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FOR RELEASE 5:00 p.m. January 31, 2006
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, Senior Vice President and Chief Financial Officer
VALLEY FINANCIAL CORPORATION POSTS RECORD EARNINGS FOR NINTH
CONSECUTIVE YEAR AND RECORD ASSET GROWTH;
FOURTH QUARTER EARNINGS UP 31% OVER PRIOR YEAR
ROANOKE, VIRGINIA. January 31, 2006 Roanoke-based Valley Financial Corporation (OTC -VYFC) announced today its consolidated financial results for 2005, including the highest yearly net income in its history and record annual asset growth exceeding $125 Million.
Net income for 2005 was $3,392,000 compared with $2,824,000 for 2004, an increase of 20%. Diluted earnings per share were $0.80 in 2005 compared to $0.70 for 2004, a 14% increase. Earnings per share growth would have been in step with net earnings growth except for the 133,098 additional shares issued during the second quarter of 2004 due to the exercise of certain stock options by officers of the Company and 275,000 additional shares issued during the fourth quarter of 2004 due to a private placement transaction. The Companys return on average total assets was 0.79% for 2005 and its return on average shareholders equity was 11.12%, compared with 0.82% and 12.00%, respectively, for 2004.
At December 31, 2005 Valley Financials total assets were $498,950,000, total deposits were $365,316,000, total loans stood at $414,377,000 and total shareholders equity was $30,715,000. Compared with December 31, 2004, the Company experienced increases of $125,007,000 or 33% in total assets, $85,983,000 or 31% in total deposits, $131,601,000 or 47% in total loans and $2,399,000 or 8% in stockholders equity over the prior twelve-month period.
The following information was filed by Valley Financial Corp (VYFC) on Wednesday, February 1, 2006 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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