Xenith Bankshares (XBKS) has reported 15,696.70 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $47.86 million, or $0.23 a share in the quarter, compared with $0.30 million, or $0.07 a share for the same period last year.
Revenue during the quarter dropped 16.06 percent to $15.20 million from $18.10 million in the previous year period. Net interest income for the quarter rose 49.47 percent over the prior year period to $23.01 million. Non-interest income for the quarter rose 6.57 percent over the last year period to $2.87 million.
Xenith Bankshares has made provision of $10.68 million for loan losses during the quarter, compared with a negative provision of $0.02 million in the same period last year.
Net interest margin improved 24 basis points to 3.59 percent in the quarter from 3.35 percent in the last year period. Efficiency ratio for the quarter deteriorated to 126 percent from 102 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
T. Gaylon Layfield, III, the company’s chief executive officer, commented: "We are off to a good start combining the strengths of Hampton Roads Bankshares and legacy Xenith into the new Xenith Bankshares. First and foremost, our management team and Board have quickly coalesced around what we believe are our key priorities. These include revenue growth and careful management of our net interest margin and expense levels in line with high performing banks of comparable asset size. In addition to emphasizing organic growth, we will continue to examine strategic opportunities that we believe can help build franchise value.
Assets outpace liabilities growthTotal assets stood at $3,325.47 million as on Sep. 30, 2016, up 242.48 percent compared with $970.99 million on Sep. 30, 2015. On the other hand, total liabilities stood at $2,860.51 million as on Sep. 30, 2016, up 228.71 percent from $870.22 million on Sep. 30, 2015.
Deposits outpace loan growthDeposits stood at $2,586.61 million as on Sep. 30, 2016, up 213.71 percent compared with $824.52 million on Sep. 30, 2015.
Investments stood at $352.62 million as on Sep. 30, 2016, up 190.67 percent or $231.31 million from year-ago. Shareholders equity stood at $464.96 million as on Sep. 30, 2016, up 361.39 percent or $364.18 million from year-ago.
Return on average assets moved up 661 basis points to 6.67 percent in the quarter from 0.06 percent in the last year period. At the same time, return on average equity increased 5083 basis points to 51.42 percent in the quarter from 0.59 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 1.50 percent in the quarter, down from 2.37 percent in the last year period.
Tier-1 leverage ratio stood at 12.50 percent for the quarter, up from 11.56 percent for the previous year quarter. Book value per share was $2.01 for the quarter, up 67.50 percent or $0.81 compared to $1.20 for the same period last year.
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