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AND TRUST FINANCIAL CORP.
For Immediate Release
C. Harril Whitehurst, Jr.
Executive Vice President and CFO
VILLAGE BANK AND TRUST FINANCIAL CORP.
REPORTS RESULTS OF OPERATIONS FOR THE FOURTH QUARTER 2013
AND ANNOUNCES NEW INITIATIVES FOR 2014
Midlothian, Virginia, February 7, 2014. Village Bank and Trust Financial Corp. (the “Company” or “Village”) (NASDAQ symbol: VBFC), parent company of Village Bank (the “Bank”), today reported a fourth quarter 2013 loss of $(3,818,000) and a net loss attributable to common shareholders, which deducts from net income the dividends and discount accretion on preferred stock, of $(4,040,000), or $(0.88) per fully diluted common share. For the year ended December 31, 2013 the Company had a net loss of $(4,007,000) and a net loss available to common shareholders of $(4,893,000) or $(1.13) per fully diluted share.
Fourth quarter results were materially impacted by the following factors:
|·||During the quarter, the Company recorded $2,659,000 in valuation allowances against foreclosed properties to facilitate accelerated liquidation of the properties in 2014;|
|·||The provision for loan losses in the fourth quarter of 2013 was $350,000 compared to no provision expense in either the third quarter of 2013 or the fourth quarter of 2012;|
|·||Interest income from loans declined $188,000 from the third quarter of 2013 and $1,118,000 from the fourth quarter of 2012 as the Company reduced classified assets and real estate loan concentrations. Fourth quarter 2012 results also included recovery of $313,000 in nonaccrual interest income related to returning nonperforming loans to accrual status; and|
|·||Pretax earnings in the mortgage origination business declined by $488,000 due to lower refinancing activity and increased competition for purchase money mortgages.|
The following information was filed by Village Bank Trust Financial Corp. (VBFC) on Friday, February 7, 2014 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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