Cordia Bancorp (BOVA)
The parent company of Bank of Virginia released its first quarter earnings, reporting a net loss of $2.31 million, compared to a profit of $351,000 in the same period last year. That was fueled largely by expenses related to the company’s disposition of its student loan affiliate, CordiaGrad. Jack Zoeller, the company’s founder and former CEO, took over CordiaGrad in March and left the bank to focus on the student lending business full time. The charges related to the CordiaGrad deal were $2.36 million, including $800,000 in stock compensation paid to Zoeller, an $843,000 loss on the sale, among other expenses.
The company’s total assets reached $347.81 million in the first quarter, up from $324 million in the same period last year but down about $1 million from the end of 2015. Its loan portfolio was at $225 million, down from $245 million at the end of 2015, but up from $218 million in the first quarter 2015. Total deposits were $290 million, holding steady from the end of 2015 and up from $265 million in the first quarter last year. Its level of nonperforming assets stood at $3.7 million, down just slightly compared to the same period last year.
Performance Food Group (PFGC)
The Goochland-based foods distributor filed a prospectus listing stockholders who are selling 12 million shares of common stock in the company. The selling stockholders will receive all proceeds from the offering. The company’s common stock closing sales price on May 13 was $26.92 per share.
Cordia Bancorp (BOVA)
The parent company of Bank of Virginia released its first quarter earnings, reporting a net loss of $2.31 million, compared to a profit of $351,000 in the same period last year. That was fueled largely by expenses related to the company’s disposition of its student loan affiliate, CordiaGrad. Jack Zoeller, the company’s founder and former CEO, took over CordiaGrad in March and left the bank to focus on the student lending business full time. The charges related to the CordiaGrad deal were $2.36 million, including $800,000 in stock compensation paid to Zoeller, an $843,000 loss on the sale, among other expenses.
The company’s total assets reached $347.81 million in the first quarter, up from $324 million in the same period last year but down about $1 million from the end of 2015. Its loan portfolio was at $225 million, down from $245 million at the end of 2015, but up from $218 million in the first quarter 2015. Total deposits were $290 million, holding steady from the end of 2015 and up from $265 million in the first quarter last year. Its level of nonperforming assets stood at $3.7 million, down just slightly compared to the same period last year.
Performance Food Group (PFGC)
The Goochland-based foods distributor filed a prospectus listing stockholders who are selling 12 million shares of common stock in the company. The selling stockholders will receive all proceeds from the offering. The company’s common stock closing sales price on May 13 was $26.92 per share.