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Net income to common shareholders of $1,516,000 and $0.31 per diluted share, producing a return on average total assets of 0.73% and annualized return on average shareholder's equity of 11.24%.
Tax-equivalent net interest income of $7,007,000, a $349,000 or 5% increase over the prior year's quarter.
Due to the Company's full redemption of TARP during 2013, preferred dividends paid were $0 for the first quarter of 2014 as compared to $227,000 during the same period last year.
Nonperforming assets ("NPAs") decreased $968,000, from $26,292,000 at December 31, 2013 to $25,324,000 at March 31, 2014. This resulted in a 27 basis point reduction in the Company's NPAs as a percentage of total assets, from 3.19% at December 31, 2013 to 2.92% at March 31, 2014.
The Company's Allowance for Loan and Lease Losses (“ALLL”) to total loans decreased from 1.26% at December 31, 2013 to 1.10% at March 31, 2014. The reduction in the ALLL is primarily attributable to the charge-off of specific reserves that were previously reserved on our impaired loans and improving credit quality metrics.
Loan demand continued to improve with an increase in average loans outstanding of $28,710,000 or 5% from the same period last year and $16,139,000 in comparison to the linked quarter, putting us on track for an 11% annualized loan growth rate for 2014.
The following information was filed by Valley Financial Corp (VYFC) on Friday, April 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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