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Village Bank and Trust Financial to redeem 688 preferred shares

Village Bank and Trust Financial Corp. intends to pay all accrued and unpaid dividends on its series A fixed-rate cumulative preferred stock through Feb. 15 and redeem 688 shares of the total 5,715 shares outstanding on Feb. 24.

The Midlothian, Va.-based company said that regulators approved the payment of accrued and unpaid dividends, as well as the redemption of shares.

The company reported net income available to common shareholders of $330,000, or 23 cents per share, for the fourth quarter of 2016, compared to a net loss of $78,000, or 6 cents per share for the same period in 2015.

Full-year 2016 net income available to common shareholders was $12.8 million, or $8.99 per share, which was positively impacted by the reversal in the third quarter of 2016 of a valuation allowance of about $12.0 million previously recorded against the net deferred tax asset. Netting this reversal against income tax expense for 2016 of $825,000 resulted in an income tax benefit of roughly $11.2 million for the year ended Dec. 31, 2016, an earnings release said.

The release said that 2015 net income available to common shareholders was $6.6 million, or $5.49 per share.