TAPPAHANNOCK, Va., Feb. 4 /PRNewswire-FirstCall/ -- BOE Financial
Services of Virginia, Inc. (NASDAQ:BSXT), parent company of its
wholly-owned subsidiary Bank of Essex, announced the results of
operations for the fourth quarter of 2007. Net income for the
fourth quarter of 2007 was $596,000, a decrease of $317,000, or
34.7%, from net income of $913,000 for the same period in 2006. The
decrease to net income for the fourth quarter of 2007 compared to
the same period in 2006 was due to a December 2006 sale of a former
branch banking facility. This nonrecurring item caused gain/(loss)
of other properties to be $477,000 in the fourth quarter of 2006
compared to $0 for the same period this year. Additionally, there
was an increase of $187,000 in noninterest expenses, from $2.209
million in the fourth quarter of 2006 to $2.396 million in the
fourth quarter 2007. Offsetting these decreases to net income was
an increase of 8.9%, or $209,000, in net interest income. Net
interest income was $2.569 million for the fourth quarter 2007
compared to $2.360 million for the fourth quarter of 2006. Also,
there was an increase of $55,000, or 11.5%, in noninterest income,
from $479,000 in the fourth quarter of 2006, to $534,000 for the
same period in 2007. Income tax expense declined 42.0%, or $84,000,
from $200,000 in the fourth quarter of 2006 to $116,000 in the
fourth quarter of 2007. Additionally, strong asset quality resulted
in no additional expense in provision for loan losses for the
fourth quarter of both years. On December 31, 2007 loans past due
90 days or more and accruing interest was $17,000 and loans not
accruing interest totaled $96,000. For the year ending December 31,
2007 charged-off loans were $272,000 against recoveries of
$461,000. Earnings per common share were $0.49 for the fourth
quarter in 2007 compared to $0.75 for the same period in 2006. For
the year ended December 31, 2007, the Company reported net income
of $2.608 million, compared to net income of $3.123 million for
2006, a decrease of $515,000, or 16.5%. This decrease in earnings
was primarily the result of an increase of $876,000, or 11.1%, in
noninterest expenses. Salaries was the largest component of this
increase, $432,000, which increased primarily from the addition of
staff that was hired and trained in 2007 to operate two new full
service offices of Bank of Essex in Northumberland County,
Virginia. George M. Longest, Jr., President and CEO stated: "We
successfully opened two locations in Northumberland County and
community response has been very good." 2007 was the first full
year of operations for the Corporate Headquarters and branch
banking facility that opened in June 2006, accounting for the
majority of increases in occupancy expenses of $159,000.
Gain/(loss) on sale of other properties decreased $467,000 from
2006 to 2007 due to the sale of bank property referred to above.
Additionally, legal and professional fees increased $236,000 in
2007 compared to 2006 as a result of the Company's due diligence
process prior to announcing a merger agreement dated December 14,
2007 with Community Bankers Acquisition Corporation and
TransCommunity Financial Corporation. This transaction, if approved
by regulatory authorities and shareholders of all three companies,
should close by mid-year 2008. Offsetting these decreases to net
income was an increase of $237,000, or 2.4%, in net interest
income, from $9.762 million in 2006 to $9.999 million in 2007.
Noninterest income increased $204,000, or 11.4%, from $1.796
million in 2006 to $2.000 million in 2007. Also improving net
income was a 95.2%, or $119,000, reduction in provision for loan
losses and a 33.5%, or $292,000, decrease in income tax expense for
2007 compared to 2006. Earnings per common share were $2.15 for the
full year 2007 compared to $2.58 for the same period in 2006.
Average diluted shares outstanding increased by 5,143 during 2007.
Mr. Longest added: "2007 was a historic year for BOE as we
announced a merger agreement with Community Bankers Acquisition
Corporation/TransCommunity Financial Corporation and expanded into
Northumberland County affording opportunities for our shareholders,
customers and employees. Operationally, loan growth was strong and
credit quality remained solid. We don't make subprime mortgages and
therefore avoided subprime write-downs experienced by many
financial institutions. While there were many positives, earnings
did not meet our expectations primarily because fierce competition
for deposits resulted in a lower net interest margin." Total assets
on December 31, 2007 were $302.431 million, an increase of 7.5%, or
$21.053 million, over total assets of $281.378 million December 31,
2006. Loans, net of allowance for loan losses, increased 12.6%, or
$24.463 million, and were $218.954 million on December 31, 2007.
Total deposits grew 5.9%, or $13.728 million, to end 2007 at
$244.593 million. BOE Financial Services of Virginia, Inc. Balance
Sheet (Unaudited) (in thousands) Percent Assets 12/31/2007
12/31/2006 change Cash and due from banks $4,100 $5,520 -25.7%
Federal funds sold - - 0.0% Investment securities 55,543 58,963
-5.8% Equity securities, restricted, at cost 1,761 1,553 13.4%
Loans held for sale 497 - Loans, net of allowance for loan losses
($2,595 in '07 and $2,400 in '06) 218,954 194,491 12.6% Bank
premises and equipment, net 10,663 10,454 2.0% Accrued interest
receivable 1,514 1,363 11.1% Intangible assets 398 524 -24.0% Other
assets 9,001 8,510 5.8% Total assets $302,431 $281,378 7.5%
Liabilities Non-interest bearing deposits $26,220 $27,809 -5.7%
Interest bearing deposits 218,373 203,056 7.5% Total deposits
$244,593 $230,865 5.9% Federal funds purchased 3,152 3,207 -1.7%
Federal Home Loan Bank advances 17,000 12,000 41.7% Accrued
interest payable 1,007 851 18.3% Other liabilities 2,445 2,284 7.0%
Trust preferred capital notes 4,124 4,124 0.0% Total liabilities
$272,321 $253,331 7.5% Stockholders' Equity Common stock $6,056
$6,041 0.2% Surplus 5,552 5,477 1.4% Retained earnings 18,903
17,256 9.5% Accumulated other comprehensive income (loss) (401)
(727) -44.8% Total stockholders' equity $30,110 $28,047 7.4% Total
liabilities and stockholders' equity $302,431 $281,378 7.5% BOE
Financial Services of Virginia, Inc. Income Statement (Unaudited)
(in thousands) for the for the quarter quarter ended ended Percent
12/31/2007 12/31/2006 change Interest and fee income $4,848 $4,386
10.5% Interest expense 2,279 2,026 12.5% Net interest income $2,569
$2,360 8.9% Provision for loan losses - - 0.0% Net interest income
after provision for loan losses $2,569 $2,360 8.9% Noninterest
income 534 479 11.5% Securities gain /(loss) 5 6 -16.7% Gain/(loss)
other properties - 477 -100.0% Noninterest expenses 2,396 2,209
8.5% Income taxes 116 200 -42.0% Net income $596 $913 -34.7%
Earnings per share, fully diluted $0.49 $0.75 -34.7% BOE Financial
Services of Virginia, Inc. Income Statement (Unaudited) (in
thousands) for the for the year ended year ended Percent 12/31/2007
12/31/2006 change Interest income $18,694 $16,734 11.7% Interest
expense 8,695 6,972 24.7% Net interest income $9,999 $9,762 2.4%
Provision for loan losses 6 125 -95.2% Net interest income after
provision for loan losses $9,993 $9,637 3.7% Noninterest income
2,000 1,796 11.4% Securities gain /(loss) (37) (13) 184.6%
Gain/(loss) other properties - 467 -100.0% Noninterest expenses
8,768 7,892 11.1% Income taxes 580 872 -33.5% Net income $2,608
$3,123 -16.5% Earnings per share, fully diluted $2.15 $2.58 -16.7%
BOE Financial Services of Virginia, Inc. operates eight full
service Bank of Essex offices and offers a broad range of financial
services to consumers and businesses in Tappahannock, Central
Garage, Mechanicsville, West Point, Glen Allen, Burgess and Callao,
Virginia. BOE Financial Services' stock price closed at $26.50 per
share on February 1, 2008. The Company's stock ticker symbol is
BSXT and is listed on NASDAQ. Certain statements in the document
are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act. These statements are based on
management's current expectations and are subject to uncertainty
and changes in circumstances. Actual results may differ materially
from those included in these statements due to a variety of
factors. More information about these factors is contained in BOE
Financial Services of Virginia, Inc.'s filings with the Securities
and Exchange Commission. DATASOURCE: BOE Financial Services of
Virginia, Inc. CONTACT: Bruce E. Thomas, Senior 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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