News Column

Eastern Virginia Bankshares, Inc. Releases First Quarter 2014 Results

May 17, 2014

By a News Reporter-Staff News Editor at Investment Weekly News -- Eastern Virginia Bankshares, Inc. (NASDAQ: EVBS) (the "Company"), the one bank holding company of EVB (the "Bank") reported its results of operations for the three months ended March 31, 2014.

Net income available to common shareholders during the three months ended March 31, 2014 was $1.5 million, or $0.09 per diluted share, compared to net income of $704 thousand, or $0.12 per diluted share during the same period of 2013. For the three months ended March 31, 2014, the Company reported net income of $2.0 million, an increase of $916 thousand over the net income of $1.1 million reported for the same period of 2013. The Company's results continue to be positively impacted by the extinguishment of long-term Federal Home Loan Bank advances in the third quarter of 2013, as discussed in greater detail below. The prepayment of these advances has significantly improved the Company's financial position and net interest margin as compared to the first quarter of 2013. The difference between net income and net income available to common shareholders is the effective dividend to the holders of the Company's Series A Preferred Stock.

Keywords for this news article include: Banking and Finance, Eastern Virginia Bankshares Inc.

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Source: Investment Weekly News

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