Bank of Virginia announces Third Quarter 2006 Results
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1 FOR IMMEDIATE RELEASE: November 10, 2006 FOR MORE INFORMATION, CONTACT: KENNETH P. MULKEY, Senior Vice President and Chief Financial Officer AT (804) Bank of Virginia announces Third Quarter 2006 Results Midlothian, Virginia Frank Bell, President and Chief Executive Officer for Bank of Virginia (NASDAQ symbol: BOVA), announced the financial results for the third quarter and nine months ended September 30, The Bank recorded net income of $81,000 or $0.03 per basic and diluted share for the third quarter compared to the same period last year which reflected a net loss of $368,000 or $0.24 per basic and diluted share. The earning asset base of the Bank, upon which the Bank is primarily dependent to support its operations, continues to grow and the balance sheet showed excellent growth driven by a solid increase in the loan portfolio. Net loans increased from $53.0 million at December 31, 2005 to a quarter-end balance of $87.9 million, representing a 65.9% increase. Deposit balances grew steadily in support of loan demand and were $98.1 million at quarter-end up from $66.0 million at December 31, Deposit balance growth was realized through competitive pricing and the opening of the Bank s fourth office, located in Chester, Virginia on May 1, Results of operations for the nine months ended September 30, 2006 reflected net income of just over $9,000 or less than $0.01 per basic and diluted share improving from the $1.7 million net loss or $1.09 per basic and diluted share for the comparable period of the prior year. Mr. Bell indicated that achieving profitability is in line with expectations and is made possible by a team of dedicated employees who have worked hard and remained focused on building a solid growth oriented organization. Achieving year to date profitability as anticipated is the result of the solid growth in the loan portfolio and is a testament to the skilled and seasoned staff assembled, stated Bell. The margin improved and was 3.94% for the nine months ended September 30, 2006 in comparison to 3.80% reflected in the comparable period of the prior year. The current demand to fund loan growth has, however, resulted in higher deposit pricing and has resulted in a reduction in the net interest margin from the 3.99% reflected at June Mr. Bell stated that we continue to remain focused on long-term profitability and increased value for our shareholders. # # # # 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-KSB 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.
2 Statements of Operations Nine Months and Period Ended Three Months and Period Ended September 30, September 30, Interest Income: Interest and fees on loans $ 4,350,411 $ 1,613,776 $ 1,755,382 $ 738,291 Investment securities 748, , ,641 41,932 Interest on federal funds sold 87,073 64,079 34,106 42,192 Total interest income 5,186,396 1,941,144 2,037, ,415 Interest Expense: Interest on deposits 2,121, , , ,456 Interest on fed funds purchased and FHLB borrowings 236,254 5,016 70,980 1,651 Total interest expense 2,358, , , ,107 Net interest income 2,828,302 1,239,254 1,048, ,308 Provision for loan losses 283, ,927 66, ,927 Net interest income after provision for loan losses 2,545, , , ,381 Non-interest Income (Loss): Service charges on deposit accounts 60,523 52,504 21,688 21,875 Net gain (loss) on available for sale securities 3,356 (132,022) - - Other fee income 50,318 26,964 20,789 14,057 Total non-interest income (loss) 114,197 (52,554) 42,477 35,932 Non-interest Expense: Salaries and employee benefits 1,603,043 1,499, , ,280 Occupancy expense 202, ,733 76,184 74,110 Equipment expense 136, ,401 52,333 39,578 Data processing 179, ,840 59,398 60,256 Marketing expense 87,643 37,241 34,562 11,403 Supplies expense 27,832 21,148 10,642 4,296 Legal and professional fees 71, ,216 28,201 45,702 Other operating expenses 342, , ,186 78,755 Total non-interest expenses 2,650,396 2,443, , ,380 Net income (loss) $ 9,050 $ (1,662,634) $ 81,151 $ (368,067) Income (loss) per share, basic and diluted $ 0.00 $ (1.09) $ 0.03 $ (0.24) Weighted Average Shares Outstanding: Basic 3,031,866 1,525,366 3,031,866 1,525,366 Diluted 3,032,106 1,525,366 3,031,866 1,525,366 At period end: Book value per share Market value per share
3 Balance Sheets September 30, December 31, Unaudited Audited Assets Cash and due from banks $ 4,005,020 $ 1,326, 260 Federal funds sold 1,389,000 8,341, 000 5,394,020 9,667, 260 Securities available for sale, at fair market value 20,128,496 19,579, 496 Loans, net of allowance for loan losses of $829,750 in 2006 and $546,697 in ,876,503 52,996, 194 Premises and equipment, net 2,884,033 2,771, 484 Accrued interest receivable 589, , 153 Other assets 1,221, ,346 Total assets $ 118,093,483 $ 85,697, 933 Liabilities Deposits: Noninterest-bearing $ 8,182,081 $ 6,180, 154 Savings and interest-bearing demand 14,695,032 20,847, 881 Time, $100,000 and over 29,420,752 15,714, 802 Other time 45,793,340 23,212,149 Total deposits 98,091,205 65,954, 986 Accrued expenses and other liabilities 561, , 235 Federal funds purchased FHLB borrowings 2,500,000 2,500,000 Total liabilities 101,152,646 68,799,221 Stockholders' Equity Preferred stock, $5 par value, 5,000,000 shares authorized, none issued - - Common stock, $2.50 par value, 40,000,000 shares authorized, 3,031,866 shares issued and outstanding in 2006 and 2005, respectively 7,579,665 7,579, 665 Additional paid-in capital 14,616,209 14,563, 408 Retained (deficit) (5,195,659) (5,204, 709) Accumulated other comprehensive (loss) income (59,378) (39,652) Total stockholders' equity 16,940,837 16,898,712 Total liabilities and stockholders' equity $ 118,093,483 $ 85,697, 933
4 Quarterly Performance Summary At and for the Quarter Ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Interest Income: Interest and fees on loans $ 1,755,382 $ 1,464,473 $ 1,130,556 $ 967,793 $ 738,291 Investment securities 247, , , ,565 41,932 Interest on federal funds sold 34,106 19,372 33,595 69,474 42,192 Total interest income 2,037,129 1,737,502 1,411,765 1,172, ,415 Interest Expense: Interest on deposits 918, , , , ,456 Interest on fed funds purchased and FHLB borrowings 70, ,306 30,968 26,551 1,651 Total interest expense 989, , , , ,107 Net interest income 1,048, , , , ,308 Provision for loan losses 66, ,900 81,000 58, ,927 Net interest income after provision for loan losses 981, , , , ,381 Non-interest Income (Loss): Service charges on deposit accounts 21,688 20,323 18,512 16,119 21,875 Net gain on available for sale securities - - 3, Other fee income 20,789 15,251 14,278 14,031 14,057 Total non-interest income 42,477 35,574 36,146 30,150 35,932 Non-interest Expense: Salaries and employee benefits 556, , , , ,280 Occupancy expense 76,184 63,578 62,601 59,052 74,110 Equipment expense 52,333 44,634 39,742 37,761 39,578 Data processing 59,398 58,718 61,275 62,556 60,256 Marketing expense 34,562 30,612 22,469 38,454 11,403 Supplies expense 10,642 8,393 8,797 9,208 4,296 Legal and professional fees 28,201 23,470 19,411 36,888 45,702 Other operating expenses 125, ,964 98,183 97,588 78,755 Total non-interest expenses 943, , , , ,380 Net income (loss) $ 81,151 $ (45,475) $ (26,626) $ (171,718) $ (368,067) Per Share Data: Income (loss) per share, basic and diluted $ 0.03 $ (0.01) $ (0.01) $ (0.07) $ (0.24) Weighted Average Shares Outstanding, basic 3,031,866 3,031,866 3,031,866 2,294,991 1,525,366 Weighted Average Shares Outstanding, diluted 3,031,866 3,034,721 3,033,915 2,294,991 1,525,366
5 Balance Sheets Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Cash and due from banks $ 4,005,020 $ 2,242,037 1,721,984 $ 1,326,260 1,231,752 Federal funds sold 1,389, ,000-8,341,000 - Securities available for sale 20,128,496 20,165,572 20,908,060 19,579,496 6,927,006 Loans 88,706,253 82,330,816 67,315,310 53,542,891 47,920,330 Less allowance for loan losses 829, , , , ,647 Net loans 87,876,503 81,567,219 66,687,613 52,996,194 47,431,683 Premises and equipment, net 2,884,033 2,941,986 2,717,565 2,771,484 2,827,037 Accrued interest receivable 589, , , , ,238 Other assets 1,221, , , , ,461 Deposits: As of and for the Quarter Ended Total assets $ 118,093,483 $ 108,167,734 $ 92,704,168 $ 85,697,933 $ 58,862,177 Noninterest-bearing demand $ 8,182,081 $ 7,638,814 6,767,355 $ 6,180,154 6,504,457 Savings and interest-bearing demand 14,695,032 18,038,019 16,828,544 20,847,881 14,450,242 Time, $100,000 and over 29,420,752 21,507,374 16,375,016 15,714,802 12,629,805 Other time 45,793,340 35,990,914 26,534,225 23,212,149 14,648,568 Total deposits 98,091,205 83,175,121 66,505,140 65,954,986 48,233,072 Accrued expenses and other liabilities 561, , , , ,588 Federal funds purchased - - 3,000,000-1,505,000 FHLB borrowings 2,500,000 8,000,000 6,000,000 2,500,000 2,500,000 Total liabilities 101,152,646 91,617,555 75,896,735 68,799,221 52,453,660 Preferred stock Common stock, $2.50 par value 7,579,665 7,579,665 7,579,665 7,579,665 3,813,415 Additional paid-in capital 14,616,209 14,563,408 14,563,408 14,563,408 7,611,488 Retained (deficit) (5,195,659) (5,276,810) (5,231,335) (5,204,709) (5,032,990) Accumulated other comprehensive (loss) income (59,378) (316,084) (104,305) (39,652) 16,604 Total stockholders' equity 16,940,837 16,550,179 16,807,433 16,898,712 6,408,517 Total liabilities and stockholders' equity $ 118,093,483 $ 108,167,734 92,704,168 $ 85,697,933 $ 58,862,177
6 Selected Historical Information As of and for the Quarter Ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Asset Quality Analysis: Allowance for loan losses: Beginning balance 763, , , , ,000 Provision 66, ,900 81,000 58, ,927 Charge-offs (101,280) Recoveries Net charge-offs (101,280) Ending Balance 829, , , , ,647 Nonperforming Assets: Nonaccrual loans Foreclosed real estate Repossessions Loans 90 days or more past due and still accruing Nonperforming assets Allowance for loan & lease losses as a percent of loans 0.00% 0.00% 0.00% 0.00% 0.00% *** END OF RELEASE ***
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