* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
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Eastern Virginia Bankshares Piotroski F-Score Chart
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Mar17) TTM:
Last Year (Mar16) TTM:
Net Income was 1.91 + 1.999 + 1.623 + 1.78 = $7.31 Mil. Cash Flow from Operations was 3.007 + 4.685 + 3.379 + 4.154 = $15.23 Mil. Revenue was 12.637 + 12.914 + 13.479 + 13.508 = $52.54 Mil.
Average Total Assets from the begining of this year (Mar16)
to the end of this year (Mar17) was
(1286.185 + 1294.957 + 1314.896 + 1398.593 + 1446.601) / 5 = $1348.2464 Mil. Total Assets at the begining of this year (Mar16) was $1,286.19 Mil. Long-Term Debt & Capital Lease Obligation was $29.46 Mil. Total Assets was $1,446.60 Mil. Total Liabilities was $1,313.66 Mil.
Net Income was 1.507 + 2.01 + 2.168 + 2.227 = $7.91 Mil.
Revenue was 12.138 + 12.224 + 12.373 + 12.566 = $49.30 Mil.
Average Total Assets from the begining of last year (Mar15)
to the end of last year (Mar16) was
(1194.158 + 1219.191 + 1242.387 + 1270.384 + 1286.185) / 5 = $1242.461 Mil. Total Assets at the begining of last year (Mar15) was $1,194.16 Mil. Long-Term Debt & Capital Lease Obligation was $29.36 Mil. Total Assets was $1,286.19 Mil. Total Liabilities was $1,155.67 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Eastern Virginia Bankshares's current Net Income (TTM) was 7.31.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Eastern Virginia Bankshares's current Cash Flow from Operations (TTM) was 15.23.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Eastern Virginia Bankshares's return on assets of this year was 0.00568503. Eastern Virginia Bankshares's return on assets of last year was 0.00662559.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Eastern Virginia Bankshares's gearing of this year was 0.02185135. Eastern Virginia Bankshares's gearing of last year was 0.0236273.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Eastern Virginia Bankshares's current ratio of this year was 1.10120062. Eastern Virginia Bankshares's current ratio of last year was 1.11293353.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Eastern Virginia Bankshares's number of shares in issue this year was 18.357. Eastern Virginia Bankshares's number of shares in issue last year was 18.275.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Eastern Virginia Bankshares's net margin of this year was 0.13917545. Eastern Virginia Bankshares's net margin of last year was 0.16048356.
==> Last year's net margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Eastern Virginia Bankshares's asset turnover of this year was 0.04084793. Eastern Virginia Bankshares's asset turnover of last year was 0.04128516.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
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Que. 7
+
Que. 8
+
Que. 9
=
1
+
1
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0
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1
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1
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0
+
0
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0
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0
=
4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Eastern Virginia Bankshares has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Eastern Virginia Bankshares (NAS:EVBS) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Eastern Virginia Bankshares Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Eastern Virginia Bankshares's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Eastern Virginia Bankshares (Eastern Virginia Bankshares) Business Description
Eastern Virginia Bankshares Inc a Virginia corporation was incorporated on September 5, 1997. The Company is a bank holding company. Through its wholly-owned bank subsidiary, EVB, it operates 21 full service branches and 2 drive-in facilities in eastern Virginia. EVB is a community bank targeting small to medium-sized businesses and consumers in its traditional coastal plain markets and the emerging suburbs outside of the Richmond and Greater Tidewater areas. It provides personal and commercial banking services including commercial, consumer and real estate loans. It also provides retail and commercial deposit products and fee-based services. The Company's markets are located east of U.S. Route 250 and extend from northeast of Richmond to the Chesapeake Bay in central Virginia and across the James River from Colonial Heights to southeastern Virginia. It has four primary market areas: Northern Neck, Middle Peninsula, Capital or suburbs of Richmond and Southern. The Company's Northern Neck and Middle Peninsula regions are in the eastern coastal plain of Virginia. The Company's Capital region is comprised of Hanover, Henrico, King William counties and Colonial Heights which are emerging suburbs of Richmond. The Company's Southern region is comprised of New Kent, Surry, Sussex, and Southampton counties. The Company provides lending and credit services to customers including mortgage, commercial and consumer loans. A substantial portion of the loan portfolio is represented by mortgage loans in the Company's market area. It competes with national and regional financial institutions, savings associations and other independent community banks, as well as credit unions, mutual funds and life insurance companies. The Company is subject to the supervision of, the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of Richmond.
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