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FOR IMMEDIATE RELEASE
October 19, 2017

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



RESTON, VA - WashingtonFirst Bankshares, Inc. (“WashingtonFirst” or the “Company”) (NASDAQ: WFBI), the parent company of WashingtonFirst Bank, WashingtonFirst Mortgage, and 1st Portfolio Inc., reports net income of $5.6 million and $15.3 million for the three and nine months ended September 30, 2017, respectively. This represents an increase of 12.7% and 15.7% compared to the same periods last year, respectively. Earnings per share on a fully-diluted basis were $0.41 and $1.15 per share for the three and nine months ended September 30, 2017, respectively. On October 2, 2017, the Company paid its 16th consecutive quarterly cash dividend to its shareholders.

Core net income for the three and nine months ended September 30, 2017 was $5.7 million and $16.0 million, respectively. This represents an increase of 14.6% and 19.6% compared to the same periods last year, respectively. Core earnings per share fully diluted basis for the three and nine months ended September 30, 2017 were $0.43 and $1.20, respectively. Core net income is calculated as net income adjusted for the after-tax impact of merger expenses.
Commenting on the Company’s third quarter performance, Shaza Andersen, the Company's President and CEO, said “Since the announcement of our decision to merge with Sandy Spring Bancorp in May 2017, the WashingtonFirst team has worked hard to ensure a smooth transition for our customers and employees. We never lost sight of our commitments to deliver exceptional customer service and enhance shareholder value.  I am very pleased to report that even with the added costs and attention associated with the merger, we continue to exceed our earnings performance goals."

Net interest margin decreased 8 basis points to 3.45% for the three months ended September 30, 2017 and increased one basis point to 3.48% for the nine months ended September 30, 2017, compared to the same periods in 2016. Return on average shareholders equity was 10.57% and 10.11% during the three and nine months ended September 30, 2017, respectively, compared to 10.21% and 9.43% for the same periods last year. Management attributed this increase to the continued organic growth of the loan portfolio over the past twelve months. For the three and nine months ended September 30, 2017 net interest income after provision for loan losses increased $2.5 million and $7.0 million, or 17.2% and 16.3%, over the same periods ended September 30, 2016.

For the nine months ended September 30, 2017, total assets increased 2.6% to $2.1 billion, loans held for investment increased by $101.1 million, or 6.6%, to $1.6 billion and total deposits increased $170.5 million, or 11.2%, to $1.7 billion.
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.
Cautionary Statements About Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements of the goals, intentions, and expectations of the Company as to future trends, plans, events, results

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The following information was filed by Washingtonfirst Bankshares, Inc. (WFBI) on Thursday, October 19, 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.

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