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Company Description

Contact Info

11921 Freedom Drive

Suite 250

Reston, VA 20190

United States

Phone: 703-840-2410

Fax:

WashingtonFirst Bankshares, Inc. operates as the holding company for WashingtonFirst Bank that provides banking products and services to small-to-medium sized businesses, not-for-profit organizations, professional service firms, and individuals in the greater Washington, D.C. Metropolitan Area. The company operates 18 full-service banking offices throughout the Washington, D.C. metropolitan area. It provides wealth management services through its subsidiary, Wealth Advisors, located in Fairfax, Virginia, and mortgage banking services through the bank's wholly owned subsidiary, WashingtonFirst Mortgage, which operates in two locations, Fairfax, Virginia; and Rockville, Maryland. In addition, the Mortgage Company provides residential mortgage lending services to customers in the Washington, D.C. metropolitan and greater mid-Atlantic areas. Wealth Advisors specializes in assisting select affluent business owners, executives and families preserve and grow their wealth, providing comprehensive wealth management and business retirement plan services. The company owns 1st Portfolio Holding Corporation. 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. Loans originated by the company are primarily classified as loans held for investment. Loans originated by the Mortgage Company are primarily classified as loans held for sale. Acquisition, Development and Construction Loans: These loans generally fall into one of four types: first, loans to construct owner-occupied commercial buildings; second, loans to individuals that are ultimately 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 ultimate construction of residential or commercial buildings. Commercial Real Estate Loans: These loans generally fall into one of three categories, including loans supporting owner-occupied commercial property; loans supporting 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. Loans secured by commercial real estate originated by the company are primarily classified as loans held for investment. Residential Real Estate Loans: Through the Mortgage Company, WashingtonFirst offers various mortgage loan products to homeowners and investors of 1-4 family properties. Mortgage loans originated are generally sold in the secondary market through purchase agreements with institutional investors with servicing released. Loans in these categories are underwritten to standards within a traditional consumer framework that is periodically reviewed and updated by management and the board of directors, and includes such considerations as repayment source and capacity, collateral value, credit history, savings pattern, and stability. In addition, the company underwrites mortgage loans in accordance with guidelines for programs under Fannie Mae and Freddie Mac that make these loans marketable in the secondary market. Commercial and Industrial Loans: These loans are to businesses or individuals within the greater Washington, D.C. metropolitan area for business purposes. Typically the loan proceeds are used to support working capital and the acquisition of fixed assets of an operating business or to refinance a loan payable to another financial institution that was originally made for a similar purpose. 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. These loans are generally extended in a single disbursement and repaid over a specified period of time. Most loans are well secured with assets other than real estate, such as marketable securities

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Valuation WFBI Industry Range
Price/Earnings 18.8x
Price/Sales 4.0x
Price/Book 1.6x
Price/Cash Flow 19.8x
TEV/Sales 1.3x
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