WashingtonFirst Bankshares, Inc. operates as the holding company for WashingtonFirst Bank that provides a range of commercial banking products and services to small and medium sized businesses, not-for-profit organizations, professional service firms, and individuals in the greater Washington, D.C. Metropolitan Area. As of December 31, 2013, in addition to its corporate office in Reston, Virginia, the company had 15 branch banking offices in Virginia, Washington, D.C. and Maryland. Lending Activities The company’s lending activities include commercial real estate loans, residential real estate loans, commercial and industrial loans, construction and development loans, and consumer loans. Construction and Development Loans: Construction and development loans fall into one of four types, such as first, loans to construct owner-occupied commercial buildings; second, loans to individuals that are used to acquire property and construct an owner-occupied residence; third, loans to builders for the purpose of acquiring property and constructing homes for sale to consumers; and fourth, loans to developers for the purpose of acquiring land to be developed into finished lots for the construction of residential or commercial buildings. Commercial Real Estate Loans: Commercial real estate loans fall into one of three categories, such as loans supporting owner-occupied commercial property; properties used by non-profit organizations, such as trade associations, churches or charter schools where repayment is dependent upon the cash flow of the non-profit organizations; and loans supporting a commercial property leased to third parties for investment. Residential Real Estate Loans: Residential real estate loans include loans secured by first or second mortgages on one-to-four family residential properties. Home equity loans are secured by a second lien on residential property. First trust mortgage loans are loans secured by one-to-four family dwellings, where the proceeds are used to acquire or refinance the primary financing of owner-occupied and residential investment properties. Commercial and Industrial Loans: Commercial and industrial loans are to businesses or individuals within the greater Washington D.C. metropolitan area for business purposes. Consumer Loans: Consumer loans are loans to individuals for a stated purpose, such as to finance a car or boat, to refinance debt, or to fund general working capital needs. Majority loans are secured with assets other than real estate, such as marketable securities or automobiles. Investment Securities As of December 31, 2013, the company’s investment portfolio included U.S. Treasuries, U.S. government agencies, mortgage back securities, collateralized mortgage obligations, and municipal securities. Deposits The company’s deposit services include business and personal checking, NOW accounts, tiered savings and money market and time deposit accounts with varying maturity structures and customer options. An individual retirement account program is also available. Deposit services include cash management services, such as electronic banking, sweep accounts, lockbox and account reconciliation services, merchant card depository, safe deposit boxes and automated clearing house origination. After hour depository and ATM services are also available. Strategy The company’s growth strategy is to pursue both organic growth, as well as acquisition opportunities within its target market area of the Washington D.C. Metropolitan Area. Its business strategy is to compete by providing its customers with highly qualified personal and customized service utilizing up to date technology and delivery channels. Regulation The company is a bank holding company registered under the Bank Holding Company (BHC Act) and subject to supervision, regulation and examination by the Federal Reserve. The company is also registered in Virginia with the Virginia Bureau of Financial Institutions under the financial institution holding company laws of Virginia and is subject to regulation and supervision by the Virginia Bureau of Financial Institutions. As a Virginia state non-member bank, the bank is principally supervised, examined and regulated by the Virginia Bureau of Financial Institutions. The bank is also subject to regulation pursuant to the Federal Reserve Act and Federal Deposit Insurance Act. The bank’s deposits are insured by the Federal Deposit Insurance Corporation through the Deposit Insurance Fund, to the extent provided by law, and the bank must pay assessments to the Federal Deposit Insurance Corporation for such deposit insurance protection. History WashingtonFirst Bankshares, Inc. was founded in 2004.
(WFBI:Consolidated Issue listed on NASDAQ Capital Market)
11921 Freedom Drive
Reston, VA 20190
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