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Eastern Virginia Bankshares Announces Third Quarter Earnings, Declares Dividend

Eastern Virginia Bankshares (NASDAQ:EVBS) today reported its results of operations for the three and nine months ended September 30, 2010 and announced a dividend declaration.

For the three months ended September 30, 2010, EVBS reported net operating income of $1.6 million, an increase of $10.1 million over the net operating loss of ($8.5) million reported for the same period of 2009. Net income to common shareholders was $1.2 million, or $0.20 per common share, assuming dilution, compared to a net loss of ($8.9) million or ($1.50) per common share in 2009. For the first nine months of 2010, the net operating loss was ($3.0) million, a decrease of $6.5 million over the net operating loss of ($9.6) million reported for the same period of 2009. The net loss to common shareholders decreased to ($4.2) million, or ($0.70) per common share, assuming dilution, compared to a net loss of ($10.7) million in 2009 or ($1.80) per common share. The difference between net operating income (loss) and net income (loss) to common shareholders is the deduction for the effective dividend to the U.S. Treasury on preferred stock.

The return on average assets (ROA) and return on average equity (ROE), on an annualized basis, for the three months ended September 30, 2010 were 0.44% and 6.24%, respectively compared to (3.17%) and (44.83%), respectively for the three months ended September 30, 2009. For the nine months ended September 30, 2010, on an annualized basis, ROA and ROE were (0.50%) and (6.90%), respectively compared to (1.30%) and (16.87%), respectively for the same period of 2009.

Key Highlights

As part of our overall strategy to proactively manage our Company through the challenging economic conditions that continue to affect us, during the third quarter of 2010 the Company successfully executed the sale of $27.8 million in 1-4 residential mortgage loans on a servicing retained basis. This transaction resulted in the Company recording a gain of approximately $1.3 million. Joe A. Shearin, President and Chief Executive Officer, commented, “I am very excited to announce that the Company was able to carry out and execute such an effective strategy. This is just one of the strategies that Senior Management and the Board have been evaluating to position our company for long term success. This sale had several benefits for our company. First, the gain generated from the sale of these loans will allow us to more aggressively work through our more problematic loans. Second, we demonstrated that we can use our loan portfolio as a source of liquidity, which is very important in today’s volatile economic environment. Finally, we are reducing our overall exposure to 1-4 residential mortgage loans.”

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