-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LZDaqYnVetn3Wr+M7R1kUU1EClaVUejGRgmt8kFX0dmaVnavdlCrno4n0ZibnNFt wO8WxDDDo1ENFsJ0C83sPA== 0000804563-04-000007.txt : 20041102 0000804563-04-000007.hdr.sgml : 20041102 20041102132851 ACCESSION NUMBER: 0000804563-04-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20041102 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041102 DATE AS OF CHANGE: 20041102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BENCHMARK BANKSHARES INC CENTRAL INDEX KEY: 0000804563 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 541460991 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18445 FILM NUMBER: 041112559 BUSINESS ADDRESS: STREET 1: 100 S BROAD ST CITY: KENBRIDGE STATE: VA ZIP: 23944 BUSINESS PHONE: 8046768444 MAIL ADDRESS: STREET 1: 100 S BROAD ST CITY: KENBRIDGE STATE: VA ZIP: 23944 8-K 1 form8k11204.txt FORM 8-K NEWS RELEASE 11-02-04 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 2, 2004 ----------- BENCHMARK BANKSHARES, INC. (Exact name of registrant as specified in its charter) Virginia 000-18445 54-1380808 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 100 S. Broad Street Kenbridge, Virginia 23944 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (434) 676-9054 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) =============================================================================== Item 2.02 Results of Operations and Financial Condition. On November 2, 2004, the Registrant issued a press release reporting its financial results for the period ended September 30, 2004. A copy of the press release is being furnished as an exhibit to this report and is incorporated by reference into this Item 2.02. Item 9.01 Financial Statements and Exhibits. (a) Exhibits. The following exhibit is being furnished pursuant to Item 2.02 above. Exhibit No. Description 99.1 Press Release dated November 2, 2004 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BENCHMARK BANKSHARES, INC. (Registrant) Date: November 2, 2004 By: /s/ Ben L. Watson, III ---------------------- Ben L. Watson, III President and CEO Exhibit 99.1 NEWS RELEASE, DATED NOVEMBER 2, 2004 BENCHMARK BANKSHARES, INC. KENBRIDGE, VIRGINIA FOR DISTRIBUTION TO AREA NEWS MEDIA Ben L. Watson, III, President Benchmark Bankshares, Inc. Reports Third Quarter Results KENBRIDGE, VA, November 2, 2004 - Benchmark Bankshares Inc. (BMRB.OB) reported net income of $938,151, or $0.32 per share, for the third quarter of 2004 and net income of $2.67 million, or $0.90 per share, for the first nine months of the year. Quarterly net income increased by $144,638, or 18.23%, over the third quarter of 2003, while year-to-date earnings were up $185,150, or 7.45%, when compared to the first nine months of 2003. During the third quarter, gross loans increased by $735,431, total assets increased by $3.12 million, and deposits grew by $2.16 million. Compared to one year ago, total loans have grown by $10.90 million, assets have increased by $6.86 million, and deposits are up by $4.25 million. As a result, the bank's loans-to-deposits ratio of 88.44% on September 30, 2004 increased from the 85.56% posted one year ago, positioning a majority of funds among the bank's highest yielding assets. Shareholders' equity at September 30, 2004 amounted to $30.49 million, or 10.71% of total assets. This compares to the September 30, 2003 level of $27.98 million, or 10.08% of assets. Book value per share of $10.25 at the end of the quarter was up from $9.44 a year ago. Benchmark Bankshares Inc. is the holding company of Benchmark Community Bank, a community bank based in Kenbridge, VA. The bank operates ten offices, located in Kenbridge, Victoria, South Hill, Farmville, Lawrenceville, Crewe, Blackstone, Chase City, and Clarksville in addition to a recently-established loan production office in South Boston. Services are also provided through ten ATMs, Internet Banking, and 24-hour telephone banking. Additional information, including a summary of the bank's financial performance, is available on the bank's website at www.BCBonline.com. Period Ended September 30, 3 Months 2004 2003 - -------- ---- ---- Net Income $938,151 $793,513 Per Share Earnings $0.32 $0.27 9 Months 2004 2003 - -------- ---- ---- Net Income $2,671,825 $2,486,675 Per Share Earnings $0.90 $0.84 Return on Assets 1.25% 1.23% Return on Equity 12.05% 12.20% Total Assets $284,622,524 $277,757,115 Total Loans $223,266,288 $212,365,504 Total Deposits $252,457,196 $248,203,231 Stockholders' Equity $30,490,446 $27,986,231 -----END PRIVACY-ENHANCED MESSAGE-----