-----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, O6buqyMq6ZUKtoeLs8DQr6vUwun5KjTJYVKVzlwrccNwkF3tC872VcvNh1OCc5lE pZHorJefey3SG7v0NCgvsw== 0000916641-00-000645.txt : 20000515 0000916641-00-000645.hdr.sgml : 20000515 ACCESSION NUMBER: 0000916641-00-000645 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000512 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: 627647 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 FORM 10-Q ================================================================================ 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, 2000 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 3, 2000: 3,981,008 =============================================================================== 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 2000 1999 ------------------- --------------------- Interest Income: Interest and Fee Income on Loans: Secured by Real Estate $4,594 $3,994 To Finance Agriculture & Farmers 62 68 Commercial & Industrial 922 872 Individuals for Household & Personal 771 863 Obligations of State & Political Tax-Exempt 1 1 Other 0 1 Interest and Dividend Income on Securities: U.S. Treas & U.S. Gov't Agencies 1,346 1,321 State & Political-Taxable 94 50 State & Political-Tax Exempt 448 305 Other Domestic Debt Securities 11 5 Equity Securities 54 101 Interest on Earning Deposits Due From Banks 29 0 Interest on Federal Funds Sold 8 41 ----------- ----------- Total Interest Income 8,340 7,622 ----------- ----------- Interest Expense: Interest on Deposits: NOW Accounts 300 282 Money Market Accounts 485 470 Other Savings Deposits 306 270 CD's of 100M or More 322 325 All Other Time Deposits 2,039 1,923 Interest on Fed Funds Purch'd & Repurchase Agreements 177 129 Interest on Other Borrowed Money 159 0 ----------- ----------- Total Interest Expense 3,788 3,399 ----------- ----------- Net Interest Income 4,552 4,223 Provision for Loan Losses 209 149 ----------- ----------- Net Interest Income after Provision for Loan Losses 4,343 4,074 ----------- ----------- Noninterest Income: Trust Department Income 448 388 Service Charges on Deposit Accts. 371 300 Other Fee Income 366 550 All Other Non-Interest Income 54 30 ----------- ----------- Total Noninterest Income 1,239 1,268 ----------- ----------- Noninterest Expense: Salaries & Employee Benefits 1,787 1,625 Expense of Premise & Fixed Assets 470 349 Other Non-Interest Expense 1,098 938 ----------- ----------- Total Non-Interest Expense 3,355 2,912 ----------- ----------- Income Before Income Taxes 2,227 2,430 Provision for Income Taxes 625 741 ----------- ----------- Net Income $ 1,602 $ 1,689 =========== =========== Per Share Data Net Income, basic and diluted $ 0.40 $ 0.42 Cash Dividends $ 0.17 $ 0.16
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 2000 1999 ----------- ----------- ASSETS Cash & Due from Banks $ 15,115 $ 24,918 Interest Earning Deposits Due From Banks 71 3,241 Federal Funds Sold 7,100 0 Securities (fair value: 2000, $133,442; 1999, $135,434) 135,237 137,203 Loans held for resale 1,160 1,017 Loans, net of allowance for loan losses, 2000, $3,601; 1999, $3,470 301,568 290,496 Bank Premises and Equipment 7,446 7,617 Deposit Intangibles 2,140 2,180 Other Assets 6,349 6,709 ----------- ----------- Total Assets $ 476,186 $ 473,381 =========== =========== LIABILITIES AND CAPITAL Deposits Demand $ 67,620 $ 64,052 NOW Accounts 51,419 50,454 Money Market Checking 55,182 53,835 Savings 41,948 42,257 Time Deposits 189,367 186,767 ----------- ----------- Total Deposits 405,536 397,365 Securities Sold Under Agmt. to Repurchase 11,335 9,725 Other Borrowed Money 11,000 15,000 Federal Funds Purchased 0 3,900 Other Liabilities 1,746 1,271 Stockholders' Equity Common Stock 19,907 19,986 Surplus 13,040 13,478 Undivided Profits 15,311 14,389 Accumulated Other Comprehensive Income (1,689) (1,733) ----------- ----------- Total Stockholders' Equity 46,569 46,120 ----------- ----------- Total Liabilities and Stockholders' Equity $ 476,186 $ 473,381 =========== ===========
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 2000 1999 ----------- ----------- Cash Flows from Operating Activities Interest received $ 8,141 $ 7,469 Fees and other non-interest income 1,239 1,262 Interest paid (3,754) (3,179) Cash paid to suppliers and employees (2,849) (1,907) Income taxes paid 0 (623) ----------- ----------- Net cash provided by operating activities $ 2,777 $ 3,022 ----------- ----------- Cash Flows from Investing Activities Maturities of securities 772 10,019 Proceeds from sales of securities 1,616 5,946 Purchases of securities- (281) (11,541) Net (increase) decrease in loans (11,424) 2,940 Proceeds from sale of equipment 0 0 Capital expenditures (58) (321) Net (increase) decrease in other assets (8) 10 Other real estate owned improvements 0 0 Proceeds from sale of other real estate 49 120 ----------- ----------- Net cash provided by (used in) investing activities $ (9,334) $ 7,173 ----------- ----------- Cash Flows from Financing Activities Net increase in certificates of deposit 2,600 2,173 Net increase in demand & savings deposits 5,571 1,259 Net (decrease) in federal funds purchased (3,900) (9,475) Net (decrease) in other borrowed money (4,000) 0 Net increase in securities sold under repurchase agreements 1,610 1,705 Payment to repurchase common stock (517) 0 Dividends paid (680) (640) ----------- ----------- Net cash provided by (used in) financing activities $ 684 $ (4,978) ----------- ----------- Net increase (decrease) in cash and cash equivalents (5,873) 5,217 Cash and cash equivalents at beginning of year 28,159 17,557 ----------- ----------- Cash and cash equivalents at end of year $ 22,286 $ 22,774 =========== ===========
5 VIRGINIA FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (IN THOUSANDS OF DOLLARS)
Three Months Ended MARCH 31 MARCH 31 2000 1999 ----------- ---------- Reconciliation of net income to net cash provided by operating activities Net income $ 1,602 $ 1,689 ----------- ---------- Adjustments to reconcile net income to net cash provided by operating activities Depreciation 229 173 Provision for loan losses 209 149 Loss (gain) on sale of assets 0 1 Provision for deferred taxes 0 0 Realized gains on available for sale securities (16) 0 Increase in taxes payable 212 42 (Increase) decrease in interest receivable (137) (108) Increase in interest payable 34 220 Increase (decrease) in prepaid expenses 382 (22) Increase in accrued expenses 232 893 Premium amortization (discount accretion) on securities, net 16 (15) Increase (decrease) in deferred income (2) 6 Increase (decrease) in fees receivable 16 (6) ----------- ---------- Total Adjustments $ 1,175 $ 1,333 ----------- ---------- Net cash provided by operating activities $ 2,777 $ 3,022 =========== ========== Supplemental schedule of non-cash investing activities: Other real estate acquired in settlement of loans 0 162 =========== ========== Unrealized gain (loss) on securities available for sale 66 (489) =========== ==========
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, 1999 AND 2000 (IN THOUSANDS OF DOLLARS)
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) (323) 13 ---------- 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 ========== ========== ========== ========== ========= Accumulated Other Common Caital Retained Comprehensive Comprehensive Stock Surplus Earnings Income (Loss) Income Total ---------- ---------- ---------- ------------------------ --------- Balances, December 31, 1999 19,986 13,478 14,389 (1,733) 46,120 Comprehensive income: Net income 1,602 1,602 1,602 Other comprehensive income net of tax, unrealized holding gains arising during the period (net of tax, $22,412) 44 44 44 ---------- Total comprehensive income 1,646 ========== Cash dividends ($0.17 per share) (680) (680) Stock repurchase of 15,726 shares (79) (438) (517) ---------- ---------- ---------- ---------- --------- Balances, March 31, 2000 $ 19,907 $ 13,040 $ 15,311 $ (1,689) $ 46,569 ========== ========== ========== ========== =========
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, 1999. 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, 2000 and 1999, the company's financial position at March 31, 2000 and December 31, 1999, and cash flows for the three month periods ended March 31, 2000 and 1999. 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 will serve as the holding company of the Bank. This transaction was consumated on January 2, 1997. Note 2. Securities as of March 31, 2000 and December 31, 1999 are summarized below.
(IN THOUSANDS OF DOLLARS) March 31, 2000 December 31, 1999 Unrealized Unrealized Book Market Gain (Loss) Book Market Gain (Loss) ---- ------ ----------- ---- ------ ----------- Securities Available for Sale U.S. Treasury Securities $ 8,290 $ 8,144 $ (146) $ 8,257 $ 8,128 $ (129) U.S. Agency Securities 34,579 33,661 $ (918) 34,581 33,743 $ (838) Obligations of State and Political Subdivisions 28,881 27,571 $ (1,310) 28,874 27,395 $ (1,479) Other Securities 3,840 3,655 (185) 5,189 5,009 (180) ----------- ---------- ------------ ---------- ---------- ------------ Total Securities Available for Sale $ 75,590 $ 73,031 $ (2,559) $ 76,901 $ 74,275 $ (2,626) =========== ========== ============ ========== ========== ============ Securities Held to Maturity U.S. Treasury Securities $ 4,490 $ 4,410 $ (80) $ 4,489 $ 4,431 $ (58) U.S. Agency Securities 41,286 39,843 $ (1,443) 41,285 39,833 $ (1,452) Obligations of State and Political Subdivisions 16,430 16,158 $ (272) 17,154 16,895 $ (259) Other Securities 0 0 $ 0 0 0 $ 0 ----------- ---------- ------------ ---------- ---------- ------------ Total Securities Held to Maturity $ 62,206 $ 60,411 $ (1,795) $ 62,928 $ 61,159 $ (1,769) =========== ========== ============ ========== ========== ============
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, 2000 December 31, 1999 -------------- ----------------- Real Estate Loans: Construction and Land Development $ 12,183 $ 8,674 Secured by Farm Land 3,833 3,915 Secured by 1-4 Family residential 126,660 122,411 Other Real Estate Loans 85,179 82,281 Loans to Farmers (Except Those Secured by Real Estate) 2,412 2,883 Commercial and Industrial Loans (Except Those Secured by Real Estate) 35,315 33,874 Loans to Individuals for Personal Expenditures 39,441 39,974 All Other Loans 467 277 ------------ ------------ Total Loans 305,490 294,289 Less Unearned Income Reflected in Loans 321 323 ------------ ------------ Loans, Net of Unearned Income $ 305,169 $ 293,966 ============ ============ The Bank had loans in a Nonaccrual category of $1,064 on December 31, 1999 and $1,042 on March 31, 2000 Note 4. Allowance for Loan Losses Analysis of the Allowance for Loan Losses For the Three Months Ended March 31, 2000 March 31, 1999 -------------- -------------- Balance at Beginning of Period 3,470 3,212 Charge-Offs (95) (191) Recoveries 17 20 ------------ ------------ Net Charge-Offs (78) (171) Provision for Loan Losses 209 149 ------------ ------------ Balance at End of Period $ 3,601 $ 3,190 ============ ============
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 2000 was $1,602,000 compared to $1,689,000 for the first quarter of 1999. This represents a decrease of $87,000 or 5.2%. Interest income increased $718,000 or 9.4% and total average earning assets increased $38,830,000 or 9.6%. The yield on average earning assets was 7.8% and 7.7% for the first quarters of 2000 and 1999 respectively. Interest expense increased $389,000 or 11.4% and total average interest bearing liabilities increased $36,432,000 or 11.3%. The cost of funds was 4.2% for both first quarters of 2000 and 1999. The net interest spread was 3.6% and 3.5% for the first quarters of 2000 and 1999 respectively. Non-interest income decreased $29,000 or 2.3% the first quarter of 2000 compared to 1999. This decrease was due to a decrease in business volume generated by the secondary mortgage department. Non-interest expense increased $443,000 or 15.2% the first quarter of 2000 compared to 1999. This increase was due to increases in salaries and employee benefits; increases in premises and fixed asset expense due to the addition of four new branches during 1999; and increases in other non-interest expenses associated with the branch expansion. Financial Condition - ------------------- Total assets increased $2,805,000 the first quarter of 2000 compared to a decrease of $2,468,000 the first quarter of 1999. During the first quarter of 2000, cash & due from banks decreased $9,803,000; interest earning deposits due from banks decreased $3,170,000; the investment portfolio was reduced by $1,966,000; deposit growth was $8,171,000; and securities sold under agreements to repurchase increased by $1,610,000. These sources of funds were used to fund loan growth of $11,215,000; increase federal funds sold by $7,100,000; decrease federal funds purchased by $3,900,000; and decrease other borrowed money by $4,000,000. During the first quarter of 1999, cash & due from banks decreased $2,208,000; the investment portfolio was reduced by $4,877,000; net loans decreased by $3,251,000; deposit growth was $3,433,000 and securities sold under agreements to repurchase increased by $1,705,000. These sources of funds were used to increase federal funds sold by $7,425,000 and to decrease federal funds purchased by $9,475,000. - - Future Operations - ----------------- Planters Bank & Trust Company of Virginia has committed to purchase 6 acres of land located in the Greenhills Industrial and Technological Park, Staunton, Virginia for a cost of $126,000. The Bank has plans to build an 18,000 square foot operations center with construction to begin approximately August 1, 2000. The new operations center will house the bank's proof and transit department, secondary mortgage department and other operational support departments. The new building will help alleviate the present overcrowded condition at the main office location. The total cost for this operations facility is estimated to be $1,425,000. Part 1 Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK There have been no material changes in information reported as of December 31, 1999, in Form 10-K. 10 VIRGINIA FINANCIAL CORPORATION AVERAGE BALANCES, INCOME AND EXPENSE, YIELDS AND RATES
(000 Omitted) Three Months Ended March 31 2000 1999 Average Income/ Yield/ Average Income/ Yield/ ASSETS Balance Expense Rate Balance Expense Rate ----------- --------- ---------- ----------- --------- -------- Securities: Taxable $ 97,392 $ 1,492 6.13% $ 99,110 $ 1,477 5.96% Tax-exempt (1) 41,428 702 6.78% 27,782 462 6.65% ----------- --------- ---------- ----------- --------- -------- Total Securities $ 138,820 $ 2,194 6.32% $ 126,892 $ 1,939 6.11% Loans (net of earned income): Taxable 299,882 6,349 8.47% 271,977 5,798 8.53% Tax-Exempt (1) 128 2 6.25% 131 2 6.11% ----------- --------- ---------- ----------- --------- -------- Total Loans 300,010 6,351 8.47% 272,108 5,800 8.53% Interest Earning Deposits Due From Banks 2,024 29 5.73% Fed Funds Sold and Repurchase Agreements 462 8 6.93% 3,486 41 4.70% ----------- --------- ---------- ----------- --------- -------- Total Earning Assets 441,316 8,582 7.78% 402,486 7,780 7.73% Less Allowance for Loan Losses (3,539) (3,250) Total Nonearning Assets 31,955 29,409 ----------- ----------- Total Assets $ 469,732 $ 428,645 =========== =========== LIABILITIES AND SHAREHOLDER EQUITY Interest bearing deposits: NOW Accounts $ 49,585 $ 300 2.42% $ 45,326 $ 282 2.49% Money Market Savings 54,977 485 3.53% 55,340 470 3.40% Regular Savings 41,461 306 2.95% 36,821 270 2.93% Certificates of Deposit: Less than $100,000 161,953 2,039 5.04% 146,562 1,923 5.25% $100,000 and More 26,253 322 4.91% 25,827 325 5.03% ----------- --------- ---------- ----------- --------- -------- Total Interest Bearing Deposits 334,229 3,452 4.13% 309,876 3,270 4.22% Fed Funds Purchased & Repurchase Agreements 13,547 177 5.23% 11,941 129 4.32% Other Borrowed Money 10,473 159 6.07% ----------- --------- ---------- ----------- --------- -------- Total Interest Bearing Liabilities 358,249 3,788 4.23% 321,817 3,399 4.22% Noninterest Bearing Liabilities Demand Deposits 63,221 58,764 Other Liabilities 1,880 2,089 ----------- ----------- Total Liabilities 423,350 382,670 Stockholders' Equity 46,382 45,975 ----------- ----------- Total Liabilities and Stockholders' Equity $ 469,732 $ 428,645 =========== =========== Net Interest Income 4,794 4,381 Interest Rate Spread 3.55% 3.51% Interest Expense as a Percent of Average Earning Assets 3.43% 3.38% Net Interest Margin 4.35% 4.35%
(1) Income and yields are reported on a taxable-equivalent basis assuming a federal tax rate of 34% in 1999 and 2000 11 VIRGINIA FINANCIAL CORPORATION PART II. OTHER INFORMATION Item 1. Legal Proceedings As of March 31, 2000 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, 2000. Item 5. Not Applicable Item 6. Exhibits and Reports on Form 8-K (a) No reports on Form 8-K were filed during the Quarter ended March 31, 2000. (b) Exhibits The following exhibits are filed with this Form 10-Q or incorporated by reference to previous filings. Number Description ------- ----------- Exhibit 3. (i) Articles of Incorporation incorporated by reference to Exhibit 3.1 of the Company's Form 8-B successor registration statement filed March 24, 1997. (ii) Bylaws incorporated by reference to Exhibit 3.2 of the Company's Form 8-B successor registration statement filed March 24, 1997. Exhibit 11. EPS Computation attached. Exhibit 27. Financial Data Schedule 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 15, 2000 /s/ Fred D. Bowers --------------------------- ----------------------------- Fred D. Bowers, Secretary/Treasurer (Principal Accounting Officer and Duly Authorized Officer) 12 EX-11 2 EPS COMPUTATION Exhibit 11 Computation of Weighted Average Shares Outstanding and Earnings Per Share Shares Outstanding End of Month - 1st Quarter 2000 ----------- January 3,997,198 February 3,993,708 March 3,983,155 ----------- 11,974,061 Divided by: 3 months ----------- 3,991,354 =========== Net Income 1,601,694 =========== Net Income Per Share - Basic $ 0.40 EX-27 3 FINANCIAL DATA SCHEDULE
9 0001036070 VIRGINIA FINANCIAL CORPORATION 1,000 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 15,115 71 7,100 0 73,031 62,206 60,411 305,169 3,601 476,186 405,536 22,335 1,746 0 0 0 19,907 26,662 476,186 6,350 1,953 37 8,340 3,452 3,788 4,552 209 16 3,355 2,227 2,227 0 0 1,602 0.40 0.40 4.35 1,042 521 0 0 3,470 95 17 3,601 3,293 0 308
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