July 21, 2016

WashingtonFirst Bankshares, Inc. Reports Net Income Growth of 60% Over 2015 Q2 Results; Record Performance for First Six Months

RESTON, VA - WashingtonFirst Bankshares, Inc. (NASDAQ: WFBI) (the "Company"), announced today consolidated net income of $4.4 million and $8.3 million (or $0.35 and $0.67 per diluted common share) for the three and six months ended June 30, 2016, respectively. Net income during the second quarter of 2016 increased 60.3% over the $2.7 million in net income (or $0.28 per diluted common share) earned during the three months ended June 30, 2015, and increased 12.1% over the prior quarter ended March 31, 2016. Year to date earnings for the six months ended June 30, 2016, increased 51.1% over the $5.5 million (or $0.57 per diluted common share) earned during the six months ended June 30, 2015. Additionally, the Company paid its 11th consecutive quarterly dividend of $0.06 on July 1, 2016.

Shaza Andersen, the Company’s President and CEO, said, “We made the strategic decision this year to focus on increasing our return on assets, and so far we’ve been successful.  Our ROA was 0.98% for the second quarter 2016, compared to 0.78% for the same period last year.  Earnings per share are trending positively as well, enhanced by the mortgage and wealth management operations acquired last year from 1st Portfolio.  Both businesses are performing at or above our initial expectations.  As always, asset quality remains a key priority for us - we reduced our NPAs from 0.87% as of December 31, 2015, to 0.71% as of June 30, 2016.  And in June, we were added to the Russell 2000, an index of the largest public companies by market capitalization in the country!  As we turn toward the second half of the year, we remain focused on premier customer service and strong financial performance, core principles that will continue to produce long-term value for our shareholders.”

The net interest margin was 3.37% and 3.44% for the three and six months ended June 30, 2016, respectively, as compared to 3.75% and 3.74% for the same periods in 2015. This decrease is primarily attributable to the addition of $25 million in subordinated debt added in the fourth quarter of 2015 and competitive pressure for incremental loans and deposits. On a linked quarter basis, the net interest margin decreased 14 basis points during the three months ended June 30, 2016, from a net interest margin of 3.51% for the three months ended March 31, 2016. The Company remains focused on its pricing discipline on both sides of the balance sheet and on all factors contributing to net income.

In June, the Company executed on a strategic deleveraging activity.  The Company prepaid a long-term FHLB advance that was assumed during the Alliance acquisition which was completed in late 2012.  This $25 million advance had a coupon interest rate of 3.99% but an effective cost of 2.04% after considering the purchase accounting mark on the instrument.  The instrument had a final maturity of February 26, 2021.  The effective cost (prepayment penalty less release of the purchase accounting mark) to terminate the debt instrument was $1.04 million.  The Company sold approximately $29.7 million of investment securities at a gain of $1.08 million during the quarter to offset the cost of the prepayment penalty.  The overall objectives of these transactions was to delever the balance sheet, produce a net neutral effect of the termination penalty and aid long-term performance metrics.  The Company anticipates positive contributions to its net interest margin and return on average assets in future quarters as a result.

Non-interest income grew during both the three and six months ended June 30, 2016, by $7.9 million and $12.1 million, respectively, compared to the same periods ended June 30, 2015, as a result of the successful integration of the 1st Portfolio companies acquired in July 2015. The mortgage subsidiary acquired in the 1st Portfolio acquisition contributed $5.3 million and $8.0 million to non-interest income via gain on sale of loans, respectively, during the three and six months ended June 30, 2016, compared to $0.1 million and $0.2 million generated by the Bank's legacy mortgage operation for the same periods ending June 30, 2015. Additional fee income of $1.4 million and $2.6 million was generated by the mortgage subsidiary for the quarter and six months ended June 30, 2016, respectively. Wealth management activities began as a result of the 1st Portfolio


The following information was filed by Washingtonfirst Bankshares, Inc. (WFBI) on Thursday, July 21, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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