Yadkin Valley Financial Corp. (YAVY, Financial) filed Quarterly Report for the period ended 2009-06-30.
Yadkin Valley Bank and Trust Company is a North Carolina state chartered bank headquartered in Elkin North Carolina. The Bank\'s primary business is providing general banking services for northwest North Carolina. Yadkin Valley Bank and Trust Company operates in the northwest Piedmont area of North Carolina serving the counties of Surry Wilkes Yadkin Ashe Iredell North Mecklenburg Watauga and Avery. The Bank enjoys the scenic beauty of the Blue Ridge Mountains. Each season offers a wide variety of outdoor activities including hiking camping skiing auto racing white water rafting and sports activities on every level. Yadkin valley financial corp. has a market cap of $96.5 million; its shares were traded at around $5.98 with a P/E ratio of 299 and P/S ratio of 1.1. The dividend yield of Yadkin valley financial corp. stocks is 4%. Yadkin valley financial corp. had an annual average earning growth of 18.4% over the past 5 years.
Loan growth concentration was divided within the following categories. Commercial loans increased by $65.3 million with $58.3 million acquired at the American Community merger. Commercial real estate loans increased by $123.1 million with $99.4 million acquired at the American Community merger. Construction and land development loans increased by $149.9 million with $131.9 million acquired at the American Community merger. Home equity lines of credit increased $53.4 million with $47.8 million acquired at the American Community merger. Consumer loans increased by $11.1 million with $12.9 million acquired at the American Community merger. Loans were funded by certificates of deposit (CODs), negotiable orders of withdrawal (NOW), money market deposits, and borrowings. The Bank promoted one or more special COD rates throughout the period.
Mortgage loans held for sale increased by $71.2 million, or 142.6%, from December 31, 2008 to June 30, 2009 as the Bank continued its strategy of selling mortgage loans mostly to various investors with servicing rights released and to a lesser extent to the Federal National Mortgage Association with servicing rights retained. These loans are normally held for a period of two to three weeks before being sold to investors. The timing of the loans closed within each month allowed the Bank to sell more of its outstanding loans at December 31, 2008 than at June 30, 2009. Mortgage loans closed in the first six months of 2009 ranged from a low of $150.7 million in January to a high of $225.4 million in March and totaled $1,140.1 million. In first half of 2008, total loans closed were $525.4 million. Mortgage loans sold during the six months ended June 30, 2009 totaled $1,069.4 million compared to $531.3 million during the same period in the prior year. During April, 2008, Sidus expanded its footprint along the East Coast by entering into six new states in the New England area. This, along with the drop in mortgage interest rates, contributed to the increase in gains on sales of mortgages and to the increased volume in mortgage loans originated and sold.
acquisition. NOW, savings, and money market accounts increased $112.3 million, or 39.6%, with American Community contributing $82.6 million. Certificates of deposit (CODs) over $100,000 increased $221.3 million, or 66.4%, and other CODs increased $241.2 million, or 62.8%. American Community contributed $ CODs, with the remaining increase primarily due to increases in brokered deposits. Excluding American Community, the largest increase in interest-bearing deposits was in the money market. NOW accounts and savings.
Borrowed funds decreased $55.2 million or 26.6 % comparing June 30, 2009 to December 31, 2008. Advances from the FHLB decreased $72.6 million excluding the $26.0 million in FHLB advances acquired from American Community, for a net decrease in FHLB advances of $46.6 million. Repurchase agreements increased $22.1 million, with $16.9 million added in the American Community merger, and overnight borrowings decreased $14.5 million. Long term borrowings included $34.9 million in trust preferred securities and advances from the FHLB of $7.0 million. The American Community merger added $10.3 million in trust preferred securities at a rate equal to the three-month LIBOR rate plus 2.80% and will mature in 2033. Yadkin Valley Statutory Trust I (the Trust) issued $25.8 million in trust preferred securities at a rate equal to the three-month LIBOR rate plus 1.32%. The trust preferred securities mature in 30 years, and can be called by the Trust without penalty after five years.
At June 30, 2009, total stockholders equity was $203.5 million or a book value of $10.48 per common share compared to $149.6 million or a book value of $12.97 per share at year-end December 31, 2008. The tangible book values per common share at June 30, 2009 and December 31, 2008 were $5.93 and $7.93, respectively. At June 30, 2009, the Company was in compliance with all existing regulatory capital requirements to maintain its status as a well-capitalized bank. The Companys equity to assets ratio and total risk-based capital ratio were 9.4% and 10.25%, respectively, at June 30, 2009. These ratios have changed since December 31, 2008, when the equity to assets ratio was 9.8% and the total risk based capital ratio was 10.17%. During the six-month period ended June 30, 2009, the Company did not repurchase any shares of its common stock.
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Yadkin Valley Bank and Trust Company is a North Carolina state chartered bank headquartered in Elkin North Carolina. The Bank\'s primary business is providing general banking services for northwest North Carolina. Yadkin Valley Bank and Trust Company operates in the northwest Piedmont area of North Carolina serving the counties of Surry Wilkes Yadkin Ashe Iredell North Mecklenburg Watauga and Avery. The Bank enjoys the scenic beauty of the Blue Ridge Mountains. Each season offers a wide variety of outdoor activities including hiking camping skiing auto racing white water rafting and sports activities on every level. Yadkin valley financial corp. has a market cap of $96.5 million; its shares were traded at around $5.98 with a P/E ratio of 299 and P/S ratio of 1.1. The dividend yield of Yadkin valley financial corp. stocks is 4%. Yadkin valley financial corp. had an annual average earning growth of 18.4% over the past 5 years.
Highlight of Business Operations:
totaling $544.4 million. Without the additional assets acquired in the merger, assets would have increased $89.3 million or 5.9%. The loan portfolio, net of allowance for losses, was $1,594.9 million including net loans at fair value from the American Community acquisition of $416.3 million at April 17, 2009, compared to $1,165.2 million at December 31, 2008. Gross loans held for investment increased by $453.5 million, or 38.2%, of which $416.3 million came from the American Community acquisition. Excluding the impact of the American Community acquisition, gross loans held for investment increased by $37.2 million, or 3.1%. The allowance for loan losses increased $23.9 million driven primarily by increased charge-offs for the rolling eight quarters ended June 30, 2009 as compared to the eight quarter period ending December 31, 2008, rising trends in the Banks past due and nonaccrual loans, and the states rising unemployment rates.Loan growth concentration was divided within the following categories. Commercial loans increased by $65.3 million with $58.3 million acquired at the American Community merger. Commercial real estate loans increased by $123.1 million with $99.4 million acquired at the American Community merger. Construction and land development loans increased by $149.9 million with $131.9 million acquired at the American Community merger. Home equity lines of credit increased $53.4 million with $47.8 million acquired at the American Community merger. Consumer loans increased by $11.1 million with $12.9 million acquired at the American Community merger. Loans were funded by certificates of deposit (CODs), negotiable orders of withdrawal (NOW), money market deposits, and borrowings. The Bank promoted one or more special COD rates throughout the period.
Mortgage loans held for sale increased by $71.2 million, or 142.6%, from December 31, 2008 to June 30, 2009 as the Bank continued its strategy of selling mortgage loans mostly to various investors with servicing rights released and to a lesser extent to the Federal National Mortgage Association with servicing rights retained. These loans are normally held for a period of two to three weeks before being sold to investors. The timing of the loans closed within each month allowed the Bank to sell more of its outstanding loans at December 31, 2008 than at June 30, 2009. Mortgage loans closed in the first six months of 2009 ranged from a low of $150.7 million in January to a high of $225.4 million in March and totaled $1,140.1 million. In first half of 2008, total loans closed were $525.4 million. Mortgage loans sold during the six months ended June 30, 2009 totaled $1,069.4 million compared to $531.3 million during the same period in the prior year. During April, 2008, Sidus expanded its footprint along the East Coast by entering into six new states in the New England area. This, along with the drop in mortgage interest rates, contributed to the increase in gains on sales of mortgages and to the increased volume in mortgage loans originated and sold.
acquisition. NOW, savings, and money market accounts increased $112.3 million, or 39.6%, with American Community contributing $82.6 million. Certificates of deposit (CODs) over $100,000 increased $221.3 million, or 66.4%, and other CODs increased $241.2 million, or 62.8%. American Community contributed $ CODs, with the remaining increase primarily due to increases in brokered deposits. Excluding American Community, the largest increase in interest-bearing deposits was in the money market. NOW accounts and savings.
Borrowed funds decreased $55.2 million or 26.6 % comparing June 30, 2009 to December 31, 2008. Advances from the FHLB decreased $72.6 million excluding the $26.0 million in FHLB advances acquired from American Community, for a net decrease in FHLB advances of $46.6 million. Repurchase agreements increased $22.1 million, with $16.9 million added in the American Community merger, and overnight borrowings decreased $14.5 million. Long term borrowings included $34.9 million in trust preferred securities and advances from the FHLB of $7.0 million. The American Community merger added $10.3 million in trust preferred securities at a rate equal to the three-month LIBOR rate plus 2.80% and will mature in 2033. Yadkin Valley Statutory Trust I (the Trust) issued $25.8 million in trust preferred securities at a rate equal to the three-month LIBOR rate plus 1.32%. The trust preferred securities mature in 30 years, and can be called by the Trust without penalty after five years.
At June 30, 2009, total stockholders equity was $203.5 million or a book value of $10.48 per common share compared to $149.6 million or a book value of $12.97 per share at year-end December 31, 2008. The tangible book values per common share at June 30, 2009 and December 31, 2008 were $5.93 and $7.93, respectively. At June 30, 2009, the Company was in compliance with all existing regulatory capital requirements to maintain its status as a well-capitalized bank. The Companys equity to assets ratio and total risk-based capital ratio were 9.4% and 10.25%, respectively, at June 30, 2009. These ratios have changed since December 31, 2008, when the equity to assets ratio was 9.8% and the total risk based capital ratio was 10.17%. During the six-month period ended June 30, 2009, the Company did not repurchase any shares of its common stock.
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