Yadkin Valley Financial Corp. (YAVY, Financial) filed Quarterly Report for the period ended 2010-09-30.
Yadkin Valley Financial Corp. has a market cap of $39.7 million; its shares were traded at around $2.43 with and P/S ratio of 0.4. YAVY is in the portfolios of Arnold Schneider of Schneider Capital Management, Steven Cohen of SAC Capital Advisors.
Other assets decreased $4.1 million due to a decrease in income tax receivables and related deferred tax assets of $3.0 million as well as decreases in prepaid FDIC assessments of $3.1 million. These decreases were offset by an increase in other receivables of $2.1 million which included a receivable related to the sale of the credit card portfolio in August 2010. OREO increased $8.1 million due to foreclosures in the amount of $15.4 million less dispositions of $5.5 million and losses of $1.8 million during the year.
Deposits increased $159.7 million, or 8.8%, comparing September 30, 2010 to December 31, 2009. Overall, noninterest-bearing demand deposits decreased $2.0 million, or 1.0%, NOW, savings, and money market accounts increased $22.2 million, or 5.0%, Certificates of deposit (CODs) over $100,000 decreased $28.9 million, or 5.2%, and other CODs increased $168.4 million, or 27.7%. The Bank promoted one or more special money market account and COD rates during the first quarter which attributed to the majority of the increase in other CODs.
Borrowed funds decreased $4.2 million or 3.4% comparing September 30, 2010 to December 31, 2009. Repurchase agreements decreased $3.7 million, while advances from FHLB and overnight borrowings decreased $1.1 million. Long term borrowings included $35.0 million in trust preferred securities, advances from the FHLB of $32.0 million and wholesale repurchase agreements of $5.0 million. The American Community merger added $10.4 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 $25.9 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.
Net loss for the three-month period ended September 30, 2010 was $2.1 million before preferred dividends, compared to a net loss of $68.3 million in the same period of 2009. Net loss available to common shareholders for the three-month period ended September 30, 2010 was $2.8 million. Net loss available to common shareholders for the three-month period ended September 30, 2009 was $69.0 million. Basic and diluted losses per common share were $0.18 for the three-month period ended September 30, 2010. Basic and diluted losses per common share were $4.28 for the three month period ended September 30, 2009. On an annualized basis, third quarter results represent a return on average assets of (0.51)% at September 30, 2010 compared to (12.70)% at September 30, 2009, and a return on average equity of (7.37)% compared to (125.9)% at September 30, 2009. The net loss in the third quarter of 2009 included a $61.6 million goodwill impairment charge.
Net loss for the nine month period ended September 30, 2010 was $872,000 before preferred dividends, compared to a net loss of $79.0 million in the same period of 2009. Net loss available to common shareholders for the nine months ended September 30, 2010 was $3.2 million, compared to a net loss available to common shareholders of $80.7 million for the nine months ended September 30, 2009. Basic and diluted losses per common share were $0.20 for the nine months ended September 30, 2010. Basic and diluted losses per common share were $5.62 for the nine months ended September 30, 2009. On an annualized basis, year-to-date results represent a return on average assets of (0.29)% at September 30, 2010 compared to (5.54)% at September 30, 2009, and a return on average equity of (4.16)% compared to (51.0)% at September 30, 2009.
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Yadkin Valley Financial Corp. has a market cap of $39.7 million; its shares were traded at around $2.43 with and P/S ratio of 0.4. YAVY is in the portfolios of Arnold Schneider of Schneider Capital Management, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Total assets at September 30, 2010 were $2,270.8 million, an increase of $157.2 million, or 7.4%, compared to assets of $2,113.6 million at December 31, 2009. This increase was mainly due to an increase in cash and cash equivalents from $92.3 million as of December 31, 2009 to $143.2 million as of September 30, 2010. The loan portfolio, net of allowance for losses, was $1,596.7 million compared to $1,627.8 million at December 31, 2009. Gross loans held-for-investment decreased by $35.1 million, or 2.1%. The allowance for loan losses decreased $3.9 million driven primarily by decreases in gross loans as well as a decrease in classified loans not considered impaired. Allowance for loan losses assessed on classified loans decreased as improvements were made in the calculation of potential losses related to classified loans. Beginning in the first quarter of 2010, we began to incorporate actual loss data over a twelve month period of default trends and historical charge-offs, rather than the single point we used in prior quarters, which resulted in decreased reserves of $3.9 million within the general allowance portfolio. This decrease resulted as the Company noted that loss estimates and actual charge-offs data for the previous 12 month period varied from management estimates made at December 31, 2009 (using data as of a single point in time) as loss experiences over a period of time is a better indicator of expected losses than loss experience at a single point in time. We believe that the twelve month loss data results in a more accurate calculation of probable loss. Offsetting the resulting decrease related to classified loans and decreases in loan balances were increases in other factors impacted by increased past dues, nonaccruals and charge-offs.Other assets decreased $4.1 million due to a decrease in income tax receivables and related deferred tax assets of $3.0 million as well as decreases in prepaid FDIC assessments of $3.1 million. These decreases were offset by an increase in other receivables of $2.1 million which included a receivable related to the sale of the credit card portfolio in August 2010. OREO increased $8.1 million due to foreclosures in the amount of $15.4 million less dispositions of $5.5 million and losses of $1.8 million during the year.
Deposits increased $159.7 million, or 8.8%, comparing September 30, 2010 to December 31, 2009. Overall, noninterest-bearing demand deposits decreased $2.0 million, or 1.0%, NOW, savings, and money market accounts increased $22.2 million, or 5.0%, Certificates of deposit (CODs) over $100,000 decreased $28.9 million, or 5.2%, and other CODs increased $168.4 million, or 27.7%. The Bank promoted one or more special money market account and COD rates during the first quarter which attributed to the majority of the increase in other CODs.
Borrowed funds decreased $4.2 million or 3.4% comparing September 30, 2010 to December 31, 2009. Repurchase agreements decreased $3.7 million, while advances from FHLB and overnight borrowings decreased $1.1 million. Long term borrowings included $35.0 million in trust preferred securities, advances from the FHLB of $32.0 million and wholesale repurchase agreements of $5.0 million. The American Community merger added $10.4 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 $25.9 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.
Net loss for the three-month period ended September 30, 2010 was $2.1 million before preferred dividends, compared to a net loss of $68.3 million in the same period of 2009. Net loss available to common shareholders for the three-month period ended September 30, 2010 was $2.8 million. Net loss available to common shareholders for the three-month period ended September 30, 2009 was $69.0 million. Basic and diluted losses per common share were $0.18 for the three-month period ended September 30, 2010. Basic and diluted losses per common share were $4.28 for the three month period ended September 30, 2009. On an annualized basis, third quarter results represent a return on average assets of (0.51)% at September 30, 2010 compared to (12.70)% at September 30, 2009, and a return on average equity of (7.37)% compared to (125.9)% at September 30, 2009. The net loss in the third quarter of 2009 included a $61.6 million goodwill impairment charge.
Net loss for the nine month period ended September 30, 2010 was $872,000 before preferred dividends, compared to a net loss of $79.0 million in the same period of 2009. Net loss available to common shareholders for the nine months ended September 30, 2010 was $3.2 million, compared to a net loss available to common shareholders of $80.7 million for the nine months ended September 30, 2009. Basic and diluted losses per common share were $0.20 for the nine months ended September 30, 2010. Basic and diluted losses per common share were $5.62 for the nine months ended September 30, 2009. On an annualized basis, year-to-date results represent a return on average assets of (0.29)% at September 30, 2010 compared to (5.54)% at September 30, 2009, and a return on average equity of (4.16)% compared to (51.0)% at September 30, 2009.
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