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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
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.
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