Valley Commerce Bancorp Q2 net income $1.1 millionStaff Writer | July 15, 2016
Valley Commerce Bancorp, a bank holding company and the parent company of Valley Business Bank, announced second quarter 2016 net income of $1.1 million or $0.37 per diluted share.
Valley Commerce Bancorp $0.37 per diluted share
For the six months ended June 30, 2016, the Company reported net income of $2.2 million, or $0.75 per diluted share. This compared to earnings of $1.7 million, or $0.58 per diluted share, for the six months ended June 30, 2015.
Allan W. Stone, president and CEO, remarked, "I'm pleased to report solid second quarter 2016 earnings to go along with our very strong first quarter. We are particularly proud to have grown net loans by $29 million or 11 percent during the 12 months ended June 30, 2016.
"This resulted in our yield on average assets improving to 4.47 percent for the first half of 2016. We also reduced our cost of funds compared to the prior year and our 2016 net interest margin of 4.30 percent is considered favorable as compared to both our peers and the industry as a whole.
"We have diligently adhered to conservative credit fundamentals and are confident that our core earnings will remain strong despite looming economic challenges.
"For the first half of 2016 our net income, return on average equity, and return on average assets improved compared to the same period of 2015, and we remain focused on producing strong returns for our shareholders." ■