Cordia Bancorp Inc. Reports Fourth Quarter Results
09 Março 2016 - 9:46PM
Cordia Bancorp Inc. (“Cordia”) (NASDAQ:BVA), parent company of Bank
of Virginia, reported a net loss of $127,000 or $(0.02) per share
for the fourth quarter of 2015, compared to net income of $60,000,
or $0.01 per share for the fourth quarter of 2014. For the
year ended December 31, 2015, net income was $590,000 or $0.9 per
share compared to a net loss of $412,000, or $(0.09) per share, for
the year ended December 31, 2014.
Highlights for the year
2015
- Hiring of Ed Barham, former President/CEO of StellarOne, as
President & CEO of Bank of Virginia in August 2015
- 30% year-over-year growth in commercial and consumer loans
- 9% year-over-year growth in total assets
- 9% year-over-year growth in total deposits
- Asset quality remains strong with non-performing assets at
1.06% of total assets.
- Net interest income increased $284,000, or 3.5%, for the year
ended December 31, 2015 versus 2014, net of acquisition accounting
adjustments.
Balance Sheet Activity
- Asset Growth. Total assets increased to
$348.5 million at December 31, 2015, compared to $318.6 million at
December 31, 2014. During the year ended December 31, 2015,
loans held for investment increased 16%, or $33.1 million. Of
this amount, organic originations accounted for $44.1 million while
purchased guaranteed student loans decreased $11.0
million.
- Deposit Growth. Total deposits at
December 31, 2015, were $290.0 million, an increase of $24.4
million from $265.6 million at December 31, 2014.
- Asset Quality. Non-performing assets
were $3.7 million, or 1.06% of total assets, at December 31, 2015,
compared to $3.9 million, or 1.21% of total assets, at December 31,
2014.
- Tangible Book Value. Tangible book value
per share was $4.20 at December 31, 2015 compared to $4.16 at
December 31, 2014.
Operating Results
Three months ended December 31, 2015
compared to the three months ended December 31, 2014
- Net loss for the quarter ended December 31, 2015 was $127,000
compared to net income of $60,000 for the prior year fourth
quarter.
- Net interest income was $2.20 million for the fourth quarter of
2015, compared to $2.13 million for the fourth quarter of
2014.
- Net interest income, net of acquisition accounting adjustments,
increased $71,000, or 3.4%.
- Net interest margin was 2.64% and 2.83% for the fourth quarter
of 2015 and 2014, respectively. Adjusting for the impact of
acquisition accounting, net interest margin was 2.62% for the 2015
quarter compared to 2.80% for the 2014 quarter.
- The provision for loan losses was $37,000 in the fourth quarter
of 2015 compared to a provision of $182,000 in the prior year
quarter.
- Noninterest income decreased to $109,000 from $200,000 in the
prior year quarter.
- Noninterest expense increased $310,000 to $2.40 million for the
fourth quarter of 2015, compared to $2.09 million for the fourth
quarter of 2014.
Year-ended December 31, 2015 compared to
the year-ended December 31, 2014
- Net income for the year ended December 31, 2015 was $590,000
compared to a net loss of $412,000 for 2014.
- Net interest income was $8.51 million for the 2015 period,
compared to $8.23 million for the 2014 period.
- Net interest income, net of acquisition accounting adjustments,
increased $395,000, or 4.9%.
- Net interest margin was 2.68% and 3.04% for the 2015 and 2014
periods, respectively. Adjusting for the impact of
acquisition accounting, net interest margin was 2.64% for the 2015
period compared to 2.96% for the 2014 period.
- The provision for loan losses was a recovery of $293,000 for
2015 compared to a provision of $305,000 for 2014.
- Noninterest income increased to $534,000 from $467,000 in the
prior year period due primarily to an increase in the sale of loans
held for sale of $43,000 and an increase in fee income of $57,000
in the 2015 period.
- Noninterest expense decreased $53,000 to $8.75 million for the
2015 period, compared to $8.80 million for the 2014 period
primarily due to a favorable reversal in the 2015 period of a fair
value discount of $225,000 related to the purchase of a bank
property and the termination of the related lease.
About Cordia Bancorp
Cordia Bancorp Inc. is a public bank holding
company founded in 2009. 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 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.
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Cordia Bancorp |
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Consolidated Balance Sheets (unaudited) |
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Dec. 31, |
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Sept. 30, |
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June 30, |
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March 31, |
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Dec. 31, |
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(Dollars in thousands, except per share data) |
|
|
2015 |
|
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2015 |
|
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|
2015 |
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|
2015 |
|
|
|
2014 |
|
|
Assets |
|
|
|
|
|
|
|
|
Cash and
due from banks |
|
$ |
6,135 |
|
|
$ |
9,437 |
|
|
$ |
11,771 |
|
|
$ |
9,602 |
|
|
$ |
5,477 |
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Fed funds
sold and Interest-bearing deposits |
|
|
12,325 |
|
|
|
15,970 |
|
|
|
7,593 |
|
|
|
23,495 |
|
|
|
16,363 |
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|
|
Total cash
and cash equivalents |
|
|
18,460 |
|
|
|
25,407 |
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|
|
19,364 |
|
|
|
33,097 |
|
|
|
21,840 |
|
|
|
Securities
available for sale, at fair value |
|
|
46,220 |
|
|
|
48,721 |
|
|
|
58,445 |
|
|
|
41,411 |
|
|
|
53,483 |
|
|
|
Securities
held to maturity, at cost |
|
|
25,500 |
|
|
|
26,281 |
|
|
|
27,087 |
|
|
|
20,132 |
|
|
|
20,716 |
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|
|
Restricted
securities |
|
|
2,355 |
|
|
|
2,330 |
|
|
|
2,331 |
|
|
|
2,405 |
|
|
|
2,092 |
|
|
|
Loans held
for sale |
|
|
220 |
|
|
|
109 |
|
|
|
96 |
|
|
|
117 |
|
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|
- |
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Loans held
for investment: |
|
|
|
|
|
|
|
|
|
|
|
|
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Commercial
real estate |
|
|
105,902 |
|
|
|
106,335 |
|
|
|
111,180 |
|
|
|
109,734 |
|
|
|
103,253 |
|
|
|
|
Commercial
and industrial |
|
|
34,819 |
|
|
|
26,751 |
|
|
|
27,919 |
|
|
|
24,057 |
|
|
|
24,153 |
|
|
|
|
Guaranteed
student loans |
|
|
53,847 |
|
|
|
56,072 |
|
|
|
57,900 |
|
|
|
61,441 |
|
|
|
64,870 |
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|
|
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Consumer
and other |
|
|
51,465 |
|
|
|
39,607 |
|
|
|
28,865 |
|
|
|
24,521 |
|
|
|
20,683 |
|
|
|
Total loans
held for investment |
|
|
246,033 |
|
|
|
228,765 |
|
|
|
225,864 |
|
|
|
219,753 |
|
|
|
212,959 |
|
|
|
Less:
Allowance for loan losses |
|
|
(823 |
) |
|
|
(903 |
) |
|
|
(990 |
) |
|
|
(1,102 |
) |
|
|
(1,089 |
) |
|
|
Net loans
held for investment |
|
|
245,210 |
|
|
|
227,862 |
|
|
|
224,874 |
|
|
|
218,651 |
|
|
|
211,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Premises
and equipment, net |
|
|
5,980 |
|
|
|
6,034 |
|
|
|
6,083 |
|
|
|
4,402 |
|
|
|
4,432 |
|
|
|
Accrued
interest receivable |
|
|
2,085 |
|
|
|
1,924 |
|
|
|
2,033 |
|
|
|
1,986 |
|
|
|
2,040 |
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|
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Other real
estate owned, net of valuation allowance |
|
|
1,870 |
|
|
|
1,761 |
|
|
|
1,769 |
|
|
|
1,647 |
|
|
|
1,641 |
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|
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Other
assets |
|
|
590 |
|
|
|
7,555 |
|
|
|
704 |
|
|
|
696 |
|
|
|
486 |
|
|
|
|
Total
assets |
|
$ |
348,490 |
|
|
$ |
347,984 |
|
|
$ |
342,786 |
|
|
$ |
324,544 |
|
|
$ |
318,600 |
|
|
|
|
|
|
|
|
|
|
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|
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Liabilities and stockholders' equity |
|
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Non-interest bearing deposits |
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|
28,969 |
|
|
|
26,829 |
|
|
|
30,066 |
|
|
|
26,489 |
|
|
|
29,795 |
|
|
|
Savings and
interest bearing demand deposits |
|
|
107,057 |
|
|
|
105,540 |
|
|
|
101,769 |
|
|
|
84,216 |
|
|
|
84,258 |
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|
|
Time
deposits |
|
|
154,018 |
|
|
|
156,939 |
|
|
|
152,800 |
|
|
|
154,920 |
|
|
|
151,550 |
|
|
|
|
Total
deposits |
|
|
290,044 |
|
|
|
289,308 |
|
|
|
284,635 |
|
|
|
265,625 |
|
|
|
265,603 |
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|
|
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|
|
|
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|
|
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Accrued
expenses and other liabilities |
|
|
707 |
|
|
|
553 |
|
|
|
464 |
|
|
|
1,061 |
|
|
|
861 |
|
|
|
FHLB
borrowings |
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
25,000 |
|
|
|
|
Total
liabilities |
|
|
320,751 |
|
|
|
319,861 |
|
|
|
315,099 |
|
|
|
296,686 |
|
|
|
291,464 |
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Common
stock - voting |
|
|
51 |
|
|
|
50 |
|
|
|
51 |
|
|
|
51 |
|
|
|
51 |
|
|
|
Common
stock - nonvoting |
|
|
14 |
|
|
|
14 |
|
|
|
14 |
|
|
|
14 |
|
|
|
14 |
|
|
|
Additional
paid-in-capital |
|
|
33,191 |
|
|
|
33,044 |
|
|
|
33,061 |
|
|
|
33,011 |
|
|
|
32,956 |
|
|
|
Retained
deficit |
|
|
(4,827 |
) |
|
|
(4,700 |
) |
|
|
(4,830 |
) |
|
|
(5,066 |
) |
|
|
(5,417 |
) |
|
|
Accumulated
other comprehensive loss |
|
|
(690 |
) |
|
|
(285 |
) |
|
|
(609 |
) |
|
|
(152 |
) |
|
|
(468 |
) |
|
|
|
Total
stockholders' equity |
|
|
27,739 |
|
|
|
28,123 |
|
|
|
27,687 |
|
|
|
27,858 |
|
|
|
27,136 |
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
348,490 |
|
|
$ |
347,984 |
|
|
$ |
342,786 |
|
|
$ |
324,544 |
|
|
$ |
318,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cordia Bancorp |
Consolidated Statements of Income (unaudited) |
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Three Months Ended |
|
Years Ended |
|
Dec. 31, |
|
Sept. 30, |
|
June 30, |
|
March 31, |
|
Dec. 31, |
|
Dec. 31, |
(Dollars in thousands, except per share data) |
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2014 |
|
Interest Income |
|
|
Interest
and fees on loans |
|
$ |
2,404 |
|
|
$ |
2,294 |
|
|
$ |
2,327 |
|
|
$ |
2,183 |
|
|
$ |
2,247 |
|
|
$ |
9,208 |
|
|
$ |
8,923 |
|
|
Investment
securities |
|
|
412 |
|
|
|
446 |
|
|
|
383 |
|
|
|
363 |
|
|
|
405 |
|
|
|
1,604 |
|
|
|
1,269 |
|
|
Interest on
federal funds sold and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
deposits
with banks |
|
|
8 |
|
|
|
9 |
|
|
|
5 |
|
|
|
7 |
|
|
|
6 |
|
|
|
29 |
|
|
|
25 |
|
|
Total
interest income |
|
|
2,824 |
|
|
|
2,749 |
|
|
|
2,715 |
|
|
|
2,553 |
|
|
|
2,658 |
|
|
|
10,841 |
|
|
|
10,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits |
|
|
529 |
|
|
|
506 |
|
|
|
470 |
|
|
|
454 |
|
|
|
451 |
|
|
|
1,959 |
|
|
|
1,761 |
|
|
Interest on
FHLB Borrowings |
|
|
95 |
|
|
|
95 |
|
|
|
93 |
|
|
|
89 |
|
|
|
76 |
|
|
|
372 |
|
|
|
230 |
|
|
Total
interest expense |
|
|
624 |
|
|
|
601 |
|
|
|
563 |
|
|
|
543 |
|
|
|
527 |
|
|
|
2,331 |
|
|
|
1,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
|
2,200 |
|
|
|
2,148 |
|
|
|
2,152 |
|
|
|
2,010 |
|
|
|
2,131 |
|
|
|
8,510 |
|
|
|
8,226 |
|
|
Provision
for (recovery of) loan losses |
|
|
37 |
|
|
|
(53 |
) |
|
|
63 |
|
|
|
(340 |
) |
|
|
182 |
|
|
|
(293 |
) |
|
|
305 |
|
Net
interest income after provision for (recovery of) loan losses
|
|
|
2,163 |
|
|
|
2,201 |
|
|
|
2,089 |
|
|
|
2,350 |
|
|
|
1,949 |
|
|
|
8,803 |
|
|
|
7,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts |
|
|
39 |
|
|
|
35 |
|
|
|
30 |
|
|
|
30 |
|
|
|
34 |
|
|
|
134 |
|
|
|
123 |
|
|
Net gain
(loss) on sale of available for sale securities |
|
|
(3 |
) |
|
|
22 |
|
|
|
- |
|
|
|
114 |
|
|
|
116 |
|
|
|
133 |
|
|
|
177 |
|
|
Net gain
(loss) on sale of loans held for sale |
|
|
11 |
|
|
|
6 |
|
|
|
9 |
|
|
|
21 |
|
|
|
(4 |
) |
|
|
47 |
|
|
|
4 |
|
|
Other fee
income |
|
|
62 |
|
|
|
52 |
|
|
|
58 |
|
|
|
48 |
|
|
|
54 |
|
|
|
220 |
|
|
|
163 |
|
|
|
Total
non-interest income |
|
|
109 |
|
|
|
115 |
|
|
|
97 |
|
|
|
213 |
|
|
|
200 |
|
|
|
534 |
|
|
|
467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
1,006 |
|
|
|
1,085 |
|
|
|
1,082 |
|
|
|
1,280 |
|
|
|
1,094 |
|
|
|
4,453 |
|
|
|
4,846 |
|
|
Professional services |
|
|
147 |
|
|
|
108 |
|
|
|
100 |
|
|
|
84 |
|
|
|
104 |
|
|
|
439 |
|
|
|
427 |
|
|
Occupancy |
|
|
139 |
|
|
|
149 |
|
|
|
159 |
|
|
|
153 |
|
|
|
139 |
|
|
|
600 |
|
|
|
565 |
|
|
Reversal of
occupancy fair value discount |
|
|
- |
|
|
|
- |
|
|
|
(225 |
) |
|
|
- |
|
|
|
- |
|
|
|
(225 |
) |
|
|
- |
|
|
Data
processing and communications |
|
|
257 |
|
|
|
233 |
|
|
|
206 |
|
|
|
198 |
|
|
|
184 |
|
|
|
894 |
|
|
|
698 |
|
|
FDIC
assessment and bank fees |
|
|
195 |
|
|
|
88 |
|
|
|
92 |
|
|
|
90 |
|
|
|
96 |
|
|
|
465 |
|
|
|
385 |
|
|
Bank
franchise taxes |
|
|
49 |
|
|
|
49 |
|
|
|
49 |
|
|
|
49 |
|
|
|
23 |
|
|
|
196 |
|
|
|
102 |
|
|
Student
loan servicing fees and other loan expenses |
|
|
227 |
|
|
|
174 |
|
|
|
208 |
|
|
|
146 |
|
|
|
191 |
|
|
|
755 |
|
|
|
671 |
|
|
Other real
estate expenses |
|
|
13 |
|
|
|
26 |
|
|
|
45 |
|
|
|
6 |
|
|
|
18 |
|
|
|
90 |
|
|
|
46 |
|
|
Supplies
and equipment |
|
|
72 |
|
|
|
71 |
|
|
|
70 |
|
|
|
73 |
|
|
|
78 |
|
|
|
286 |
|
|
|
318 |
|
|
Insurance |
|
|
19 |
|
|
|
20 |
|
|
|
19 |
|
|
|
20 |
|
|
|
42 |
|
|
|
78 |
|
|
|
167 |
|
|
Director's
fees |
|
|
104 |
|
|
|
28 |
|
|
|
21 |
|
|
|
26 |
|
|
|
50 |
|
|
|
179 |
|
|
|
187 |
|
|
Marketing
and business development |
|
|
118 |
|
|
|
64 |
|
|
|
31 |
|
|
|
18 |
|
|
|
21 |
|
|
|
231 |
|
|
|
51 |
|
|
Other
operating expenses |
|
|
53 |
|
|
|
91 |
|
|
|
93 |
|
|
|
69 |
|
|
|
49 |
|
|
|
306 |
|
|
|
337 |
|
|
|
Total
non-interest expense |
|
|
2,399 |
|
|
|
2,186 |
|
|
|
1,950 |
|
|
|
2,212 |
|
|
|
2,089 |
|
|
|
8,747 |
|
|
|
8,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
$ |
(127 |
) |
|
$ |
130 |
|
|
$ |
236 |
|
|
$ |
351 |
|
|
$ |
60 |
|
|
|
590 |
|
|
|
(412 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per share, basic and diluted |
|
$ |
(0.02 |
) |
|
$ |
0.02 |
|
|
$ |
0.04 |
|
|
$ |
0.05 |
|
|
$ |
0.01 |
|
|
$ |
0.09 |
|
|
$ |
(0.09 |
) |
Weighted
average shares outstanding, basic |
|
|
6,572,933 |
|
|
|
6,572,239 |
|
|
|
6,583,848 |
|
|
|
6,559,217 |
|
|
|
6,504,106 |
|
|
|
6,572,097 |
|
|
|
4,722,556 |
|
Weighted
average shares outstanding, diluted |
|
|
6,572,933 |
|
|
|
6,572,239 |
|
|
|
6,583,848 |
|
|
|
6,559,217 |
|
|
|
6,504,106 |
|
|
|
6,572,097 |
|
|
|
4,722,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cordia Bancorp |
Consolidated Financial Highlights (unaudited) |
|
As of and for the Three Months Ended |
|
Years Ended |
|
Dec. 31, |
|
Sept. 30, |
|
June 30, |
|
March 31, |
|
Dec. 31, |
|
Dec. 31, |
(Dollars in thousands, except per share data) |
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2014 |
|
Results of Operations |
|
|
Interest
income |
|
$ |
2,824 |
|
|
$ |
2,749 |
|
|
$ |
2,715 |
|
|
$ |
2,553 |
|
|
$ |
2,658 |
|
|
$ |
10,841 |
|
|
$ |
10,217 |
|
|
Interest
expense |
|
|
624 |
|
|
|
601 |
|
|
|
563 |
|
|
|
543 |
|
|
|
527 |
|
|
|
2,331 |
|
|
|
1,991 |
|
|
Net
interest income |
|
|
2,200 |
|
|
|
2,148 |
|
|
|
2,152 |
|
|
|
2,010 |
|
|
|
2,131 |
|
|
|
8,510 |
|
|
|
8,226 |
|
|
Provision
for (recovery of) loan losses |
|
|
37 |
|
|
|
(53 |
) |
|
|
63 |
|
|
|
(340 |
) |
|
|
182 |
|
|
|
(293 |
) |
|
|
305 |
|
|
Net
interest income after provision for (recovery of) loan losses |
|
|
2,163 |
|
|
|
2,201 |
|
|
|
2,089 |
|
|
|
2,350 |
|
|
|
1,949 |
|
|
|
8,803 |
|
|
|
7,921 |
|
|
Non-interest income |
|
|
109 |
|
|
|
115 |
|
|
|
97 |
|
|
|
213 |
|
|
|
200 |
|
|
|
534 |
|
|
|
467 |
|
|
Non-interest expense |
|
|
2,399 |
|
|
|
2,186 |
|
|
|
1,950 |
|
|
|
2,212 |
|
|
|
2,089 |
|
|
|
8,747 |
|
|
|
8,800 |
|
|
Net income
(loss) |
|
$ |
(127 |
) |
|
$ |
130 |
|
|
$ |
236 |
|
|
$ |
351 |
|
|
$ |
60 |
|
|
$ |
590 |
|
|
$ |
(412 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per share, basics and diluted |
|
$ |
(0.02 |
) |
|
$ |
0.02 |
|
|
$ |
0.04 |
|
|
$ |
0.05 |
|
|
$ |
0.01 |
|
|
$ |
0.09 |
|
|
$ |
(0.09 |
) |
|
Weighted
average shares outstanding, basic |
|
|
6,572,933 |
|
|
|
6,572,239 |
|
|
|
6,583,848 |
|
|
|
6,559,217 |
|
|
|
6,504,106 |
|
|
|
6,572,097 |
|
|
|
4,722,556 |
|
|
Weighted
average shares outstanding, diluted |
|
|
6,572,933 |
|
|
|
6,572,239 |
|
|
|
6,583,848 |
|
|
|
6,559,217 |
|
|
|
6,504,106 |
|
|
|
6,572,097 |
|
|
|
4,722,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
-0.14 |
% |
|
|
0.15 |
% |
|
|
0.29 |
% |
|
|
0.44 |
% |
|
|
0.08 |
% |
|
|
0.18 |
% |
|
|
-0.14 |
% |
|
Return on
average equity |
|
|
-1.79 |
% |
|
|
1.85 |
% |
|
|
3.40 |
% |
|
|
5.20 |
% |
|
|
0.88 |
% |
|
|
2.12 |
% |
|
|
-1.77 |
% |
|
Return on
average tangible equity |
|
|
-1.80 |
% |
|
|
1.85 |
% |
|
|
3.41 |
% |
|
|
5.22 |
% |
|
|
0.88 |
% |
|
|
2.13 |
% |
|
|
-1.77 |
% |
|
Efficiency
ratio |
|
|
103.90 |
% |
|
|
96.60 |
% |
|
|
86.71 |
% |
|
|
99.51 |
% |
|
|
89.62 |
% |
|
|
96.72 |
% |
|
|
101.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields and Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on
loans |
|
|
4.03 |
% |
|
|
4.09 |
% |
|
|
4.18 |
% |
|
|
4.16 |
% |
|
|
4.29 |
% |
|
|
4.11 |
% |
|
|
4.50 |
% |
|
Yield on
securities |
|
|
2.15 |
% |
|
|
2.06 |
% |
|
|
2.12 |
% |
|
|
2.07 |
% |
|
|
2.04 |
% |
|
|
2.10 |
% |
|
|
2.08 |
% |
|
Yield on
interest earning assets |
|
|
3.39 |
% |
|
|
3.34 |
% |
|
|
3.51 |
% |
|
|
3.42 |
% |
|
|
3.53 |
% |
|
|
3.41 |
% |
|
|
3.78 |
% |
|
Cost of
interest bearing deposits |
|
|
0.80 |
% |
|
|
0.77 |
% |
|
|
0.79 |
% |
|
|
0.78 |
% |
|
|
0.76 |
% |
|
|
0.79 |
% |
|
|
0.81 |
% |
|
Cost of
total deposits |
|
|
0.72 |
% |
|
|
0.70 |
% |
|
|
0.71 |
% |
|
|
0.70 |
% |
|
|
0.68 |
% |
|
|
0.70 |
% |
|
|
0.73 |
% |
|
Cost of
borrowings |
|
|
1.26 |
% |
|
|
1.26 |
% |
|
|
1.19 |
% |
|
|
1.25 |
% |
|
|
1.25 |
% |
|
|
1.24 |
% |
|
|
1.24 |
% |
|
Cost of
interest bearing liabilities |
|
|
0.84 |
% |
|
|
0.82 |
% |
|
|
0.83 |
% |
|
|
0.83 |
% |
|
|
0.80 |
% |
|
|
0.83 |
% |
|
|
0.84 |
% |
|
Interest
rate spread |
|
|
2.55 |
% |
|
|
2.52 |
% |
|
|
2.67 |
% |
|
|
2.59 |
% |
|
|
2.73 |
% |
|
|
2.58 |
% |
|
|
2.94 |
% |
|
Net
interest margin |
|
|
2.64 |
% |
|
|
2.61 |
% |
|
|
2.78 |
% |
|
|
2.69 |
% |
|
|
2.83 |
% |
|
|
2.68 |
% |
|
|
3.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity to total assets |
|
|
7.96 |
% |
|
|
8.08 |
% |
|
|
8.08 |
% |
|
|
8.58 |
% |
|
|
8.52 |
% |
|
|
7.96 |
% |
|
|
8.52 |
% |
|
Tangible
equity to total assets |
|
|
7.94 |
% |
|
|
8.06 |
% |
|
|
8.05 |
% |
|
|
8.56 |
% |
|
|
8.49 |
% |
|
|
7.94 |
% |
|
|
8.49 |
% |
|
Book value
per share |
|
|
4.21 |
|
|
|
4.29 |
|
|
|
4.21 |
|
|
|
4.23 |
|
|
|
4.17 |
|
|
|
4.21 |
|
|
|
4.17 |
|
|
Tangible
book value per share |
|
|
4.20 |
|
|
|
4.27 |
|
|
|
4.19 |
|
|
|
4.22 |
|
|
|
4.16 |
|
|
|
4.20 |
|
|
|
4.16 |
|
|
Common
shares outstanding |
|
|
6,586,786 |
|
|
|
6,562,906 |
|
|
|
6,582,806 |
|
|
|
6,584,106 |
|
|
|
6,504,106 |
|
|
|
6,586,786 |
|
|
|
6,504,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
$ |
236,822 |
|
|
$ |
222,371 |
|
|
$ |
223,286 |
|
|
$ |
212,566 |
|
|
$ |
207,833 |
|
|
$ |
223,823 |
|
|
|
198,227 |
|
|
Securities |
|
|
75,979 |
|
|
|
86,089 |
|
|
|
72,391 |
|
|
|
71,198 |
|
|
|
78,590 |
|
|
|
76,454 |
|
|
|
61,156 |
|
|
Earning
assets |
|
|
330,603 |
|
|
|
326,904 |
|
|
|
310,680 |
|
|
|
302,481 |
|
|
|
298,712 |
|
|
|
317,769 |
|
|
|
270,163 |
|
|
Total
assets |
|
|
350,910 |
|
|
|
346,917 |
|
|
|
327,439 |
|
|
|
321,455 |
|
|
|
315,167 |
|
|
|
336,789 |
|
|
|
285,028 |
|
|
Interest
bearing deposits |
|
|
263,393 |
|
|
|
261,609 |
|
|
|
239,871 |
|
|
|
236,415 |
|
|
|
235,878 |
|
|
|
249,540 |
|
|
|
217,745 |
|
|
Total
deposits |
|
|
292,067 |
|
|
|
288,455 |
|
|
|
267,356 |
|
|
|
264,434 |
|
|
|
262,947 |
|
|
|
278,180 |
|
|
|
241,441 |
|
|
FHLB
borrowings |
|
|
30,000 |
|
|
|
30,000 |
|
|
|
31,346 |
|
|
|
28,778 |
|
|
|
24,185 |
|
|
|
30,034 |
|
|
|
18,616 |
|
|
Interest
bearing liabilities |
|
|
293,393 |
|
|
|
291,609 |
|
|
|
271,217 |
|
|
|
265,193 |
|
|
|
260,063 |
|
|
|
279,574 |
|
|
|
236,361 |
|
|
Total
equity |
|
|
28,106 |
|
|
|
27,938 |
|
|
|
27,835 |
|
|
|
27,353 |
|
|
|
27,198 |
|
|
|
27,810 |
|
|
|
23,342 |
|
|
Tangible
equity |
|
|
28,034 |
|
|
|
27,857 |
|
|
|
27,745 |
|
|
|
27,254 |
|
|
|
27,089 |
|
|
|
27,724 |
|
|
|
23,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) |
|
|
171 |
|
|
|
34 |
|
|
|
175 |
|
|
|
(353 |
) |
|
|
319 |
|
|
|
27 |
|
|
|
705 |
|
|
Net
charge-off rate |
|
|
0.29 |
% |
|
|
0.06 |
% |
|
|
0.31 |
% |
|
|
-0.67 |
% |
|
|
0.61 |
% |
|
|
0.01 |
% |
|
|
0.36 |
% |
|
Non-performing loans |
|
|
1,834 |
|
|
|
1,975 |
|
|
|
1,918 |
|
|
|
2,108 |
|
|
|
2,221 |
|
|
|
1,834 |
|
|
|
2,221 |
|
|
Non-performing assets |
|
|
3,704 |
|
|
|
3,736 |
|
|
|
3,687 |
|
|
|
3,755 |
|
|
|
3,862 |
|
|
|
3,704 |
|
|
|
3,862 |
|
|
Allowance
for loan losses |
|
|
823 |
|
|
|
903 |
|
|
|
990 |
|
|
|
1,102 |
|
|
|
1,089 |
|
|
|
823 |
|
|
|
1,089 |
|
|
Non-performing loans as a % of total loans held for investment |
|
|
0.75 |
% |
|
|
0.86 |
% |
|
|
0.85 |
% |
|
|
0.96 |
% |
|
|
1.04 |
% |
|
|
0.75 |
% |
|
|
1.04 |
% |
|
Non-performing assets as a % of total assets |
|
|
1.06 |
% |
|
|
1.07 |
% |
|
|
1.08 |
% |
|
|
1.16 |
% |
|
|
1.21 |
% |
|
|
1.06 |
% |
|
|
1.21 |
% |
|
Allowance
for loan losses as a % of total loans held for investment
|
|
|
0.33 |
% |
|
|
0.39 |
% |
|
|
0.44 |
% |
|
|
0.50 |
% |
|
|
0.51 |
% |
|
|
0.33 |
% |
|
|
0.51 |
% |
|
Allowance
for loan losses as a % of non-performing loans |
|
|
44.87 |
% |
|
|
45.72 |
% |
|
|
51.62 |
% |
|
|
52.28 |
% |
|
|
49.03 |
% |
|
|
44.87 |
% |
|
|
49.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Years Ended |
|
|
|
|
|
|
Dec. 31, |
|
Sept. 30, |
|
June 30, |
|
March 31, |
|
Dec. 31, |
|
Dec. 31, |
(Dollars in thousands, except per share data) |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2014 |
|
Tangible Equity and Tangible Assets (Period End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity (GAAP) |
|
$ |
27,739 |
|
|
$ |
28,123 |
|
|
$ |
27,687 |
|
|
$ |
27,858 |
|
|
$ |
27,136 |
|
|
$ |
27,739 |
|
|
$ |
27,136 |
|
Less:
intangible assets |
|
|
68 |
|
|
|
77 |
|
|
|
86 |
|
|
|
95 |
|
|
|
104 |
|
|
|
68 |
|
|
|
104 |
|
Tangible
Equity (non-GAAP) |
|
$ |
27,671 |
|
|
$ |
28,046 |
|
|
$ |
27,601 |
|
|
$ |
27,763 |
|
|
$ |
27,032 |
|
|
$ |
27,671 |
|
|
$ |
27,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets (GAAP) |
|
$ |
348,490 |
|
|
$ |
347,984 |
|
|
$ |
342,786 |
|
|
$ |
324,544 |
|
|
$ |
318,600 |
|
|
$ |
348,490 |
|
|
$ |
318,600 |
|
Less:
intangible assets |
|
|
68 |
|
|
|
77 |
|
|
|
86 |
|
|
|
95 |
|
|
|
104 |
|
|
|
68 |
|
|
|
104 |
|
Tangible
assets (non-GAAP) |
|
$ |
348,422 |
|
|
$ |
347,907 |
|
|
$ |
342,700 |
|
|
$ |
324,449 |
|
|
$ |
318,496 |
|
|
$ |
348,422 |
|
|
$ |
318,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity to total assets (GAAP) |
|
|
7.96 |
% |
|
|
8.08 |
% |
|
|
8.08 |
% |
|
|
8.58 |
% |
|
|
8.52 |
% |
|
|
7.96 |
% |
|
|
8.52 |
% |
Book value
per share (GAAP) |
|
$ |
4.21 |
|
|
$ |
4.29 |
|
|
$ |
4.21 |
|
|
$ |
4.23 |
|
|
$ |
4.17 |
|
|
$ |
4.21 |
|
|
$ |
4.17 |
|
Tangible
equity to tangible assets (non-GAAP) |
|
|
7.94 |
% |
|
|
8.06 |
% |
|
|
8.05 |
% |
|
|
8.56 |
% |
|
|
8.49 |
% |
|
|
7.94 |
% |
|
|
8.49 |
% |
Tangible
book value per share (non-GAAP) |
|
$ |
4.20 |
|
|
$ |
4.27 |
|
|
$ |
4.19 |
|
|
$ |
4.22 |
|
|
$ |
4.16 |
|
|
$ |
4.20 |
|
|
$ |
4.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Equity and Tangible Assets (Average) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity (GAAP) |
|
$ |
28,106 |
|
|
$ |
27,938 |
|
|
$ |
27,835 |
|
|
$ |
27,353 |
|
|
$ |
27,198 |
|
|
$ |
27,810 |
|
|
$ |
23,342 |
|
Less:
intangible assets |
|
|
72 |
|
|
|
81 |
|
|
|
90 |
|
|
|
99 |
|
|
|
109 |
|
|
|
86 |
|
|
|
122 |
|
Tangible
Equity (non-GAAP) |
|
$ |
28,034 |
|
|
$ |
27,857 |
|
|
$ |
27,745 |
|
|
$ |
27,254 |
|
|
$ |
27,089 |
|
|
$ |
27,724 |
|
|
$ |
23,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets (GAAP) |
|
|
350,910 |
|
|
|
346,917 |
|
|
|
327,439 |
|
|
|
321,455 |
|
|
|
315,167 |
|
|
|
336,789 |
|
|
|
285,028 |
|
Less:
intangible assets |
|
|
72 |
|
|
|
81 |
|
|
|
90 |
|
|
|
99 |
|
|
|
109 |
|
|
|
86 |
|
|
|
122 |
|
Tangible
assets (non-GAAP) |
|
$ |
350,838 |
|
|
$ |
346,836 |
|
|
$ |
327,349 |
|
|
$ |
321,356 |
|
|
$ |
315,058 |
|
|
$ |
336,703 |
|
|
$ |
284,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity to total assets (GAAP) |
|
|
8.01 |
% |
|
|
8.05 |
% |
|
|
8.50 |
% |
|
|
8.51 |
% |
|
|
8.63 |
% |
|
|
8.26 |
% |
|
|
8.19 |
% |
Book value
per share (GAAP) |
|
$ |
4.27 |
|
|
$ |
4.26 |
|
|
$ |
4.23 |
|
|
$ |
4.15 |
|
|
$ |
4.18 |
|
|
$ |
4.22 |
|
|
$ |
3.59 |
|
Tangible
equity to tangible assets (non-GAAP) |
|
|
7.99 |
% |
|
|
8.03 |
% |
|
|
8.48 |
% |
|
|
8.48 |
% |
|
|
8.60 |
% |
|
|
8.23 |
% |
|
|
8.15 |
% |
Tangible
book value per share (non-GAAP) |
|
$ |
4.26 |
|
|
$ |
4.24 |
|
|
$ |
4.21 |
|
|
$ |
4.14 |
|
|
$ |
4.16 |
|
|
$ |
4.21 |
|
|
$ |
3.57 |
|
|
|
|
|
|
CONTACT: Mark Severson,
EVP & CFO, Cordia Bancorp Inc.
804-763-1322
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