FOR IMMEDIATE RELEASE
WashingtonFirst Bankshares, Inc. Announces Record Performance for 2016 with Assets Surpassing $2 Billion and Net Income Growth of 48% for the Year
RESTON, VA - WashingtonFirst Bankshares, Inc. (NASDAQ: WFBI) (“WashingtonFirst” or the “Company”) announced today that it had achieved record financial results for the year ended December 31, 2016. Loans, deposits, fee income, net income, return on assets, and earnings per share reached all-time highs. At the same time, the Company’s asset quality has improved to its best since 2007, as measured in terms of non-performing assets as a percentage of total assets. In addition, the Company opened two additional full-service bank branches in 2016 and increased its dividends to shareholders.
In commenting on the Company’s 2016 performance, Shaza Andersen, the Company's President and CEO, said “I am very excited to report our record performance. Our team was charged with high expectations and goals in 2016 and we achieved them. Looking to the future, WashingtonFirst remains committed to growing long-term shareholder value through a continued focus on customer relationships, high standards of quality and service, and strong financial performance.”
In the fourth quarter of 2016, the Company reported net income of $4.7 million, a 34.0% increase compared to the fourth quarter of 2015. This translated into fully-diluted earnings per share of $0.36 for the fourth quarter of 2016, a 20.0% increase compared to the fourth quarter of 2015. The percentage increase in per-share earnings was lower than the percentage increase in net income because of the 1,655,000 shares that were issued in the Company’s public stock offering in December 2015.
For the year ended December 31, 2016, WashingtonFirst reported net income of $18.0 million and fully-diluted earnings per share of $1.37, representing increases of 47.8% and 21.2%, respectively, compared to the previous year. Return on average assets, a key performance objective for the Company, reached 1.00% in 2016 compared to 0.83% in 2015. Management attributed the increase in return on average assets to the increased level of fee income contributed by the mortgage and wealth management businesses acquired in July 2015.
The Company’s total assets reached $2.0 billion as of December 31, 2016, an increase of 19.6% compared to one year earlier. Net loans held-for-investment and total deposits each ended the year at $1.5 billion, reflecting increases of 17.4% and 14.2%, respectively, compared to one year earlier. Non-performing assets represented 0.43% of total assets as of December 31, 2016, compared to 0.86% one year earlier.
In November 2016 the Company announced a 5% stock dividend, the fourth such dividend since the inception of WashingtonFirst Bank in 2004. Additionally, the Company increased its quarterly cash dividend by 16.7% to $0.07 from $0.06 per share. WashingtonFirst has increased its cash dividend to stockholders every year since it declared its initial dividend in October 2013.
About The Company
WashingtonFirst Bankshares, Inc., headquartered in Reston, Virginia, is the holding company for WashingtonFirst Bank, which operates 19 full-service banking offices throughout the Washington, D.C. metropolitan area. In addition, the Company provides wealth management services through its subsidiary, 1st Portfolio Wealth Advisors, and mortgage banking services through the Bank's subsidiary, WashingtonFirst Mortgage Corporation. The Company's common stock is traded on the NASDAQ Stock Market under the quotation symbol "WFBI" and is included in the ABA NASDAQ Community Bank Index and the Russell 2000® index. For more information about the Company, please visit: www.wfbi.com.
The following information was filed by Washingtonfirst Bankshares, Inc. (WFBI) on Friday, January 27, 2017 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.