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)
January 23, 1998
FFVA FINANCIAL CORPORATION
(Exact name of Registrant as specified in its Charter)
Virginia 0-24668 74-2712490
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(State or other jurisdiction (SEC File No.) (IRS Employer
of incorporation) Identification
Number)
925 Main Street, Lynchburg, Virginia 24504
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 804-845-2371
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Not Applicable
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(Former name or former address, if changed since last Report)
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INFORMATION TO BE INCLUDED IN REPORT
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Item 5. Other Events
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A copy of a press release issued January 23, 1998 by the Registrant is
attached hereto as Exhibit 99.1 and is incorporated herein by reference in its
entirety.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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Exhibit 99.1 -- Press Release dated January 23, 1998.
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<PAGE>
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.
FFVA FINANCIAL CORPORATION
Date: January 23, 1998 By: /s/Ronald W. Neblett
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Ronald W. Neblett
Senior Vice President and Treasurer
EXHIBIT 99.1
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PRESS RELEASE
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FOR IMMEDIATE RELEASE CONTACT: JAMES L. DAVIDSON, JR.
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January 23, 1998 PRESIDENT & CEO
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(804) 845-2371
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FFVA Financial Corporation (NASDAQ-FFFC), the holding company for First
Federal Savings Bank of Lynchburg, Virginia announced fourth quarter earnings of
$.12 per share compared to $.38 earned during the same quarter a year ago. The
company also announced earnings of $1.48 per share for the year ending December
31, 1997 compared to $1.10 per share for the year ending December 31, 1996. Net
income for the quarter ending December 31, 1997 totalled $530,000 as compared to
$1,786,000 for the quarter ending December 31, 1996. Net income for the years
ending December 31, 1997 and 1996 totalled $6.4 million and $5.5 million,
respectively. The 1996 results were negatively impacted by a special pre-tax
charge of $2.2 million to recapitalize the SAIF portion of the FDIC. On December
16, 1997, FFVA announced the signing of a definitive agreement to merge with One
Valley Bancorp (NYSE:OV). One Valley is a $4.6 billion multi-bank holding
company headquartered in Charleston, West Virginia. Fourth quarter pre-tax
earnings were reduced approximately $2.1 million as a result of merger related
charges. Without these special merger related charges, net income after taxes
would have approximated the $2.1 million earned during the third quarter of
1997.
James L. Davidson, Jr. President and CEO, reported that the company
continued its pattern of growth in 1997. Assets at December 31, 1997 totalled
$579.7 million, an increase of $45.9 million from the year ended 1996. Deposits
increased $18.3 million and loan balances grew by $5.8 million for the year. Mr.
Davidson also reported that asset quality at FFVA continues to be strong. The
non-performing asset ratio at December 31, 1997 was .19% of total loans compared
to .54% at December 31, 1996. This ratio compares favorably with peer group
thrift holding companies. FFVA's coverage ratio of loan loss reserves to
non-performing assets at December 31, 1997 was 530.28%, and is expected to be
adequate to cover potential losses on the current level of non-performing
assets.
A summary of the results of operations for the three and twelve month
periods ending December 31, 1997 and 1996 is as follows:
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
December 31 December 31
(In Thousands) 1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net Interest Income $ 5,208 $5,038 $ 20,664 $19,811
Provision for Credit Loss 150 -- 150 60
Non Interest Income 410 427 1,692 1,321
Non Interest Expense (a) 4,491 2,616 (a) 11,970 (b)12,569
Net Income (a) 530 1,786 (a) 6,436 (b) 5,463
Share Data:
Basic earnings per share $ .12 $ .38 $ 1.48 $ 1.10
Diluted earnings per share $ .11 $ .37 $ 1.37 $ 1.06
</TABLE>
(a) Reflects pre-tax merger related charges of $2.1 million.
(b) Reflects special pre-tax charge of $2.2 million to recapitalize the
SAIF portion of the FDIC.
For further information, please contact James L. Davidson, Jr. or Ronald W.
Neblett at (804) 845-2371.
