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According to Yadkin Valley Financial, the decrease in quarterly net income was primarily due to a $10.1 million increase in the provision for loan losses as compared to the first quarter of 2008.
Net interest income for the first quarter of 2009 totaled $9.91 million, an increase of 6% compared to the first quarter of 2008.
At March 31, 2009, total assets were $1.64 billion, compared to $1.42 billion as of March 31, 2008, an increase of 15%.
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