MIDLOTHIAN, Va., April 26 /PRNewswire-FirstCall/ -- Frank Bell, President and Chief Executive Officer for Bank of Virginia , announced the financial results for the three month period ending March 31, 2006. The Company reported a net loss of $27,000 for the period compared to the same period last year which reflected a loss of $804,000.
The balance sheet showed excellent growth driven by a solid and sound increase in the loan portfolio. Net loans increased from $53.0 million as of December 31, 2005 to a quarter-end balance of $66.7 million, representing a 25.8% increase. Deposit balances remained relatively constant and were $66.5 million at quarter-end.
Mr. Bell indicated that trends toward profitability remain well in line with projections. The aforementioned 1st quarter loss was mitigated by monthly profit in March 2006.
Bank of Virginia plans to open its fourth office, located in Chester, Virginia in early May 2006.
DISCLAIMER
This news release may include forward-looking statements. These forward- looking statements are based on current expectations that involve risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Bank's periodic filings with the Board of Governors of the Federal Reserve System, including the Bank's annual report on Form 10-KSB as filed with the Board of Governors of the Federal Reserve. Pursuant to the Private Securities Litigation Reform Act of 1995, the Bank does not undertake to update forward-looking statements contained within this news release.
CONTACT: Kenneth P. Mulkey of Bank of Virginia, +1-804-744-7576.
