Bank of Virginia (BOVA) announced financial results for the year ended December 31, 2011. The Bank reported a net loss of $4.5 million, or $0.39 per share, compared to the loss of $9.2 million or $1.85 per for the year ended December 31, 2010. The loss in 2011 was primarily a result of a $2.7 million provision for loan losses recorded in the first three quarters and a $1.3 million decline in net interest income due to a winnowing of the loan portfolio while the Bank's new credit team was put in place.
The Bank's net interest income decreased by $1.3 million, or 20%, to $5.1 million in 2011, compared to $6.4 million in 2010, mainly due to the declining loan balances in 2011.
Non-interest income declined to $492,000 in 2011 from $857,000 in 2010, mainly due to lower net gains realized on available-for-sale securities, which declined $415,000 from $544,000 in 2010 to $129,000 in 2011.
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