Yadkin Valley Bank and Trust Company Announces Net Income Increase of 6.2% for the First Quarter
06 Maio 2005 - 7:09PM
PR Newswire (US)
Yadkin Valley Bank and Trust Company Announces Net Income Increase
of 6.2% for the First Quarter ELKIN, N.C., May 6
/PRNewswire-FirstCall/ -- Yadkin Valley Bank and Trust Company,
Elkin, NC (NASDAQ:YAVY) reports earnings of $2,462,712 for the
quarter ended March 31, 2005, an increase of 6.2% as compared with
earnings of $2,319,670 for the same quarter last year. Basic and
diluted earnings per share were $0.23 and $0.22 for the quarters
ended March 31, 2005 and 2004, respectively. Commenting on the
results, Bill Long, President and CEO, stated, "We are pleased with
our first quarter results. Basically, we have made up for the
dilution brought about by the High Country Bank and Sidus Financial
acquisitions. We still have work to do - particularly in the
expense areas of our bank, but overall we are pleased with the 6.2%
increase in net earnings and feel that 2005 will be a good year for
our stockholders." The acquisition of Sidus Financial, LLC
increased the number of outstanding shares by 240,000. Yadkin
Valley Bank and Trust Company is a full service community bank
providing service throughout its three regions. The Yadkin Valley
Bank Region serves Ashe, Surry, Yadkin, and Wilkes counties. The
Piedmont Bank Region serves Iredell and Mecklenburg counties. The
High Country Bank Region serves Watauga County. This news release
contains forward-looking statements. Such statements are subject to
certain factors that may cause the Bank's results to vary from
those expected. These factors include changing economic and
financial market conditions, competition, ability to execute our
business plan, items already mentioned in this press release, and
other factors described in our filings with the Federal Deposit
Insurance Corporation. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect
management's judgment only as of the date hereof. The Bank
undertakes no obligation to publicly revise these forward-looking
statements to reflect events and circumstances that arise after the
date hereof. Yadkin Valley Bank and Trust Company (Amounts in
thousands except per share data) (unaudited) For the three months
ended March 31, March 31, 2005 2004 Net interest income $8,066
$7,219 Provision for loan losses 382 540 Other income 2,929 2,213
Other expenses 7,016 5,438 Income taxes 1,134 1,134 Net income
2,463 2,320 Income per share: Basic $0.23 $0.22 Diluted $0.23 $0.22
As of March 31, As of December 31, 2005 2004 Assets $956,810
$959,790 Securities available for sale 112,067 114,466 Gross loans
683,904 687,345 Allowance for loan losses (8,683) (8,654) Loans
held for sale 41,130 41,607 Goodwill 31,672 31,672 Core deposit
intangible 6,486 6,704 Non-interest bearing deposits 117,371
116,480 NOW, savings, and money market 269,017 264,051 Time
deposits over $100,000 116,757 122,821 Other time deposits 229,286
225,356 Stockholders' equity 111,976 111,640 Shares outstanding
10,684 10,688 Yadkin Valley Bank and Trust Company (unaudited) As
of or For the Three Months Ended March 31, December 31, March 31,
2005 2004 2004 Per Share Data: Basic Earnings per Share $0.23 $0.24
$0.22 Diluted Earnings per Share $0.23 $0.23 $0.22 Book Value per
Share $10.48 $10.45 $10.01 Tangible Book Value per Share $6.91
$6.85 $6.93 Cash Dividends Paid per Share $0.10 $0.10 $0.10
Selected Performance Ratios: Return on Average Assets (annualized)
1.05% 1.05% 1.07% Return on Average Equity (annualized) 8.93% 9.19%
8.86% Return on Tangible Equity (annualized) 13.48% 13.45% 12.84%
Net Interest Margin 3.99% 3.97% 3.86% Net Interest Spread 3.65%
3.66% 3.60% Noninterest Income as a % of Revenue 27.60% 26.21%
24.89% Noninterest Income as a % of Average Assets 0.31% 0.28%
0.26% Noninterest Expense as a % of Average Assets 0.74% 0.70%
0.63% Efficiency Ratio 61.16% 60.71% 54.52% Asset Quality:
Nonperforming Loans (000's) 4,919 3,041 3,144 Nonperforming
Assets(000's) 6,025 4,166 4,777 Nonperforming Loans to Total Loans
0.68% 0.42% 0.50% Nonperforming Assets to Total Assets 0.63% 0.43%
0.55% Allowance for Loan Losses to Total Loans 1.20% 1.19% 1.36%
Allowance for Loan Losses to Nonperforming Loans 1.77 2.85 2.73 Net
Charge-offs to Average Loans (annualized) 0.20% 0.26% 0.11% Capital
Ratios: Equity to Total Assets 11.70% 11.63% 12.15% Tangible Equity
to Total Tangible Assets 8.04% 7.95% 8.74% Tier 1 leverage ratio
8.12% 7.87% 8.39% Tier 1 risk-based ratio 9.52% 9.19% 10.22% Total
risk-based capital ratio 10.64% 10.29% 11.47% DATASOURCE: Yadkin
Valley Bank and Trust Company CONTACT: William A. Long, President
and CEO, or Edwin E. Laws, CFO, of the Yadkin Valley Bank and Trust
Company, +1-336-526-6312
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