Central Virginia Bankshares Inc. (CVBK, Financial) filed Quarterly Report for the period ended 2010-03-31.
Central Virginia Bankshares Inc. has a market cap of $6.56 million; its shares were traded at around $2.51 with a P/E ratio of 7.38 and P/S ratio of 0.23. Central Virginia Bankshares Inc. had an annual average earning growth of 5.3% over the past 5 years.
March 31, 2010, compared with $10.8 million at December 31, 2009, and we believe was adequate for losses inherent in the loan portfolio at March 31, 2010, including both performing and non-performing loans. At March 2010, total assets declined $2.2 million or 0.5% to $471.1 million from $473.2 million at December 31, 2009. We continue to reduce our liabilities as total liabilities at March 31, 2010 declined $4.0 million or 0.8% to $443.1 million from $447.0 million at December 31, 2009. Total stockholders equity increased $1.8 million to $28.0 million at March 31, 2010 from $26.2 million at December 31, 2009.
Our net interest income in the first quarter 2010 was $3.1 million. The continuing low interest rate environment helped our net interest margin in the first quarter 2010, resulting in a net interest margin of 2.90%. Total interest income for the quarter was $5.6 million while total interest expense was $2.5 million. Interest income was lower by 12.8% from a year earlier due to a reduction in investment securities of $31 million compared to the first quarter of 2009 and lost earnings from having $31 million
During the first quarter 2010, $315 thousand was added to the allowance for loan losses, compared to the first quarter 2009, when $375 thousand was added to the allowance. We believe that at 3.63% of total loans, the reserve should be generally 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 33.6% of quarter-end non-performing assets, compared to 20.6% in the first quarter of the prior year. During the first quarter we also established a valuation reserve for other real estate totaling $410 thousand. The total of other real estate declined by $236 thousand from the preceding quarter.
Our net interest income was $3.1 million for the first quarter of 2010, compared to $3.0 million for the first quarter of 2009, an increase of $0.1 million or 3.3%. Our fully tax equivalent (FTE) net interest income in the first quarter of 2010 was $3.2 million, an increase of $0.1 million or 3.2% versus $3.1 million in 2009.
Our average interest earning assets totaled $437.6 million in the first quarter of 2010, a decrease of $37.7 million or 7.9% from $475.3 million in the first quarter of 2009. Our tax-equivalent yield on total interest earning assets dropped to 5.22% in 2010 from 5.52% in 2009 resulting in a decrease of $0.8 million in total interest income.
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Central Virginia Bankshares Inc. has a market cap of $6.56 million; its shares were traded at around $2.51 with a P/E ratio of 7.38 and P/S ratio of 0.23. 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 March 31, 2010, we reported earnings of $87 thousand. This compares to earnings of $261 thousand in the quarter ended March 31, 2009. The decline in net income is $174 thousand or 66.7% when compared to earnings in the first quarter of 2009. The decrease is the result primarily due to increased FDIC insurance premiums and non-cash valuation write-downs of other real estate owned (“OREO”). 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 $74 thousand. Basic and diluted (loss)/earnings per share decreased $0.09 to ($0.03) for the quarter ended March 31, 2010 from $0.06 for the comparable period 2009. The return on average assets for the first quarter 2010 was 0.07% versus 0.21% for the first quarter of 2009. The return on shareholders equity was 1.28% compared to 3.93% in the first quarter of 2009.March 31, 2010, compared with $10.8 million at December 31, 2009, and we believe was adequate for losses inherent in the loan portfolio at March 31, 2010, including both performing and non-performing loans. At March 2010, total assets declined $2.2 million or 0.5% to $471.1 million from $473.2 million at December 31, 2009. We continue to reduce our liabilities as total liabilities at March 31, 2010 declined $4.0 million or 0.8% to $443.1 million from $447.0 million at December 31, 2009. Total stockholders equity increased $1.8 million to $28.0 million at March 31, 2010 from $26.2 million at December 31, 2009.
Our net interest income in the first quarter 2010 was $3.1 million. The continuing low interest rate environment helped our net interest margin in the first quarter 2010, resulting in a net interest margin of 2.90%. Total interest income for the quarter was $5.6 million while total interest expense was $2.5 million. Interest income was lower by 12.8% from a year earlier due to a reduction in investment securities of $31 million compared to the first quarter of 2009 and lost earnings from having $31 million
During the first quarter 2010, $315 thousand was added to the allowance for loan losses, compared to the first quarter 2009, when $375 thousand was added to the allowance. We believe that at 3.63% of total loans, the reserve should be generally 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 33.6% of quarter-end non-performing assets, compared to 20.6% in the first quarter of the prior year. During the first quarter we also established a valuation reserve for other real estate totaling $410 thousand. The total of other real estate declined by $236 thousand from the preceding quarter.
Our net interest income was $3.1 million for the first quarter of 2010, compared to $3.0 million for the first quarter of 2009, an increase of $0.1 million or 3.3%. Our fully tax equivalent (FTE) net interest income in the first quarter of 2010 was $3.2 million, an increase of $0.1 million or 3.2% versus $3.1 million in 2009.
Our average interest earning assets totaled $437.6 million in the first quarter of 2010, a decrease of $37.7 million or 7.9% from $475.3 million in the first quarter of 2009. Our tax-equivalent yield on total interest earning assets dropped to 5.22% in 2010 from 5.52% in 2009 resulting in a decrease of $0.8 million in total interest income.
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