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Eastern Virginia Bankshares
307 Church Lane
Tappahannock, VA 22560
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Contact: Ron Blevins
Vice President & Chief Financial Officer
Voice: 804/443-8423
Fax: 804/443-3501
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April 19, 2001
For Immediate Release
Eastern Virginia Bankshares Announces Earnings, Declares Dividend
Tappahannock, VA. - At its annual shareholders' meeting today, Eastern Virginia Bankshares (NASDAQ:EVBS) reported first quarter 2001 earnings of $1.35 million or $0.27 per share, compared to $1.49 million or $0.30 per share in the first quarter of 2000.
While the Company's earnings were below those of the comparable quarter of 2000, management believes that the quarter was a turning point for earnings and net interest margin which is the largest contributor to income. Quarterly net income and interest margin which had declined in each of the past three quarters both increased as compared to the fourth quarter of 2000. On a sequential quarter over quarter basis, net income improved $106 thousand while the net interest margin increased from 4.43% to 4.46%.
The Company's return on average equity (ROE) and return on average assets (ROA) for the quarter were 12.23% and 1.34%, respectively, compared to 14.10% and 1.56%, respectively for the first three months of 2000.
In January, EVB entered the Lancaster County market with the opening of an office in Kilmarnock as its 14th location. The Company's subsidiary banks have filed for regulatory approval for two additional offices with expected openings in 2001.
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, 2001, to shareholders of record on April 29, 2001.
Eastern Virginia Bankshares, the parent company for Bank of Northumberland, Hanover Bank and Southside Bank, operates 14 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.
Selected Financial Information (dollars in thousands, except per share data)
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| Interest income |
$8,046 |
$7,355 |
| Interest expense |
3,931 |
3,302 |
| Net interest income |
4,115 |
4,053 |
| Provision for loan losses |
264 |
132 |
| Noninterest income |
621 |
490 |
| Noninterest expense |
2,642 |
2,440 |
| Income tax expense |
483 |
484 |
| Net income |
$1,347 |
$1,487 |
Earnings per share, basic and
assuming dilution |
$0.27 |
$ 0.30 |
| Return on average assets |
1.34% |
1.56% |
| Return on average equity |
12.23% |
14.10% |
| Net interest margin |
4.46% |
4.71% |
| Balance Sheets |
2001 |
2000 |
| Loans, net of unearned interest |
$307,496 |
$282,561 |
| Total assets |
420,916 |
392,007 |
| Deposits |
364,269 |
334,206 |
| Other borrowings |
7,000 |
13,000 |
| Shareholders' equity |
46,316 |
41,792 |
| Book value per share |
9.41 |
8.46 |
| Allowance for loan losses |
$4,483 |
$4,265 |
| Nonperforming assets |
3,499 |
2,189 |
| Loan loss reserve % of total loans |
1.46% |
1.51% |
| Nonperforming assets % of total loans & other real estate owned |
1.14% |
0.65% |
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