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As of 8:10 PM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

valley financial corp (VYFC) Key Developments

Valley Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Impairment Charge for the Fourth Quarter of 2014

Valley Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net income to common shareholders was $1,534,000 or $0.31 per diluted share as compared to $1,243,000 or $0.25 per diluted share during the same period last year, increases of 23% and 24%, respectively. The fourth quarter earnings produced an annualized return on average earning assets of 0.70% and an annualized return on average shareholder's equity of 10.24% as compared to 0.63% and 9.15% respectively for the same quarter of the prior year. Absent the merger related expenses, net income available to common shareholders would have been $1,824,000 and $0.37 per diluted share, increases of 47% and 48%, respectively. The company's ROA and ROE would have been 0.83% and 12.17%, respectively. Total interest income was $8,110,000 compared to $8,007,000 for the same period a year ago. Net interest income was $6,987,000 compared to $6,873,000 for the same period a year ago. Net interest income after provision for loan losses was $7,032,000 compared to $7,071,000 for the same period a year ago. Income before income taxes was $2,139,000 compared to $1,835,000 for the same period a year ago. For the full year, the company reported absent the merger related expenses, net income available to common shareholders would have been $6,889,000 and $1.41 per diluted share, increases of 11% and 12%, respectively, in comparison to 2013. The company's ROA and ROE would have been 0.80% and 12.04%. Total interest income was $32,317,000 compared to $31,351,000 for the same period a year ago. Net interest income was $27,856,000 compared to $27,055,000 for the same period a year ago. Net interest income after provision for loan losses was $26,487,000 compared to $27,520,000 for the same period a year ago. Income before income taxes was $9,284,000 compared to $9,718,000 for the same period a year ago. Net income available to common shareholders of $6,599,000 and $1.35 per diluted share as compared to $6,201,000 and $1.26 during 2013, increases of 6% and 7% respectively. Return on average total assets was 0.77% and return on average shareholder's equity was 11.54% as compared to 0.86% and 11.06%, respectively, for 2013. Tangible book value per common share improved 19% from $10.22 as of December 31, 2013 to $12.21 as of December 31, 2014. For the fourth quarter of 2014, the company reported impairment charges totaling $186,000 on three properties based upon updated appraisals.

Valley Financial Corporation Declares Quarterly Cash Dividend, Payable on March 2, 2015

Valley Financial Corporation announced that its Board of Directors declared a quarterly cash dividend of $0.04 per share, payable on March 2, 2015 to its common shareholders of record on February 13, 2015. If the merger with BNC occurs as anticipated in the third quarter of 2015, this will be the last cash dividend declared to Valley Financial common shareholders.

Valley Financial Corporation Declares Quarterly Cash Dividend, Payable on December 1, 2014; Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Valley Financial Corporation announced that its Board of Directors declared a quarterly cash dividend of $0.04 per share, payable on December 1, 2014 to its common shareholders of record on November 14, 2014. The amount and declaration of future cash dividends are subject to Board of Director's approval. The company reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net income available to common shareholders of $1,805,000 or $0.37 per diluted share on total interest income of $8,084,000 compared to net income available to common shareholders of $1,762,000 or $0.36 per diluted share on total interest income of $7,833,000 a year ago. Net interest income was $6,961,000 compared to $6,849,000 a year ago. Income before income taxes was $2,528,000 compared to $2,685,000 a year ago. Return on average assets was 0.83% and return on average shareholders equity was 12.27% compared to return on average assets of 0.96% and return on average shareholders equity of 11.99% a year ago. For the nine months, the company reported net income available to common shareholders of $5,065,000 or $1.04 per diluted share on total interest income of $24,207,000 compared to net income available to common shareholders of $4,958,000 or $1.01 per diluted share on total interest income of $23,344,000 a year ago. Net interest income was $20,869,000 compared to $20,182,000 a year ago. Income before income taxes was $7,145,000 compared to $7,883,000 a year ago. Tangible book value was $11.85 per share as on September 30, 2014 compared to $10.59 per share as on September 30, 2013. Return on average assets was 0.79% and return on average shareholders equity was 12.00% compared to return on average assets of 0.94% and return on average shareholders equity of 11.63% a year ago.

Valley Financial Corporation to Report Q3, 2014 Results on Oct 31, 2014

Valley Financial Corporation announced that they will report Q3, 2014 results at 11:00 AM, US Eastern Standard Time on Oct 31, 2014

Valley Financial Corporation, Q3 2014 Earnings Call, Oct 31, 2014

Valley Financial Corporation, Q3 2014 Earnings Call, Oct 31, 2014

 

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Price/Earnings 14.6x
Price/Sales 3.0x
Price/Book 1.6x
Price/Cash Flow 14.7x
TEV/Sales NM Not Meaningful
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