Eastern Virginia Bankshares (EVBS) reported that its third-quarter net income to common shareholders was $486 thousand, or $0.08 per share, compared to net income of $115 thousand or $0.02 per share for the same period in 2011.
Net interest income for the quarter was $8.4 million, a decrease of $194 thousand or 2.3% from the $8.6 million for the same period of 2011. The decrease was due to a 9 basis point decrease in the net interest margin from 3.45% in the third quarter of 2011, to 3.36% in the third quarter of 2012. The year over year decline in interest income was primarily driven by the impact of declining loan balances due to weak loan demand, charge-offs, and the natural amortization of the portfolio.
Noninterest income for the quarter was $1.9 million, a decrease of $1.1 million or 35.9% over the same period of 2011. Debit/credit card fees increased $93 thousand, or 25.1% in the third quarter of 2012, which was primarily attributable to an increase in debit card income.
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