Eastern Virginia Bankshares (NASDAQ:EVBS) has released its full year and fourth quarter earnings, reported a net income of $763,000, a decrease of $1.5 million when compared to the year ago period’s net income of $2.2 million. The decrease is attributable to a $1.5 million tax credit decrease. Before tax, the net income was up by $25,000, compare to the year ago period.
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Net income available to common shareholders was $390,000, or $0.07 per common share. The comparable period of the previous year earned $2.2 million, or $0.38 per share. The difference is attributable to the 2009 deduction of dividends and discount accretion on preferred stock.
Eastern Virginia Bankshares, Inc. (EVB) is a bank holding company. Through its wholly owned bank subsidiary, EVB, the Company operates 25 service branches in eastern Virginia. EVB is a community bank targeting small to medium-sized businesses and consumers in its coastal plain markets and the emerging suburbs outside of the Richmond and Greater Tidewater areas. The Company provides a range of personal and commercial banking services, including commercial, consumer and real estate loans. The Company complements its lending operations with an array of retail and commercial deposit products and fee-based services. EVB Financial Services, Inc., a wholly owned subsidiary of EVB, has a 100% ownership of EVB Investments, Inc. and a 50% ownership interest in EVB Mortgage, LLC.
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