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Quarterly record net income to common shareholders of $1,805,000 and $0.37 per diluted share, producing an annualized return on average total assets of 0.83% and an annualized return on average shareholders' equity of 12.27%.
Tax-equivalent net interest income of $7,039,000, a $100,000 or 1% increase when compared to the prior year's quarter, but a $53,000 or 1% decrease when compared to second quarter of 2014.
Due to the Company's full redemption of TARP during 2013 preferred dividends paid were $0 for the third quarter of 2014 as compared to $167,000 during the same period last year.
Year-to-date, the Company has achieved an after-tax savings of $295,000, or $0.06 per diluted share, when comparing the $592,000 of preferred dividend payments made during the first nine months of 2013 to the Company's 2014 subordinated debt after-tax expense of $297,000.
Nonperforming assets ("NPAs") decreased 4% or $670,000, from $19,015,000 at June 30, 2014 to $18,345,000 at September 30, 2014. In comparison to September 30, 2013, NPAs decreased $9,864,000, or 35%.
The Company's Allowance for Loan and Lease Losses ("ALLL") to total loans decreased 2 bps to 1.08% in comparison to the 1.10% at June 30, 2014 and 25 basis points from the 1.33% reported
The following information was filed by Valley Financial Corp (VYFC) on Friday, October 31, 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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