Eastern Virginia Bankshares in Tappahannock reported a record $2 million of net income for the third quarter, up 16.7% from a year earlier. Per-share earnings rose 17.6%, to 40 cents.
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The $816 million-asset company attributed the gains to loan growth and improved credit quality.
Interest income rose 6.9%, to $518,000, largely because of a 14.4% increase in loans. Net chargeoffs as a percentage of average loans fell to 0.05%, from 0.13% at Sept. 30, 2005.
But the company's net interest margin fell 12 basis points, to 4.26%, because it did more Federal Home Loan bank borrowing to fund loan growth.
