-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DiXI9SQrP+H5je5HePZuUx4fFz2lRA4dSh3onxjqgM0uw+tYSYFH95gZkmM7WUQP qyqWdo1RAmBNueTSqrn5zg== 0000916641-99-000446.txt : 19990518 0000916641-99-000446.hdr.sgml : 19990518 ACCESSION NUMBER: 0000916641-99-000446 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VIRGINIA FINANCIAL CORP CENTRAL INDEX KEY: 0001036070 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 541829288 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22283 FILM NUMBER: 99625488 BUSINESS ADDRESS: STREET 1: 24 SOUTH AUGUSTA ST CITY: STAUNTON STATE: VA ZIP: 24401 BUSINESS PHONE: 5408851232 MAIL ADDRESS: STREET 1: 24 SOUTH AUGUSTA ST CITY: STAUNTON STATE: VA ZIP: 24401 10-Q 1 VIRGINIA FINANCIAL CORPORATION ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1999 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 000-22283 VIRGINIA FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Virginia 54-1829288 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 24 South Augusta Street, Staunton, Virginia 24401 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (540) 885-1232 NONE (Former name, former address and former fiscal year, if changed since last report.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Indicate the number of shares of each of the issuer's classes of common stock, as of the latest practicable date: Class: Common Stock, $5.00 par value Outstanding as of May 13, 1999: 4,000,000 ================================================================================ VIRGINIA FINANCIAL CORPORATION INDEX Page No. Part I. Financial Information Item 1. Financial Statements Consolidated Statement of Income 3 Consolidated Balance Sheet 4 Consolidated Statements of Cash Flows 5 Consolidated Statements of Changes in Stockholders' Equity 7 Notes to Consolidated Financial Statements 8 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition 10 Item 3. Quantitative and Qualitative Disclosure about Market Risk 10 Part II. Other Information Item 1. Legal Proceedings 12 Item 4. Submission of Matters to a Vote of Security Holders 12 Item 6. Exhibits and Reports on Form 8-K 12 Signature 12 Part 1 Item 1. VIRGINIA FINANCIAL CORPORATION CONSOLIDATED STATEMENT OF INCOME (IN THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED MARCH 31 MARCH 31 1999 1998 ------------------- --------------------- Interest Income: Interest and Fee Income on Loans: Secured by Real Estate $ 3,994 $ 4,167 To Finance Agriculture & Farmers 68 70 Commercial & Industrial 872 877 Individuals for Household & Personal 863 919 Obligations of State & Political Tax-Exempt 1 3 Other 1 0 Interest and Dividend Income on Securities: U.S. Treas & U.S. Gov't Agencies 1,321 1,347 State & Political-Taxable 50 37 State & Political-Tax Exempt 305 169 Other Domestic Debt Securities 5 0 Equity Securities 101 0 Interest on Federal Funds Sold 41 61 ----------- ----------- Total Interest Income 7,622 7,650 ----------- ----------- Interest Expense: Interest on Deposits: NOW Accounts 282 285 Money Market Accounts 470 564 Other Savings Deposits 270 253 CD's of 100M or More 325 319 All Other Time Deposits 1,923 1,974 Interest on Fed Funds Purch'd & Repurchase Agreements 129 82 ----------- ----------- Total Interest Expense 3,399 3,477 ----------- ----------- Net Interest Income 4,223 4,173 Provision for Loan Losses 149 238 ----------- ----------- Net Interest Income after Provision for Loan Losses 4,074 3,935 ----------- ----------- Noninterest Income: Trust Department Income 388 310 Service Charges on Deposit Accts. 300 217 Other Fee Income 550 375 All Other Non-Interest Income 30 25 ----------- ----------- Total Noninterest Income 1,268 927 ----------- ----------- Noninterest Expense: Salaries & Employee Benefits 1,625 1,437 Expense of Premise & Fixed Assets 349 295 Other Non-Interest Expense 938 732 ----------- ----------- Total Non-Interest Expense 2,912 2,464 ----------- ----------- Income Before Income Taxes 2,430 2,398 Provision for Income Taxes 741 766 ----------- ----------- Net Income $ 1,689 $ 1,632 =========== =========== Per Share Data Net Income, basic and diluted $ 0.42 $ 0.41 Cash Dividends $ 0.16 $ 0.15
The accompanying notes are an integral part of these statements 3 VIRGINIA FINANCIAL CORPORATION CONSOLIDATED BALANCE SHEET (IN THOUSANDS OF DOLLARS)
MARCH 31 DECEMBER 31 1999 1998 ----------- ----------- ASSETS Cash & Due from Banks $ 15,349 $ 17,557 Federal Funds Sold 7,425 0 Securities - U.S. Government 10,188 11,254 U.S. Agencies 75,377 80,836 Municipal Bonds 31,616 29,829 Equity Securities 7,252 7,873 Corporate Securities 982 500 ----------- ----------- Total Securities 125,415 130,292 Loans Secured by Real Estate 193,563 194,383 To Finance Agriculture & Farmers 2,495 2,598 Commercial & Industrial 36,607 37,693 Individuals for Household & Personal 41,407 43,527 Obligations of State & Political Tax Exempt 112 164 Other Loans 1,112 204 ----------- ----------- Total Loans 275,296 278,569 Less Reserve for Loan Losses (3,190) (3,212) ----------- ----------- Net Loans 272,106 275,357 Bank Premises and Equipment 5,930 5,782 Deposit Intangibles 237 243 Other Assets 5,210 4,909 ----------- ----------- Total Assets $ 431,672 $ 434,140 =========== =========== LIABILITIES AND CAPITAL Deposits Demand $ 59,970 $ 62,608 NOW Accounts 46,351 45,938 Money Market Checking 56,751 53,393 Savings 37,353 37,226 Time Deposits 173,440 171,267 ----------- ----------- Total Deposits 373,865 370,432 Securities Sold Under Agmt. to Repurchase 9,400 7,695 Federal Funds Purchased 0 9,475 Other Liabilities 2,217 1,074 Stockholders' Equity Common Stock 20,000 20,000 Surplus 13,554 13,554 Undivided Profits 12,483 11,434 Accumulated Other Comprehensive Income 153 476 ----------- ----------- Total Stockholder's Equity 46,190 45,464 ----------- ----------- Total Liabilities and Stockholders' Equity $ 431,672 $ 434,140 =========== ===========
The accompanying notes are an integral part of these statements 4 VIRGINIA FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS OF DOLLARS)
THREE MONTHS ENDED MARCH 31 MARCH 31 1999 1998 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES Interest received $ 7,469 $ 7,731 Fees and other non-interest income 1,262 914 Interest paid (3,179) (3,383) Cash paid to suppliers and employees (1,907) (2,068) Income taxes paid (623) (59) ----------- ----------- Net cash provided by operating activities $ 3,022 $ 3,135 ----------- ----------- Cash flows from investing activities Maturities of securities 10,019 15,580 Proceeds from sales of securities 5,946 0 Purchases of securities- (11,541) (9,636) Net (increase) decrease in loans 3,102 (2,197) Proceeds from sale of equipment 0 0 Capital expenditures (321) (75) Net (increase) decrease in other assets 10 (22) Improvements of other real estate (162) 0 Proceeds from sale of other real estate 120 0 ----------- ----------- Net cash provided by investing activities $ 7,173 $ 3,650 ----------- ----------- Cash flows from financing activities Net increase in certificates of deposit 2,173 10,513 Net increase in demand & savings deposits 1,259 467 Net decrease in federal funds purchased (9,475) (4,550) Net increase in securities sold under repurchase agreements 1,705 231 Dividends paid (640) (600) ----------- ----------- Net cash provided by (used in) financing activities $ (4,978) $ 6,061 ----------- ----------- Net increase in cash and cash equivalents 5,217 12,846 Cash and cash equivalents at beginning of year 17,557 14,684 ----------- ----------- Cash and cash equivalents at end of year $ 22,774 $ 27,530 =========== ===========
5 VIRGINIA FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (IN THOUSANDS OF DOLLARS)
THREE MONTHS ENDED MARCH 31 MARCH 31 1999 1998 ----------- ----------- Reconciliation of net income to net cash provided by operating activities Net income $ 1,689 $ 1,632 ----------- ----------- Adjustments to reconcile net income to net cash provided by operating activities Depreciation 173 134 Provision for loan losses 149 238 Loss (gain) on sale of assets 1 0 Provision for deferred taxes 0 0 Realized Gains on available for sale securities 0 0 Increase in taxes payable 42 707 (Increase) decrease in interest receivable (108) 85 Increase in interest payable 220 95 Increase in prepaid expenses (22) (98) Increase in accrued expenses 893 331 Amortization and accretion (15) 30 Increase (decrease) in deferred income 6 (6) Increase in fees receivable (6) (13) ----------- ----------- Total Adjustments $ 1,333 $ 1,503 ----------- ----------- Net cash provided by operating activities $ 3,022 $ 3,135 =========== =========== Supplemental schedule of non-cash investing activities: Other real estate acquired in settlement of loans 162 0 Unrealized gain/loss available for sale securities (489) 20
The accompanying notes are an integral part of these statements 6 VIRGINIA FINANCIAL CORPORATION CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY THREE MONTHS ENDED MARCH 31, 1998 AND 1999 (IN THOUSANDS OF DOLLARS)
Accumulated Other Common Caital Retained Comprehensive Comprehensive Stock Surplus Earnings Income Income Total ---------- ---------- ---------- ---------- ---------- ---------- Balances, December 31, 1997 20,000 13,554 7,626 156 41,336 Comprehensive income: Net income 1,632 1,632 1,632 Other comprehensive income net of tax: Unrealized holding gains arising during the period (net of tax, $6,735) 13 ---------- Other comprehensive income (net of tax, $6,735) 13 13 13 ---------- Total comprehensive income 1,645 ========== Cash dividends ($0.15 per share) (600) (600) ---------- ---------- ---------- ---------- ---------- Balances, March 31, 1998 $ 20,000 $ 13,554 $ 8,658 $ 169 $ 42,381 ========== ========== ========== ========== ==========
Accumulated Other Common Caital Retained Comprehensive Comprehensive Stock Surplus Earnings Income Income Total ---------- ---------- ---------- ---------- ---------- ---------- Balances, December 31, 1998 20,000 13,554 11,434 476 45,464 Comprehensive income: Net income 1,689 1,689 1,689 Other comprehensive income net of tax: Unrealized holding (losses) arising during the period (net of tax, $166,356) (323) ---------- Other comprehensive income (net of tax, $166,356) (323) (323) (323) ---------- Total comprehensive income 1,366 ========== Cash dividends ($0.16 per share) (640) (640) ---------- ---------- ---------- ---------- Balances, March 31, 1999 $ 20,000 $ 13,554 $ 12,483 $ 153 $ 46,190 ========== ========== ========== ========== ==========
The accompanying notes are an integral part of these statements 7 VIRGINIA FINANCIAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1. Interim Financial Statements The accompanying financial statements of Virginia Financial Corporation and its Subsidiary have not been audited by independent accountants except for the balance sheet at December 31, 1998. In the opinion of the company's management, the financial statements reflect all adjustments necessary to present fairly the results of operations for the three month periods ended March 31, 1999 and 1998, the company's financial position at March 31, 1999 and December 31, 1998, and cash flows for the three month periods ended March 31, 1999 and 1998. These adjustments are of a normal recurring nature. On November 14, 1996, the shareholders approved an Agreement and Plan of Reorganization and related Plan of Share Exchange, relating to the adoption of a bank holding company, Virginia Financial Corporation (herein after referred to as "the Company"), which serves as the holding company of the Bank. This transaction was consumated on January 2, 1997. Note 2. Securities as of March 31, 1999 and December 31, 1998 are summarized below.
(000 Omitted) March 31, 1999 December 31, 1998 Unrealized Unrealized Book Market Gain (Loss) Book Market Gain (Loss) ---- ------ ----------- ---- ----- ---------- Securities Available for Sale U.S. Treasury Securities $ 9,146 $ 9,216 $ 70 $ 11,139 $ 11,254 $ 115 U.S. Agency Securities 43,163 43,307 144 48,163 48,646 483 Obligations of State and Political Subdivisions 12,194 12,224 30 9,910 10,031 121 Other Securities 7,759 7,747 (12) 8,371 8,373 2 ----------- ----------- ----------- ---------- ---------- ------------ Total Securities Available for Sale $ 72,262 $ 72,494 $ 232 $ 77,583 $ 78,304 $ 721 =========== =========== =========== ========== ========== ============ Securities Held to Maturity U.S. Treasury Securities $ 972 $ 976 $ 4 $ 0 $ 0 $ 0 U.S. Agency Securities 32,070 31,828 (242) 32,190 32,131 (59) Obligations of State and Political Subdivisions 19,392 19,666 274 19,798 20,180 382 Other Securities 487 487 0 0 0 0 ----------- ----------- ----------- ---------- ---------- ------------ Total Securities Held to Maturity $ 52,921 $ 52,957 $ 36 $ 51,988 $ 52,311 $ 323 =========== =========== =========== ========== ========== ============
8 VIRGINIA FINANCIAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (IN THOUSANDS OF DOLLARS) Note 3. The consolidated loan portfolio, stated at face amount, is composed of the following:
March 31, 1999 December 31, 1998 -------------- ----------------- Real Estate Loans: Construction and Land Development $ 5,542 $ 20,065 Secured by Farm Land 3,922 1,284 Secured by 1-4 Family residential 115,367 113,477 Other Real Estate Loans 68,920 59,752 Loans to Farmers (Except Those Secured by Real Estate) 2,495 2,598 Commercial and Industrial Loans (Except Those Secured by Real Estate) 36,607 37,693 Loans to Individuals for Personal Expenditures 41,545 43,676 All Other Loans 1,224 368 ------------ ------------ Total Loans 275,622 278,913 Less Unearned Income Reflected in Loans 326 344 ------------ ------------ Loans, Net of Unearned Income $ 275,296 $ 278,569 ============ ============
The Bank had loans in a Nonaccrual category of $1,973 on December 31, 1998 and $1,784 on March 31, 1999 Note 4. Allowance for Loan Losses Analysis of the Allowance for Loan Losses
For the Three Months Ended March 31, 1999 March 31, 1998 -------------- -------------- Balance at Beginning of Period 3,212 3,753 Charge-Offs (191) (176) Recoveries 20 12 ------------ ------------ Net Charge-Offs (171) (164) Provision for Loan Losses 149 238 ------------ ------------ Balance at End of Period $ 3,190 $ 3,827 ============ ============
Note 5. New Accounting Pronouncements In June 1998, The Financial Accounting Standards Board issued Statement No. 133, 'Accounting for Derivative Instruments and Hedging Activities." The Statement establishes accounting and reporting standards for derivative financial instruments and other similar financial instruments and for hedging activities. The Statement also allows securities classified as held-to-maturity to be transferred to the available-for-sale category at the date of initial application of this standard. Statement No 133 is effective for all fiscal years beginning after June 15, 1999. Management is currently reviewing this statement to determine the impact, if any, it will have since the Company does not currently employ such derivative instruments and does not intend to do so in the future. The effects of these Statements on the company's consolidated financial statements are not expected to be material. 9 Part 1 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations Net income for the first quarter of 1999 was $1,689,000 compared to $1,632,000 for the first quarter of 1998. This represents an increase of $57,000 or 3.49%. Interest income decreased $28,000 and Total Earning Assets decreased $725,000, and the yield on average earning assets decreased from 8.10% to 7.73% comparing the first quarter of 1999 to the first quarter 1998. Interest-bearing liabilities decreased by $1,699,000 and interest expense decreased $78,000 comparing the two quarters. The interest spread decreased from 3.58% to 3.41% comparing the first quarter of 1999 and 1998. Non-interest income increased $341,000 the first quarter of 1999 compared to 1998. This increase was due to increases in fee income and fiduciary income. Non-interest expense increased the first quarter of 1999 compared to the first quarter of 1998 by $448,000. This increase was due to increases in salaries and employee benefits and other non-interest operating expenses. Financial Condition Total assets decreased $2,468,000 the first quarter of 1999 compared to an increase of $8,832,000 the first quarter of 1998. Deposit growth was $3,433,000 the first quarter of 1999 and $10,980,000 the first quarter of 1998. The deposit growth in 1999 was in Money Market Checking and Time Deposits, while in 1998 it was primarily in Time Deposits. The investment portfolio was reduced by $4,877,000 the first quarter of 1999 and reduced by $5,927,000 the first quarter of 1998. The reduction in the investment portfolio along with a decrease in Cash & Due From Banks of $2,208,000 in 1999 were used to increase Federal Funds sold by $7,425,000. During the first quarter of 1998 the deposit growth and the reduction of the investment portfolio was used to fund loan growth of $1,959,000, Federal Funds sold by $12,050,000 and the reduction of Federal Funds purchased by $4,550,000. Future Operations The Bank opened, effective April 23, 1999, an office at 100 Lucy Lane, Waynesboro, Virginia, providing another full service bank to the Waynesboro area. The Bank has also been continuing its construction of a 4,000 square foot branch located at 1197 North Lee Highway, Lexington, Virginia. The anticipated opening date of this branch is July 30, 1999. The expansion in Waynesboro, Virginia will provide Planters Bank with relief from the overflow of the present office at Poplar and Ohio Street plus serve the southern portion of the city. The expansion in Lexington, Virginia will provide the Bank with a presence in that market area. Year 2000 In 1997, the Corporation initiated a review and assessment of all data processing systems, hardware and software to confirm that it will function properly in the Year 2000. Based on this assessment, the Corporation's data processing systems, hardware and banking software are currently Year 2000 compliant. However, testing is required to confirm this. Testing began in the second quarter of 1998 and will continue through the second quarter of 1999. For certain other systems, the Corporation has replaced or modified, or will replace or modify, certain pieces of hardware and/or software so that the systems will properly function in the Year 2000. For systems on which the Corporation relies on third party vendors, these vendors have been contacted and have indicated that the hardware and/or software will be Year 2000 compliant. The Corporation has also initiated formal communications with all significant loan customers to determine the extent to which the Corporation is vulnerable to those third parties' failures to remedy their own Year 2000 issues. The Corporation believes that exposure to customers who are not Year 2000 compliant is minimal The Corporation plans to complete the majority of the Year 2000 project by June 30, 1999. To date, the Corporation has expensed $22,776 related to the assessment of, and efforts in connection with, the Year 2000 issue. Remaining expenditures are not expected to have material effects on the Corporation's consolidated statements. Part 1 Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK There have been no material changes in information reported as of December 31, 1998, in Form 10-K. 10
VIRGINIA FINANCIAL CORPORATION AVERAGE BALANCES, INCOME AND EXPENSE, YIELDS AND RATES (000 Omitted) Three Months Ended March 31 1999 1998 Average Income/ Yield/ Average Income/ Yield/ ASSETS Balance Expense Rate Balance Expense Rate ----------- --------- ---------- ----------- --------- -------- Securities: Taxable $ 99,110 $ 1,477 5.96% $ 92,863 $ 1,384 5.96% Tax-exempt (1) 27,782 462 6.65% 15,405 256 6.65% ----------- --------- ---------- ----------- --------- -------- Total Securities $ 126,892 $ 1,939 6.11% $ 108,268 $ 1,640 6.06% Loans (net of earned income): Taxable 271,977 5,798 8.53% 269,208 6,034 8.97% Tax-Exempt (1) 131 2 6.11% 339 5 5.90% ----------- --------- ---------- ----------- --------- -------- Total Loans 272,108 5,800 8.53% 269,547 6,039 8.96% Fed Funds Sold and Repurchase Agreemen s 3,486 41 4.70% 4,446 60 5.40% ----------- --------- ---------- ----------- --------- -------- Total Earning Assets 402,486 7,780 7.73% 382,261 7,739 8.10% Less Allowance for Loan Losses (3,250) (3,827) Total Nonearning Assets 29,409 26,241 ----------- ----------- Total Assets $ 428,645 $ 404,675 =========== =========== LIABILITIES AND SHAREHOLDER EQUITY Interest bearing deposits: NOW Accounts $ 45,326 $ 282 2.49% $ 41,558 $ 285 2.74% Money Market Savings 55,340 470 3.40% 58,263 564 3.81% Regular Savings 36,821 270 2.93% 34,534 253 2.93% Certificates of Deposit: Less than $100,000 146,562 1,923 5.25% 146,573 1,974 5.39% $100,000 and More 25,827 325 5.03% 20,829 319 6.13% ----------- --------- ---------- ----------- --------- -------- Total Interest Bearing Deposits 309,876 3,270 4.22% 301,757 3,395 4.50% Fed Funds Purchased 2,435 23 3.78% 568 8 5.63% Short Term Borrowings 9,506 106 4.46% 5,613 74 5.27% ----------- --------- ---------- ----------- --------- -------- Total Interest Bearing Liabilities 321,817 3,399 4.32% 307,938 3,477 4.52% Noninterest Bearing Liabilities Demand Deposits 58,764 52,572 Other Liabilities 2,089 2,048 ----------- ----------- Total Liabilities 382,670 362,558 Stockholders' Equity 45,975 42,117 ----------- ----------- Total Liabilities and Stockholders' Equity $ 428,645 $ 404,675 Net Interest Income 4,381 4,262 Interest Rate Spread 3.41% 3.58% Interest Expense as a Percent of Average Earning Assets 3.38% 3.64% Net Interest Margin 4.35% 4.46%
(1) Income and yields are reported on a taxable-equivalent basis assuming a federal tax rate of 34% in 1998 and 1999 11 VIRGINIA FINANCIAL CORPORATION PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS As of March 31, 1999 neither the corporation nor the bank was a party to any legal proceedings. ITEM 2. NOT APPLICABLE ITEM 3. NOT APPLICABLE ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS There were no matters submitted to a vote of security holders during the Quarter ended March 31, 1999. ITEM 5. NOT APPLICABLE ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K No reports on Form 8-K were filed during the Quarter ended March 31, 1999. Exhibit 27 See attached. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Virginia Financial Corporation (Registrant) Date May 17, 1999 /s/ Fred D. Bowers - -------------------------- --------------------------------------- Fred D. Bowers, Secretary/Treasurer (Principal Accounting Officer and Duly Authorized Officer) EX-27 2 EXHIBIT 27
9 3-MOS DEC-31-1999 JAN-01-1999 MAR-31-1999 15,349 0 7,425 0 72,494 52,921 52,957 275,296 3,190 431,672 373,865 9,400 2,217 0 0 0 20,000 26,190 431,672 5,799 1,782 41 7,622 3,270 3,399 4,223 149 0 2,912 2,430 2,430 0 0 1,689 0.42 0.42 4.35 1,784 271 0 0 3,212 191 20 3,190 3,190 0 0
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