Valley Financial Corporation
FOR RELEASE 8:30 a.m. April 24, 2015
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 RECORD NET INCOME AND RECORD DILUTED EARNINGS PER SHARE FOR FIRST QUARTER 2015;
DECLARES QUARTERLY CASH DIVIDEND
ROANOKE, VIRGINIA (April 24, 2015) -- Valley Financial Corporation (NASDAQ Capital Market-VYFC) announced today its consolidated financial results for the first quarter of 2015 and reported record net income available to common shareholders of $1,926,000 and $0.39 per diluted share for the three months ended March 31, 2015 as compared to $1,516,000 and $0.31 per diluted share for the prior year's first quarter, increases of 27% and 26% respectively. The Company's earnings for the three months ended March 31, 2015 produced an annualized return on average total assets ("ROA") of 0.90% and an annualized return on average shareholder's equity ("ROE") of 12.60% as compared to 0.73% and 11.24%, respectively, for the prior year's quarter.
On November 17, 2014, the Company announced that it had entered into a definitive agreement pursuant to which BNC Bancorp (“BNC”) will acquire all of the Company’s common stock in a stock transaction valued at approximately $101.3 million, based on the closing price of BNC common stock on November 14, 2014. The transaction is subject to regulatory and shareholder approvals with expected closing on or around July 1, 2015.
In comparison to the linked quarter, net income available to common shareholders increased $392,000 or 26% while diluted earnings per share increased $0.08 or 26%. Absent the merger related expenses, securities gains and other nonrecurring items, net income available to common shareholders would have increased $83,000 or 5% as compared to the fourth quarter 2014. The following table is a comparison to prior periods after excluding merger related transaction costs, securities gains and other nonrecurring items recorded in the periods:
The following information was filed by Valley Financial Corp (VYFC) on Friday, April 24, 2015 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.