This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.”

1 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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