MIDLOTHIAN, Virginia: Village Bank and Trust Financial Corp. announced a fourth quarter 2014 loss of $336,000 and a net loss available to common shareholders.
It deducts from net income the dividends and discount accretion on its preferred stock, of $710,000, or $2.11 per fully diluted common share. Interest income declined by $160,000, or 4%, from the third quarter of 2014, and by $591,000, or 13%, from the fourth quarter of 2013 as the Company continued its efforts to reduce classified assets and real estate loan concentrations. Interest income also declined as a result of the sale of securities early in the fourth quarter.
The proceeds from these sales were reinvested in student loans on December 30, 2014 which are expected to have a positive impact on first quarter 2015 interest income.
For the year ended December 31, 2014 the Company had a net loss of $1,037,000 and a net loss available to common shareholders of $2,473,000, or $7.39 per fully diluted share. Those results compare to a net loss of $3,818,000 and a net loss available to common shareholders of $4,040,000, or $14.10 per fully diluted common share, for the fourth quarter of 2013, and a net loss of $4,007,000 and a net loss available to common shareholders of $4,893,000, or $18.06 per fully diluted common share, for the year ended December 31, 2013.
