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Exhibit 99
MILLENNIUM BANKSHARES REPORTS 4th QUARTER AND 2007 RESULTS
AND IMPACT OF STRATEGIC REPOSITIONING
4th Quarter and 2007 GAAP Results
Reston, VA February 29, 2008 Millennium Bankshares Corporation (Nasdaq: MBVA) (the Company) today announced a loss from continuing operations of $1.5 million for the quarter ended December 31, 2007, or $(0.17) per diluted share, versus earnings from continuing operations of $570,000, or $0.06 per diluted share, for the same period last year. For the year ended December 31, 2007, the Company recorded a loss from continuing operations of $1.4 million, or $(0.16) per diluted share, versus earnings from continuing operations of $1.7 million, or $0.18 per diluted share, for 2006. Including losses from discontinued operations, which reflects the impact on earnings from the previously reported sale in February 2008 of the Companys portfolio of held for sale and repurchased mortgage loans, and earnings attributable to the Richmond area branches, the Company reported a net loss of $8.6 million for the quarter ended December 31, 2007, or $(0.97) per diluted share, versus a net loss of $3.1 million, or $(0.34) per diluted share, for the same period in 2006. Including discontinued operations, for the year ended December 31, 2007 the Company recorded a net loss of $9.9 million, or $(1.11) per diluted share versus a net loss of $481,000, or $(0.05) per diluted share, for 2006. The increase in the loss for 2007 is attributable to the valuation allowance established in the fourth quarter with respect to mortgage loans that were originated in 2006 and additional mortgage loans repurchased in 2007 due to early payment defaults. The sale of the portfolio of held-for-sale/repurchased mortgage loans was consummated February 8, 2008 and is discussed in detail in the Companys 8-K filing dated February 8, 2008. The Company ended its indirect origination of mortgage loans on December 31, 2006, and made its last repurchase of mortgage loans in July 2007.
Richard I. Linhart, President and CEO cautioned that recent results for the Company should be viewed in the context of the new management teams strategic plan to refocus the Bank as a smaller four-branch community oriented business bank concentrating in its core Northern Virginia market. Each of the key elements of that plan has been substantially completed. As previously disclosed, they were:
· Eliminating the Companys exposure to its portfolio of sub-prime mortgage loans via a bulk sale of all remaining held for sale/repurchased loans.
While the sale was a 2008 transaction, accounting rules required the Company to establish an additional valuation allowance at December 31, 2007 to adjust the book value of the mortgages down to the 2008 bulk sale price. This resulted in an after-tax charge in the fourth quarter of 2007 of $7.1 million. That notwithstanding, this portfolio of mortgages totaling $31.3 million, mostly non-performing mortgages, remain reflected on the
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Ticker: MBVA
CIK: 1158678
Form Type: 10-K Annual Report
Accession Number: 0001104659-08-025407
Submitted to the SEC: Fri Apr 18 2008 7:54:13 PM EST
Accepted by the SEC: Mon Apr 21 2008
Period: Monday, December 31, 2007
Industry: National Commercial Banks