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Xenith Bankshares Inc
Xenith Bankshares, Inc. (XBKS) is a bank holding company for Xenith Bank, a community bank that provides a range of commercial and retail banking services to individuals, and small and middle-market businesses in Virginia, Colorado, and North Carolina. The company's primary sources of income are derived from interest on loans and investments, and net interest income is the difference between the income generated from these assets and the interest expenses paid on deposits and wholesale funding.
In terms of earnings, Xenith Bankshares, Inc. has shown consistent growth over the past few years. As of the most recent quarter, the company reported net income of $11.7 million, representing a year-over-year increase of 68.1% compared to the same quarter last year. The company's earnings per share (EPS) for the quarter were $0.64, compared to $0.38 in the same period last year, reflecting the strong earnings growth.
The company's revenue growth has also been strong, with total revenue for the most recent quarter coming in at $56.6 million, representing an increase of 33.8% compared to the same quarter last year. This revenue growth has been driven by a combination of loan growth, an increase in net interest margin, and non-interest income growth.
Xenith Bankshares, Inc. has also shown a strong track record of asset quality, with low levels of non-performing loans and a strong allowance for loan losses. The company's credit quality has been resilient, even in the face of economic uncertainty and challenges posed by the COVID-19 pandemic.
In terms of growth, Xenith Bankshares, Inc. has continued to expand its footprint through strategic mergers and acquisitions. In 2021, the company completed the acquisition of Citizens South Bankshares, Inc., which expanded its presence in North Carolina and added approximately $1.3 billion in assets. This acquisition is expected to provide significant cost savings and revenue synergies, and to enhance the company's growth prospects.
Overall, Xenith Bankshares, Inc. has demonstrated a strong track record of earnings growth, revenue growth, and asset quality, supported by a resilient business model and a focus on serving the needs of its customers and communities. The company's growth prospects are further supported by its strategic expansion efforts and its commitment to delivering value to its shareholders.