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Eastern Virginia Bankshares Announces Fourth Quarter And Year To Date Results

Eastern Virginia Bankshares (NASDAQ:EVBS) today reported its results of operations for the three and twelve months ended December 31, 2010.

For the three months ended December 31, 2010, EVBS reported a net operating loss of ($7.7) million, a decrease of $8.5 million over the net operating income of $762 thousand reported for the same period of 2009. Net loss to common shareholders was ($8.1) million, or ($1.35) per common share, assuming dilution, compared to net income of $389 thousand or $0.07 per common share for the same period in 2009. For the twelve months ended December 31, 2010, the net operating loss was ($10.8) million, an increase of $2.0 million over the net operating loss of ($8.8) million reported for the same period of 2009. The net loss to common shareholders increased to ($12.3) million, or ($2.05) per common share, assuming dilution, compared to a net loss of ($10.3) million in 2009 or ($1.73) per diluted 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 key factor affecting the Company’s results for the fourth quarter and full year 2010 periods continues to be the elevated levels of the provision for loan losses that have been necessary to aggressively address deteriorating credit quality in the loan portfolio. For the three months ended December 31, 2010, the provision for loan losses was $12.9 million, an increase of $11.2 million over the $1.7 million reported for the same period of 2009. For the twelve months ended December 31, 2010, the provision for loan losses was $28.9 million, an increase of $24.7 million over the $4.2 million reported for the same period in 2009.

The return on average assets (ROA) and return on average equity (ROE), on an annualized basis, for the three months ended December 31, 2010 were (2.90%) and (41.70%), respectively compared to 0.14% and 1.94%, respectively for the three months ended December 31, 2009. For the twelve months ended December 31, 2010 ROA and ROE were (1.11%) and (15.36%), respectively compared to (0.93%) and (12.32%), respectively for the same period of 2009.

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