Last10K.com

Valley Financial Corp (VYFC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

Valley Financial Corp

CIK: 921590 Ticker: VYFC

EXHIBIT 99

FOR RELEASE 4:00 p.m. February 1, 2008

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

(540) 342-2265

VALLEY FINANCIAL CORPORATION ANNOUNCES

INCREASE IN EARNINGS FOR 4TH QUARTER AND FOR THE YEAR

ROANOKE, VIRGINIA. February 1, 2008 — Roanoke-based Valley Financial Corporation (NASDAQ Capital Market-VYFC) announced today its consolidated financial results for 2007 and reported that the Company has successfully resolved all three of its previously disclosed problem loan assets subsequent to the end of the year.

For the three months ended December 31, 2007, Valley Financial reported net income of $925,000 compared with $156,000 for the same three months of 2006, a 493% increase. Diluted earnings per share increased to $0.20 for the quarter ended December 31, 2007, in comparison to $0.04 for the same quarter last year, a 400% increase. Earnings per share growth for the fourth quarter would have been in step with earnings growth except for the additional 409,884 shares issued as a result of the private placement offering completed in September and October of 2007. Return on average total assets was 0.62% for the quarter and return on average shareholders’ equity was 9.06% compared with 0.12% and 1.92% respectively, for the same period in 2006. The provision for loan losses was ($74,000) for the quarter ended December 31, 2007, as compared to $1,703,000 for the same period of 2006.

Ellis L. Gutshall, President and Chief Executive Officer of Valley Financial, stated “Due to the successful resolution of all three of our large problem loan relationships, we were able to reduce the specific reserves previously set aside for these credits by over $500,000, which was the contributing factor to the negative loan loss provision in the fourth quarter of 2007. Additionally, we took active and prudent steps by charging off $423,000 in problem loan assets during the fourth quarter. We believe these events, combined with the $4.2 Million equity capital raised in the private placement offering in the fall of last year, will


The following information was filed by Valley Financial Corp (VYFC) on Monday, February 4, 2008 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.

View differences made from one year to another to evaluate Valley Financial Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Valley Financial Corp.

Continue

Assess how Valley Financial Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Valley Financial Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2008 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools
Ticker: VYFC
CIK: 921590
Form Type: 10-K Annual Report
Accession Number: 0001193125-08-061486
Submitted to the SEC: Thu Mar 20 2008 9:55:42 AM EST
Accepted by the SEC: Thu Mar 20 2008
Period: Monday, December 31, 2007
Industry: Savings Institution Federally Chartered

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/vyfc/0001193125-08-061486.htm