Exhibit 99.1


 

FOR IMMEDIATE RELEASE

February 14, 2007

 

MILLENNIUM BANKSHARES REPORTS FOURTH QUARTER

AND 2006 RESULTS

 

Diluted earnings per share for the year of $0.27, up 80% from 2005.

Assets grow to $592.4 million, up 41% since year-end 2005.

 

 

Reston, VA - February 14, 2007 - Millennium Bankshares Corporation (Nasdaq: MBVA) today announced a net loss of $200,000 for the quarter ended December 31, 2006, or ($0.02) per diluted share, versus a net loss of $15,000, or $0.00 per diluted share, for the same period in 2005. The results for the quarter ended December 31, 2006 included $1.2 million in after-tax charges associated with the previously announced decision to wind down mortgage operations effective as of year-end 2006. These after-tax charges, along with all mortgage-related revenue and expense components, have been reported in discontinued operations. Income from continuing operations for the quarter ended December 31, 2006 was $743,000 versus a loss of $221,000 for the same period last year.

 

Net income for the year ended December 31, 2006 was $2.5 million, or $0.27 per diluted share, versus $1.6 million, or $0.18 per diluted share, for the same period in 2005, an increase of 51%. Income from continuing operations was $2.5 million for the year ended December 31, 2006 compared to $1.3 million for the previous year, an increase of 92%.

 

"We lost momentum late in the 4th quarter 2006 due primarily to credit quality issues that surfaced in our mortgage operations and led to our decision to completely wind down our mortgage operations. We chose, therefore, to focus on core banking exclusively going forward and eliminate future earnings volatility," stated Carroll C. Markley, President and CEO. "While our overall performance in 2006 was less than satisfactory, we believe that the core banking franchise will be enhanced in the long term by eliminating mortgage operations."

 

Income Statement Overview

 

Return on average assets and return on average equity for the year ended December 31, 2006 were 0.50% and 5.05%, respectively, as compared to 0.39% and 3.36% for the same period in 2005. The improvement in net income and profitability was attributable in large measure to improved operating efficiency. The Company's efficiency ratio improved from 78.7% in 2005 to 73.3% in 2006. The net interest margin declined from 3.44% in 2005 to 2.85% in 2006 due to changes in balance sheet composition, revised deposit pricing strategies implemented during 2006, and the negative effects of the inverted yield curve on borrowing costs. Although the nonperforming assets to total assets ratio increased, overall asset quality for loans held for investment remained strong. Credit quality issues exist in the loans held for sale portfolio, and reserves have been separately established for potential exposure.

 

 



The following information was filed by Millennium Bankshares Corp (MBVA) on Friday, February 16, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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