BOE Financial Services of Virginia, Inc. Reports 3rd Quarter Earnings
October 27 2003 - 11:15AM
PR Newswire (US)
BOE Financial Services of Virginia, Inc. Reports 3rd Quarter
Earnings TAPPAHANNOCK, Va., Oct. 27 /PRNewswire-FirstCall/ -- BOE
Financial Services of Virginia, Inc. , parent company of its
wholly-owned subsidiary Bank of Essex, announced the results of
operations for the third quarter of 2003. Net income for the third
quarter of 2003 was $599,000, a 403.4% increase from 2002 third
quarter income of $119,000. Fully diluted earnings per common share
were $0.50 in the third quarter of 2003 compared to $0.10 in the
third quarter of 2002. Tangible book value per common share
increased from $17.06 at September 30, 2002 to $18.36 per common
share at September 30, 2003. This increase in quarterly earnings
was primarily attributable to a $698,000 reduction in provision for
loan losses in 2003 as compared to 2002. In the third quarter of
2002 the Bank began a more uniform approach in recognizing and
recording nonperforming loans. Through Bank of Essex, BOE Financial
Services of Virginia operates six full service banking offices in
Tappahannock, Central Garage, Mechanicsville, West Point and Glen
Allen, Virginia. BOE Financial Services of Virginia, Inc. (Dollar
amounts in thousands, except per share data) Balance Sheet Percent
ASSETS 09/30/2003 09/30/2002 Change Cash and due from banks $8,295
$6,114 35.7% Securities Available-for-Sale 46,944 43,577 7.7%
Equity Securities, Restricted 947 1,345 -29.6% Federal funds sold
7,151 8,121 -11.9% Loans held for sale 1,237 920 34.5% Loans, net
154,849 159,898 -3.2% Premises and fixed assets 6,574 6,590 -0.2%
Intangible assets 933 1,059 -11.9% Other assets 2,969 3,635 -18.3%
Total assets $229,899 $231,259 -0.6% LIABILITIES Deposits
Non-interest bearing $22,077 $18,828 17.3% Interest bearing 179,491
181,306 -1.0% 201,568 200,134 0.7% Other borrowed money 4,000 8,000
-50.0% Other liabilities 1,718 2,008 -14.4% Total liabilities
$207,286 $210,142 -1.4% EQUITY CAPITAL Common stock $5,904 $5,880
0.4% Surplus 4,971 4,904 1.4% Retained earnings 10,402 8,638 20.4%
Accumulated other comprehensive income 1,336 1,695 -21.2% Total
equity capital $22,613 $21,117 7.1% Total liabilities and equity
capital $229,899 $231,259 -0.6% For the For the quarter ended
quarter ended Percent 09/30/2003 09/30/2002 Change Income Statement
Interest income $3,290 $3,437 -4.3% Interest expense 987 1,377
-28.3% Net interest income $2,303 $2,060 11.8% Provision for loan
losses 150 848 -82.3% Net interest income after provision for loan
losses $2,153 $1,212 77.6% Noninterest income $341 $273 24.9%
Noninterest expense 1,704 1,433 18.9% Income taxes 191 (67) Net
income $599 $119 403.4% Earnings per share, fully diluted $0.50
$0.10 400.0% Nine months Nine months Ended Ended Percent 09/30/2003
09/30/200 Change Income Statement Interest income $10,043 $10,392
-3.4% Interest expense 3,174 4,391 -27.7% Net interest income
$6,869 $6,001 14.5% Provision for loan losses 550 1,118 -50.8% Net
interest income after provision for loan losses $6,319 $4,883 29.4%
Noninterest income $910 $856 6.3% Securities gains/(losses) 22 (1)
-2300.0% Noninterest expense 4,975 4,371 13.8% Income taxes 503 213
136.2% Net income $1,773 $1,154 53.6% Earnings per share, fully
diluted $1.50 $0.98 53.1% Tangible book value per share $18.36
$17.06 7.6% DATASOURCE: BOE Financial Services of Virginia, Inc.
CONTACT: Bruce E. Thomas, Sr. Vice President and Chief Financial
Officer of BOE Financial Services of Virginia, Inc.,
+1-804-443-4343 Web site: http://www.bankofessex.com/
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