MIDLOTHIAN, Va: Cordia Bancorp Inc. announced net income of $60,000 or $0.01 per share for the fourth quarter of 2014 versus net income of $5,000 for the fourth quarter of 2013.
Cordia Bancorp is parent company of Bank of Virginia. For the year ended December 31, 2014, the net loss was $(412,000) or $(0.09) per share compared to net income of $696,000 or $0.27 per share for the year ended December 31, 2013. Total assets increased over 35%, to $318.6 million at December 31, 2014, compared to $235.1 million at December 31, 2013. During 2014, loans increased 22%, or $39 million. Of this amount, organic originations accounted for $29.5 million and purchases of guaranteed student loans increased $9.5 million. In addition, investment securities increased $34.9 million.
“We have positioned Cordia for a significant new round of growth and sustainable profitability in 2015 and beyond. Our company has grown over 35% after raising fresh capital in the spring of 2014. In addition, CordiaGrad, our new online lending platform, began refinancing student loan debt in late 2014. Our commercial and residential lending team in Richmond continued to produce exceptional results with over 22% growth last year,” said Chief Executive Officer Jack Zoeller.
Noninterest expense increased to $8.80 million for the 2014 period, compared to $7.64 million for the 2013 period. The increase in noninterest expense was primarily due to incentive compensation, staff additions and an increase in student loan servicing volume.
