Xenith Bankshares, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net interest income of $5.2 million compared to $5.1 million a year ago. Income before income tax was $0.7 million compared to $0.3 million a year ago. Net income available to common shareholders was $0.4 million or $0.04 per basic and diluted common share compared to $0.3 million or $0.03 per basic and diluted common share a year ago. Return on average assets was 0.29% against 1.42% a year ago. Return on average common equity was 2.10% against 9.89% a year ago. Book value per common share was $7.57 against $6.91 a year ago. Tangible book value per common share was $6.05 against $5.35 a year ago. Asset quality improved with net charge-offs as a percentage of average loans held for investment of 0.04% for first quarter 2013, compared to 0.13% for first quarter 2012.

Xenith Bankshares, Inc. (NasdaqCM:XBKS) is seeking acquisitions. T. Gaylon Layfield, III, President and Chief Executive Officer, said, "We have particularly promising opportunities to grow our business in the Greater Washington D.C. region, and we believe our prior success in integrating acquired institutions provides management confidence in its ability to execute additional prudent acquisitions in the future. Acquisitive growth throughout the company's target markets remains an important part of our long-term strategy, and we believe that we have the management and infrastructure to support expansion. We continue to look for the right opportunities that will represent a win for all concerned, particularly our shareholders."

Xenith Bankshares, Inc. announced that two members of its board of directors will not stand for re-election, and that the board of directors has nominated a new candidate for election to the board of directors, at the company's upcoming annual meeting of shareholders scheduled for May 2, 2013. James 'Jim' E. Turner, Jr. and Brian D. Jones, both directors of the company since 2009, will retire from the company's board effective at the expiration of their current terms at the upcoming annual meeting. Turner is the former President and CEO of General Dynamics Corp. Jones is a Principal and Co-Founder of BankCap Partners, the company's large shareholder. Turner and Jones will also retire from Xenith Bank's board of directors. The company also announced that its board has nominated Thomas G. Snead, Jr. for election to Xenith Bankshares' board of directors at the upcoming annual meeting. Snead is the former President and Chief Executive Officer of Wellpoint Inc., Southeast Region, previously served as President of Anthem Southeast, a subsidiary of Anthem, Inc. and Chairman and Chief Executive Officer of Trigon Healthcare, Inc., a managed healthcare company. Snead served on the board of LandAmerica Financial Group Inc., and currently serves on the board of directors of CSA Medical, Inc., a medical device company, as well as several community organizations, including the ChildFund International, the Community Foundation and the Virginia Commonwealth University School of Business School Foundation.