wfbicorplogo04.jpg
FOR IMMEDIATE RELEASE
April 24, 2017

WashingtonFirst Bankshares, Inc. Reports 13% Increase in Net Income for First Quarter 2017



RESTON, VA - WashingtonFirst Bankshares, Inc. (NASDAQ: WFBI) (“WashingtonFirst” or the “Company”) reported today net income of $4.4 million for the first quarter of 2017, or $0.34 per share on a fully-diluted basis, a 13% increase over the same period last year. Loans held for investment grew by $61.8 million to $1.6 billion, and total deposits increased $156.6 million, more than 10%, to $1.7 billion during the first quarter of 2017. The Company continues to improve its asset quality, shrinking the ratio of non-performing assets to total assets from 0.43% at December 31, 2016, to 0.37% as of March 31, 2017, and down from 0.80% at the same time last year. The Company also continued its practice, now in its fourth consecutive year, of returning a cash dividend to its shareholders.
Commenting on the Company’s first quarter performance, Shaza Andersen, the Company's President and CEO, said “During the first three months of 2017 our industry and our market in particular have enjoyed continued vibrancy. As a result, we have been able to sustain our growth in both loans and deposits.  And while the uptick in interest rates has dampened the strong demand for mortgage loans, we are confident that a rising interest rate environment should have a positive effect on the bank’s performance overall, relieving some of the compression on our interest rate margin.  In fact, the strong results from our commercial lending team were key to driving the Company’s growth in earnings compared to the same period last year.  This has allowed us to increase the dividend payment to our shareholders, and deliver on our commitment to long-term shareholder value.”

Return on average shareholders equity (ROE), an important measure of the Company's profitability, was 9.15% during the three months ended March 31, 2017, compared to 8.60% for the three months ended March 31, 2016. Management attributed the increase in ROE to the continued growth of the loans held for investment portfolio over the past twelve months. For the three months ended March 31, 2017, the Company's net interest income after provision for loan losses increased $1.8 million, or 13%, over the same period ended March 31, 2016.

The Company’s total assets reached $2.1 billion as of March 31, 2017, an increase of 17% over the last twelve months. Net loans held-for-investment and total deposits ended the first quarter at $1.6 billion and $1.7 billion, respectively, representing increases of 19% for both measurements over the same period last year.
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.



1

The following information was filed by Washingtonfirst Bankshares, Inc. (WFBI) on Monday, April 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter 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-Q Quarterly 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