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Net income of $1.9 million and $0.36 per diluted share, producing a return on average total assets of 0.96% and annualized return on average shareholder's equity of 11.99%.
Increase in net interest margin of 15 basis points to 3.73% as compared to the 3.58% reported for the same quarter last year.
Nonperforming assets ("NPAs") decreased $2.4 million, from $30.6 million at June 30, 2013 to $28.2 million. This resulted in a 26 basis point reduction in the Company's NPAs as a percentage of total assets, from 3.80% at June 30, 2013 to 3.54% at September 30, 2013.
The Company's Allowance for Loan and Lease Losses (“ALLL”) to total loans decreased from 1.45% at June 30, 2013 to 1.33% at September 30, 2013.
Loan demand continued to improve with an increase in average loans outstanding of $16.2 million or 3% from the same period last year and $5.9 million in comparison to the linked quarter.
The following information was filed by Valley Financial Corp (VYFC) on Friday, October 25, 2013 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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