-----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, L5Xv41Qb2gaD/Fg5ovfRYdBuG/0TZwwvS+YUcejVb/7Cetb+hCwL7Lnvi07lWXy1 5sR2qmjp2yC5q13T21spYA== 0000950168-02-001134.txt : 20020430 0000950168-02-001134.hdr.sgml : 20020430 ACCESSION NUMBER: 0000950168-02-001134 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020429 ITEM INFORMATION: Other events FILED AS OF DATE: 20020429 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: 1934 Act SEC FILE NUMBER: 000-28342 FILM NUMBER: 02624672 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 d8k.txt 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: April 29, 2002 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 April 24, 2002 its financial results for the period ended March 31, 2002. The financial results are detailed in the Company's Press Release dated April 24, 2002 filed as Exhibit A to this Form 8-K and incorporated by reference herein. 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: April 29, 2002 /s/ A. Wayne Lewis ---------------------------------------- A. Wayne Lewis, Executive Vice President FOR RELEASE 6:00 p.m. April 24, 2002 EXHIBIT A - ------------------------------------ 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 EARNINGS, STOCK SPLIT ROANOKE, VIRGINIA. April 24, 2002 -- Roanoke-based Valley Financial Corporation announced today its consolidated financial results. For the three months ended March 31, 2002 Valley Financial reported net income of $474,000 compared with $339,000 for the same three months of 2001, a 40% increase. Fully diluted earnings per share were $.38 in the first quarter of 2002 versus $.27 in 2001, a 41% increase. The Company's return on average total assets was 0.96% for 2002's first three months and its return on average shareholders' equity was 11.51%, compared with the 0.84% and 9.25%, respectively, reported for the three months ended March 31, 2001. At March 31, 2002 the Company's total assets were $206,891,000, total deposits were $148,619,000, total loans stood at $157,107,000 and total shareholders' equity was $16,554,000. Compared with March 31, 2001 the Company experienced increases of $39,089,000 or 23% in total assets, $16,998,000 or 13% in total deposits, $35,352,000 or 29% in total loans and $1,382,000 or 9% in shareholders' equity over the twelve-month period. With total capital at March 31, 2002 representing 10.9% of risk-adjusted total assets, the Company exceeds the regulatory minimums to be considered "well capitalized." Ellis L. Gutshall, President and Chief Executive Officer of Valley Financial, noted that the Company's first quarter financial results were favorably affected by several factors. "This was the first quarterly period in over a year in which we have had stable, relatively predictable Press Release Valley Financial Corporation April 24, 2002 Page 2 interest rates. We have now finished re-pricing almost all the fixed rate deposits left over from the high interest rate environment in 2000, and that had a positive effect on margins. The net interest margin was 4.22% for the quarter, up substantially from 3.72% in the first quarter of last year." Gutshall also said "We continue to enjoy strong loan growth, far in excess of the growth rate for the local economy, and passed the significant milestone of $200 million in assets in less than seven years from opening the bank. Plus, asset quality remains strong with no charge-offs in the first quarter and non-performing loans at March 31 only 0.53% of total loans. We look forward to the remainder of 2002 with optimism." Gutshall announced at the Company's Annual Meeting of Shareholders that the Board of Directors had voted to declare a three-for-two stock split, payable May 30, 2002 to shareholders of record April 30, 2002. The move will result in the issuance of over 600,000 additional shares of Valley Financial common stock, bringing total outstanding shares to approximately 1,820,000 when the stock split is effective. 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 currently operates from five full-service offices at 36 Church Avenue, SW, 2203 Crystal Spring Avenue, SW and 1518 Hershberger Road, NW in Roanoke City, 4467 Starkey Road, SW in Roanoke County and 8 East Main Street in the City of Salem. A sixth full-service office will open in late May at 1003 Hardy Road in the Town of Vinton. 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. 2 VALLEY VALLEY FINANCIAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
March 31 December 31 March 31 2002 2001 2001 --------- --------- --------- (in thousands, except share data) Assets Cash and due from banks $6,015 $6,235 $3,548 Money market investments 191 143 1,438 Securities available-for-sale 34,106 31,338 36,224 Restricted equity securities 1,927 1,927 1,260 Loans 157,107 147,573 121,755 Less allowance for loan losses and unearned fees (1,675) (1,490) (1,269) --------- --------- --------- Total net loans 155,432 146,083 120,486 Premises and equipment 4,415 4,084 3,165 Other assets 4,805 4,058 1,681 --------- --------- --------- Total assets $206,891 $193,868 $167,802 ========= ========= ========= Liabilities and Shareholders' Equity Non-interest bearing demand deposits $22,892 $24,297 $15,359 Interest bearing demand, savings & money market deposits 30,275 36,630 32,411 Time deposits greater than $100,000 32,520 25,591 19,878 Other deposits 62,932 52,348 63,973 --------- --------- --------- Total deposits 148,619 138,866 131,621 Short term borrowings 5,381 3,824 0 Securities sold under agreements to repurchase 4,836 3,347 4,262 Federal Home Loan Bank advances 30,000 30,000 15,000 Other liabilities 1,501 1,527 1,747 --------- --------- --------- Total liabilities 190,337 177,564 152,630 --------- --------- --------- 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 1,213,207 at March 31, 2002, 1,213,207 at December 31, 2001, and 1,213,207 at March 31, 2001 12,295 12,295 12,299 Accumulated retained earnings 4,587 4,113 2,740 Accumulated other comprehensive income (loss) (328) (104) 133 --------- --------- --------- Total shareholders' equity 16,554 16,304 15,172 --------- --------- --------- Total liabilities and shareholders' equity $206,891 $193,868 $167,802 ========= ========= ========= Balance Sheet Ratios: Nonperforming loans/total loans 0.53% 0.37% 0.38% Loans past due > 90 days/total loans 0.25% 0.02% 0.14% Allowance for loan losses/loans, net 1.06% 1.00% 1.02% Book value per share, exclusive of accumulated $13.92 $13.52 $12.40 other comprehensive income (loss)
VALLEY FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended 2002 2001 ------- ------- Interest Income $3,169 $3,190 Interest Expense 1,267 1,802 ------- ------- Net interest income 1,902 1,388 Provision for loan losses 187 37 ------- ------- Net interest income after provision for loan losses 1,715 1,351 Noninterest Income $ 170 105 Noninterest Expense 1,218 1,007 ------- ------- Net income before taxes 667 $449 Provision for income taxes $193 $110 ------- ------- Net income $474 $339 ======= ======= Diluted net income per share $0.38 $0.27 ======= ======= Performance Ratios: Return on average total assets 0.96% 0.84% Return on average total shareholders' equity 11.51% 9.25% Yield on average earning assets (TEY) 6.97% 8.38% Cost of funds 2.84% 4.97% Net interest margin 4.22% 3.72% Overhead efficiency ratio 57.75% 65.26%
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