Eastern Virginia Bankshares Announces Earnings, Declares Dividend
Eastern Virginia Bankshares (NASDAQ:EVBS) today reported results of operations for the first three months of 2010 and announced a dividend declaration.
Net income for the first quarter of 2010 was $1.3 million compared to $723 thousand in 2009, an increase of $611 thousand or 84.5%. This increase was driven by a $1.4 million increase in the net interest margin.
Net income available to common shareholders for the quarter was $962 thousand or $0.16 per common share, assuming dilution, compared with $381 thousand or $0.06 per common share in the prior year first quarter. The difference between net income and net income available to common shareholders is the deduction for dividends and discount/ accretion on preferred stock.
Highlights of the Company’s quarterly performance include:
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