Bank of Virginia Reports Second Quarter 2011 Results
17 Agosto 2011 - 12:21AM
Bank of Virginia (the "Bank") (Nasdaq:BOVA) (www.bankofva.com),
announced financial results for the three and six-months ended June
30, 2011.
For the quarter ended June 30, 2011, the Bank
reported a net loss of $1.3 million, or $(.12) per share, compared
with a net loss of $264,000 or $(.06) per share for the quarter
ended June 30, 2010. The loss in 2011 was driven primarily by a
$1.1 million provision for loan losses as new management nears
completion of its total credit evaluation of the loan portfolio. A
net loss of $3.1 million, or $(.27) per share was realized for the
six-month period ended June 30, 2011, versus a net loss of
$622,000, or $(.14) per share for the same period last year. The
Bank remains well capitalized with a total risk based capital ratio
of 11.8%.
"While we found it appropriate to increase our
provision for loan losses, we are optimistic about the lending
outlook at the Bank. In the second quarter of 2011 we added a new
Chief Operating Officer, Chief Credit Officer, and Senior Vice
President of Special Assets that significantly strengthened the
Bank's credit risk management and positioned us to prudently and
confidently return to a mode of normal lending growth. We believe
that we now have one of the top credit and lending teams among all
community banks in the region," commented Jack Zoeller, Chairman
and CEO.
Review of the balance sheet
The Bank's total assets decreased $22.0 million to
$187.2 million at June 30, 2011, compared to $209.2 million at
December 31, 2010. Net loans declined $21.7 million, or 15.5%, from
$139.7 million at December 31, 2010 to $118.1 million at June 30,
2011. The decline in loan balances was attributable to additional
loan charge-offs and reserves as well as efforts to reduce the
exposure to non-owner occupied commercial real estate and
construction loans. Securities available for sale declined $4.5
million to $30.4 million from $35.0 million at December 31, 2010.
Substantially offsetting the decrease in loans and securities was a
reduction of $24.0 million, or 17.1%, in time deposits, which
declined from a balance of $140.2 million at December 31, 2010 to
$116.3 million at June 30, 2011.
Asset Quality
During the first six months of 2011, the level of
nonperforming assets increased 42.0% from $7.5 million at December
31, 2010, to $10.6 million at June 30, 2011. Nonaccrual loans total
$8.6 million, or 6.8% of total loans, at June 30, 2011, compared to
$6.9 million, or 4.7% of total loans at December 31, 2010. Impaired
loans increased $5.6 million, or 25.1% from $22.3 million at
December 31, 2010 to $27.9 million at June 30, 2011. The Bank
reported charge offs, net of recoveries, of $582,000, or .46% of
total loans, for the first six months of 2011, compared to net
charge offs of $620,000 for the same period in 2010. Loans past due
30 days or more totaled $7.5 million, or 5.9% of total loans, and
$7.0 million, or 4.8% of total loans, at June 30, 2011 and December
31, 2010, respectively.
About Bank of Virginia
Bank of Virginia, a Virginia state chartered bank
headquartered in Midlothian, Virginia, currently operates four
full-service offices in the counties of Chesterfield and Henrico,
Virginia. Bank of Virginia's common stock is traded on the NASDAQ
stock market under the quotation symbol "BOVA". Additional investor
relations information can be found on the internet at
www.bankofva.com. Bank of Virginia is a member of the FDIC and
Equal Housing Lender.
DISCLAIMER
This news release may include forward-looking
statements. These forward-looking statements are based on current
expectations that involve risks, uncertainties and assumptions.
Should one or more of these risks or uncertainties materialize or
should underlying assumptions prove incorrect, actual results may
differ materially. These risks include: changes in business or
other market conditions; the timely development, production and
acceptance of new products and services; the challenge of managing
asset/liability levels; the management of credit risk and interest
rate risk; the difficulty of keeping expense growth at modest
levels while increasing revenues; and other risks detailed from
time to time in the Bank's periodic filings with the Board of
Governors of the Federal Reserve System, including the Bank's
annual report on Form 10-K as filed with the Board of Governors of
the Federal Reserve. Pursuant to the Private Securities Litigation
Reform Act of 1995, the Bank does not undertake to update
forward-looking statements contained within this news release.
CONTACT: Jack Zoeller,
Chairman and CEO, 804-763-1333
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