 13,148 |
$ 27,032 |
$ 13,148 |
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Total assets (GAAP) |
$ 318,600 |
$ 300,807 |
$ 295,525 |
$ 280,256 |
$ 235,148 |
$ 318,600 |
$ 235,148 |
Less: intangible assets |
104 |
112 |
121 |
130 |
139 |
104 |
139 |
Tangible assets (non-GAAP) |
$ 318,496 |
$ 300,695 |
$ 295,404 |
$ 280,126 |
$ 235,009 |
$ 318,496 |
$ 235,009 |
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Total equity to total assets (GAAP) |
8.52% |
8.97% |
9.11% |
4.65% |
5.65% |
8.52% |
5.65% |
Book value per share (GAAP) |
$ 4.17 |
$ 4.15 |
$ 4.14 |
$ 4.67 |
$ 4.77 |
$ 4.17 |
$ 4.77 |
Tangible equity to tangible assets
(non-GAAP) |
8.49% |
8.94% |
9.07% |
4.60% |
5.59% |
8.49% |
5.59% |
Tangible book value per share (non-GAAP) |
$ 4.16 |
$ 4.13 |
$ 4.12 |
$ 4.63 |
$ 4.72 |
$ 4.16 |
$ 4.72 |
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Tangible Equity and Tangible Assets
(Average) |
|
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|
Total shareholders' equity (GAAP) |
$ 27,198 |
$ 26,918 |
$ 25,727 |
$ 13,332 |
$ 13,266 |
$ 23,342 |
$ 13,591 |
Less: intangible assets |
109 |
118 |
126 |
136 |
142 |
122 |
157 |
Tangible Equity (non-GAAP) |
$ 27,089 |
$ 26,800 |
$ 25,601 |
$ 13,196 |
$ 13,124 |
$ 23,220 |
$ 13,434 |
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Total assets (GAAP) |
315,167 |
295,834 |
286,525 |
241,660 |
231,435 |
285,028 |
233,140 |
Less: intangible assets |
109 |
118 |
126 |
136 |
142 |
122 |
157 |
Tangible assets (non-GAAP) |
$ 315,058 |
$ 295,716 |
$ 286,399 |
$ 241,524 |
$ 231,293 |
$ 284,906 |
$ 232,983 |
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Total equity to total assets (GAAP) |
8.63% |
9.10% |
8.98% |
5.52% |
5.73% |
8.19% |
5.83% |
Book value per share (GAAP) |
$ 4.18 |
$ 4.14 |
$ 3.95 |
$ 4.78 |
$ 4.76 |
$ 3.59 |
$ 4.87 |
Tangible equity to tangible assets
(non-GAAP) |
8.60% |
9.06% |
8.94% |
5.46% |
5.67% |
8.15% |
5.77% |
Tangible book value per share (non-GAAP) |
$ 4.16 |
$ 4.12 |
$ 3.94 |
$ 4.73 |
$ 4.71 |
$ 3.57 |
$ 4.82 |
CONTACT: Mark Severson,
CFO, Cordia Bancorp Inc.
804-763-1322
Cordia Bancorp Inc. (NASDAQ:BVA)
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