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Valley Commerce Bancorp Q3 net income $1.3 million

Staff writer ▼ | October 14, 2015
Valley Commerce Bancorp, a bank holding company and the parent company of Valley Business Bank, announced third quarter 2015 net income of $1.3 million or $0.43 per diluted share.
Valley Commerce Bancorp
Valley Commerce Bancorp   $0.43 per share
This compared to earnings of $930 thousand, or $0.31 per diluted share, for the third quarter of 2014. For the nine months ended September 30, 2015, the Company reported net income of $3 million, or $1 per diluted share. This compared to earnings of $3.2 million, or $1.08 per diluted share, for the nine months ended September 30, 2014.

Allan W. Stone, president and chief executive officer, remarked, "I'm pleased to report favorable earnings for the third quarter of 2015. We experienced very good loan growth, 12% over the last 12 months, and completed the collection of certain nonperforming loans.

"At quarter end there were no loans past due. That shows our continued emphasis on our commitment to maintain quality assets even while experiencing strong growth.

"Our third quarter earnings are putting us in position to possibly repeat our record earnings of 2014, which included a $1 million reversal of loan loss reserves recorded in the second quarter of 2014 that is not expected to be repeated in 2015.

"Going into the final quarter of 2015, we are achieving our revenue goals while maintaining a conservative risk profile. This is precisely how we want to begin 2016 which will be our 20th year of operations."

"Just about every community bank under $500 million in total assets is announcing plans to grow to that level in the next few years and we are no exception. The fact is we have built a production and an operations workforce that is capable of growing well beyond $500 million; and we will get there without sacrificing profitability or taking excessive risk – or holding back shareholder benefits.

"At the end of the third quarter, we paid a quarterly cash dividend of $.10 per common share, which equates to a very favorable dividend yield, and we continue to repurchase our common stock.

"In recent years, we've made a number of investments to enable us to achieve our long term growth and profitability goals. We can see they are producing results, so this is a very exciting time for our bank."