Parent Company of Xenith Bank, Xenith Bankshares, Inc. (NASDAQ:XBKS), announces that Gateway Bank Mortgage has completed a previously announced sale of assets of GBMI to a multi-state lender.
RICHMOND, Va., Oct. 17, 2016 (GLOBE NEWSWIRE) — Xenith Bankshares, Inc. (formerly known as Hampton Roads Bankshares, Inc.) (XBKS), parent company of Xenith Bank (formerly known as The Bank of Hampton Roads), announced today that Gateway Bank Mortgage, Inc. (GBMI) and its parent company, Xenith Bank, completed the previously announced sale of certain assets of GBMI to a multi-state home lender.
GBMI ceased taking new mortgage loan applications at closing; however, all applications with prospective borrowers that are in process will continue to be managed by GBMI through funding and sale to investors in the ordinary course of business. Management of Xenith Bank and GBMI expect processing of these applications and investor funding of these loans will be substantially complete by December 31, 2016.
About Xenith Bankshares, Inc.
Xenith Bankshares, Inc. (“XBKS”) is the holding company for Xenith Bank, a full-service commercial bank headquartered in Richmond, Virginia. XBKS is the fifth largest community bank by deposits headquartered in the Commonwealth of Virginia. Xenith Bank specifically targets the banking needs of middle market and small businesses, local real estate developers and investors, private banking clients and individuals, and retail banking clients. XBKS also offers marine finance floorplan and end-user products through its Shore Premier Finance division of Xenith Bank. Xenith Bank’s regional area of operations spans from Baltimore, Maryland and Rehoboth Beach, Delaware, to Raleigh and eastern North Carolina, complementing its significant presence in Greater Washington, D.C., Greater Richmond, Virginia, Greater Hampton Roads, Virginia and on the Eastern Shore of Maryland and Virginia. Xenith Bank has 42 full-service branches and five loan production offices located across these areas with its headquarters centrally-located in Richmond. XBKS’s common stock trades on The NASDAQ Stock Market under the symbol “XBKS.”
Additional information about XBKS and its subsidiaries can be found at www.xenithbank.com.
Caution About Forward-Looking Statements
All statements other than statements of historical facts contained in this press release are forward-looking statements. Forward-looking statements made in this press release reflect beliefs, assumptions and expectations of future events or results, taking into account the information currently available to XBKS. These beliefs, assumptions and expectations may change as a result of many possible events, circumstances or factors, not all of which are currently known to XBKS. If a change occurs, XBKS’s business, financial condition, liquidity, results of operations and prospects may vary materially from those expressed in, or implied by, the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. Factors related to the transaction that may cause actual results to differ materially from those contemplated by these forward-looking statements include among others a higher than expected number of GBMI employees leaving GBMI prior to the closing, funding and sale of loans currently in process. Additional factors include among others: difficulties and delays in integrating the merger of the Hampton Roads Bankshares, Inc. and legacy Xenith Bankshares, Inc. businesses or fully realizing cost savings and other benefits; business disruptions following the merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; the inability to realize deferred tax assets within expected time frames or at all; and the impact, extent and timing of technological changes, capital management activities and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms; and the risks discussed in XBKS’s public filings with the Securities and Exchange Commission, including those outlined under “Risk Factors” in XBKS’s registration statement on Form S-4 (Registration Statement No: 333-210643). Except as required by applicable law or regulations, XBKS does not undertake, and specifically disclaims any obligation, to update or revise any forward-looking statement.
Xenith Bankshares, Inc. (NASDAQ:XBKS) shares have moved +2.64% on the news thus far today and have traded in the range of $2.25 – 2.34 during the current session. In order to take a look at where the stock might be headed longer term, investors often look to research firms that cover the stock. Sell-side research firms currently have a consensus one-year price target of $7.88 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call. The sell-side analysts are projecting earnings per share of $0.02 for the next fiscal quarter. For the current year, analysts are predicting earnings of $0.32 per share according to First Call.
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In looking at where the stock is trading on a technical level, the stock is trading +3.14% away from its 50-day moving average of $2.26. Based on the most recent available data, the equity is -12.41% off of its 52-week high of $2.66 and +50.32% away from its 52-week low which is $1.55.
In taking a look at the company’s valuation, the firm’s price to earnings ratio stands at 4.31. This is a crucial indicator investors watch as higher ratios compared to peers, would suggest higher future earnings growth potential for the stock. The price to current year EPS estimates from research analysts currently stands at 33.29. In looking further ahead, potential investors should note that the company’s price to next year’s EPS estimates is 23.30.
Today, the stock opened at $2.28 and the last bid at the time of writing stood at $2.33. During the session thus far, the equity dipped down to $2.25 and touched $2.34 as the high point. Xenith Bankshares, Inc. (NASDAQ:XBKS) has a market cap of $537.69M and has seen an average daily volume of 162,498 over the past three months.
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