FOR IMMEDIATE RELEASE
January 28, 2016

WashingtonFirst Bankshares, Inc. Reports 32% Growth and Record Earnings for 2015
RESTON, VA - WashingtonFirst Bankshares, Inc. (NASDAQ: WFBI) (the "Company"), announced today its consolidated earnings of $3.5 million for the three months ended December 31, 2015, a 38.6 percent increase over the $2.6 million in net income for the three months ended December 31, 2014, and a 12.2 percent increase over the $3.1 million in net income for the prior quarter ended September 30, 2015. Results for the 4th quarter of 2015 included the full impact of the recently-acquired 1st Portfolio mortgage banking and wealth advisory services, as well as growth in our core commercial banking activities.
Shaza L. Andersen, President and CEO of the Company said, "2015 was an exceptional year for WashingtonFirst. Our team successfully executed on our business plan. The company grew to a record $1.7 billion in total assets with $1.3 billion in total loans held for investment and $1.3 billion in total deposits. Asset quality remains strong. In mid-2015, we acted upon our long-term vision to expand and diversify our revenue streams with the successful completion of the acquisition of 1st Portfolio Holding Corporation. We now have leading mortgage banking and wealth platforms as part of our core franchise. Under the leadership of Michael J. Rebibo, we have exceptional talent in our new subsidiary business units. Throughout all of this, we have continued to grow our presence and relationships in the community and are excited about our expansion into Old Town Alexandria, VA, and Potomac, MD, in early 2016. I believe our solid 2015 results and additional capital have set the stage for continued franchise growth and strong financial performance. We continue to share our success with the Company's stockholders by declaring our 9th consecutive quarterly cash dividend and increasing our quarterly dividend to $0.06 per share."
For the three months ended December 31, 2015, net income per basic and diluted common share was $0.33 and $0.32, respectively, compared to $0.31 per basic common share and $0.30 per diluted common share for the same period in 2014. Comparatively, net income per basic and diluted common share was $0.31 and $0.31, respectively, for the three months ended September 30, 2015.
For the twelve months ended December 31, 2015, the Company reported unaudited consolidated net income available to common shareholders of $12.2 million compared to $9.3 million for the same period in 2014, an increase of 31.5 percent. The growth in earnings is primarily the result of continued organic growth and the impact of the acquisition of 1st Portfolio Holding Corporation on July 31, 2015. Earnings for the twelve months ended December 31, 2015 were impacted by $0.4 million in acquisition expenses net of deductible tax benefit in connection with the acquisition of 1st Portfolio.
 
For the Year Ended December 31,
 
2015
 
2014
 
2013
Performance Ratios:
 
 
 
 
 
Return on average assets
0.83
%
 
0.75
%
 
0.60
%
Return on average shareholders' equity
8.48
%
 
8.36
%
 
6.01
%
Return on average common equity
8.88
%
 
9.59
%
 
7.03
%
Yield on average interest-earning assets
4.32
%
 
4.51
%
 
4.57
%
Rate on average interest-earning liabilities
0.90
%
 
0.83
%
 
0.84
%
Net interest spread
3.42
%
 
3.68
%
 
3.73
%
Net interest margin
3.68
%
 
3.92
%
 
3.97
%
Efficiency ratio
63.99
%
 
66.37
%
 
67.20
%
Per Share Data:
 
 
 
 
 
Basic earnings per common share
$
1.21

 
$
1.14

 
$
0.77

Fully diluted earnings per common share
$
1.19

 
$
1.12

 
$
0.76

Weighted average basic shares outstanding
10,089,482

 
8,104,062

 
8,000,035

Weighted average diluted shares outstanding
10,268,398

 
8,292,938

 
8,102,994


1

The following information was filed by Washingtonfirst Bankshares, Inc. (WFBI) on Friday, January 29, 2016 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.

View differences made from one year to another to evaluate Washingtonfirst Bankshares, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Washingtonfirst Bankshares, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account