logo
Share SHARE
FONT-SIZE Plus   Neg

Bank Of Virginia FY11 Loss Narrows - Quick Facts

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Netflix Inc. and movie studio Disney are finally taking their deal that was announced in 2012 to the next level. The online movie rental service will become the exclusive U.S. pay-TV home of the latest films from Disney, Marvel, Lucasfilm and Pixar. Abercrombie & Fitch Co. (ANF) reported a GAAP net loss attributable to company of $39.6 million for the first quarter ended April 30, 2016 compared to a loss of $63.2 million, last year. Excluding certain items last year, net loss attributable to Abercrombie & Fitch Co. increased $2.4 million. Net... Dollar General Corp. (DG) reported first-quarter net income of $295 million, or $1.03 per share compared to $253 million, or $0.84 per share, a year ago. On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $0.95 for the quarter. Analysts' estimates typically...
comments powered by Disqus
Follow RTT