Eastern Virginia Bankshares, Inc. Releases Second Quarter 2013 Results

    Eastern Virginia Bankshares, Inc. Releases Second Quarter 2013 Results

PR Newswire

TAPPAHANNOCK, Va., July 23, 2013

TAPPAHANNOCK, Va., July 23, 2013 /PRNewswire/ --Eastern Virginia Bankshares,
Inc. (NASDAQ: EVBS) (the "Company") reported today its results of operations
for the three and six months ended June 30, 2013.

Net income available to common shareholders during the six months ended June
30, 2013 was $1.0 million, or $0.14 per diluted share, compared to net income
of $912 thousand, or $0.15 per diluted share during the same period of 2012.
For the six months ended June 30, 2013, the Company reported net income of
$1.8 million, an increase of $91 thousand over the net income of $1.7 million
reported for the same period of 2012. Net income available to common
shareholders during the three months ended June 30, 2013 was $297 thousand, or
$0.04 per diluted share, compared to net income of $473 thousand, or $0.08 per
diluted share during the same period of 2012. For the three months ended June
30, 2013, the Company reported net income of $673 thousand, a decrease of $175
thousand over the net income of $848 thousand reported for the same period of
2012. The difference between net income and net income available to common
shareholders is the effective dividend to the U.S. Treasury on preferred
stock.

Second Quarter Highlights:

  oNonperforming assets decreased $4.6 million to $9.7 million, or 1.44% of
    total loans and OREO at June 30, 2013, down from 2.12% at the end of the
    prior quarter.
  oProvision for loan losses decreased to $600 thousand for the three months
    ended June 30, 2013, compared to $1.3 million for the same period in 2012.

For the three months ended June 30, 2013, the following key points also were
significant factors in the Company's reported results:

  oNet charge-offs of $2.3 million to write off uncollectible balances on
    nonperforming assets;
  oGain on the sale of available for sale securities of $58 thousand
    resulting from adjustments in the composition of the investment portfolio
    as part of the Company's overall asset/liability management strategy;
  oDecrease in net interest income by $163 thousand from the same period in
    2012;
  oImpairment losses of $133 thousand related to valuation adjustments on
    other real estate owned, compared to $292 thousand for the same period in
    2012;
  oLosses of $118 thousand on the sale of other real estate owned, compared
    to $44 thousand for the same period in 2012;
  oExpenses related to FDIC insurance premiums of $596 thousand, compared to
    $587 thousand for the same period in 2012; and
  oExpenses related to collection, repossession and other real estate owned
    of $126 thousand, compared to $350 thousand for the same period in 2012.

Year to Date Highlights:

  oNonperforming assets decreased $6.9 million to $9.7 million, or 1.44% of
    total loans and OREO at June 30, 2013, down from 2.41% at December 31,
    2012.
  oProvision for loan losses decreased to $1.2 million for the six months
    ended June 30, 2013, compared to $4.2 million for the same period in 2012.

For the six months ended June 30, 2013, the following key points also were
significant factors in the Company's reported results:

  oNet charge-offs of $3.7 million to write off uncollectible balances on
    nonperforming assets;
  oGain on the sale of available for sale securities of $525 thousand
    resulting from adjustments in the composition of the investment portfolio
    as part of the Company's overall asset/liability management strategy;
  oDecrease in net interest income by $576 thousand from the same period in
    2012;
  oImpairment losses of $143 thousand related to valuation adjustments on
    other real estate owned, compared to $907 thousand for the same period in
    2012;
  oLosses of $155 thousand on the sale of other real estate owned, compared
    to $117 thousand for the same period in 2012;
  oExpenses related to FDIC insurance premiums of $1.2 million, compared to
    $1.2 million for the same period in 2012; and
  oExpenses related to collection, repossession and other real estate owned
    of $252 thousand, compared to $655 thousand for the same period in 2012.

The return on average assets (ROA) and return on average common shareholders'
equity (ROE), on an annualized basis, for the three months ended June 30, 2013
were 0.11% and 1.48%, respectively compared to 0.18% and 2.62%, respectively
for the three months ended June 30, 2012. For the six months ended June 30,
2013, on an annualized basis, ROA and ROE were 0.19% and 2.58%, respectively
compared to 0.17% and 2.53%, respectively for the same period in 2012.

In announcing these results, Joe A. Shearin, President and Chief Executive
Officer commented, "Eastern Virginia Bankshares continued to improve its asset
quality and strengthen its balance sheet during the second quarter through the
reduction of nonperforming assets and the closing of the previously disclosed
private placements that raised approximately $45.0 million in aggregate gross
proceeds. Although net income decreased when compared to the same period last
year, asset quality continues to improve as nonperforming assets decreased
41.6% from December 31, 2012 to June 30, 2013. Much of our recent success is
the direct result of our asset quality improvements, even as the current
interest rate environment, although slightly rising recently, continues to
negatively impact our margin." Shearin further commented, "We continue to
execute on a plan which we believe is critical to our success in the near term
including closely monitoring and aggressively addressing asset quality issues
as noted above, containing noninterest expenses with a 3.1% reduction year to
date and lowering our cost of deposits to 0.68% for the second quarter of
2013, compared to 0.71% in the prior quarter."

Shearin concluded, "The second quarter of 2013 was a very exciting time for
our Company with the closing of the private placements with affiliates of
Castle Creek Capital Partners and GCP Capital Partners and certain other
institutional investors. This additional capital will significantly
strengthen our balance sheet, allow us to pursue the previously disclosed
initiatives and provide us with financial and strategic flexibility which we
believe will contribute to the success of our Company for years to come."

Operations Analysis

Net interest income for the three months ended June 30, 2013 was $8.1 million,
a decrease of $163 thousand or 2.0% from the same period of 2012. This
decrease was due to a 14 basis point decrease in the net interest margin (tax
equivalent basis) from 3.35% (includes a tax equivalent adjustment of $29
thousand) in the second quarter of 2012 to 3.21% (includes a tax equivalent
adjustment of $67 thousand) in the second quarter of 2013. The year over year
decline in interest income was also driven by declining loan balances due to
weak loan demand in our market areas, charge-offs, the natural amortization of
the portfolio, and the sale of our credit card loan portfolio in September
2012. The average investment securities balance increased $25.4 million to
$289.2 million during the three months ended June 30, 2013 as compared to the
same period in 2012, and the yield on investment securities increased 13 basis
points from 2.10% to 2.23% for the second quarter of 2013. Average interest
bearing deposits in other banks increased $43.2 million to $58.8 million
during the three months ended June 30, 2013 as compared to the same period in
2012, while the yield on these assets declined 4 basis points from 0.31% for
the second quarter of 2012 to 0.27% for the second quarter of 2013. This
increase in excess funds was due largely to the closing of the private
placements on June 12, 2013, the increase in our average deposits and the
difficulty strategically deploying excess liquidity in the low interest rate
environment. As a result, the yield on our average interest-earning assets
declined 36 basis points to 4.20% for the three months ended June 30, 2013 as
compared to the same period in 2012. Average interest-earning assets were
$1.0 billion for the three months ended June 30, 2013, which was an increase
of $24.9 million or 2.5% from the same period in 2012. Total average loans
were 66.0% of total interest-earning assets for the three months ended June
30, 2013, compared to 71.9% for the three months ended June 30, 2012. The
decline in interest income from the second quarter of 2012 to the second
quarter of 2013 was partially offset by a lower cost of funding. The
Company's lower cost of funding was driven by the continuation of our deposit
re-pricing strategy, reductions in the level of time deposits, and increased
levels of interest-bearing checking and savings accounts with lower rates. As
a result, the average cost of interest-bearing deposits decreased 27 basis
points to 0.68% for the three months ended June 30, 2013 as compared to the
same period in 2012.

Net interest income for the six months ended June 30, 2013 was $16.2 million,
a decrease of $576 thousand or 3.4% from the $16.7 million for the same period
of 2012. The net interest margin (tax equivalent basis) decreased 18 basis
points from 3.40% (includes a tax equivalent adjustment of $180 thousand) for
the six months ended June 30, 2012 to 3.22% (includes a tax equivalent
adjustment of $105 thousand) in the same period of 2013. The tax equivalent
yield on our average interest-earning assets declined 41 basis points in the
six months ended June 30, 2013 as compared to the same period of 2012, but was
partially offset by a 24 basis point decrease in the cost of interest-bearing
liabilities over the same period. Average interest-earning assets were $1.0
billion in the six months ended June 30, 2013, which was an increase of $18.1
million or 1.8% from the same period of 2012. Total average loans were 66.3%
of total interest-earning assets in the six months ended June 30, 2013,
compared to 72.4% in the six months ended June 30, 2012. This decline was
driven by the impact of declining loan balances due to the aforementioned
items in the quarterly analysis above and our desire to deploy excess
liquidity through the expansion of the investment portfolio.

Noninterest income for the three months ended June 30, 2013 was $1.5 million,
a decrease of $732 thousand or 33.5% over the same period of 2012. Net gains
on the sale of available for sale securities decreased $774 thousand to $58
thousand for the three months ended June 30, 2013, down from $832 thousand for
the same period in 2012. Service charges and fees on deposit accounts
decreased $61 thousand, or 7.7% in the second quarter of 2013, which was
primarily attributable to a decrease in non-sufficient funds ("NSF") fees.
Other operating income increased $64 thousand, or 32.2% in the second quarter
of 2013, which was driven by higher earnings from EVB Financial Services, Inc.
and increased earnings from bank owned life insurance due to our additional
$10.0 million investment in the second quarter of 2013.

Noninterest income for the six months ended June 30, 2013 was $3.4 million, a
decrease of $2.7 million or 44.2% over the same period of 2012. Net gains on
the sale of available for sale securities decreased $2.8 million to $525
thousand for the six months ended June 30, 2013, down from $3.4 million for
the same period in 2012. During the first six months of 2012 the Company
began to strategically adjust the composition of its investment portfolio by
reducing its holdings of tax-exempt securities in an effort to increase the
Company's source of taxable income. To implement this strategy the Company
sold tax-exempt securities issued by state and political subdivisions during
the first six months of 2012, many of which were in an unrealized gain
position at the time of sale, and deployed the proceeds into taxable
investment securities issued by state and political subdivisions as well as
Agency mortgage-backed and Agency CMO securities. Other operating income
increased $157 thousand, or 32.2% during the first six months of 2013, which
was driven by higher earnings from EVB Financial Services, Inc., increased
earnings from bank owned life insurance due to our additional $10.0 million
investment in the second quarter of 2013 and revenue from sales of insurance
products through Bankers Insurance, LLC, and offset by increased write downs
of investments in community and housing development funds.

Noninterest expense for the three months ended June 30, 2013 was $8.2 million,
an increase of $81 thousand or 1.0% over noninterest expense of $8.1 million
for the three months ended June 30, 2012. Expenses related to collection,
repossession and OREO decreased $224 thousand, or 64.0% in the second quarter
of 2013 due to the decrease in the carrying balance of OREO as well as the
amount of nonperforming loans and classified assets. Salaries and employee
benefits increased $332 thousand, or 8.7% in the second quarter of 2013
primarily due to annual merit pay increases, lower deferred compensation on
loan originations and higher group term insurance costs. For the second
quarter of 2013, noninterest expense includes $133 thousand in impairment
losses related to valuation adjustments on OREO compared to $292 thousand for
the same period in 2012. In addition, noninterest expense for the second
quarter of 2013 includes losses on the sale of OREO of $118 thousand compared
to $44 thousand for the same period in 2012.

Noninterest expense for the six months ended June 30, 2013 was $16.2 million,
a decrease of $514 thousand or 3.1% over noninterest expense of $16.7 million
for the six months ended June 30, 2012. Expenses related to collection,
repossession and OREO decreased $403 thousand, or 61.5% in the six months
ended June 30, 2013 due to the decrease in the carrying balance of OREO as
well as the amount of nonperforming loans and classified assets. Salaries and
employee benefits increased $581 thousand, or 7.5% in the six months ended
June 30, 2013 primarily due to annual merit pay increases, lower deferred
compensation on loan originations and higher group term insurance costs. For
the six months ended June 30, 2013, noninterest expense includes $143 thousand
in impairment losses related to valuation adjustments on OREO compared to $907
thousand for the same period in 2012. In addition, noninterest expense for
the six months ended June 30, 2013 includes losses on the sale of OREO of $155
thousand compared to $117 thousand for the same period in 2012.

Balance Sheet and Asset Quality

Total assets increased $49.3 million or 4.6% between June 30, 2012 and June
30, 2013, and are up $22.1 million from March 31, 2013. Between June 30, 2012
and June 30, 2013, investment securities increased $21.1 million or 8.3% to
$275.8 million, and are up $2.5 million from March 31, 2013. Loans, net of
unearned income decreased $43.5 million or 6.1% from June 30, 2012 to $671.4
million at June 30, 2013, and are up $550 thousand from $670.8 million as of
March 31, 2013. Total deposits increased $10.2 million or 1.2% from June 30,
2012 to $842.3 million at June 30, 2013, but are down $12.9 million from
$855.2 million as of March 31, 2013. Total shareholders' equity increased
$38.2 million or 39.4% from June 30, 2012 to $135.1 million at June 30, 2013,
and is up $34.8 million from $100.3 million as of March 31, 2013. Year to
date average investment securities were $279.5 million as of June 30, 2013, an
increase of $33.7 million or 13.7% compared to the same period in 2012. Year
to date average loans were $674.3 million as of June 30, 2013, a decrease of
$49.7 million or 6.9% compared to the same period in 2012. Year to date
average total deposits were $846.6 million as of June 30, 2013, an increase of
$12.7 million or 1.5% compared to the same period in 2012. Year to date
average shareholders' equity was $104.7 million as of June 30, 2013, an
increase of $8.2 million or 8.5% compared to the same period in 2012.

The asset quality measures depicted below continue to reflect the Company's
efforts to prudently charge-off loans and maintain an appropriate allowance
for potential future loan losses. 

The following table depicts the net charge-off activity for the three and six
months ended June 30, 2013 and 2012.

                              Three months ended        Six months ended
(dollars in thousands)      June 30,                    June 30,
                              2013          2012          2013          2012
Net charge-offs              $   2,283  $   1,534  $   3,705  $  
                                                                        5,395
Net charge-offs to average    1.36%         0.86%         1.11%         1.50%
loans





The following table depicts the level of the allowance for loan losses for the
periods presented.



(dollars in thousands)            June 30,     December 31,      June 30,
                                    2013         2012              2012
Allowance for loan losses           $  17,833  $     20,338  $  22,866
Allowance for loan losses to period 2.66%        2.97%             3.20%
end loans
Allowance for loan losses to        250.84%      171.29%           156.51%
nonaccrual loans
Allowance for loan losses to        250.84%      171.29%           152.99%
nonperforming loans



The following table depicts the level of nonperforming assets for the periods
presented.



(dollars in thousands)         June 30,        December 31,      June 30,
                                 2013            2012              2012
Nonaccrual loans                 $    7,110  $     11,874  $  14,609
Loans past due 90 days and       -               -                 336
accruing interest
 Total nonperforming loans      $    7,110  $     11,874  $  14,945
Other real estate owned ("OREO") 2,594           4,747             7,226
 Total nonperforming assets     $    9,704  $     16,621  $  22,171
Nonperforming assets to total    1.44%           2.41%             3.07%
loans and OREO



The following tables present the change in the balances of OREO and nonaccrual
loans for the six months ended June 30, 2013.

OREO:                               Nonaccrual Loans:
(dollars in thousands)              (dollars in thousands)
Balance at December 31,  $  4,747  Balance at December 31, 2012  $  11,874
2012
Transfers from loans     1,095      Loans returned to accrual     (4,059)
                                    status
Capitalized costs        -          Net principal curtailments    (4,420)
Sales proceeds           (2,950)    Charge-offs                   (896)
Impairment losses on     (143)      Loan collateral moved to OREO (1,095)
valuation adjustments
Loss on disposition      (155)      Loans placed on nonaccrual    5,706
                                    during period
Balance at June 30, 2013 $  2,594  Balance at June 30, 2013      $   7,110



In general, the modification or restructuring of a loan constitutes a troubled
debt restructuring ("TDR") when we grant a concession to a borrower
experiencing financial difficulty. The following table depicts the balances
of TDRs for the periods presented.

                                 June 30,      December 31,      June 30,
(dollars in thousands)           2013          2012              2012
Performing TDRs                  $   5,209  $            $    
                                               4,433            4,332
Nonperforming TDRs*              3,011         5,089             9,349
 Total TDRs                     $   8,220  $            $   
                                               9,522            13,681
* Included in nonaccrual
loans.

Forward Looking Statements

Certain statements contained in this release that are not historical facts may
constitute "forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. In addition, certain statements may be
contained in the Company's future filings with the SEC, in press releases, and
in oral and written statements made by or with the approval of the Company
that are not statements of historical fact and constitute forward-looking
statements within the meaning of the Act. Examples of forward-looking
statements include, but are not limited to: (i)projections of revenues,
expenses, income or loss, earnings or loss per share, the payment or
nonpayment of dividends, capital structure and other financial items;
(ii)statements of plans, objectives and expectations of the Company or its
management or Board of Directors, including those relating to products or
services, the performance or disposition of portions of the Company's asset
portfolio, future changes to the Bank's branch network, the payment of
dividends, the ability to realize deferred tax assets; (iii)statements of
future economic performance; (iv) statements regarding the impact of the
Written Agreement dated February 17, 2011, among the Company, EVB, the Federal
Reserve Bank of Richmond and the Virginia Bureau of Financial Institutions
(the "Written Agreement") on our financial condition, operations and capital
strategies, including strategies related to payment of dividends on the
Company's outstanding common and preferred stock and to payment of interest on
the Company's outstanding Junior Subordinated Debentures related to the
Company's trust preferred debt; (v) statements regarding the adequacy of the
allowance for loan losses; (vi) statements regarding the effect of future
sales of investment securities or foreclosed properties; (vii) statements
regarding the Company's liquidity; (viii) statements of management's
expectations regarding future trends in interest rates, real estate values,
and economic conditions generally and in the Company's markets;
(ix)statements regarding future asset quality, including expected levels of
charge-offs; (x) statements regarding potential changes to laws, regulations
or administrative guidance; (xi) statements regarding our 2013 Capital
Initiative and business initiatives related to the capital initiative; and
(xii) statements of assumptions underlying such statements. Words such as
"believes," "anticipates," "expects," "intends," "targeted," "continue,"
"remain," "will," "should," "may" and other similar expressions are intended
to identify forward-looking statements but are not the exclusive means of
identifying such statements.

Forward-looking statements involve risks and uncertainties that may cause
actual results to differ materially from those in such statements. Factors
that could cause actual results to differ from those discussed in the
forward-looking statements include, but are not limited to:

  ofactors that adversely affect the Company's capital and business
    initiatives, including, without limitation, changes in market conditions
    that adversely affect the Company's ability to dispose of or work out
    assets adversely classified by us on advantageous terms or at all; changes
    in market and interest rate conditions that adversely affect the Company's
    ability to restructure its FHLB advances on advantageous terms;
  othe Company's ability and efforts to assess, manage and improve its asset
    quality;
  othe strength of the economy in the Company's target market area, as well
    as general economic, market, political, or business factors;
  ochanges in the quality or composition of the Company's loan or investment
    portfolios, including adverse developments in borrower industries, decline
    in real estate values in its markets, or in the repayment ability of
    individual borrowers or issuers;
  othe effects of the Company's adjustments to the composition of its
    investment portfolio;
  othe impact of government intervention in the banking business;
  oan insufficient allowance for loan losses;
  othe Company's ability to meet the capital requirements of its regulatory
    agencies;
  ochanges in laws, regulations and the policies of federal or state
    regulators and agencies;
  oadverse reactions in financial markets related to the budget deficit of
    the United States government;
  ochanges in the interest rates affecting the Company's deposits and loans;
  othe loss of any of the Company's key employees;
  ochanges in the Company's competitive position, competitive actions by
    other financial institutions and the competitive nature of the financial
    services industry and the Company's ability to compete effectively against
    other financial institutions in its banking markets;
  othe Company's potential growth, including its entrance or expansion into
    new markets, the opportunities that may be presented to and pursued by it
    and the need for sufficient capital to support that growth;
  ochanges in government monetary policy, interest rates, deposit flow, the
    cost of funds, and demand for loan products and financial services;
  othe Company's ability to maintain internal control over financial
    reporting;
  othe Company's ability to raise capital as needed by its business;
  othe Company's reliance on secondary sources, such as Federal Home Loan
    Bank advances, sales of securities and loans, federal funds lines of
    credit from correspondent banks and out-of-market time deposits, to meet
    its liquidity needs;
  othe Company's ability to comply with the Written Agreement, which requires
    it to designate a significant amount of resources to complying with the
    agreement and may have a material adverse effect on the Company's
    operations and the value of its securities;
  opossible changes to the Company's Board of Directors, including in
    connection with the private placements and deferred dividends on the
    Company's Capital Purchase Program preferred stock; and
  oother circumstances, many of which are beyond the Company's control.



Although the Company believes that its expectations with respect to the
forward-looking statements are based upon reliable assumptions and projections
within the bounds of its knowledge of its business and operations, there can
be no assurance that actual results, performance, actions or achievements of
the Company will not differ materially from any future results, performance,
actions or achievements expressed or implied by such forward-looking
statements. Readers should not place undue reliance on such statements, which
speak only as of the date of this report. The Company does not undertake any
steps to update any forward-looking statement that may be made from time to
time by it or on its behalf.



Selected Financial Information              Three months ended   Six months ended
(dollars in thousands, except per share    June 30,               June 30,
data)
Statement of Income                         2013        2012       2013        2012
Interest and dividend income               $         $         $         $ 
                                            10,633     11,276    21,210     22,830
Interest expense                            2,505       2,985      5,045       6,089
 Net interest income                      8,128       8,291      16,165      16,741
Provision for loan losses                   600         1,258      1,200       4,158
 Net interest income after provision for  7,528       7,033      14,965      12,583
loan losses
Service charges and fees on deposit         729         790        1,495       1,559
accounts
Other operating income                      263         199        644         487
Debit/credit card fees                      375         361        708         680
Gain on sale of available for sale          58          832        525         3,363
securities, net
Gain on sale of bank premises and equipment 25          -          26          -
Noninterest income                          1,450       2,182      3,398       6,089
Salaries and employee benefits              4,146       3,814      8,295       7,714
Occupancy and equipment expenses            1,271       1,240      2,527       2,511
FDIC expense                                596         587        1,183       1,175
Collection, repossession and other real     126         350        252         655
estate owned
Loss on sale of other real estate owned     118         44         155         117
Impairment losses on other real estate      133         292        143         907
owned
Other operating expenses                    1,815       1,797      3,606       3,596
Noninterest expenses                        8,205       8,124      16,161      16,675
Income before income taxes                  773         1,091      2,202       1,997
Income tax expense                          100         243        449         335
 Net income                              $       $      $        $  
                                             673       848        1,753      1,662
 Less: Effective dividend on preferred    376         375        752         750
stock
 Net income available to common           $       $      $        $    
shareholders                                 297       473        1,001      912
Income per common share: basic              $       $       $       $   
                                            0.04       0.08      0.15       0.15
 $       $       $       $   
diluted                                     0.04       0.08      0.14       0.15
Selected Ratios
Return on average assets                    0.11%       0.18%      0.19%       0.17%
Return on average common shareholders'      1.48%       2.62%      2.58%       2.53%
equity
Net interest margin (tax equivalent basis)  3.21%       3.35%      3.22%       3.40%
Period End Balances
Loans, net of unearned income               $          $          $          $
                                            671,354    714,827   671,354    714,827
Total assets                                1,115,804   1,066,460  1,115,804   1,066,460
Total deposits                              842,271     832,112    842,271     832,112
Total borrowings                            131,141     130,832    131,141     130,832
Total shareholders' equity                  135,149     96,930     135,149     96,930
Book value per common share                 8.39        12.11      8.39        12.11
Average Balances
Loans, net of unearned income               $          $          $          $
                                            674,528    717,860   674,306    724,009
Total earning assets                        1,022,680   997,736    1,017,654   999,515
Total assets                                1,098,424   1,065,662  1,089,744   1,067,824
Total deposits                              850,695     831,425    846,643     833,935
Total borrowings                            131,242     131,017    131,173     130,806
Total shareholders' equity                  109,226     96,547     104,702     96,527
Asset Quality at Period End
Allowance for loan losses                   $         $         $         $ 
                                            17,833     22,866    17,833     22,866
Nonperforming assets                        9,704       22,171     9,704       22,171
Net charge-offs                            2,283       1,534      3,705       5,395
Net charge-offs to average loans            1.36%       0.86%      1.11%       1.50%
Allowance for loan losses to period end     2.66%       3.20%      2.66%       3.20%
loans
Allowance for loan losses to nonaccrual     250.84%     156.51%    250.84%     156.51%
loans
Nonperforming assets to total assets        0.87%       2.08%      0.87%       2.08%
Nonperforming assets to total loans and     1.44%       3.07%      1.44%       3.07%
other real estate owned
Other Information
Number of shares outstanding - period end   10,719,470  6,063,545  10,719,470  6,063,545
Average shares outstanding - basic          7,040,413   6,035,393  6,557,664   6,032,217
Average shares outstanding - diluted        8,134,519   6,035,393  7,107,739   6,032,217





Eastern Virginia Bankshares, Inc. Contact: Adam Sothen
330 Hospital Road                 Chief Financial Officer
Tappahannock, VA 22560            Voice: (804) 443-8404
                                  Fax: (804) 445-1047



SOURCE Eastern Virginia Bankshares, Inc.

Website: http://www.bankevb.com
 
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