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Central Virginia Bankshares Q4 net income down

8th February 2008
By Staff Writer

Central Virginia Bankshares, a bank holding company, has reported net income of $1 million, a decrease of 13.1% for the fourth quarter of 2007, compared to $1.16 million for the fourth quarter of 2006.

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For the full-year period of 2007, net income was $3.98 million, compared to $5.15 million for the full-year period of 2006.

Ralph Lyons, president and CEO, said: "I can't say we were overly pleased with the results for 2007, however, our profits were still $4 million, and we anticipated the negative impact of margin compression in view of the past year's interest rate environment and our bank's asset sensitivity."

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