Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Bank Of Virginia FY11 Loss Narrows - Quick Facts

Bank of Virginia (BOVA: Quote) 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.

Click here to receive FREE breaking news email alerts for Bank of Virginia and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
President Barack Obama sought to emphasize in remarks on Wednesday that the American forces being deployed as part of the fight against the terrorist group ISIS will not have a combat mission. While buying interest has remained somewhat subdued, stocks continue to see modest strength in mid-day trading on Wednesday. The Dow has pulled back off its new record intraday high but remains in positive territory. Republican Joni Ernst has moved into the lead in the potentially crucial Iowa Senate race, according to the results of a Quinnipiac University poll released on Wednesday. The poll found that 50 percent of likely Iowa voters would support Ernst if the election were held today, while 44 percent would vote for Democratic Rep. Bruce Braley.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.