Valley Financial Corporation
FOR RELEASE 8:30 a.m. January 31, 2014
VALLEY FINANCIAL CORPORATION
36 Church Avenue, S.W.
Roanoke, Virginia 24011
For Further Information Contact:
Ellis L. Gutshall, President and Chief Executive Officer
Kimberly B. Snyder, Executive Vice President and Chief Financial Officer
VALLEY FINANCIAL CORPORATION REPORTS
FOURTH CONSECUTIVE YEAR OF RECORD EARNINGS;
DECLARES 14% INCREASE IN QUARTERLY CASH DIVIDEND
ROANOKE, VIRGINIA (January 31, 2014) -- Valley Financial Corporation (NASDAQ Capital Market-VYFC) announced today its consolidated financial results for the year ended December 31, 2013 and reported the Company earned record net income of $6,835,000 and record net income to common shareholders of $6,201,000 as compared to $6,489,000 and $5,503,000, respectively, during 2012, increases of 5% and 13%. Fully-diluted earnings per share for the year ending December 31, 2013 were $1.26 compared to $1.14 for the prior year, an increase of 11%. Return on average total assets was 0.86% and return on average shareholder's equity was 11.06% as compared to 0.83% and 10.31% respectively, for 2012.
Additionally, the Company announced today that its Board of Directors declared a quarterly cash dividend of $0.04 per share, payable on March 3, 2014 to its common shareholders of record on February 14, 2014. This amount represents a 14.3% increase over the amount paid throughout 2013 and represents the highest quarterly dividend in the Company's history. The amount and declaration of future cash dividends are subject to Board of Director’s approval.
Ellis L. Gutshall, President and CEO stated, “Our Company continues to deliver on all cylinders. We are reporting a fourth consecutive year of record earnings for Valley Financial Corporation, fueled by increased net interest income, increased noninterest income (exclusive of gains/losses taken on the sale of securities), and continued improvement in asset quality which resulted in an overall reduction in our allowance for loan and lease losses for the year. In addition to our financial performance, we are most pleased to have successfully redeemed in less than five years the aggregate investment the US Treasury made in our Company as well as completed the repurchase of the outstanding warrant issued to the US Treasury in conjunction with its investment without creating a dilutive impact to our shareholders."
Mailing Address: PO Box 2740▪Roanoke VA 24001
36 Church Avenue SW▪Roanoke VA 24011▪Telephone: 540-342-BANK (2265) ▪FAX: 540-342-4514
The following information was filed by Valley Financial Corp (VYFC) on Friday, January 31, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.