Colonial Virginia Bank reports quarterly profits of $103,343
Gloucester-based Colonial Virginia Bank reported net income before taxes of $103,343 for the quarter ended Sept. 30, 2010, compared with a net loss of $41,923 for the same period in 2009.
The 2010 figure reflects a modest increase of $10,200 in the provision for possible loan loss expenses over the 2009 amount, said Bill Farinholt, CVB’s president and chief executive officer.
Net income for the three months ended Sept. 30 was 17 cents per share assuming dilution, Farinholt said, compared to a loss of 7 cents/share in third quarter 2009. CVB does not presently offer a dividend to shareholders, Farinholt said, but that is usually not done for early years of most new banks—made even tougher in today’s tight economic times.
"The current economic environment continues to pose many challenges for community bankers," Farinholt said. While CVB has experienced moderate increases in loan charge-offs, he said, the bank’s performance "continues to reflect satisfactory asset quality."