Central Virginia Bankshares Inc. (CVBK, Financial) filed Quarterly Report for the period ended 2010-06-30.
Central Virginia Bankshares Inc. has a market cap of $3.02 million; its shares were traded at around $1.15 with a P/E ratio of 3.38 and P/S ratio of 0.11. Central Virginia Bankshares Inc. had an annual average earning growth of 5.3% over the past 5 years.
For the year to date 2010, we reported a loss of $1.0 million. This compares to earnings of $165 thousand for the same period in 2009. The decline in net income is $1.2 million or 716% when compared to year to date earnings in 2009. The decrease is primarily due to higher levels of provision for loan losses recorded in 2010 compared to 2009. Reported net income, net of $321 thousand in accrued dividends and accretion of discount on preferred stock, resulted in a net loss available to common shareholders of $1.3 million for the year to date 2010. Basic and diluted loss per share increased $0.47 to ($0.51) for the year to date 2010 from $(0.04) for the comparable period 2009. The return (loss) on average assets for the year to date 2010 was (0.44)% versus (0.04)% for the same period 2009. The return (loss) on shareholders equity was (7.31)% for the year to date 2010 compared to (0.78)% in the same period 2009.
Our allowance for loan losses was $10.3 million at June 30, 2010, compared with $10.8 million at December 31, 2009, and we believe was adequate for losses inherent in the loan portfolio at June 30, 2010, including both performing and non-performing loans. At June 30, 2010, total assets declined $24.5 million or 5.18% to $448.7 million from $473.2 million at December 31, 2009. We continue to reduce our liabilities as total liabilities at June 30, 2010 declined $26.1 million or 5.83% to $420.9 million from $447.0
Our net interest income in the second quarter 2010 was $3.2 million. The continuing low interest rate environment helped our net interest margin in the second quarter 2010, resulting in a net interest margin of 3.06% compared to 2.93% for the second quarter 2009. Total interest income for the quarter was $5.4 million while total interest expense was $2.3 million. Interest income was lower by 17.5% from a year earlier due to a reduction in interest on our investment securities of $690 thousand compared to the second quarter of 2009 and $457 thousand in lower earnings from our loan portfolio due to having $26.2 million in non-accrual loans. Our interest expense declined by 29% from the prior year s second quarter due primarily to lower interest rates on deposits and a $20.1 million reduction in the amount of certificate of deposits partially offset by an increase in demand and savings deposits, from the second quarter 2009.
For the second quarter 2010, $2.9 million was added to the allowance for loan losses, compared to the same period in 2009, when $550 thousand was added to the allowance. Our charge-offs for the second quarter 2010 were $3.2 million compared to $0.7 million for the comparable period in 2009. We believe that a reserve of 3.7% of total loans, at June 30, 2010 was sufficient to absorb any potential future losses. However, we will adjust our reserves in response to changes in the market and our reserve percentage may change. The allowance for loan losses now represents 31.7% of quarter-end non-performing assets, compared to 26.2% in the second quarter of the prior year. During the second quarter we also increased our valuation reserve for other real estate totaling $146 thousand. The total of other real estate increased by $275 thousand from the preceding quarter, net of the valuation allowance.
Our year-to-date 2010 net interest income was $6.3 million compared to $6.4 million for year-to-date 2009. The lower interest rate environment helped our net interest margin for the first half of 2010, resulting in a net interest margin of 2.97% and increase of 20 basis points from 2.77% for the comparable period of 2009. Total interest income for year-to-date 2010 was $11.1 million while total interest expense was $4.8 million. Interest income was lower by 17.5% from a year earlier due to a reduction in interest income on our investment securities of $1.4 million compared to the same period of 2009 and $622 thousand in lower interest income on our loan portfolio due primarily from having $26.2 million in non-accrual loans. Our interest expense declined by 27% from the prior year s first six months due primarily to $1.4 million in lower interest expense on deposits in addition to $420 thousand in lower interest expense from borrowings.
Read the The complete Report
Central Virginia Bankshares Inc. has a market cap of $3.02 million; its shares were traded at around $1.15 with a P/E ratio of 3.38 and P/S ratio of 0.11. Central Virginia Bankshares Inc. had an annual average earning growth of 5.3% over the past 5 years.
Highlight of Business Operations:
For the quarter ended June 30, 2010, we reported a loss of $1.1 million. This compares to a loss of $95 thousand in the quarter ended June 30, 2009. The decline in net income is $1.0 million when compared to earnings in the second quarter of 2009. The decrease is primarily due to increased levels of provision for loan losses recorded in the second quarter of 2010. Reported net income, net of $161 thousand in accrued dividends and accretion of discount on preferred stock, resulted in a net loss available to common shareholders of $1.3 million for the quarter ended June 30, 2010 compared to a net loss available to common shareholders of $256 thousand for the same quarter of the previous year. Basic and diluted loss per share increased $0.38 to ($0.48) for the quarter ended June 30, 2010 from $(0.10) for the comparable period 2009. The return (loss) on average assets for the second quarter 2010 was (0.97)% versus (0.07)% for the second quarter of 2009. The return (loss) on shareholders equity was (15.49)% compared to (1.43)% in the second quarter of 2009.For the year to date 2010, we reported a loss of $1.0 million. This compares to earnings of $165 thousand for the same period in 2009. The decline in net income is $1.2 million or 716% when compared to year to date earnings in 2009. The decrease is primarily due to higher levels of provision for loan losses recorded in 2010 compared to 2009. Reported net income, net of $321 thousand in accrued dividends and accretion of discount on preferred stock, resulted in a net loss available to common shareholders of $1.3 million for the year to date 2010. Basic and diluted loss per share increased $0.47 to ($0.51) for the year to date 2010 from $(0.04) for the comparable period 2009. The return (loss) on average assets for the year to date 2010 was (0.44)% versus (0.04)% for the same period 2009. The return (loss) on shareholders equity was (7.31)% for the year to date 2010 compared to (0.78)% in the same period 2009.
Our allowance for loan losses was $10.3 million at June 30, 2010, compared with $10.8 million at December 31, 2009, and we believe was adequate for losses inherent in the loan portfolio at June 30, 2010, including both performing and non-performing loans. At June 30, 2010, total assets declined $24.5 million or 5.18% to $448.7 million from $473.2 million at December 31, 2009. We continue to reduce our liabilities as total liabilities at June 30, 2010 declined $26.1 million or 5.83% to $420.9 million from $447.0
Our net interest income in the second quarter 2010 was $3.2 million. The continuing low interest rate environment helped our net interest margin in the second quarter 2010, resulting in a net interest margin of 3.06% compared to 2.93% for the second quarter 2009. Total interest income for the quarter was $5.4 million while total interest expense was $2.3 million. Interest income was lower by 17.5% from a year earlier due to a reduction in interest on our investment securities of $690 thousand compared to the second quarter of 2009 and $457 thousand in lower earnings from our loan portfolio due to having $26.2 million in non-accrual loans. Our interest expense declined by 29% from the prior year s second quarter due primarily to lower interest rates on deposits and a $20.1 million reduction in the amount of certificate of deposits partially offset by an increase in demand and savings deposits, from the second quarter 2009.
For the second quarter 2010, $2.9 million was added to the allowance for loan losses, compared to the same period in 2009, when $550 thousand was added to the allowance. Our charge-offs for the second quarter 2010 were $3.2 million compared to $0.7 million for the comparable period in 2009. We believe that a reserve of 3.7% of total loans, at June 30, 2010 was sufficient to absorb any potential future losses. However, we will adjust our reserves in response to changes in the market and our reserve percentage may change. The allowance for loan losses now represents 31.7% of quarter-end non-performing assets, compared to 26.2% in the second quarter of the prior year. During the second quarter we also increased our valuation reserve for other real estate totaling $146 thousand. The total of other real estate increased by $275 thousand from the preceding quarter, net of the valuation allowance.
Our year-to-date 2010 net interest income was $6.3 million compared to $6.4 million for year-to-date 2009. The lower interest rate environment helped our net interest margin for the first half of 2010, resulting in a net interest margin of 2.97% and increase of 20 basis points from 2.77% for the comparable period of 2009. Total interest income for year-to-date 2010 was $11.1 million while total interest expense was $4.8 million. Interest income was lower by 17.5% from a year earlier due to a reduction in interest income on our investment securities of $1.4 million compared to the same period of 2009 and $622 thousand in lower interest income on our loan portfolio due primarily from having $26.2 million in non-accrual loans. Our interest expense declined by 27% from the prior year s first six months due primarily to $1.4 million in lower interest expense on deposits in addition to $420 thousand in lower interest expense from borrowings.
Read the The complete Report
