BOE Financial Services of Virginia, Inc. Announces 9.5% Increase In 1st Quarter Earnings

Apr 27, 2001, 01:00 ET from BOE Financial Services of Virginia, Inc.

    TAPPAHANNOCK, Va., April 27 /PRNewswire/ -- 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 first quarter of
 2001.  Net income for the first quarter of 2001 was $428,000, a 9.5% increase
 over 2000 first quarter income of $391,000.  Earnings per common share
 increased from $0.33 in the first quarter of 2000 to $0.37 in the first
 quarter of 2001.  Tangible book value per common share increased from $12.28
 at March 31, 2000 to $14.35 per common share at March 31, 2001.
     This increase in earnings is primarily attributable to a volume increase
 of 42.0%, or $11.7 million in securities and federal funds sold from $27.8
 million March 31, 2000 to $39.5 million March 31, 2001.  Additionally, net
 loans increased 8.7%, or $11.4 million, from $131.4 million March 31, 2000 to
 $142.9 million March 31, 2001.
     Noninterest expenses reflect $99,000 in one time charges related to a
 March conversion of the Bank of Essex computer operating system.
 
 
     BOE Financial Services of Virginia, Inc.
     (Dollar amounts in thousands, except per share data)
 
     Balance Sheet                                                 Percent
           ASSETS                  03/31/2001       03/31/2000      Change
 
     Cash and due                     $3,519          $3,296          6.8%
     Securities Held-to-Maturity          --           3,937       -100.0%
     Securities Available-for-Sale    33,980          22,115         53.7%
     Federal funds sold                5,524           1,774        211.4%
     Loans held for sale                 130             122          6.6%
       Loans, net of
        unearned income             $144,760        $133,115          8.7%
       LESS: Allowance for
        loan losses                   (1,878)         (1,674)        12.2%
     Loans, net                     $142,882        $131,441          8.7%
     Premises and fixed assets         6,913           7,204         -4.0%
     Other real estate owned              --              --
     Investment in
      unconsolidated subsidiary          121               8       1412.5%
     Intangible assets                 1,248           1,374         -9.2%
     Other assets                      2,681           2,830         -5.3%
       Total assets                 $196,998        $174,101         13.2%
 
           LIABILITIES
     Deposits                       $166,696        $146,122         14.1%
       Non-interest bearing          $16,458         $18,081         -9.0%
       Interest bearing              150,238         128,041         17.3%
     Other borrowed money             11,000          11,000          0.0%
     Other liabilities                 1,266           1,264          0.2%
         Total liabilities          $178,962        $158,386         13.0%
     Minority interest in
      consolidated subsidiaries           --              --
 
           EQUITY CAPITAL
     Common stock                     $5,850          $5,839          0.2%
     Surplus                           4,827           4,820          0.1%
     Retained earnings                 6,795           5,464         24.4%
     Accumulated other
      comprehensive income               564            (408)      -238.2%
         Total equity capital        $18,036         $15,715         14.8%
     Total liabilities,
      minority interest,
      and equity capital            $196,998        $174,101         13.2%
 
 
                                     For the          For the
                                  quarter ended    quarter ended   Percent
       Income Statement             03/31/2001      03/31/2000      Change
 
     Interest income                  $3,688          $3,162         16.6%
     Interest expense                  1,847           1,511         22.2%
     Net interest income              $1,841          $1,651         11.5%
       Provision for loan losses          60              90         33.3%
       Net interest income
        from earning assets           $1,781          $1,561         14.1%
     Noninterest income                 $323            $246         31.3%
     Securities (gains)/losses             3              (5)       160.0%
     Noninterest expense               1,547           1,280         20.9%
     Income taxes                        132             131          0.8%
     Net income                         $428            $391          9.5%
 
     Earnings per share, basic         $0.37           $0.33         12.1%
     Tangible book value per share    $14.35          $12.28         16.9%
 
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SOURCE BOE Financial Services of Virginia, Inc.
    TAPPAHANNOCK, Va., April 27 /PRNewswire/ -- 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 first quarter of
 2001.  Net income for the first quarter of 2001 was $428,000, a 9.5% increase
 over 2000 first quarter income of $391,000.  Earnings per common share
 increased from $0.33 in the first quarter of 2000 to $0.37 in the first
 quarter of 2001.  Tangible book value per common share increased from $12.28
 at March 31, 2000 to $14.35 per common share at March 31, 2001.
     This increase in earnings is primarily attributable to a volume increase
 of 42.0%, or $11.7 million in securities and federal funds sold from $27.8
 million March 31, 2000 to $39.5 million March 31, 2001.  Additionally, net
 loans increased 8.7%, or $11.4 million, from $131.4 million March 31, 2000 to
 $142.9 million March 31, 2001.
     Noninterest expenses reflect $99,000 in one time charges related to a
 March conversion of the Bank of Essex computer operating system.
 
 
     BOE Financial Services of Virginia, Inc.
     (Dollar amounts in thousands, except per share data)
 
     Balance Sheet                                                 Percent
           ASSETS                  03/31/2001       03/31/2000      Change
 
     Cash and due                     $3,519          $3,296          6.8%
     Securities Held-to-Maturity          --           3,937       -100.0%
     Securities Available-for-Sale    33,980          22,115         53.7%
     Federal funds sold                5,524           1,774        211.4%
     Loans held for sale                 130             122          6.6%
       Loans, net of
        unearned income             $144,760        $133,115          8.7%
       LESS: Allowance for
        loan losses                   (1,878)         (1,674)        12.2%
     Loans, net                     $142,882        $131,441          8.7%
     Premises and fixed assets         6,913           7,204         -4.0%
     Other real estate owned              --              --
     Investment in
      unconsolidated subsidiary          121               8       1412.5%
     Intangible assets                 1,248           1,374         -9.2%
     Other assets                      2,681           2,830         -5.3%
       Total assets                 $196,998        $174,101         13.2%
 
           LIABILITIES
     Deposits                       $166,696        $146,122         14.1%
       Non-interest bearing          $16,458         $18,081         -9.0%
       Interest bearing              150,238         128,041         17.3%
     Other borrowed money             11,000          11,000          0.0%
     Other liabilities                 1,266           1,264          0.2%
         Total liabilities          $178,962        $158,386         13.0%
     Minority interest in
      consolidated subsidiaries           --              --
 
           EQUITY CAPITAL
     Common stock                     $5,850          $5,839          0.2%
     Surplus                           4,827           4,820          0.1%
     Retained earnings                 6,795           5,464         24.4%
     Accumulated other
      comprehensive income               564            (408)      -238.2%
         Total equity capital        $18,036         $15,715         14.8%
     Total liabilities,
      minority interest,
      and equity capital            $196,998        $174,101         13.2%
 
 
                                     For the          For the
                                  quarter ended    quarter ended   Percent
       Income Statement             03/31/2001      03/31/2000      Change
 
     Interest income                  $3,688          $3,162         16.6%
     Interest expense                  1,847           1,511         22.2%
     Net interest income              $1,841          $1,651         11.5%
       Provision for loan losses          60              90         33.3%
       Net interest income
        from earning assets           $1,781          $1,561         14.1%
     Noninterest income                 $323            $246         31.3%
     Securities (gains)/losses             3              (5)       160.0%
     Noninterest expense               1,547           1,280         20.9%
     Income taxes                        132             131          0.8%
     Net income                         $428            $391          9.5%
 
     Earnings per share, basic         $0.37           $0.33         12.1%
     Tangible book value per share    $14.35          $12.28         16.9%
 
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 SOURCE  BOE Financial Services of Virginia, Inc.