Eastern Virginia Bankshares 217 Duke Street Tappahannock, VA 22560 Contact: Ron Blevins Chief Financial Officer Voice: 804/443-8423 Fax: 804/445-1047 April 18, 2002 For Immediate Release Eastern Virginia Bankshares Announces Record Earnings, Declares Dividend Tappahannock, VA. - At its annual shareholders' meeting today, Eastern Virginia Bankshares (NASDAQ:EVBS) reported record first quarter 2002 earnings of $1.61 million, up 19.7% from the first quarter of 2001. Earnings per share were $0.33, up 22.2% from the $0.27 earned in the comparable quarter of 2001. EVB's first quarter 2002 results produced an annualized return on average equity (ROE) and an annualized return on average assets (ROA) of 13.70% and 1.39%, respectively, compared to 12.23% and 1.34%, respectively for the first three months of 2001. Ned Stephenson, President & Chief Executive Officer of EVB noted that "the record quarter was driven by a 27.7% increase in net interest income, resulting from a 46 basis point increase in net interest margin and benefits from three new branch offices opened in 2001". Outstanding loans increased by $59.4 million, compared to one year ago, reaching a record level of $366.8 million at March 31, 2002. Average loans for the quarter of $356.1 million were up 16.9% compared to $304.5 million in the first quarter of 2002. Average deposits of $409.2 million were an increase of 16.1% compared to $352.4 million in the same quarter of 2001. Consistent with the slower economy, EVB's nonperforming asset levels increased in the first quarter. Nonperforming assets as a percentage of total loans increased to 1.50%, compared to 1.34% at December 31, 2001 and 1.14% at March 31, 2001. Net charge-offs decreased to 0.03% of average loans for the quarter, compared to 0.06% in the first quarter of 2001 and 0.42% for the full year 2001. During the quarter the loan loss reserve increased $327 thousand to $5.56 million or 1.51% of total loans outstanding. President and CEO Ned Stephenson is also pleased to announce that the Board of Directors declared a dividend of $0.13 per share, payable May 10, 2002, to shareholders of record on April 29, 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 Small Cap Market System under the symbol EVBS. This press release may contain "forward-looking statements" within the meaning of federal securities laws. Although EVB believes that its expectations concerning certain forward-looking statements are based upon reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results and performance achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Eastern Virginia Bankshares Selected Financial Information (dollars in thousands, except per share data) Income Statements Three Months Ended 3/31/02 3/31/01 Interest income $8,359 $8,046 Interest expense 3,106 3,931 Net interest income 5,253 4,115 Provision for loan losses 425 264 Noninterest income 724 621 Noninterest expense 3,368 2,642 Income tax expense 572 483 Net income $1,612 $1,347 Earnings per share, basic and assuming dilution $0.33 $0.27 Selected Ratios Return on average assets 1.39% 1.33% Return on average equity 13.70% 12.23% Net interest margin 4.92% 4.46%   Balance Sheets 3/31/02 3/31/01 Loans, net of unearned interest $366,848 $307,496 Total assets 483,848 420,916 Deposits 420,588 364,269 Other borrowings 11,000 7,000 Shareholders' equity 48,146 46,316 Book value per share 9.84 9.41 Asset Quality Allowance for loan losses 5,561 4,483 Nonperforming assets 5,518 3,499 Loan loss reserve % of total loans 1.51% 1.46% Nonperforming assets % of total loans and other real estate 1.50% 1.14%