Bank of Virginia Announces Third Quarter Results

Bank of Virginia Announces Third Quarter Results

Nears Completion of Rebuild for Future Growth

MIDLOTHIAN, Va., Nov. 16, 2012 (GLOBE NEWSWIRE) -- Bank of Virginia (the
"Bank") (Nasdaq:BOVA) (www.bankofva.com) reported a net loss of $544,000, or
$(0.21) per share, for the quarter ended September 30, 2012, compared to a net
loss of $724,000, or $(0.32) per share, for the quarter ended September 30,
2011. Net income for the nine months ended September 30, 2012 totaled a loss
of $54,000, compared to the net loss of $3.8 million for the nine months ended
September 30, 2011.

"Since last year, Bank of Virginia has made incredible strides in rebuilding
our management and improving the Bank's key credit and performance
indicators," said Jack Zoeller, Chairman and CEO."Our talented new lending
team has substantially rebuilt the quality of our loan portfolio, and we
expect by early 2013 to achieve core profitability that is sustainable and
will serve as a launch point for future organic and strategic growth."

On a year-over-year basis through September 30, 2012, Bank of Virginia reduced
its volume of substandard assets from $28.6 million to $16.9 million; its
total of delinquent loans from $12.7 million to $7.0 million; and its loan
loss reserve from $7.1 million to $4.1 million.

The Bank also improved its capital position with recent common equity
offerings totaling $3.3 million to its majority shareholder, Cordia Bancorp
Inc., and its minority shareholders in a subscription rights offering
completed on November 13, 2012.

Review of Operations

Net interest income for the quarter ended September 30, 2012 totaled $1.1
million, up from $1.0 million for the quarter ended September 30,
2011.Noninterest expense improved to $1.7 million for the quarter ended
September 30, 2012, from $1.8 million for the same period in 2011.

For the nine months ended September 30, 2012, net interest income after the
provision for loan losses totaled $4.5 million, an increase of $3.7 million
when compared to the same period in 2011, primarily attributed to releases of
$1.2 million from the provision for loan losses in 2012.Noninterest expense
improved from $5.4 million for the nine months ended September 30, 2011 to
$5.1 million for the nine months ended September 30, 2012.

The Bank's provision for loan losses declined by $150,000 to a $6,000 benefit
for the quarter ended September 30, 2012, compared to a $144,000 provision
expense for the quarter ended September 30, 2011.For the nine months ended
September 30, 2012, provision expense declined by $3.9 million.

Review of Balance Sheet

Total assets at September 30, 2012 were $170.1 million, compared to $165.5
million at December 31, 2011.Net loans at September 30, 2012 were $106.9
million, an increase of $2.2 million over $104.7 million at December 31, 2011.
Investments and cash-equivalent balances totaled $49.2 million at September
30, 2012, an increase of $1.1 million over $48.1 million at December 31, 2011.

Total deposits increased $7.1 million, or 4.8%, to $154.3 million at September
30, 2012 from $147.2 million at December 31, 2011.Savings and interest
bearing demand deposits increased $9.9 million, or 33.1%, from $29.7 million
at December 31, 2011 to $39.5 million at September 30, 2012.Total time
deposits decreased $3.6 million, or 3.6%, to $97.1 million at September 30,
2012 from $100.7 million at December 31, 2011.

Asset Quality

The level of nonperforming assets decreased from $13.4million or 8.1% of
assets at December 31, 2011, to $ 10.8 million or 6.3% of assets at September
30, 2012.Nonaccrual loans decreased from $8.9 million or 8.1% of total loans,
to $5.8 million or 5.2% of total loans, over the same nine months.Impaired
loans were down markedly by $6.1 million, or 26.5%, from $23.0 million at
December 31, 2011 to $16.9 million at September 30, 2012.

About Bank of Virginia

Bank of Virginia, a state chartered bank headquartered in Midlothian,
Virginia, currently operates four full-service offices in the counties of
Chesterfield and Henrico, Virginia. Bank of Virginia's common stock is traded
on the NASDAQ stock market under the quotation symbol "BOVA". Additional
investor relations information can be found on the internet at
www.bankofva.com. Bank of Virginia is a member of the FDIC and Equal Housing
Lender.

                                  DISCLAIMER

The information as of and for the three and nine months ended September 30,
2012, as presented, is unaudited.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 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-K. 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.

Bank of Virginia
Selected Financial Information and Other Data
($ in thousands, except per share data)
                                                              
                             Three months ended       Nine months ended
                             September 30,            September 30,
                             2012          2011       2012       2011
Summary of Operations                                          
Total interest income         $1,667      $1,887   $5,130   $6,411
Total interest expense        562          758       1,766     2,508
Net Interest Income          1,105        1,129     3,364     3,903
Provision for loan losses     (6)          144       (1,174)   2,737
Net interest income after     1,111        985       4,538     1,166
provision for loan losses
Non Interest Income           69           88        508       419
Non Interest Expense          1,724        1,797     5,100     5,393
Net Income                  $(544)      $(724)   $(54)    $(3,808)
                                                              
Performance Ratios                                             
Earnings per share            $(0.21)     $(0.32)  $(0.02)  $(1.68)
Book value per share          $4.94       $5.92    $4.94    $5.92
Net interest margin           2.75%         2.58%      2.87%      2.85%
Return on average assets      -1.28%        -1.62%     -0.04%     -0.43%
Return on average equity      -15.88%       -20.90%    -0.56%     -34.26%
                                                              
                             September 30, June 30,   March 31,  December 31,
                             2012          2012       2012       2011
Balance Sheet Summary                                          
Total loans                 $111,019    $110,118 $111,661 $110,334
Total earning assets        $155,021    $154,582 $145,239 $150,712
Total assets                $170,085    $170,201 $165,118 $165,465
Deposits                    $154,314    $151,701 $146,709 $147,241
FHLB borrowings             $--         $5,000   $5,000   $5,000
Shareholders' equity        $15,276     $12,893  $12,750  $12,667
                                                              
Asset Quality Ratios                                           
Nonaccrual loans            $5,816      $6,830   $7,036   $8,878
Other real estate owned     $1,633      $1,633   $1,682   $1,262
Allowance for loan losses   $4,122      $4,539   $5,367   $5,672
Nonaccrual loans to total     5.24%         6.20%      6.30%      8.04%
loans
Allowance for loan losses to  3.71%         4.12%      4.81%      5.14%
total loans

CONTACT: Jack Zoeller,
         Chairman & CEO, 804-763-1333