U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
Amendment No. 1 to
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended Commission File No. 33-9686
June 30, 1996
CENTRAL VIRGINIA BANKSHARES, INC.
Virginia 54-1467806
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
U. S. Route 60 at Flatrock
P. O. Box 39
Powhatan, Virginia 23139
(Address of Principal Executive Office)
(804) 794-6266
(Registrant's Telephone Number, Including Area Code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No (not subject to filing requirements
for the past 90 days).
As of August 26, 1996, 946,447 shares were outstanding.
<PAGE>
CENTRAL VIRGINIA BANKSHARES, INC.
QUARTERLY REPORT ON FORM 10-QSB
August 26, 1996
INDEX
<TABLE>
<CAPTION>
Part I. Financial Information Page No.
Item 1 Financial Statements
<S> <C>
Consolidated Balance Sheets - June 30, 1996
and 1995.................................................................................................3
Consolidated Statements of Income - Three
Months Ended June 30, 1996 and 1995
and Six Months Ended June 30, 1996 and 1995..............................................................4
Consolidated Statements of Cash Flows - Six
Months Ended June 30, 1996 and 1995......................................................................5
Notes to Consolidated Financial Statements -
June 30, 1996 and 1995 (Unaudited).......................................................................6
Item 2 Management's Discussion and
Analysis or Plan of Operation................................................................7-13
Part II. Other Information
Item 4 Submission of Matters to a Vote of
Security Holders............................................................................13-14
Item 6 Exhibits and Reports on Form 8-K...............................................................14
Signatures.....................................................................................................15
</TABLE>
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<PAGE>
CENTRAL VIRGINIA BANKSHARES, INC.
CONSOLIDATED BALANCE SHEETS
June 30, 1996 and 1995
(Unaudited)
<TABLE>
<CAPTION>
June 30, June 30,
1996 1995
---- ----
ASSETS
------
<S> <C> <C>
Cash and due from banks $ 5,288,397 $ 5,792,170
Federal funds sold 17,286,000 6,961,000
------------ -----------
Total cash and cash equivalents $ 22,574,397 $12,753,170
Securities available for sale 6,139,065 9,530,231
Securities held to maturity (approximate market value 1996
$10,001,485; 1995 $8,361,073) 9,973,347 8,208,809
Mortgage loans held for sale 1,379,500 185,000
Loans, net 80,666,051 82,021,793
Bank premises and equipment, net 3,418,695 2,082,548
Accrued interest receivable 697,133 677,024
Other assets 1,336,649 1,800,422
------------ ------------
Total assets $126,184,837 $117,258,997
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Demand deposits $ 15,087,601 $ 11,297,230
Interest bearing demand deposits and NOW accounts 20,909,842 21,841,183
Savings deposits 12,084,641 10,463,223
Time deposits, $100,000 and over 11,231,564 11,006,479
Other time deposits 50,941,081 48,492,908
------------ ------------
$110,254,729 $103,101,023
Securities sold under repurchase agreements 1,714,430 1,202,533
Note payable 54,000 63,000
Accrued interest payable 254,673 230,191
Other liabilities 164,262 183,404
------------ ------------
Total liabilities $112,442,094 $104,780,151
------------ ------------
STOCKHOLDERS' EQUITY
Capital stock, common, par value $2.50; authorized 3,000,000 shares; issued
946,447 shares 1996;
939,824 shares 1995 $ 2,366,095 $ 2,349,560
Surplus 4,043,915 3,943,266
Retained earnings 7,411,568 6,162,832
Unrealized gains (losses) on securities available for sale,
net of tax (78,835) 23,188
------------- ------------
Total stockholders' equity $ 13,742,743 $ 12,478,846
------------ ------------
Total liabilities and stockholders' equity $126,184,837 $117,258,997
============ ============
</TABLE>
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<PAGE>
CENTRAL VIRGINIA BANKSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
----------------------------------- -------------------------------------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest income
Interest and fees on loans $2,037,071 $2,067,837 $4,083,427 $4,025,337
Interest on securities:
U.S. Government agencies and
corporations 109,534 180,043 196,972 362,229
States and political subdivisions 137,758 121,581 281,678 244,974
Other 5,169 0 5,169 0
Interest on federal funds sold 213,456 58,280 411,730 61,633
---------- ---------- ---------- ----------
Total interest income $2,502,988 $2,427,741 $4,978,976 $4,694,173
---------- ---------- ---------- ----------
Interest expense
Interest on deposits $1,139,852 $1,068,096 $2,304,894 $1,975,789
Interest on federal funds
purchased - 428 - 8,096
Interest on securities sold under
repurchase agreements 7,109 7,531 14,621 14,478
Interest on note payable 1,080 1,260 2,340 2,700
---------- ---------- ---------- ----------
Total interest expense $1,148,041 $1,077,315 $2,321,855 $2,001,063
---------- ---------- ---------- ----------
Net interest income $1,354,947 $1,350,426 $2,657,121 $2,693,110
Provision for loan losses 41,250 37,500 82,500 75,000
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses $1,313,697 $1,312,926 $2,574,621 $2,618,110
Other income
Securities gains $ 0 $ 0 $25,000 -
Service charges 151,210 135,316 294,395 257,649
Other 70,353 49,628 134,121 98,975
-------- -------- -------- --------
Total other income $221,563 $184,944 $453,516 $356,624
Other expenses
Salaries and wages $386,100 $368,500 $778,200 $738,300
Pensions and other employee
benefits 59,236 64,449 126,880 127,102
Occupancy expense 47,877 36,482 95,093 81,795
Other operating expenses 474,496 427,770 865,107 839,455
-------- -------- ---------- ----------
Total other expenses $967,709 $897,201 $1,865,280 $1,786,652
-------- -------- ---------- ----------
Income before income taxes $567,551 $600,669 $1,162,857 $1,188,082
Income taxes 166,001 182,834 347,371 372,830
-------- -------- -------- --------
Net income $401,550 $417,835 $815,486 $815,252
======== ======== ======== ========
Per share of common stock:
Income before income taxes $0.60 $0.64 $1.23 $1.27
Net income $0.42 $0.44 $0.86 $0.87
Weighted average shares
outstanding 945,477 939,406 944,747 938,714
</TABLE>
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<PAGE>
CENTRAL VIRGINIA BANKSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 1996 and 1995
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
Cash Flows for Operating Activities
Net Income $815,486 $815,251
Adjustments to reconcile net income to net cash provided
by (used in) operating activities:
Depreciation 141,915 119,434
Amortization 8,300 8,300
Provision for loans losses 82,500 75,000
Amortization and accretion on securities (7,962) (13,221)
Change in operating assets and liabilities:
(Increase) decrease in assets:
Mortgage loans held for sale (510,906) (85,407)
Accrued interest receivable 90,411 95,660
Other assets (211,889) (587,858)
Increase (decrease) in liabilities:
Accrued interest payable (8,747) 51,712
Other liabilities 51,137 (37,556)
-------- ---------
Net cash provided by operating activities $450,245 $441,315
-------- --------
Cash Flows from Investing Activities
Proceeds from maturities of securities held to maturity $ 210,000 $ 275,000
Purchase of securities held to maturity (166,464) (250,000)
Proceeds from maturities of securities available for sale 2,242,084 1,601,607
Purchase of securities available for sale (3,600,883) (462,072)
Net (increase) decrease in loans made to customers 2,367,275 (2,492,746)
Capital expenditures (1,441,809) (42,153)
----------- ------------
Net cash (used in) investing activities ($389,797) ($1,370,364)
---------- ------------
Cash Flows from Financing Activities
Net increase in deposits $2,448,524 $9,086,196
Repayment of note payable (9,000) (9,000)
Net proceeds from issuance of common stock 53,875 17,886
Net increase (decrease) in securities sold under repurchase
agreements 279,123 354,858
Dividends paid (321,128) (281,657)
----------- ---------
Net cash provided by financing activities $2,451,394 $9,168,283
---------- ----------
Increase (decrease) in cash and cash equivalents $2,511,842 $8,239,234
Cash and cash equivalents:
Beginning 20,062,555 4,513,936
----------- ----------
Ending $22,574,397 $12,753,170
=========== ===========
Supplemental Disclosures of Cash Flow Information
Cash payments for:
Interest $2,330,602 $1,949,351
========== ==========
Income Taxes $344,474 $395,948
======== ========
</TABLE>
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<PAGE>
CENTRAL VIRGINIA BANKSHARES, INC.
NOTE TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 1996 and 1995
(Unaudited)
Note 1 Basis of Presentation
These interim financial statements are unaudited; however, such information
reflects all adjustments which are, in the opinion of management, necessary to a
fair statement of the results for the interim periods presented. All adjustments
are of a normal recurring nature.
Note 2 Accounting Change
On January 1, 1995, the Company adopted FASB Statement No. 114, Accounting by
Creditors for Impairment of a Loan. Statement No. 114 has been amended by FASB
Statement No. 118, Accounting by Creditors for Impairment of a Loan - Income
Recognition and Disclosures. Statement No. 114, as amended, requires that the
impairment of loans that have been separately identified for evaluation is to be
measured based on the present value of expected future cash flows or
alternatively, the observable market price of the loans or the fair value of the
collateral. However, for those loans that are collateral dependent (that is, if
repayment of those loans is expected to be provided solely by the underlying
collateral) and for which management has determined foreclosure is probable, the
measure of impairment of those loans is to be based on the fair value of the
collateral. Statement No. 114, as amended, also requires certain disclosures
about investments in impaired loans and the allowance for credit losses and
interest income recognized on those loans. The effect of adopting Statement No.
114, as amended, is immaterial to the interim financial statements presented
herein.
- 6 -
<PAGE>
ITEM 2 MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Results of Operations
The Company's net income totaled $401,550 in the second quarter of
1996, a decrease of 3.9% from the second quarter of 1995. These results reflect
a 1.5% decrease in interest and fees on loans compared to the same period in
1995 which is the result of a 1.7% decrease in net loans outstanding at June 30,
1996. In addition, occupancy expense increased $11,395, or 31.2% and other
operating expenses increased $46,726, or 10.9%, primarily as the result of the
completion and related move into the Company's new Corporate Center located in
Powhatan County. The Company's net interest income increased slightly by $4,521
for the second quarter of 1996 compared to the same period in 1995. Net income
per common share for the second quarter of 1996 was $.42 compared to $.47 for
the same period in 1995. The Company's annualized return on average equity was
11.80% in the second quarter of 1996, compared to 13.62% for the second quarter
of 1995, while the return on average assets amounted to 1.29% and 1.48% for
these periods, respectively.
The Company's net income for the six months ended June 30, 1996 totaled
$815,486, a small increase of $234 over the first six months of 1995. The 1996
results reflect primarily a $25,000 gain on the sale of securities in the first
quarter, as well as an increase of 21% in service charges and other income. Net
income per common share for the first six months of 1996 was $.86 compared to
$.87 for the same period in 1995. The Company's annualized return on average
equity was 12.07% for the six months ended June 30, 1996, compared to 13.46% for
the six months ended June 30, 1995. The return on average assets amounted to
1.32% and 1.48% for these same periods, respectively.
Net Interest Income. The Company's net interest income was $1,354,947
for the second quarter of 1996, compared to $1,350,426 for the second quarter of
1995. The increase in net interest income in 1996 was attributable primarily to
an increase in the volume of the Company's interest earning assets. Average
interest earning assets were $114.7 million for the second quarter of 1996,
compared to $105.5 million for the second quarter of 1995. The majority of this
increase is in federal funds sold which averaged $16.3 million for the second
quarter of 1996 compared to $4.0 million for the same period in 1995. For the
six months ended June 30, 1996, average interest earning assets rose 11.06% to
$114.2 million compared to the same period in 1995.
The net interest margin is a measure of net interest income
performance. It represents the difference between interest income, including net
loan fees earned, and interest expense, reflected as a percentage of average
interest earning assets. The Company's net interest yield was 4.72% for the
second quarter of 1996 and 4.65% for the first six months of 1996, compared to
5.12% and 5.24% for the same periods of 1995, respectively.
- 7 -
<PAGE>
Non-Interest Income. In the second quarter of 1996, the Company's total
non-interest income totaled $221,563, an increase of 19.8%, or $36,619, compared
to 1995. For the first six months of 1996, non-interest income increased by
$96,892 or 27.2% compared to 1995. Of the various components of non-interest
income, this increase is primarily attributable to an increase in service
charges on deposit accounts and in fees received on mortgage loans originated
for others. The increase in service charges is the result of closer monitoring
of the fees charged, particularly overdraft charges, and is not the result of an
increase in the amount of the fees charged.
Non-Interest Expenses. The Company's total non-interest expenses for
the second quarter and six months ended June 30, 1996 increased $70,508 and
$78,628, respectively, compared to the same periods in 1995. Expenses related to
salaries and employee benefits not treated as an adjustment to the yield of
loans originated in 1996 increased 2.9% for the quarter and 4.6% for the first
six months compared to 1995. Occupancy and other operating expenses increased
$58,121, or 12.5% for the quarter, and $38,950, or 4.2%, for the six months
ended June 30, 1996, primarily due to expenses involved in the completion of and
moving into the 15,000 square-foot Corporate Center in May.
Income Taxes. The Bank reported income taxes of $166,001 for the second
quarter and $347,371 for the first six months of 1996, compared to $182,834 and
$372,830 for the same periods in 1995, respectively. These amounts yielded
effective tax rates of 29.2% for the quarter and 29.9% for the first six months
of 1996, compared to 30.4% and 31.4% for the same periods in 1995, respectively.
In February, 1992 the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 109 "Accounting for Income Taxes". This
Statement superseded Statement of Financial Accounting Standards No. 96, and is
effective for fiscal years beginning after December 15, 1992. This statement was
implemented in March of 1993 and did not have a material effect upon the
financial position or results of operations of the Company.
Financial Condition
Loan Portfolio. The Company is an active residential mortgage and
residential construction lender and generally extends commercial loans to small
and medium sized businesses within its primary service area. The Company's
commercial lending activity extends across its primary service area of Powhatan,
Cumberland and western Chesterfield Counties. Consistent with its focus on
providing community-based financial services, the Company does not attempt to
diversify its loan portfolio geographically by making significant amounts of
loans to borrowers outside of its primary service area.
The principal economic risk associated with each of the categories of
loans in the Company's portfolio is the creditworthiness of its borrowers.
Within each category, such risk is increased or decreased depending on
prevailing economic conditions. The risk associated with the real estate
mortgage loans and installment loans to individuals varies based upon employment
levels, consumer confidence, fluctuations in value of residential real estate
and other conditions
- 8 -
<PAGE>
that affect the ability of consumers to repay indebtedness. The risk associated
with commercial, financial and agricultural loans varies based upon the strength
and activity of the local economies of the Company's market areas. The risk
associated with real estate construction loans varies based upon the supply of
and demand for the type of real estate under construction. Most of the Bank's
real estate construction loans are for pre-sold or contract homes.
At June 30, 1996 loans decreased $2.4 million from December 31, 1995
and $1.4 million from June 30, 1995. The loan to deposit ratio was 73.16% at
June 30, 1996, compared to 77.06% at December 31, 1995, and 79.55% at June 30,
1995. As of June 30, 1996, real estate loans accounted for 57.3% of the loan
portfolio, consumer loans were 23.4%, and commercial and industrial loans
totaled 19.3%.
Asset Quality. Non-performing loans include non-accrual loans, loans 90
days or more past due and restructured loans. Non-accrual loans are loans on
which interest accruals have been discontinued. Loans which reach non-accrual
status may not be restored to accrual status until all delinquent principal and
interest has been paid, or the loan becomes both well secured and in the process
of collection. Restructured loans are loans with respect to which a borrower has
been granted a concession on the interest rate or the original repayment terms
because of financial difficulties.
The following table summarizes non-performing loans:
<TABLE>
<CAPTION>
June 30 December 31 June 30
1996 1995 1995
---- ---- ----
(Dollars in Thousands)
<S> <C> <C> <C>
Loans accounted for on a non-
accrual basis $764 $648 $417
Loans contractually past due
90 days or more as to interest
or principal payments (not included in
non-accrual loans above) 382 478 220
Loans restructured and in compliance
with modified terms (not included in
non-accrual loans or loans contractually
past due 90 days or more above) -- -- 111
------- ------- ----
Total $1,146 $1,126 $748
====== ====== ====
</TABLE>
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<PAGE>
Management is not aware of any other loans at June 30, 1996 which
involve serious doubts as to the ability of such borrowers to comply with the
existing payment terms.
Management has analyzed the potential risk of loss on the Company's
loan portfolio, given the loan balances and the value of the underlying
collateral, and has recognized losses where appropriate. Non-performing loans
are closely monitored on an ongoing basis as part of the Company's loan review
process. Management reviews the loan loss allowance at the end of each month.
Based primarily on the Company's loan classification system, which classifies
problem credits as substandard, doubtful or loss, additional provisions for
losses are made monthly. The ratio of the allowance for loan losses to total
loans was 1.38%, 1.34% and 1.36% at June 30, 1996, December 31, 1995 and June
30, 1995, respectively. At June 30, 1996 the ratio of the allowance for loan
losses to non-performing loans was 100.9%, compared to 94.7% at December 31,
1995 and 151.9% at June 30, 1995.
Management evaluates non-performing loans relative to their collateral
value and makes appropriate reductions in the carrying value of those loans
based on that review. Management believes, based on its review, that the Company
has adequate reserves to cover any future write down that may be required on
these loans.
For each period presented, the provision for loan losses charged to
operations is based on management's judgment after taking into consideration all
factors connected with the collectibility of the existing portfolio. Management
evaluates the loan portfolio in light of economic conditions, changes in the
nature and value of the portfolio, industry standards and other relevant
factors. Specific factors considered by management in determining the amounts
charged to operations include internally generated loan review reports, previous
loan loss experience with the borrower,the status of past due interest and
principal payments on the loan, the quality of financial information supplied by
the borrower and the general financial condition of the borrower.
The provision for loan losses totaled $41,250 for the quarter ended
June 30, 1996 and $37,500 for the quarter ended June 30, 1995. For the six month
periods ended June 30, 1996 and 1995, the provision for loan losses was $82,500
and $75,000, respectively. In the opinion of management, the provision charged
to operations has been sufficient to absorb the current year's net loan losses
while continuing to increase the allowance for loan losses.
Securities
The Company's securities portfolio serves several purposes. Portions of
the portfolio secure certain public and trust deposits. The remaining portions
are held as investments or used to assist the Company in liquidity and asset
liability management. During the first six months of 1996, total securities
increased 7.6% to $16.1 million or 13% of total assets at June 30, 1996. At
December 31, 1995, total securities were $15.0 million, or 12.2% of total assets
and at June 30, 1995, total securities were $17.7 million, or 15% of total
assets.
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<PAGE>
The securities portfolio consists of two components, investment
securities and securities available for sale. Securities are classified as
investment securities when management has the intent and the Company has the
ability at the time of purchase to hold the securities to maturity. Investment
securities are carried at cost adjusted for amortization of premiums and
accretion of discounts. Securities to be held for indefinite periods of time are
classified as available for sale and accounted for at the lower of cost or
market value. Securities available for sale include securities that may be sold
in response to changes in market interest rates, changes in the security's
prepayment risk, increases in loan demand, general liquidity needs and other
similar factors. The Company's recent purchases of investment securities have
generally been limited to securities of high credit quality with short to medium
term maturities.
The fully taxable equivalent annualized average yield on the entire
portfolio was 7.31% for the second quarter of 1996 and 7.34% for the first six
months of 1996, compared to 7.65% and 7.66% for the same periods in 1995. The
book value of the portfolio exceeded the market value by $91,308 at June 30,
1996.
Deposits and Short-Term Borrowings
The Company's predominate source of funds is depository accounts. The
Company's deposit base is comprised of demand deposits, savings and money market
accounts and other time deposits. The Company's deposits are provided by
individuals and businesses located within the communities served.
Total deposits grew by 2.27% between December 31, 1995 and June 30,
1996. The average aggregate interest rate paid on deposits was 4.15% in the
second quarter of 1996 and 4.25% for the first six months of 1996, compared to
4.14% and 3.83% for the same periods in 1995. The majority of the Company's
deposits are higher yielding time deposits because most of its customers are
individuals who seek higher yields than those offered on savings and demand
accounts.
The following table is a summary of time deposits of $100,000 or more
by remaining maturities at June 30, 1996:
June 30, 1996
Time Deposits
(Dollars in Thousands)
Three months or less $2,022
Three to twelve months 3,842
Over twelve months 5,368
-------
Total $11,232
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<PAGE>
Capital Resources
The assessment of capital adequacy depends on a number of factors such
as asset quality, liquidity, earnings performance and changing competitive
conditions and economic forces. The Company seeks to maintain a strong capital
base to support its growth and expansion activities, to provide stability to
current operations and to promote public confidence.
Banking regulations also require the Bank to maintain certain minimum
capital levels in relation to Bank Assets. Capital is measured using a leverage
ratio as well as based on riskweighting assets according to regulatory
guidelines. A comparison of the Bank's actual regulatory capital as of June 30,
1996, with minimum requirements, as defined by regulation, is shown below:
<TABLE>
<CAPTION>
Minimum Actual
Requirements June 30, 1996
<S> <C> <C>
Tier 1 risk-based capital 4.0% 16.15%
Total risk-based capital 8.0% 17.40%
Leverage ratio 3.0% 10.93%
</TABLE>
Liquidity and Interest Rate Sensitivity
Liquidity. Liquidity is the ability to meet present and future
financial obligations through either the sale or maturity of existing assets or
the acquisition of additional funds through liability management. Liquid assets
include cash, interest bearing deposits with banks, federal funds sold,
investments and loans maturing within one year. The Company's ability to obtain
deposits and purchase funds at favorable rates determines its liability
liquidity. As a result of the Company's management of liquid assets and the
ability to generate liquidity through liability funding, management believes
that the Company maintains overall liquidity sufficient to satisfy its
depositors' requirements and meet its customers' credit needs.
Additional sources of liquidity available to the Company include, but
are not limited to, loan repayments, the ability to obtain deposits through the
adjustment of interest rates and the purchasing of federal funds. To further
meet its liquidity needs, the Company also has access to the Federal Reserve
System. In the past, growth in deposits and proceeds from the maturity of
investment securities have been sufficient to fund the net increase in loans.
Interest Rate Sensitivity. In conjunction with maintaining a
satisfactory level of liquidity, management must also control the degree of
interest rate risk assumed on the balance sheet. Managing this risk involves
regular monitoring of the interest sensitive assets relative to interest
sensitive liabilities over specific time intervals.
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<PAGE>
Effects of Inflation
Inflation significantly affects industries having high proportions of
fixed assets or high levels of inventories. Although the Company is not
significantly affected in these areas, inflation does have an impact on the
growth of assets. As assets grow rapidly, it becomes necessary to increase
equity capital at proportionate levels to maintain the appropriate equity to
asset ratios. Traditionally, the Company's earnings and high capital retention
levels have enabled the Company to meet these needs.
The Company's reported earnings results have been affected by
inflation, but isolating the effect is difficult. The different types of income
and expense are affected in various ways. Interest rates are affected by
inflation, but the timing and magnitude of the changes may not coincide with
changes in the consumer price index. Management actively monitors interest rate
sensitivity in order to minimize the effects of inflationary trends on interest
rates. Other areas of non-interest expenses may be more directly affected by
inflation.
Part II. Other Information
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
(a) The Annual Shareholders meeting was held on April 23, 1996.
(b) Directors elected at the meeting for a three year term were:
1. Ralph Larry Lyons
2. Garland L. Blanton, Jr.
3. Fleming V. Austin
Directors with continuing terms were:
1. Elwood C. May
2. John B. Larus
3. Charles W. Binford
4. Charles B. Goodman
5. P. Allen Brauer
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<PAGE>
(c) Matters voted upon:
1. Election of Ralph Larry Lyons as a director for a three
year term:
Votes for.....................609,417
Votes against................... 0
Abstained....................... 0
Not voted.....................334,316
2. Election of Garland L. Blanton, Jr. as a director for a
three year term:
Votes for.....................609,417
Votes against................... 0
Abstained....................... 0
Not voted.....................334,316
3. Election of Fleming V. Austin as a director for a three
year term:
Votes for.....................607,087
Votes against................... 0
Abstained................... 2,330
Not voted.....................334,316
4. Other Business:
Votes for.....................609,317
Votes against.............. 0
Abstained.................. 100
Not voted.....................334,316
ITEM 6 EXHIBITS AND REPORTS ON 8-K
(a) Exhibits:
27 Financial Data Schedule (filed herewith)
(b) Form 8-K. No reports were filed on Form 8-K
in the period for which this report is filed.
- 14 -
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant has
caused this amended report to be signed on its behalf by the undersigned,
thereunto duly authorized.
CENTRAL VIRGINIA BANKSHARES, INC.
(Registrant)
Date: August 26, 1996 /s/ Ralph Larry Lyons
-----------------------
Ralph Larry Lyons, President and Chief Executive
Officer (Chief Financial Officer)
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<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
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