Central Virginia Bankshares Inc. in Powhatan said Tuesday that it swung to a loss of $255,943 in the second quarter, from a $909,577 profit the year earlier.
The results included $142,313 of dividends paid on its preferred stock, a special deposit insurance premium of $225,000 and an other-than-temporary impairment charge of $1 million on its investment securities. It also had a securities gain of $531,946 during the quarter. The $500 million-asset company said that, excluding one-time items, its core earnings after taxes were $395,060. This is down from core earnings of $872,752 the year earlier but an improvement from the first quarter when it had core earnings of $248,732.
