This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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:

  • Net interest income increased $1.4 million, or 19.1% compared to the same quarter in 2009 and $147 thousand, or 1.6%, compared to the fourth quarter of 2009 and was primarily driven by $1.7 million and $577 thousand decreases in funding cost for the respective periods.
  • Net interest margin increased to 3.71% from 3.17% for the same quarter in 2009 and from 3.54% for the fourth quarter of 2009.
  • Credit quality issues continue to significantly affect net income, increasing loan loss provision to $1.85 million, compared to $900 thousand in the same quarter in 2009 and compared to $1.7 million in the fourth quarter of 2009.
  • A BOLI gain of $604 thousand partially offset our increase in the provision expense.
  • Balance sheet changes resulted in a smaller securities portfolio and excess cash.
  • Decreased loan demand.

Noninterest income in the first quarter of 2010 increased $567 thousand, or 36.4%, driven by the BOLI gain. Service charges on deposits declined $72 thousand compared to 2009 and we had a loss on LLC investments of $14 thousand compared to a gain of $17 thousand in 2009. Debit and credit card fees increased $26 thousand, and there were no securities impairments in the quarter.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.97 +225.60 1.31%
S&P 500 2,021.43 +19.27 0.96%
NASDAQ 4,682.1450 +44.1510 0.95%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs