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WFBI Reports 21% Increase in Net Income and 29% Increase in Core Net Income for 2Q2017

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WashingtonFirst Bankshares, Inc. Reports 21% Increase in Net Income and 29% Increase in Core Net Income for the Second Quarter 2017

RESTON, VA – WashingtonFirst Bankshares, Inc. (“WashingtonFirst” or the “Company”) (NASDAQ: WFBI), the parent company of WashingtonFirst Bank, WashingtonFirst Mortgage, and 1st Portfolio Inc.,  reports net income of $5.3 million and $9.8 million for the three and six months ended June 30, 2017, respectively.  Earnings per share were $0.40 and $0.74 per share on a fully-diluted basis for the three and six months ended June 30, 2017, respectively, resulting in 18% and 16% increases over the comparable periods last year.  Loans held for investment grew by $104.2 million to $1.6 billion, and total deposits increased $222.0 million, an increase of 15%, to $1.7 billion during the first half of 2017.  Net interest margin increased 14 basis points to 3.51% for the three months ended June 30, 2017 and 5 basis points to 3.49% for the six months ended June 30, 2017, compared to the same periods in 2016.  On July 3, 2017, the Company paid its 15th consecutive quarterly cash dividend to its shareholders.

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