Xenith Bank (merged into Union Bank & Trust)
Xenith Bank reported total assets of $3.3 bn at Q4 2017, its last Call Report before it merged into Union Bank & Trust. The CET1 capital ratio at Xenith Bank was 11.45%, and the uninsured share of Xenith Bank was 37.88%. Source: FDIC Call Reports.
Key takeaways
- Since , Xenith Bank has taken over one institution; the latest was Xenith Bank on (FDIC Call Reports).
What sets Xenith Bank apart
How large is Xenith Bank?
The balance sheet of Xenith Bank at : assets $3.3 bn, deposits $2.6 bn, net loans $2.5 bn (loans equal to 96.86% of deposits). Securities make up 9.0% of total assets at Xenith Bank. Since , when Xenith Bank held $2.0 bn, its assets grew 60.0%. In the year to , deposits at Xenith Bank fell 0.9% while its total assets rose 0.1%. At , Xenith Bank employed 434 full-time equivalent staff across 41 offices, about $7.5 mn of assets per employee and $62.7 mn of deposits per office.
How much funding at Xenith Bank is uninsured?
At Xenith Bank, uninsured deposits (above the FDIC limit) made up 37.88% of domestic deposits at (+1.99 pp on a year earlier). In dollars, Xenith Bank estimated $973.7 mn of uninsured deposits.
Key facts, Q4 2017
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $2.6 bn | $2.6 bn (Q4 2016) | |
| Net loans and leases | $2.5 bn | $2.5 bn (Q4 2016) | |
| Loan-to-deposit ratio | 96.86% | 94.50% (Q4 2016) | |
| Tier 1 leverage ratio | 10.68% | 9.93% (Q4 2016) | |
| Total risk-based capital ratio | 12.03% | 11.94% (Q4 2016) | |
| Net interest margin | 3.67% | 3.57% (Q4 2016) | |
| Return on assets (ROA) | -1.06% | 2.32% (Q4 2016) | |
| Efficiency ratio | 69.40% | 86.13% (Q4 2016) | |
| Unrealized gain/loss on available-for-sale securities | Loss of $3.2 mn | Narrowed by $1.4 mn | |
| Noncurrent loans to total loans | 0.78% | 1.61% (Q4 2016) | |
| Net charge-offs to average loans | 0.25% | 0.64% (Q4 2016) |
US rank of Xenith Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
Xenith Bank: assets, deposits and loans
- Total assets $3.3bn
- Deposits $2.6bn
- Net loans $2.5bn
Capital and securities
The CET1 ratio of Xenith Bank stood at 11.45% in , +0.29 pp year on year. Low and high at Xenith Bank since : 11.16% () to 14.72% (). Equity capital of Xenith Bank at : $434.1 mn, or 13.3% of total assets. Xenith Bank also reported a total capital ratio of 12.03% for , and a tier 1 leverage ratio of 10.68%.
The available-for-sale portfolio of Xenith Bank showed an unrealized loss of $3.2 mn at ; the loss narrowed by $1.4 mn over the year.
Xenith Bank: capital ratios
- Total capital 12%
- CET1 11%
- Tier 1 leverage 11%
Xenith Bank: unrealized securities gains and losses
- Available for sale -$3mn
- Held to maturity $0
Profitability and loan quality
For the year to , Xenith Bank earned a return on equity of -7.29%; return on assets: -1.06%. Net interest margin at Xenith Bank: 3.67%, +0.10 pp in a year. Xenith Bank net income: -$34.2 mn, down 157.6% year on year. The efficiency ratio of Xenith Bank was 69.40%: about 69 cents cost per revenue dollar, against 61 cents at the median peer.
At , noncurrent loans were 0.78% of total loans at Xenith Bank; net charge-offs: 0.25% of average loans. Gross loans and leases at Xenith Bank: $2.5 bn at , against $2.5 bn at .
Xenith Bank: profitability
- Return on equity -7.3%
- Net interest margin 3.7%
- Return on assets -1.1%
Peer group of Xenith Bank
The peer group of Xenith Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 1 shares the charter type of Xenith Bank (state member bank) and 0 have head offices in Virginia. Against them, Xenith Bank shows CET1 ratio 11.45% against a peer median of 12.84%, return on equity -7.29% against a peer median of 7.31% and uninsured deposit share 37.88% against a peer median of 30.51%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Merchants Bank of Indiana | State nonmember bank | IN | $3.4 bn | 15.35% | 20.28% | 32.35% | |
| Byline Bank | State nonmember bank | IL | $3.4 bn | 13.57% | 5.78% | 7.27% | |
| Institution for Savings in Newburyport and Its Vicinity | State-chartered stock savings bank | MA | $3.3 bn | 12.12% | 12.21% | 28.67% | |
| Xenith Bank | State member bank | VA | $3.3 bn | 11.45% | -7.29% | 37.88% | |
| Mercantile Bank | State nonmember bank | MI | $3.3 bn | 11.92% | 8.84% | 37.80% | |
| HomeTrust Bank | State member bank | NC | $3.2 bn | 11.73% | 0.03% | 13.11% | |
| CTBC Bank Corp. (USA) | State nonmember bank | CA | $3.2 bn | 16.76% | 2.77% | 61.01% | |
. FDIC Call Reports.
Last eight quarters
Two years at Xenith Bank, to : assets $2.0 bn to $3.3 bn, deposits $1.7 bn to $2.6 bn, equity $316.0 mn to $434.1 mn. Staff 552 to 434; offices 37 to 41.
| Metric | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $2.0 bn | $2.1 bn | $3.3 bn | $3.3 bn | $3.2 bn | $3.2 bn | $3.3 bn | $3.3 bn |
| Total deposits | $1.7 bn | $1.7 bn | $2.6 bn | $2.6 bn | $2.6 bn | $2.7 bn | $2.6 bn | $2.6 bn |
| Bank equity capital | $316.0 mn | $320.5 mn | $467.3 mn | $467.1 mn | $473.9 mn | $481.9 mn | $489.7 mn | $434.1 mn |
| CET1 ratio | 14.72% | 14.60% | 11.20% | 11.16% | 11.82% | 12.19% | 12.16% | 11.45% |
| Return on equity (ROE) | 2.78% | 3.58% | 20.21% | 15.78% | 5.56% | 5.61% | 5.77% | -7.29% |
| Uninsured share of domestic deposits | 29.91% | 29.35% | 34.93% | 35.89% | 37.36% | 39.40% | 37.95% | 37.88% |
| Full-time equivalent employees | 552 | 504 | 620 | 480 | 467 | 458 | 449 | 434 |
| Number of offices | 37 | 36 | 44 | 44 | 44 | 42 | 42 | 41 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Xenith Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Shore Bank (FDIC certificate 31294).
- . Absorbed Xenith Bank (FDIC certificate 57487).
- . Merged into Union Bank & Trust (FDIC certificate 34589).
Large one-quarter moves at Xenith Bank
- Total assets at Xenith Bank changed by +58.5% in the quarter to 2016-09-30: Absorbtion - Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Xenith Bank.
Questions and identifiers
What were the total assets of Xenith Bank?
Xenith Bank reported $3.3 bn at in its Call Report.
Is Xenith Bank the same as its holding company?
No. This page covers Xenith Bank, FDIC certificate 27125; CAPGEN CAPITAL GROUP VI LLC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Xenith Bank profitable?
Xenith Bank reported net income of -$34.2 mn for the year to ; annualized return on equity: -7.29%. So no: Xenith Bank made a loss over these months.
When is data for Xenith Bank next updated?
Xenith Bank no longer files Call Reports; its data ends at .
Where can I check the figures for Xenith Bank?
In the FDIC BankFind Suite record for certificate 27125, and in the Call Reports of Xenith Bank (RSSD ID 1161029) at the FFIEC Central Data Repository.