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CENTRAL VIRGINIA BANKSHARES INC

SIC 6022 · State Commercial Banks
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CENTRAL VIRGINIA BANKSHARES INC

CIK:0000804561|SEC Filings
v2.4.0.6
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Interest income:    
Interest and fees on loans $ 3,124 $ 3,705
Interest on securities and federal funds sold:    
U.S. Government Treasury notes, agencies and corporations 371 547
States and political subdivisions 202 90
Corporate and other 203 236
Interest on federal funds sold 10 13
Total interest income 3,910 4,591
Interest expense:    
Interest on deposits 807 1,294
Interest on borrowings:    
Securities sold under repurchase agreements 0 4
FHLB borrowings 364 411
Capital trust preferred securities 43 41
Total interest expense 1,214 1,750
Net interest income 2,696 2,841
Provision for loan losses 200 500
Net interest income after provision for loan losses 2,496 2,341
Non-interest income    
Deposit fees and charges 341 332
Other service charges, commission and fees 206 271
Increase in cash surrender value of life insurance 95 103
Realized gains on available for sale securities 406 211
Other operating income 55 77
Total non-interest income 1,103 994
Non-interest expense:    
Salaries and benefits 1,289 1,334
Occupancy expenses 261 288
Furniture and equipment expenses 116 168
FDIC insurance expense 165 289
Loss on securities write-down 0 [1] 13 [1]
Loss on other real estate owned and costs of operation 480 77
Other operating expenses 997 909
Total non-interest expenses 3,308 3,078
Income before income taxes 291 257
Income tax expense 0 0
Net income 291 257
Effective dividends accrued on preferred stock 161 161
Net income available to common stockholders $ 130 $ 96
Income per common share, basic (in dollars per share) $ 0.05 $ 0.04
Income per common share, diluted (in dollars per share) $ 0.05 $ 0.04
[1] Total of other-than-temporary impairment losses on securities in the three months ended March 31, 2012 and 2011 is $1.0 million and $1.44 million of which $1.0 million and $1.43 million have been recognized in other comprehensive loss, and impairment losses of $0 and $13 thousand have been recognized in earnings in the three months ended March 31, 2012 and 2011.