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: July 29, 1999
VALLEY FINANCIAL CORPORATION
VIRGINIA 33-77568 54-1702380
(State of Incorporation) (Commission File Number) (I.R.S. Employer
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 July 22, 1999 its financial results
for the period ended June 30, 1999. The financial results are detailed in the
Company's Press Release dated July 22, 1999 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:Date: July 29, 1999 /s/ A. Wayne Lewis
-------------------
A. Wayne Lewis, Executive Vice
President
EXHIBIT A
FOR RELEASE 6:00 p.m. July 22, 1999
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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 QUARTERLY EARNINGS INCREASE 64%
ROANOKE, VIRGINIA. July 22, 1999 -- Roanoke-based Valley Financial Corporation
announced today its consolidated financial results.
For the three months ended June 30, 1999 Valley Financial reported net income of
$213,000 or $.22 per share compared with $130,000 or $.13 per share for the same
three months of 1998, a 64% increase. The Company's return on average total
assets was 0.73% for 1999's second quarter, and its return on average
shareholders' equity was 9.18%. These profitability ratios represent significant
increases from the 0.60% and 6.16%, respectively, reported for the three months
ended June 30, 1998.
For the six months ended June 30, 1999 Valley Financial reported net income of
$414,000 or $.43 per share compared with $260,000 or $.27 per share for the
first half of 1998, a 59% increase. The Company's return on average total assets
was 0.74% for 1999's first half and its return on average shareholders' equity
was 9.07%, compared with 0.64% and 6.26%, respectively, reported for the six
months ended June 30, 1998.
At June 30, 1999 the Company's total assets were $122,595,000, total deposits
were $98,176,000, total loans stood at $83,684,000 and total shareholders'
equity was $8,861,000. Compared with June 30, 1998 the Company experienced
increases of $32,209,000 or 36% in total assets, $25,623,000 or 35% in total
deposits and $22,942,000 or 38% in total loans over the twelve-month period.
With total capital at June 30, 1999 representing 11% of risk-adjusted total
assets, the Company exceeds the regulatory minimums to be considered "well
capitalized."
"We are pleased with the bank's continued financial progress," said Ellis L.
Gutshall, President and Chief Executive Officer. "Growth in assets and market
share continues to be strong, and we were able to staff up for and open a major
new facility in downtown Salem without significant disruption to our
profitability trends."
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.
