Cordia Bancorp Inc. Reports First Quarter 2015 Profit
07 Mayo 2015 - 4:45PM
Cordia Bancorp Inc. ("Cordia") (Nasdaq:BVA), parent company of Bank
of Virginia, reported net income of $351,000, or $0.05 per share,
for the first quarter of 2015, compared to a net loss of $284,000,
$(0.10) per share, for the first quarter of 2014.
Highlights
- 28% year-over-year growth in loans, excluding guaranteed
student loans
- 16% year-over-year growth in total assets
- Net interest income up 6%, compared to the first quarter of
2014, and 10%, net of acquisition accounting adjustments
- Nonperforming assets decreased to 1.16% of total assets from
1.70% for the first quarter of 2014
- CordiaGrad, an online lending platform to refinance student
loans, launched in the fourth quarter of 2014
- $340,000 net recovery of loan losses in the first quarter
2015
Chief Executive Officer Jack Zoeller stated, "We continue to
grow the company to put to work the $15.4 million of equity capital
we raised in 2014. Commercial loan growth continues at
exceptional levels. We are also very excited about CordiaGrad,
our online student loan refinancing platform, which gives us a new
lending channel unique among community banks in Virginia."
Balance Sheet Activity
- Asset Growth. Total assets increased to
$324.5 million at March 31, 2015, compared to $318.6 million at
December 31, 2014 and $280.3 million at March 31, 2014.
During the first quarter of 2015, loans held for investment
increased 3%, or $6.8 million. Of this amount, organic
originations accounted for $10.2 million while purchased guaranteed
student loans decreased $3.4 million. In addition, investment
securities decreased $12.3 million, while cash and cash equivalents
increased $11.3 million.
- Deposit Growth. Total deposits were
unchanged at $265.6 million at March 31, 2015, and December 31,
2014. Year-over-year, total deposits increased 13%, from
$235.0 million at March 31, 2014.
- Asset Quality. Asset quality continued to
improve, with non-performing assets decreasing to $3.8 million, or
1.16% of total assets, at March 31, 2015, from $3.9 million, or
1.21% of total assets, at December 31, 2014, and $4.7 million, or
1.70%, at March 31, 2014.
- Tangible Book Value. Tangible book value
per share was $4.22 at March 31, 2015, up from $4.16 at December
31, 2014.
Operating Results
Three months ended March 31, 2015 compared to the three
months ended March 31, 2014
- Net income for the quarter ended March 31, 2015 was $351,000
compared to a net loss of $284,000 for the prior year first
quarter.
- Net interest income was $2.01 million for the first quarter of
2015, compared to $1.90 million for the first quarter of
2014.
- Net interest income, net of acquisition accounting adjustments,
increased $185,000, or 10.3%.
- Net interest margin was 2.69% and 3.39% for the first quarter
of 2015 and 2014, respectively. Adjusting for the impact of
acquisition accounting, net interest margin was 2.67% compared to
3.22% for the 2014 period.
- The provision for loan losses was a recovery of $340,000 in the
first quarter of 2015 compared to a provision of $20,000 in the
prior year quarter.
- Noninterest income increased to $213 thousand from $123
thousand in the prior year quarter due primarily to $71 thousand in
gain on the sale of securities and loans.
- Noninterest expense decreased $70 thousand to $2.21 million for
the first quarter of 2015, compared to $2.28 million for the first
quarter of 2014.
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.
In late 2014 the Bank launched CordiaGrad, a student loan
refinancing program aimed at high-achieving student loan
borrowers. CordiaGrad seeks to provide significant rate
savings to holders of federal, private, and parent student
loans.
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 |
Consolidated Balance Sheets
(unaudited) |
|
|
|
|
|
|
|
March 31, |
Dec. 31, |
Sept. 30, |
June 30, |
March 31, |
(Dollars in thousands, except per share
data) |
2015 |
2014 |
2014 |
2014 |
2014 |
Assets |
Cash and due from banks |
$ 9,602 |
$ 5,484 |
$ 5,789 |
$ 5,332 |
$ 10,499 |
Fed funds sold and Interest-bearing
deposits |
23,495 |
16,363 |
6,131 |
9,843 |
16,839 |
Total cash and cash equivalents |
33,097 |
21,847 |
11,920 |
15,175 |
27,338 |
Securities available for sale, at fair
value |
41,411 |
53,483 |
54,581 |
45,835 |
24,464 |
Securities held to maturity, at cost |
20,132 |
20,716 |
21,263 |
21,839 |
14,500 |
Restricted securities |
2,405 |
2,092 |
1,525 |
1,525 |
1,529 |
Loans held for sale |
117 |
-- |
-- |
-- |
-- |
Loans held for
investment: |
Commercial real estate |
109,734 |
103,253 |
92,300 |
90,909 |
85,084 |
Commercial and industrial |
24,057 |
24,153 |
25,376 |
24,605 |
22,118 |
Guaranteed student loans |
61,441 |
64,870 |
67,421 |
70,624 |
80,966 |
Consumer and other |
24,521 |
20,683 |
19,221 |
18,147 |
16,914 |
Total loans held for investment |
219,753 |
212,959 |
204,318 |
204,285 |
205,082 |
Less: Allowance for loan losses |
(1,102) |
(1,089) |
(1,226) |
(1,407) |
(1,504) |
Net loans held for investment |
218,651 |
211,870 |
203,092 |
202,878 |
203,578 |
|
|
|
|
|
|
Premises and equipment, net |
4,402 |
4,432 |
4,496 |
4,510 |
4,430 |
Accrued interest receivable |
1,986 |
2,040 |
1,902 |
1,830 |
2,177 |
Other real estate owned, net of valuation
allowance |
1,647 |
1,641 |
1,543 |
1,543 |
1,543 |
Other assets |
696 |
479 |
485 |
390 |
697 |
Total assets |
$ 324,544 |
$ 318,600 |
$ 300,807 |
$ 295,525 |
$ 280,256 |
|
|
|
|
|
|
Liabilities and
stockholders' equity |
Non-interest bearing deposits |
27,628 |
30,709 |
24,490 |
24,890 |
21,649 |
Savings and interest bearing demand
deposits |
83,077 |
83,339 |
78,779 |
75,660 |
74,818 |
Time deposits |
154,920 |
151,555 |
149,679 |
144,643 |
138,561 |
Total deposits |
265,625 |
265,603 |
252,948 |
245,193 |
235,028 |
|
|
|
|
|
|
Accrued expenses and other
liabilities |
1,061 |
861 |
877 |
3,419 |
12,202 |
FHLB borrowings |
30,000 |
25,000 |
20,000 |
20,000 |
20,000 |
Total liabilities |
296,686 |
291,464 |
273,825 |
268,612 |
267,230 |
|
|
|
|
|
|
Common stock - voting |
51 |
51 |
51 |
51 |
28 |
Common stock - nonvoting |
14 |
14 |
14 |
14 |
-- |
Additional paid-in-capital |
33,011 |
32,956 |
32,895 |
32,847 |
18,672 |
Retained deficit |
(5,066) |
(5,417) |
(5,477) |
(5,559) |
(5,289) |
Accumulated other comprehensive loss |
(152) |
(468) |
(501) |
(440) |
(385) |
Total stockholders' equity |
27,858 |
27,136 |
26,982 |
26,913 |
13,026 |
Total liabilities and stockholders'
equity |
$ 324,544 |
$ 318,600 |
$ 300,807 |
$ 295,525 |
$ 280,256 |
|
|
Cordia
Bancorp |
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) |
2015 |
2014 |
2014 |
2014 |
2014 |
Interest
Income |
Interest and fees on loans |
$ 2,183 |
$ 2,247 |
$ 2,275 |
$ 2,252 |
$ 2,149 |
Investment securities |
363 |
405 |
346 |
311 |
207 |
Interest on federal funds sold and
deposits with banks |
7 |
6 |
4 |
9 |
6 |
Total interest income |
2,553 |
2,658 |
2,625 |
2,572 |
2,362 |
|
|
|
|
|
|
Interest
Expense |
Interest on deposits |
454 |
451 |
443 |
441 |
426 |
Interest on FHLB Borrowings |
89 |
76 |
57 |
56 |
41 |
Total interest expense |
543 |
527 |
500 |
497 |
467 |
|
|
|
|
|
|
Net interest income |
2,010 |
2,131 |
2,125 |
2,075 |
1,895 |
Provision for (recovery of) loan
losses |
(340) |
182 |
(106) |
209 |
20 |
Net interest income after provision for
(recovery of) loan losses |
2,350 |
1,949 |
2,231 |
1,866 |
1,875 |
|
|
|
|
|
|
Non-interest
income |
Service charges on deposit accounts |
30 |
34 |
44 |
19 |
26 |
Net gain (loss) on sale of available for
sale securities |
114 |
116 |
(3) |
-- |
64 |
Other fee income |
69 |
50 |
41 |
43 |
33 |
Total non-interest income |
213 |
200 |
82 |
62 |
123 |
|
|
|
|
|
|
Non-interest
expense |
Salaries and employee benefits |
1,280 |
1,094 |
1,244 |
1,102 |
1,406 |
Professional services |
84 |
104 |
92 |
125 |
106 |
Occupancy |
153 |
139 |
139 |
136 |
151 |
Data processing and communications |
198 |
184 |
206 |
160 |
142 |
FDIC assessment and bank fees |
90 |
96 |
99 |
96 |
94 |
Bank franchise taxes |
49 |
23 |
23 |
27 |
29 |
Student loan servicing fees and other
loan expenses |
146 |
191 |
144 |
210 |
126 |
Other real estate expenses |
6 |
18 |
6 |
17 |
5 |
Supplies and equipment |
73 |
78 |
82 |
83 |
75 |
Insurance |
20 |
42 |
40 |
44 |
41 |
Director's fees |
26 |
50 |
46 |
75 |
16 |
Marketing and business development |
18 |
21 |
15 |
9 |
6 |
Other operating expenses |
69 |
49 |
95 |
114 |
85 |
Total non-interest expense |
2,212 |
2,089 |
2,231 |
2,198 |
2,282 |
|
|
|
|
|
|
Net income (loss) |
$ 351 |
$ 60 |
$ 82 |
$ (270) |
$ (284) |
|
|
|
|
|
|
Earnings (loss) per share, basic and
diluted |
$ 0.05 |
$ 0.01 |
$ 0.01 |
$ (0.09) |
$ (0.10) |
Weighted average shares outstanding,
basic |
6,559,217 |
6,504,106 |
6,504,106 |
3,033,300 |
2,788,302 |
Weighted average shares outstanding,
diluted |
6,559,217 |
6,504,106 |
6,504,106 |
3,033,300 |
2,788,302 |
|
|
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) |
2015 |
2014 |
2014 |
2014 |
2014 |
Results of
Operations |
Interest income |
$ 2,553 |
$ 2,658 |
$ 2,625 |
$ 2,572 |
$ 2,362 |
Interest expense |
543 |
527 |
500 |
497 |
467 |
Net interest income |
2,010 |
2,131 |
2,125 |
2,075 |
1,895 |
Provision for (recovery of) loan
losses |
(340) |
182 |
(106) |
209 |
20 |
Net interest income after provision for
(recovery of) loan losses |
2,350 |
1,949 |
2,231 |
1,866 |
1,875 |
Non-interest income |
213 |
200 |
82 |
62 |
123 |
Non-interest expense |
2,212 |
2,089 |
2,231 |
2,198 |
2,282 |
Net income (loss) |
$ 351 |
$ 60 |
$ 82 |
$ (270) |
$ (284) |
|
|
|
|
|
|
Earnings (loss) per share, basics and
diluted |
$ 0.05 |
$ 0.01 |
$ 0.01 |
$ (0.09) |
$ (0.10) |
Weighted average shares outstanding,
basic |
6,559,217 |
6,504,106 |
6,504,106 |
3,033,300 |
2,788,302 |
Weighted average shares outstanding,
diluted |
6,559,217 |
6,504,106 |
6,504,106 |
3,033,300 |
2,788,302 |
|
|
|
|
|
|
Performance
Ratios |
Return on average assets |
0.44% |
0.08% |
0.11% |
-0.38% |
-0.48% |
Return on average equity |
5.20% |
0.88% |
1.21% |
-4.21% |
-8.64% |
Return on average tangible equity |
5.22% |
0.88% |
1.21% |
-4.23% |
-8.73% |
Efficiency ratio |
99.51% |
89.62% |
101.09% |
102.85% |
113.08% |
|
|
|
|
|
|
Yields and
Rates |
Yield on loans |
4.16% |
4.29% |
4.47% |
4.40% |
4.95% |
Yield on securities |
2.07% |
2.04% |
1.94% |
2.27% |
2.11% |
Yield on interest earning assets |
3.42% |
3.53% |
3.72% |
3.78% |
4.22% |
Cost of interest bearing deposits |
0.78% |
0.76% |
0.78% |
0.82% |
0.89% |
Cost of total deposits |
0.70% |
0.68% |
0.71% |
0.74% |
0.80% |
Cost of borrowings |
1.25% |
1.25% |
1.13% |
1.12% |
1.64% |
Cost of interest bearing liabilities |
0.83% |
0.81% |
0.81% |
0.85% |
0.93% |
Interest rate spread |
2.59% |
2.72% |
2.91% |
2.94% |
3.29% |
Net interest margin |
2.69% |
2.83% |
3.01% |
3.05% |
3.39% |
|
|
|
|
|
|
Capital |
Total equity to total assets |
8.58% |
8.52% |
8.97% |
9.11% |
4.65% |
Tangible equity to total assets |
8.56% |
8.49% |
8.94% |
9.07% |
4.60% |
Book value per share |
4.23 |
4.17 |
4.15 |
4.14 |
4.67 |
Tangible book value per share |
4.22 |
4.16 |
4.13 |
4.12 |
4.63 |
Common shares outstanding |
6,584,106 |
6,504,106 |
6,504,106 |
6,504,106 |
2,788,302 |
|
|
|
|
|
|
Average
Balances |
Loans |
$ 212,566 |
$ 207,833 |
$ 201,953 |
$ 205,104 |
$ 176,161 |
Securities |
71,198 |
78,590 |
70,848 |
54,904 |
39,747 |
Earning assets |
302,481 |
298,712 |
279,876 |
272,733 |
226,968 |
Total assets |
321,455 |
315,167 |
295,834 |
286,525 |
241,660 |
Interest bearing deposits |
235,388 |
234,953 |
223,927 |
215,856 |
193,952 |
Total deposits |
264,434 |
262,947 |
248,087 |
238,416 |
215,721 |
FHLB borrowings |
28,778 |
24,185 |
20,000 |
20,000 |
10,111 |
Interest bearing liabilities |
264,166 |
259,138 |
243,927 |
235,856 |
204,057 |
Total equity |
27,353 |
27,198 |
26,918 |
25,727 |
13,332 |
Tangible equity |
27,254 |
27,089 |
26,800 |
25,601 |
13,196 |
|
|
|
|
|
|
Asset
Quality |
Net charge-offs/(recoveries) |
(353) |
319 |
75 |
306 |
5 |
Net charge-off rate |
-0.67% |
0.61% |
0.15% |
0.60% |
0.01% |
Non-performing loans |
2,108 |
2,221 |
1,323 |
2,572 |
3,225 |
Non-performing assets |
3,755 |
3,862 |
2,866 |
4,115 |
4,768 |
Allowance for loan losses |
1,102 |
1,089 |
1,226 |
1,407 |
1,504 |
Non-performing loans as a % of total
loans held for investment |
0.96% |
1.04% |
0.65% |
1.26% |
1.57% |
Non-performing assets as a % of total
assets |
1.16% |
1.21% |
0.95% |
1.39% |
1.70% |
Allowance for loan losses as a %
of total loans held for investment |
0.50% |
0.51% |
0.60% |
0.69% |
0.73% |
Allowance for loan losses as a % of
non-performing loans |
52.28% |
49.03% |
92.67% |
54.70% |
46.64% |
|
|
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) |
2015 |
2014 |
2014 |
2014 |
2014 |
Tangible Equity and
Tangible Assets (Period End) |
Total shareholders' equity (GAAP) |
$ 27,858 |
$ 27,136 |
$ 26,982 |
$ 26,913 |
$ 13,026 |
Less: intangible assets |
95 |
104 |
112 |
121 |
130 |
Tangible Equity (non-GAAP) |
$ 27,763 |
$ 27,032 |
$ 26,870 |
$ 26,792 |
$ 12,896 |
|
|
|
|
|
|
Total assets (GAAP) |
$ 324,544 |
$ 318,600 |
$ 300,807 |
$ 295,525 |
$ 280,256 |
Less: intangible assets |
95 |
104 |
112 |
121 |
130 |
Tangible assets (non-GAAP) |
$ 324,449 |
$ 318,496 |
$ 300,695 |
$ 295,404 |
$ 280,126 |
|
|
|
|
|
|
Total equity to total assets (GAAP) |
8.58% |
8.52% |
8.97% |
9.11% |
4.65% |
Book value per share (GAAP) |
$ 4.23 |
$ 4.17 |
$ 4.15 |
$ 4.14 |
$ 4.67 |
Tangible equity to tangible assets
(non-GAAP) |
8.56% |
8.49% |
8.94% |
9.07% |
4.60% |
Tangible book value per share (non-GAAP) |
$ 4.22 |
$ 4.16 |
$ 4.13 |
$ 4.12 |
$ 4.63 |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Equity and
Tangible Assets (Average) |
Total shareholders' equity (GAAP) |
$ 27,353 |
$ 27,198 |
$ 26,918 |
$ 25,727 |
$ 13,332 |
Less: intangible assets |
99 |
109 |
118 |
126 |
136 |
Tangible Equity (non-GAAP) |
$ 27,254 |
$ 27,089 |
$ 26,800 |
$ 25,601 |
$ 13,196 |
|
|
|
|
|
|
Total assets (GAAP) |
321,455 |
315,167 |
295,834 |
286,525 |
241,660 |
Less: intangible assets |
99 |
109 |
118 |
126 |
136 |
Tangible assets (non-GAAP) |
$ 321,356 |
$ 315,058 |
$ 295,716 |
$ 286,399 |
$ 241,524 |
|
|
|
|
|
|
Total equity to total assets (GAAP) |
8.51% |
8.63% |
9.10% |
8.98% |
5.52% |
Book value per share (GAAP) |
$ 4.15 |
$ 4.18 |
$ 4.14 |
$ 3.95 |
$ 4.78 |
Tangible equity to tangible assets
(non-GAAP) |
8.48% |
8.60% |
9.06% |
8.94% |
5.46% |
Tangible book value per share (non-GAAP) |
$ 4.14 |
$ 4.16 |
$ 4.12 |
$ 3.94 |
$ 4.73 |
CONTACT: FOR MORE INFORMATION CONTACT:
Mark Severson,
CFO, Cordia Bancorp Inc.
804-763-1322
Cordia Bancorp Inc. (NASDAQ:BVA)
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