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Last $17.05 USD
Change Today -0.01 / -0.06%
Volume 2.8K
As of 8:10 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

washingtonfirst bankshare (WFBI) Key Developments

WashingtonFirst Bankshares Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Announces Net Charge-Offs for the Second Quarter Ended June 30, 2015

WashingtonFirst Bankshares Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported income before provision for income taxes of $4,327,000, net income of $2,767,000, net income available to common shareholders was $2,744,000 or $0.28 basic and diluted per share on net interest income of $13,172,000 against income before provision for income taxes of $3,717,000, net income of $2,430,000, net income available to common shareholders was $2,385,000 or $0.29 diluted per share on net interest income of $12,117,000 for the same period a year ago. Return on average assets was 0.78% against 0.78% for the same period a year ago. Return on average shareholders’ equity was 8.17% against 8.63% for the same period a year ago. Return on average common equity was 8.67% against 10.05% for the same period a year ago. Earnings in the second quarter of 2015 were negatively affected by merger expenses of $241,000, pre-tax, in connection with the previously announced acquisition of 1st Portfolio Holding Corporation. Per-share amounts have been adjusted to give retroactive effect to all stock dividends. For the six months, the company reported income before provision for income taxes of $8,645,000, net income of $5,557,000, net income available to common shareholders was $5,506,000 or $0.57 basic and diluted per share on net interest income of $22,526,000 against income before provision for income taxes of $6,163,000, net income of $4,038,000, net income available to common shareholders was $3,949,000 or $0.48 diluted per share on net interest income of $22,526,000 for the same period a year ago. Return on average assets was 0.81% against 0.67% for the same period a year ago. Return on average shareholders’ equity was 8.25% against 7.30% for the same period a year ago. Return on average common equity was 8.84% against 8.38% for the same period a year ago. Book value per common share was $13.15 against $12.67 at December 31, 2014. Tangible book value per common share was $12.44 against $11.95 at December 31, 2014. The company's 39% increase in net income available to common shareholders for the six months ended June 30, 2015, compared to prior year is primarily the result of continued organic growth and the impact of the Millennium transaction which closed in the first quarter of 2014. For the quarter, net charge-offs were $0.1 million (0.03%) of average loans compared to $0.3 million (0.14%) a year ago.

WashingtonFirst Bankshares Inc. Appoints Caren D. Merrick to its Board of Directors

WashingtonFirst Bankshares Inc. announced the election of Caren D. Merrick, founder and CEO of Pocket Mentor, to its board of directors on May 18, 2015. Ms. Merrick has over 25 years of experience in marketing and management. Ms. Merrick’s prior positions include Co-Founder and Executive Vice President of webMethods Inc. Ms. Merrick also serves as a director with the Metropolitan Washington Airports Authority.

WashingtonFirst Bankshares Inc., Board Meeting, May 18, 2015

WashingtonFirst Bankshares Inc., Board Meeting, May 18, 2015. Agenda: To elect Caren D. Merrick, founder and CEO of Pocket Mentor, to its board of directors.

WashingtonFirst Bankshares, Inc. Declares Quarterly Cash Dividend, Payable on July 1, 2015

WashingtonFirst Bankshares Inc. announced that its board of directors declared a quarterly cash dividend of $0.05 per share payable on July 1, 2015, to shareholders of record as of June 10, 2015.

WashingtonFirst Bankshares Inc. Plans to Open Two New Branches in Potomac and Alexandria

WashingtonFirst Bankshares Inc. announced plans to open two new branches - in Potomac, MD and Alexandria, VA - later this year, which would expand its branch network from 17 to 19 branches in the Washington, DC metropolitan area.

 

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Industry Analysis

WFBI

Industry Average

Valuation WFBI Industry Range
Price/Earnings 14.3x
Price/Sales 3.3x
Price/Book 1.3x
Price/Cash Flow 12.1x
TEV/Sales NM Not Meaningful
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