FOR IMMEDIATE RELEASE
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.
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.