Bank of Virginia reports loss in Q4

Published: 19-Mar-2009

Bank of Virginia reported a net loss of $1.4m Q4 08 compared to a net income of $93,943 for Q4 07

Bank of Virginia has reported a net loss of $1.4m, or $0.46 per basic and diluted share, for the fourth quarter ended December 31, 2008, compared to net income of $93,943, or $0.03 per basic and diluted share, for the same quarter of 2007.

Net interest income for the fourth quarter of 2008 was $1.439m, compared to $1.444m in the corresponding quarter of 2007.

The provision for loan losses in the fourth quarter of 2008 was $1.51m as compared to $98,365 in the fourth quarter of 2007.

Net loss for the year ended December 31, 2008 was $1.31m, or $0.43 per basic and diluted share, compared to net income of $506,496, or $0.17 per basic and diluted share, in 2007.

Net interest income for 2008 was $5.46m, compared to $5.19m in 2007. Provision for loan losses in 2008 was $1.76m, compared to $345,534 in 2007.

Total assets of the bank at December 31, 2008 were $203.71m, compared to $184.01m at December 31, 2007.

Frank Bell, President and Chief Executive Officer, said, I am very pleased with the dedication and hard work of our officers and staff during these challenging times. Our Company is not involved in the sub-prime market, so we are not directly experiencing any of the negative returns associated with that business. Our loan portfolio continues to perform well and the Bank continues to be 'well capitalised,' the highest regulatory capital level.”

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