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Valley Financial Corporation
FOR RELEASE 4:00 p.m. February 2, 2009
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 ANNOUNCES 2008 EARNINGS OF $1.7 MILLION AND FOURTH QUARTER
NET LOAN GROWTH OF $39 MILLION
ROANOKE, VIRGINIA. February 2, 2009 -- Roanoke-based Valley Financial Corporation (NASDAQ Capital Market-VYFC) announced today its consolidated financial results for the year ended December 31, 2008.
For the year ended December 31, 2008, Valley Financial reported net income of $1,676,000 compared with $2,928,000 for the same twelve months of 2007, a 43% decrease. Valley Financials earnings for the year produced an annualized return on average total assets of 0.27% and an annualized return on average shareholders equity of 3.87%, compared to prior year ratios of 0.50% and 8.03%, respectively. Diluted earnings per share were down 49% from $0.68 in 2007 to $0.35 in 2008. Diluted earnings per share are calculated using net income available to common shareholders of $1,632,000 for the year ended December 31, 2008. The Companys earnings for 2008 were adversely affected by specific and general reserves taken in response to the unprecedented turbulence in the financial markets and economy that continue to impact asset quality. The Companys loan loss provision was $3,323,000 for the year ended December 31, 2008, as compared to $1,250,000 for the same period last year.
The following information was filed by Valley Financial Corp (VYFC) on Wednesday, February 4, 2009 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.
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