This Day On The Street
Continue to site
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

Bank Of Virginia Announces Second Quarter Profit

MIDLOTHIAN, Va., Aug. 15, 2012 (GLOBE NEWSWIRE) -- Bank of Virginia (the "Bank") (Nasdaq:BOVA) ( www.bankofva.com ), reported net income of $145,000, or $0.01 per share, for the quarter ended June 30, 2012, compared to a net loss of $1.3 million, or $(0.12) per share, for the quarter ended June 30, 2011. Quarterly earnings were driven by a release of loan loss reserves totaling $619,000. Net income for the six months ended June 30, 2012 totaled $490,000, an improvement of $3.6 million when compared to the net loss of $3.1 million for the six-months ended June 30, 2011.

"For the past two quarters we have continued to achieve reductions in the Bank's nonperforming loans, without any loss of capital and while continuing to rebuild our staff to position the Bank for future growth," said Jack Zoeller, Chairman and CEO. "We are delighted to report our second consecutive quarterly profit, after several difficult years for our shareholders.   For the balance of the year, we will be redirecting our primary efforts to adding quality loans to the Bank's portfolio, lowering our funding costs and introducing exciting new technologies to support our existing customers and attract new ones."

The Bank's provision for loan losses declined $1.7 million compared to the $1.1 million provision for the quarter ended June 30, 2011. For the six months ended June 30, 2012, the Bank released $1.2 million from its loan loss reserves, compared to an addition of $2.6 million to reserves through a provision for the same period in 2011.

Net interest income for the quarter ended June 30, 2012 totaled $1.1 million, down from $1.3 million for the quarter ended June 30, 2011. Noninterest expense improved to $1.6 million for the quarter ended June 30, 2012, from $1.7 million for the same period in 2011. 

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,008.74 -61.66 -0.34%
S&P 500 2,101.18 -13.31 -0.63%
NASDAQ 4,961.1890 -55.74 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs