Revenue during the quarter grew 9.87 percent to $20.56 million from $18.71 million in the previous year period. Net interest income for the quarter rose 15.01 percent over the prior year period to $16.74 million. Non-interest income for the quarter rose 1.09 percent over the last year period to $4.83 million.

WashingtonFirst Bankshares has made provision of $1.02 million for loan losses during the quarter, up 62.40 percent from $0.62 million in the same period last year.

Net interest margin contracted 4 basis points to 3.47 percent in the quarter from 3.51 percent in the last year period. Efficiency ratio for the quarter improved to 64.39 percent from 64.91 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

Commenting on the Company first quarter performance, Shaza Andersen, the Company president and chief executive officer, said "During the first three months of 2017 our industry and our market in particular have enjoyed continued vibrancy. As a result, we have been able to sustain our growth in both loans and deposits. And while the uptick in interest rates has dampened the strong demand for mortgage loans, we are confident that a rising interest rate environment should have a positive effect on the bank’s performance overall, relieving some of the compression on our interest rate margin. In fact, the strong results from our commercial lending team were key to driving the Company’s growth in earnings compared to the same period last year. This has allowed us to increase the dividend payment to our shareholders, and deliver on our commitment to long-term shareholder value."

Noninterest-bearing deposit liabilities were $493.51 million or 29.39 percent of total deposits on Mar. 31, 2017, compared with $358.18 million or 25.45 percent of total deposits on Mar. 31, 2016.

Investments stood at $310.13 million as on Mar. 31, 2017, up 17.64 percent or $46.51 million from year-ago. Shareholders equity stood at $197.23 million as on Mar. 31, 2017, up 7.12 percent or $13.10 million from year-ago.

Return on average assets moved down 3 basis points to 0.91 percent in the quarter from 0.94 percent in the last year period. At the same time, return on average equity increased 55 basis points to 9.15 percent in the quarter from 8.60 percent in the last year period.

Nonperforming assets moved down 46.34 percent or $6.52 million to $7.54 million on Mar. 31, 2017 from $14.06 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.37 percent in the quarter, down from 0.80 percent in the last year period.

Tier-1 leverage ratio stood at 9.86 percent for the quarter, down from 10.55 percent for the previous year quarter. Book value per share was $15.25 for the quarter, up 6.35 percent or $0.91 compared to $14.34 for the same period last year.