 |
|
|  |  
Eastern Virginia Bankshares
217 Duke Street
Tappahannock, VA 22560
|
Contact: Ron Blevins
Vice President & Chief Financial Officer
Voice: 804/443-8423
Fax: 804/443-3501
|
January 18, 2002
For Immediate Release
Eastern Virginia Bankshares Announces Earnings, Declares Dividend
Tappahannock, VA. - Eastern Virginia Bankshares (NASDAQ:EVBS) today reported year 2001 earnings of $4.88 million or $0.99 per share, compared to $5.52 million or $1.12 per share in 2000. Net income for the quarter ended December 31, 2001 was $1.10 million or $0.23 per share, compared to $1.24 million or $0.25 per share for the fourth quarter of 2000. The Company's return on average equity (ROE) and return on average assets (ROA) for the year were 10.47% and 1.13%, respectively, compared to 12.94% and 1.40%, respectively for 2000.
The Company reported year 2001 growth of 15.6% in net loans and 16.5% in deposits and opened new offices in three dynamic growth areas: Kilmarnock, Hanover Air Park and Ashland. EVB also had a very successful beginning for its investment subsidiary EVB Investments, Inc which serves the entire EVB market area. While core earnings for the year were strong, net income was adversely impacted by an increase of over $1.5 million in the provision for loan losses, a one time extraordinary expense for supplemental retirement benefits, and startup costs of three new branches. These three items alone totaled over $2 million in expense, resulting in a significant reduction in net income. President and CEO Ned Stephenson stated "The fundamental earning power of the Company is very strong and we are positioned for increased earnings and growth in 2002 and beyond."
President and CEO Stephenson is also pleased to announce that on January 17, 2002, the Board of Directors declared a dividend of $0.13 per share, payable February 8, 2002, to shareholders of record on January 28, 2002.
Eastern Virginia Bankshares, the parent company for Bank of Northumberland, Hanover Bank and Southside Bank, operates 16 retail branches located in the counties of Caroline, Essex, Gloucester, Hanover, King William, Lancaster, Middlesex and Northumberland. The Company's stock trades on the NASDAQ National Market System under the symbol EVBS.
Selected Financial Information (dollars in thousands, except per share data)
|
12/31/01 |
12/31/00 |
| Interest income |
$8,331 |
$7,998 |
| Interest expense |
3,634 |
3,919 |
| Net interest income |
4,697 |
4,079 |
| Provision for loan losses |
1,064 |
249 |
| Noninterest income |
727 |
584 |
| Noninterest expense |
2,995 |
2,778 |
| Income tax expense |
261 |
395 |
| Net income |
$1,104 |
$1,241 |
| Earnings per share, basic and assuming dilution |
$0.23 |
$0.25 |
| Return on average assets |
0.96% |
1.23% |
| Return on average equity |
9.19% |
11.29% |
| Net interest margin |
4.44% |
4.43% |
| |
|
12/31/01 |
12/31/00 |
| Interest income |
$32,903 |
$30,729 |
| Interest expense |
15,373 |
14,513 |
| Net interest income |
17,530 |
16,216 |
| Provision for loan losses |
2,183 |
647 |
| Noninterest income |
2,643 |
2,155 |
| Noninterest expense |
11,460 |
10,277 |
| Income tax expense |
1,650 |
1,926 |
| Net income |
$4,880 |
$5,521 |
| Earnings per share, basic and assuming dilution |
$0.99 |
$1.12 |
| Return on average assets |
1.13% |
1.40% |
| Return on average equity |
10.47% |
12.94% |
| Net interest margin |
4.41% |
4.53% |
| |
| Balance Sheets |
12/31/01 |
12/31/00 |
| Loans, net of unearned interest |
$347,997 |
$301,032 |
| Total assets |
467,263 |
407,105 |
| Deposits |
408,241 |
350,414 |
| Other borrowings |
6,000 |
7,000 |
| Shareholders' equity |
47,392 |
45,031 |
| Book value per share |
9.67 |
9.10 |
| Allowance for loan losses |
5,234 |
4,408 |
| Nonperforming assets |
4,660 |
2,865 |
| Loan loss reserve % of total loans |
1.50% |
1.46% |
| Nonperforming assets % of total loans and other real estate |
1.34% |
0.95% |
|
|  |
