ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Saturday, January 25, 1997 TAG: 9701270090
SECTION: BUSINESS PAGE: A-5 EDITION: METRO
SOURCE: MAG POFF
Valley Financial Corp. on Friday reported its first profit since opening the Roanoke-based community bank in May 1995.
In the fourth quarter of 1996, the parent of Valley Bank earned operating profit of $3,831, equal to 0.004 of a cent per share of common stock. That compares with a loss of $257,974, equal to 27 cents a share, for the final quarter of 1995.
For all of 1996, the company had a loss of $713,828, equal to 74 cents a share, an improvement from its 1995 loss of $738,746, or 90 cents a share.
President Ellis Gutshall said the 1996 operating loss was expected. "All new banks lose money in the early years," he said, noting that the bank had reached a profit nearly nine months ahead of management's original projections,
"Reaching this milestone so quickly reflects the outstanding growth of the bank since it opened," he said, "and represents excellent performance. We continue to be well ahead of our originally projected results."
At the end of last year, he said, Valley Bank's assets were $51.7 million, up 113 percent from to the end of 1995. The bank had deposits of $43.6 million, up 171 percent, and loans of $33.5 million, up 142 percent. The size of the three-branch bank more than doubled during the year, he said, showing that Roanoke residents support a locally owned bank.
LENGTH: Short : 33 linesby CNB