-----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, Jd7ix+xKrJpc0jGqUUUNEBrRMu9SnoIH3rRD+52sEg0OWH9EB/UTnWYGVlAYcfEy C+lTrYO1iv2gV2DxYaWZHA== 0000950168-00-000111.txt : 20000203 0000950168-00-000111.hdr.sgml : 20000203 ACCESSION NUMBER: 0000950168-00-000111 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000121 ITEM INFORMATION: FILED AS OF DATE: 20000128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALLEY FINANCIAL CORP /VA/ CENTRAL INDEX KEY: 0000921590 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 541702380 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-28342 FILM NUMBER: 516712 BUSINESS ADDRESS: STREET 1: 36 CHURCH AVENUE SW CITY: ROANOKE STATE: VA ZIP: 24011 BUSINESS PHONE: 5403422265 MAIL ADDRESS: STREET 1: 36 CHURCH AVENUE SW CITY: ROANOKE STATE: VA ZIP: 24001 8-K 1 FORM 8-K 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: January 21, 2000 VALLEY FINANCIAL CORPORATION VIRGINIA 33-77568 54-1702380 (State of Incorporation) (Commission (I.R.S. Employer File Number) Identification Number) 36 CHURCH AVENUE, S.W. ROANOKE, VIRGINIA 24011 (Address of principal executive offices) (540) 342-2265 (Issuer's telephone number, including area code) ITEM 5. OTHER EVENTS. Valley Financial Corporation (the "Company"), the holding company for Roanoke, VA-based Valley Bank, announced on January 20, 2000 its financial results for the period ended December 31, 1999. The financial results are detailed in the Company's Press Release dated January 20, 2000 filed as Exhibit A to this Form 8-K and incorporated by reference herein. The Company's Board of Directors also declared a 5% stock dividend payable February 15, 2000 to shareholders of record January 31, 2000. The Company's common stock is traded over the counter under the symbol VYFC. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VALLEY FINANCIAL CORPORATION Date: January 21, 2000 s/ A. Wayne Lewis ---------------------- A. Wayne Lewis, Executive Vice President EXHIBIT A FOR RELEASE 5:00 P.M. JANUARY 20, 2000 VALLEY FINANCIAL CORPORATION 36 Church Avenue, S.W. Roanoke, Virginia 24011 For Further Information Contact: Ellis L. Gutshall, President and Chief Executive Officer A. Wayne Lewis, Executive Vice President and Chief Operating Officer (540) 342-2265 VALLEY FINANCIAL CORPORATION ANNOUNCES RECORD EARNINGS, DECLARES 5% STOCK DIVIDEND ROANOKE, VIRGINIA. January 20, 2000 -- Roanoke-based Valley Financial Corporation announced today its consolidated financial results. For the year ended December 31, 1999 Valley Financial reported net income of $1,042,000 or $1.08 per share compared with $758,000 or $.79 per share for 1998, a 38% increase. The Company's return on average total assets (ROA) was 0.86% for 1999 and its return on average shareholders' equity (ROE) was 10.98%, compared with 0.83% and 8.87%, respectively, reported for the year ended December 31, 1998. For the three months ended December 31, 1999 Valley Financial reported net income of $308,000 or $.32 per share compared with $278,000 or $.29 per share for the same three months of 1998, an 11% increase. The Company's return on average total assets was 0.93% for 1999's fourth quarter and its return on average shareholders' equity was 12.34% compared with 1.07% and 12.43%, respectively, reported for the three months ended December 31, 1998. At December 31, 1999 the Company's total assets were $137,115,000, total deposits were $116,469,000, total loans stood at $91,390,000 and total shareholders' equity was $9,055,000. Compared with December 31, 1998 the Company experienced increases of $31,929,000 or 30% in total assets, $26,443,000 or 29% in total deposits and $19,768,000 or 28% in total loans over the twelve-month period. With total capital at December 31, 1999 representing over 10% of risk-adjusted total assets, the Company exceeds the regulatory minimums to be considered "well capitalized." Valley Financial Corporation declared a 5% stock dividend payable February 15, 2000 to shareholders of record January 31, 2000. Based on the 964,990 shares currently outstanding, this action will result in a maximum issuance of 48,250 additional shares of the Company's common stock, before adjustment to eliminate fractional shares. "The bank made excellent financial progress in 1999 without sacrificing asset quality," said Ellis L. Gutshall, President and Chief Executive Officer. "Asset growth remains strong, our major new facility in downtown Salem was an instant success and we introduced innovative new products to both the commercial and consumer markets." PRESS RELEASE VALLEY FINANCIAL CORPORATION JANUARY 20, 2000 PAGE 2 Referring to the 5% stock dividend, Gutshall stated "With the bank continuing to enjoy double-digit growth rates, paying cash dividends isn't prudent so the Board of Directors felt a stock dividend is a good way to return something of value to our shareholders. Between the stock dividend just declared and the stock price reaching $20 per share on December 31, we think the original subscribers at $10 a share have reason to feel good about their investment." Valley Financial Corporation is the holding company for Valley Bank, which opened for business May 15, 1995 and engages in a general commercial and retail banking business in the Roanoke Valley, emphasizing the needs of small businesses, professional concerns and individuals. Valley Bank operates from four full-service offices at 36 Church Avenue, SW and 2203 Crystal Spring Avenue, SW in Roanoke City, 4467 Starkey Road, SW in Roanoke County and 8 East Main Street in the City of Salem. The Common Stock of Valley Financial Corporation is traded over the counter under the symbol VYFC and is quoted on the OTC Bulletin Board, an electronic quotation and trade reporting service of the National Association of Securities Dealers. - END - VALLEY FINANCIAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
December 31 December 31 1999 1998 ------------ -------------- (in thousands, except share data) Assets Cash and due from banks $4,027 $3,462 Money market investments 6,106 1,743 Securities available-for-sale 31,964 26,118 Loans 91,390 71,622 Less allowance for loan losses and unearned fees (942) (747) --------- --------- Total net loans 90,448 70,875 Premises and equipment 2,629 1,830 Other assets 1,941 1,158 --------- --------- Total assets $137,115 $105,186 ========= ======== LIABILITIES AND SHAREHOLDERS' EQUITY Non-interest bearing demand deposits $14,328 $10,437 Interest bearing demand, savings & money maket deposits 33,950 33,619 Time deposits greater than $100,000 12,974 8,048 Other deposits 55,217 37,922 --------- --------- Total deposits 116,469 90,026 Short term borrowings 0 0 Federal Home Loan Bank advances 10,000 5,000 Other liabilities 1,591 1,003 ------ ------ Total liabilities 128,060 96,029 --------- --------- Preferred stock, no par value. Authorized 10,000,000 shares; none issued and outstanding Common stock, no par value. Authorized 10,000,000 shares; issued and outstanding 964,990 at December 31, 1999, 964,590 at December 31, 1998 9,099 9,095 Accumulated retained earnings (deficit) 934 (108) Accumulated other comprehensive income (978) 170 --------- --------- Total shareholders' equity 9,055 9,157 ------ ------ Total liabilities and shareholders' equity $137,115 $105,186 ========= ======== BALANCE SHEET RATIOS: Nonperforming loans/total loans 0.10% 0.00% Loans past due > 90 days/total loans 0.00% 0.28% Allowance for loan losses/loans, net 1.01% 1.00% Book value per share, exclusive of accumulated other $10.40 $9.32 comprehensive income
VALLEY FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
THREE MONTHS TWELVE MONTHS ------------------------ ---------------- ENDED DECEMBER 31 --------------------------------------------------------------------------- 1999 1998 1999 1998 ----------- -------------- ------------- ------------- (IN THOUSANDS, EXCEPT PER SHARE DATA) Interest Income $2,427 $1,872 $8,759 $6,770 Interest Expense 1,233 953 4,432 3,512 ----- --- ----- ----- Net interest income 1,194 919 4,327 3,258 Provision for loan losses 55 55 216 249 -- -- --- --- Net interest income after provision for loan losses 1,139 864 4,111 3,009 Noninterest Income 107 78 354 264 Noninterest Expense 814 596 3,029 2,252 --- --- ----- ----- Net income before taxes $432 $346 $1,436 $1,021 ---- ---- ------ ------ Provision for income taxes $124 $68 $394 $263 ---- --- ---- ---- Net income $308 $278 $1,042 $758 ==== ==== ====== ==== Net income per share $0.32 $0.29 $1.08 $0.79 ===== ===== ===== ===== PERFORMANCE RATIOS: Return on average total assets 0.93% 1.07% 0.86% 0.83% Return on average total shareholders' equity 12.34% 12.43% 10.98% 8.87% Yield on average earning assets (TEY) 7.80% 7.82% 7.78% 7.90% Cost of funds 4.05% 4.10% 4.02% 4.28% Net interest margin 3.92% 3.91% 3.92% 3.86% Overhead efficiency ratio 60.43% 59.78% 62.42% 63.94%
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