FOR IMMEDIATE RELEASE
January 27, 2014
WashingtonFirst Bankshares Inc. Announces Earnings for the Year Ended December 31, 2013
RESTON, VA - WashingtonFirst Bankshares Inc. (NASDAQ: WFBI) (the “Company”), the holding company for WashingtonFirst Bank (the “Bank”), today reports unaudited consolidated net income to common shareholders for the year ended December 31, 2013 of $6.2 million ($0.80 per diluted common share) compared to $2.1 million ($0.59 per diluted common share) for the year ended December 31, 2012. The Company's increase in net income in 2013 is primarily the result of the acquisition of Alliance Bankshares Corporation ("Alliance") in December 2012.
Shaza Andersen, President and CEO of the Company, said, “I am pleased to announce a strong year for the Bank in earnings and performance ratios. As we continue to realize the benefits we anticipated from the 2012 acquisition of Alliance Bank, we have seen improvements in our performance ratios and in our earnings per share."
 
 For the Year Ended December 31,
 
2013
 
2012
Performance Ratios:
 
Return on average assets
0.60
%
 
0.39
%
Return on average shareholders' equity
6.01
%
 
3.92
%
Return on average common equity
7.03
%
 
5.28
%
Yield on average interest-earning assets
4.49
%
 
4.96
%
Rate on average interest-earning liabilities
0.84
%
 
1.24
%
Net interest spread
3.65
%
 
3.72
%
Net interest margin
3.90
%
 
4.08
%
Efficiency ratio
67.20
%
 
75.26
%
Per Share Data:
 
 
 
Basic earnings per common share (1)
$
0.81

 
$
0.60

Fully diluted earnings per common share (1)
$
0.80

 
$
0.59

Weighted average basic shares outstanding (1)
7,619,793

 
3,411,935

Weighted average diluted shares outstanding (1)
7,690,683

 
3,473,923

(1) Retroactively adjusted to reflect the effect of all stock dividends.
Return on average assets for the year ended December 31, 2013 increased by 21 basis points to 0.60 percent, compared to 0.39 percent for the same period in 2012. Additionally, the company has realized improved returns on both average shareholders' equity and average common equity.




The following information was filed by Washingtonfirst Bankshares, Inc. (WFBI) on Monday, January 27, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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