U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
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, 1997
CENTRAL VIRGINIA BANKSHARES, INC.
Virginia 54-1467806
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
2036 New Dorset Road
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 14, 1997, 953,638 shares were outstanding.
<PAGE>
CENTRAL VIRGINIA BANKSHARES, INC.
QUARTERLY REPORT ON FORM 10-QSB
August 14, 1997
INDEX
Part I. Financial Information Page No.
- ------------------------------ --------
Item 1 Financial Statements
Consolidated Balance Sheets - June 30, 1997
and 1996..........................................................3
Consolidated Statements of Income - Three
Months Ended June 30, 1997 and 1996
and Six Months Ended June 30, 1997 and 1996.......................4
Consolidated Statements of Cash Flows - Six
Months Ended June 30, 1997 and 1996...............................5
Notes to Consolidated Financial Statements -
June 30, 1997 and 1996 (Unaudited)................................6
Item 2 Management's Discussion and Analysis or
Plan of Operation..............................................7-12
Part II. Other Information
- ---------------------------
Item 4 Submission of Matters to a Vote of
Security Holders..............................................12-13
Item 6 Exhibits and Reports on Form 8-K.................................13
Signatures................................................................14
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<PAGE>
CENTRAL VIRGINIA BANKSHARES, INC.
CONSOLIDATED BALANCE SHEETS
June 30, 1997 and 1996
(Unaudited)
<TABLE>
<CAPTION>
June 30, June 30,
1997 1996
---- ----
<S> <C> <C>
ASSETS
------
Cash and due from banks $ 9,516,989 $ 5,288,397
Federal funds sold 3,905,000 17,286,000
------------ ------------
Total cash and cash equivalents $13,421,989 $22,574,397
Securities available for sale 15,080,217 6,139,065
Securities held to maturity (approximate market value 1997
$13,069,511; 1996 $10,001,485) 12,834,097 9,973,347
Mortgage loans held for sale 0 1,379,500
Loans, net 86,390,601 80,666,051
Bank premises and equipment, net 3,498,575 3,418,695
Accrued interest receivable 826,360 697,133
Other assets 2,252,857 1,336,649
------------ ------------
Total assets $134,304,696 $126,184,837
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
LIABILITIES
- -----------
Deposits:
Demand deposits $ 17,212,522 $ 15,087,601
Interest bearing demand deposits and NOW accounts 22,571,795 20,909,842
Savings deposits 13,506,911 12,084,641
Time deposits, $100,000 and over 10,902,683 11,231,564
Other time deposits 51,614,622 50,941,081
------------ ------------
$115,808,533 $110,254,729
Securities sold under repurchase agreements 2,950,460 1,714,430
Note payable 45,000 54,000
Accrued interest payable 223,620 254,673
Other liabilities 263,629 164,262
------------ ------------
Total liabilities $119,291,242 $112,442,094
------------ ------------
STOCKHOLDERS' EQUITY
- --------------------
Capital stock, common, par value $2.50; authorized 3,000,000 shares; issued
950,827 shares 1996;
946,447 shares 1996 $ 2,377,068 $ 2,366,095
Surplus 4,118,457 4,043,915
Retained earnings 8,482,552 7,411,568
Unrealized gains (losses) on securities available for sale,
net of tax 35,377 (78,835)
------------ ------------
Total stockholders' equity $ 15,013,454 $ 13,742,743
------------ ------------
Total liabilities and stockholders' equity $134,304,696 $126,184,837
============ ============
</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
---------------------------------- ----------------------------------
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest income
Interest and fees on loans $2,219,268 $2,037,071 $4,340,811 $4,083,427
Interest on securities:
U.S. Government agencies and
corporations 254,909 109,534 424,462 196,972
States and political subdivisions 157,474 137,758 303,704 281,678
Other 22,354 5,169 26,547 5,169
Interest on federal funds sold 56,359 213,456 183,845 411,730
---------- ---------- ---------- ----------
Total interest income $2,710,364 $2,502,988 $5,279,369 $4,978,976
---------- ---------- ---------- ----------
Interest expense
Interest on deposits $1,127,298 $1,139,852 $2,230,725 $2,304,894
Interest on federal funds
purchased - - - -
Interest on securities sold under
repurchase agreements 16,241 7,109 31,737 14,621
Interest on note payable 900 1,080 1,980 2,340
---------- ---------- ---------- ----------
Total interest expense $1,144,439 $1,148,041 $2,264,442 $2,321,855
---------- ---------- ---------- ----------
Net interest income $1,565,925 $1,354,947 $3,014,927 $2,657,121
Provision for loan losses 41,250 41,250 82,500 82,500
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses $1,524,675 $1,313,697 $2,932,427 $2,574,621
Other income
Securities gains $0 $0 $0 $25,000
Service charges 142,253 151,210 288,649 294,395
Other 44,297 70,353 85,874 134,121
---------- ---------- ---------- ----------
Total other income $186,550 $221,563 $374,523 $453,516
Other expenses
Salaries and wages $450,800 $386,100 $901,700 $778,200
Pensions and other employee
benefits 66,355 59,236 154,206 126,880
Occupancy expense 71,111 47,877 133,058 95,093
Other operating expenses 488,634 474,496 944,940 865,107
---------- ---------- ---------- ----------
Total other expenses $1,076,900 $967,709 $2,133,904 $1,865,280
---------- ---------- ---------- ----------
Income before income taxes $634,325 $567,551 $1,173,046 $1,162,857
Income taxes 180,103 166,001 321,853 347,371
---------- ---------- ---------- ----------
Net income $454,222 $401,550 $851,193 $815,486
========== ========== ========== ==========
Per share of common stock:
Income before income taxes $0.67 $0.60 $1.23 $1.23
Net income $0.48 $0.42 $0.90 $0.86
Weighted average shares
outstanding 950,797 945,477 950,113 944,747
</TABLE>
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<PAGE>
CENTRAL VIRGINIA BANKSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 1997 and 1996
<TABLE>
<CAPTION>
1997 1996
---- ----
<S> <C> <C>
Cash Flows for Operating Activities
Net Income $851,193 $815,486
Adjustments to reconcile net income to net cash provided
by (used in) operating activities:
Depreciation 195,946 141,915
Amortization 2,766 8,300
Provision for loans losses 82,500 82,500
Amortization and accretion on securities 35,379 (7,962)
Change in operating assets and liabilities:
(Increase) decrease in assets:
Mortgage loans held for sale 201,798 (510,906)
Accrued interest receivable (23,169) 90,411
Other assets (629,750) (176,848)
Increase (decrease) in liabilities:
Accrued interest payable (9,326) (8,747)
Other liabilities 94,085 51,137
-------- --------
Net cash provided by operating activities $801,422 $485,286
-------- --------
Cash Flows from Investing Activities
Proceeds from maturities of securities held to maturity $ - $ 210,000
Purchase of securities held to maturity (2,620,098) (166,464)
Proceeds from maturities of securities available for sale 2,236,525 2,242,084
Purchase of securities available for sale (9,607,958) (3,600,883)
Net (increase) decrease in loans made to customers (2,142,388) 2,367,275
Net purchases of premises and equipment (133,912) (1,441,809)
Proceeds from sale of foreclosed real estate 166,274 -
Net expenditures on foreclosed real estate (8,032) (35,041)
-------- --------
Net cash (used in) investing activities ($12,109,589) ($424,838)
------------- ----------
Cash Flows from Financing Activities
Net increase in deposits $5,927,593 $2,448,524
Repayment of note payable (9,000) (9,000)
Net proceeds from issuance of common stock 31,656 53,875
Net increase (decrease) in securities sold under repurchase
agreements 1,415,981 279,123
Dividends paid (341,995) (321,128)
---------- ----------
Net cash provided by financing activities $7,024,235 $2,451,394
---------- ----------
Increase (decrease) in cash and cash equivalents ($4,283,932) $2,511,842
Cash and cash equivalents:
Beginning 17,705,921 20,062,555
---------- ----------
Ending $13,421,989 $22,574,397
=========== ===========
Supplemental Disclosures of Cash Flow Information
Cash payments for:
Interest $2,273,768 $2,330,602
========== ==========
Income Taxes $317,030 $344,474
======== ========
</TABLE>
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<PAGE>
CENTRAL VIRGINIA BANKSHARES, INC.
NOTE TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 1997 and 1996
(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 $454,222 in the second quarter of
1997, an increase of 13.1% from the second quarter of 1996. These results
reflect a 8.9% increase in interest and fees on loans compared to the same
period in 1996 which is the result of a 7.1% increase in net loans outstanding
at June 30, 1997. In addition, interest income on securities increased 238% to
$434,737 as the result of a 73.2% increase in the securities portfolio from June
30, 1996 to June 30, 1997. The Company's net interest income increased by
$210,978 for the second quarter of 1997 compared to the same period in 1996. Net
income per common share for the second quarter of 1997 was $.48 compared to $.42
for the same period in 1996. The Company's annualized return on average equity
was 12.66% in the second quarter of 1997, compared to 11.80% for the second
quarter of 1996, while the return on average assets amounted to 1.42% and 1.29%
for these periods, respectively.
The Company's net income for the six months ended June 30, 1997 totaled
$851,193, an increase of $35,707, or 4.4% over the first six months of 1996. The
1997 results reflect primarily a 13.5% increase in net interest income. Net
income per common share for the first six months of 1997 was $.90 compared to
$.86 for the same period in 1996. The Company's annualized return on average
equity was 11.83% for the six months ended June 30, 1997, compared to 12.07% for
the six months ended June 30, 1996. The return on average assets amounted to
1.34% and 1.32% for these same periods, respectively.
Net Interest Income. The Company's net interest income was $1,565,925
for the second quarter of 1997, compared to $1,354,947 for the second quarter of
1996. The increase in net interest income in 1997 was attributable primarily to
a change in the composition of the Company's interest earning assets.
Lower-yielding federal funds sold decreased from an average of $16.4 million in
the quarter ended June 30, 1996 to an average of $3.9 million for the same
period in 1997. These funds were reinvested in loans and investment securities
as the average balances of these assets increased 8.1% and 59.8%, respectively.
Average interest earning assets were $118.6 million for the second quarter of
1997, compared to $114.7 million for the second quarter of 1996. For the six
months ended June 30, 1997, average interest earning assets rose 3.36% to $118.0
million compared to the same period in 1996.
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 5.28% for the
second quarter of 1997 and 5.11% for the first six months of 1997, compared to
4.72% and 4.65% for the same periods of 1996, respectively.
Non-Interest Income. In the second quarter of 1997, the Company's total
non-interest income totaled $186,550, a decrease of 15.8%, or $35,013, compared
to 1996. For the first six months of 1997, non-interest income decreased by
$78,993 or 17.4% compared to 1996. Included in the results for the first six
months of 1996 was a $25,000 gain on the sale of securities. There are no such
gains included in the 1997 results. Of the various components of non-interest
income, the decreases noted are primarily attributable to a decrease in service
charges collected on deposit accounts and in fees received on mortgage loans
originated for others.
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<PAGE>
Non-Interest Expenses. The Company's total non-interest expenses for
the second quarter and six months ended June 30, 1997 increased $109,191 and
$268,624, respectively, compared to the same periods in 1996. Expenses related
to salaries and employee benefits not treated as an adjustment to the yield of
loans originated in 1997 increased by 16.1% for the quarter and 16.7% for the
first six months compared to 1996. Occupancy and other operating expenses
increased $37,372, or 7.2% for the quarter, and $117,798, or 12.3%, for the six
months ended June 30, 1997. The Company opened a 15,000 square foot Operations
Center in May 1996 which is the primary source of the increase in non-interest
expenses.
Income Taxes. The Bank reported income taxes of $180,103 for the second
quarter and $321,853 for the first six months of 1997, compared to $166,001 and
$347,371 for the same periods in 1996, respectively. These amounts yielded
effective tax rates of 28.4% for the quarter and 27.4% for the first six months
of 1997, compared to 29.2% and 29.9% for the same periods in 1996, 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 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, 1997 loans increased $2.1 million from December 31, 1996
and $5.7 million from June 30, 1996. The loan to deposit ratio was 74.60% at
June 30, 1997, compared to 76.75% at December 31, 1996, and 73.16% at June 30,
1996. As of June 30, 1997, real estate loans accounted for 58.4% of the loan
portfolio, consumer loans were 21.6%, and commercial and industrial loans
totaled 20.0%.
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
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<PAGE>
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:
June 30 December 31 June 30
1997 1996 1996
---- ---- ----
(Dollars in Thousands)
Loans accounted for on a non-
accrual basis $593 $708 $764
Loans contractually past due 90 days
or more as to interest or principal
payments (not included in non-
accrual loans above) 484 935 382
Loans restructured and in
compliance with modified terms
(not included in non-accrual loans
or loans contractually past due 90
days or more above) -- -- --
------- ------- -------
Total $1,077 $1,643 $1,146
====== ====== ======
Management is not aware of any other loans at June 30, 1997 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 1.37%, 1.42% and 1.38% at June 30, 1997, December 31, 1996 and June
30, 1996, respectively. At June 30, 1997 the ratio of the allowance for loan
losses to non-performing loans was 110.0%, compared to 73.8% at December 31,
1996 and 100.9% at June 30, 1996.
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.
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<PAGE>
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 quarters ended
June 30, 1997 and 1996. For the six month periods ended June 30, 1997 and 1996,
the provision for loan losses was $82,500. 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 1997, total securities
increased 56.0% to $27.9 million or 20.8% of total assets at June 30, 1997. At
December 31, 1996, total securities were $17.9 million, or 14.2% of total assets
and at June 30, 1996, total securities were $16.1 million, or 13% of total
assets.
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 7.92% for the second quarter of 1997 and 7.00% for the first six
months of 1997, compared to 7.31% and 7.34% for the same periods in 1996. The
market value of the portfolio exceeded the book value by $289,015 at June 30,
1997.
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 5.39% between December 31, 1996 and June 30,
1997. The average aggregate interest rate paid on deposits was 3.98% in the
second quarter of 1997 and 3.96% for the first six months of 1997, compared to
4.15% and 4.18% for the same periods in 1996. 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.
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<PAGE>
The following table is a summary of time deposits of $100,000 or more
by remaining maturities at June 30, 1997:
June 30, 1997
Time Deposits
-------------
(Dollars in Thousands)
Three months or less $2,122
Three to twelve months 4,804
Over twelve months 3,977
-------
Total $10,903
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 risk-weighting assets according to regulatory
guidelines. A comparison of the Bank's actual regulatory capital as of June 30,
1997, with minimum requirements, as defined by regulation, is shown below:
Minimum Actual
Requirements June 30, 1997
------------ -------------
Tier 1 risk-based capital 4.0% 16.24%
Total risk-based capital 8.0% 17.49%
Leverage ratio 3.0% 11.23%
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.
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<PAGE>
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.
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 22, 1997.
(b) Directors elected at the meeting for a three year term were:
1. Elwood C. May
2. Charles B. Goodman
Directors with continuing terms were:
1. Ralph Larry Lyons
2. John B. Larus
3. Charles W. Binford
4. Garland L. Blanton, Jr.
5. Fleming V. Austin
(c) Matters voted upon:
1. Election of Elwood C. May as a director for a three year
term:
Votes for.....................740,339
Votes against................... 0
Abstained................... 1,601
Not voted.....................217,122
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<PAGE>
2. Election of Charles B. Goodman as a director for a three
year term:
Votes for.....................738,930
Votes against................... 0
Abstained................... 3,009
Not voted.....................217,123
3. Other Business:
Votes for.....................738,814
Votes against.............. 0
Abstained.................. 100
Not voted.....................220,148
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.
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<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 14, 1997 /s/ Ralph Larry Lyons
---------------------------------------
Ralph Larry Lyons, President and Chief Executive
Officer (Chief Financial Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 9,516,989
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 3,905,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 15,080,217
<INVESTMENTS-CARRYING> 12,834,097
<INVESTMENTS-MARKET> 13,069,511
<LOANS> 86,390,601
<ALLOWANCE> 1,184,427
<TOTAL-ASSETS> 134,304,696
<DEPOSITS> 115,808,533
<SHORT-TERM> 2,950,460
<LIABILITIES-OTHER> 532,249
<LONG-TERM> 0
0
0
<COMMON> 2,377,068
<OTHER-SE> 12,636,386
<TOTAL-LIABILITIES-AND-EQUITY> 134,304,696
<INTEREST-LOAN> 2,219,268
<INTEREST-INVEST> 434,737
<INTEREST-OTHER> 56,359
<INTEREST-TOTAL> 2,710,364
<INTEREST-DEPOSIT> 1,127,298
<INTEREST-EXPENSE> 1,144,439
<INTEREST-INCOME-NET> 1,565,925
<LOAN-LOSSES> 41,250
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,076,900
<INCOME-PRETAX> 634,325
<INCOME-PRE-EXTRAORDINARY> 634,325
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 454,222
<EPS-PRIMARY> 0.48
<EPS-DILUTED> 0.48
<YIELD-ACTUAL> 5.28
<LOANS-NON> 593,000
<LOANS-PAST> 484,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,212,000
<CHARGE-OFFS> 134,000
<RECOVERIES> 24,000
<ALLOWANCE-CLOSE> 1,184,000
<ALLOWANCE-DOMESTIC> 777,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 407,000
</TABLE>
