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Eastern Virginia Bankshares Announces First Quarter 2011 Results

Stocks in this article: EVBS

Eastern Virginia Bankshares (NASDAQ:EVBS) today reported its results of operations for the three months ended March 31, 2011.

For the three months ended March 31, 2011, EVBS reported net operating income of $474 thousand, a decrease of $860 thousand over the net operating income of $1.3 million reported for the same period of 2010. Net income to common shareholders was $100 thousand, or $0.02 per common share, assuming dilution, compared to net income of $961 thousand or $0.16 per common share for the same period in 2010. The difference between net operating income and net income to common shareholders is the deduction for the effective dividend to the U.S. Treasury on preferred stock.

The key factors affecting the Company’s results for the first quarter of 2011 continue to be attributable to increasing the provision for loan losses, higher professional and collection/repossession expenses related to elevated past due loans and nonperforming assets, and losses on the sale of and valuation of other real estate owned. For the three months ended March 31, 2011, the provision for loan losses was $2.0 million, an increase of $150 thousand over the $1.9 million reported for the same period of 2010.

The return on average assets (ROA) and return on average equity (ROE), on an annualized basis, for the three months ended March 31, 2011 were 0.04% and 0.60%, respectively compared to 0.35% and 4.74%, respectively for the three months ended March 31, 2010.

Key Highlights

“While we continue to address our elevated levels of nonperforming assets, we were pleased to see a slight decline of 3.9% of nonperforming assets during the first quarter of 2011,” commented Joe A. Shearin, President and Chief Executive Officer. Shearin further commented, “We are cautiously optimistic that we are beginning to see positive results from our actions during the last several quarters and are hopeful that this trend will continue in future periods. We continue to proactively manage our problem assets and are charging-off loans and increasing our allowance for potential future loan losses as necessary. We continue to diligently manage through these difficult times and remain focused on the financial strategies we believe will return us to the financial performance our shareholders expect from us.”

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