Friday, August 06, 2010
Valley Bank posts $1.26 million profit for second quarter
Valley Financial Corp., the Roanoke-based holding company of Valley Bank, posted a profit for the second quarter after reporting a loss for the same period a year ago.
The corporation reported a profit of $1.26 million for the quarter ended March 31, compared with a loss of $4.43 million for the same period in 2009. After dividends on preferred stock, the bank reported $1 million in net income available to common shareholders, or 22 cents diluted earnings per share, compared with a loss of $1 per share a year earlier.
President and CEO Ellis Gutshall said in a statement that the bank is focused on positioning itself to take advantage of loan and other growth opportunities as the economy recovers.
Total assets rose 10 percent for the quarter to $762.4 million, from $694.7 million. Deposits also increased 15 percent to $609.3 million from a year ago. Total loans slid to $541.5 million from $588 million.
Gutshall said loan demand was soft because of the economy.
"We are focused on increasing our loan growth for the second half of 2010, provided the economic environment improves and loan demand strengthens accordingly," he said.
The financial results were released Thursday after the market closed.
The corporation reported a profit of $1.26 million for the quarter ended March 31, compared with a loss of $4.43 million for the same period in 2009. After dividends on preferred stock, the bank reported $1 million in net income available to common shareholders, or 22 cents diluted earnings per share, compared with a loss of $1 per share a year earlier.
President and CEO Ellis Gutshall said in a statement that the bank is focused on positioning itself to take advantage of loan and other growth opportunities as the economy recovers.
Total assets rose 10 percent for the quarter to $762.4 million, from $694.7 million. Deposits also increased 15 percent to $609.3 million from a year ago. Total loans slid to $541.5 million from $588 million.
Gutshall said loan demand was soft because of the economy.
"We are focused on increasing our loan growth for the second half of 2010, provided the economic environment improves and loan demand strengthens accordingly," he said.
The financial results were released Thursday after the market closed.
