eastern virginia bankshares (EVBS) Snapshot

Eastern Virginia Bankshares Inc. at its AGM held on June 4, 2013, approved appointment of W. Rand Cook and F.L. Garrett, III as directors of the company.

Eastern Virginia Bankshares Inc. proposed to its Annual Meeting of Shareholders to be held on June 4, 2013, to consider and approve an amendment to the bylaws to change the range of the size of the board of directors from ten to fourteen directors to ten to seventeen directors.

Eastern Virginia Bankshares Inc. reported earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income available to common shareholders of $0.704 million or $0.12 per diluted share compared to net income of $0.439 million or $0.07 per diluted share during the same period in 2012. Net income of $1.1 million an increase of $0.266 million over the net income of $0.814 million reported for the same period of 2012. Net interest income was $8.0 million, a decrease of $0.413 million or 4.9% from the same period of 2012. This decrease was due to a 23 basis point decrease in the net interest margin (tax equivalent basis) from 3.46% (includes a tax equivalent adjustment of $152,000) in the first quarter of 2012 to 3.23% (includes a tax equivalent adjustment of $39,000) in the first quarter of 2013. The year over year decline in interest income was also driven by the impact of declining loan balances due to weak loan demand in its market areas, charge-offs, the natural amortization of the portfolio, and the sale of its credit card loan portfolio in September 2012. Income before income taxes was $1.429 million against $0.906 million a year ago. Return on average assets was 0.26% against 0.17% a year ago. Return on average common equity was 3.75% against 2.44% a year ago. For the quarter, the company recorded net charge-offs of $1.422 million compared to $3.861 million a year ago.