UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 18, 2005
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BENCHMARK BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
Virginia 000-18445 54-1380808
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
100 S. Broad Street
Kenbridge, Virginia 23944
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (434) 676-9054
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
Results of Operations and Financial Condition.
On February 18, 2005, the Registrant issued a press release reporting
its financial results for the three and twelve month periods ended December 31,
2004. A copy of the press release is being furnished as an exhibit to this
report and is incorporated by reference into this Item 2.02.
Item 9.01 Financial Statements and Exhibits.
(a) Exhibits. The following exhibit is being furnished pursuant to Item
2.02 above.
Exhibit No. Description
99.1 Press Release dated February 18, 2005
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BENCHMARK BANKSHARES, INC.
(Registrant)
Date: February 18, 2005
By: /s/ Ben L. Watson, III
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Ben L. Watson, III
President and CEO
Exhibit 99.1
NEWS RELEASE, DATED FEBRUARY 18, 2005
BENCHMARK BANKSHARES, INC.
KENBRIDGE, VIRGINIA
FOR DISTRIBUTION TO AREA NEWS MEDIA
Ben L. Watson, III, President
Benchmark Bankshares, Inc.
Reports Results for 2004
KENBRIDGE, VA, February 18, 2005 - Benchmark Bankshares, Inc. (BMRB.OB), the
Kenbridge-based holding company for Benchmark Community Bank, posted net income
for the fourth quarter of $879,404, or $0.29 per share. For the year ended
December 31, 2004, net income of $3,551,229, or $1.19 per share, declined
slightly from net income of $3,595,527, or $1.21 per share, earned during 2003.
Net income for 2004 resulted in a Return on Equity ratio of 11.87% and Return on
Assets ratio of 1.24%.
According to management, low interest rates continued to impact the
bank's operations. Despite a $183,774, or 1.09%, decline in interest income
during 2004, total interest expense of $5,521,351 in 2004 declined by $746,499,
or 11.91%, from total interest expense incurred during 2003. Net income,
however, was negatively impacted by a $749,647, or 11.15%, increase in
non-interest expense. The increase resulted primarily from an increase in
salaries from the addition of personnel to support the Bank's growth
initiatives. Other factors, such as normal increases in operating expenses, and
expenses related to the remodeling of the bank's Victoria office and the
construction of a new facility in Blackstone, contributed to the higher
expenses. While the short-term impact was a decline in net income, management
feels that the initiatives undertaken during 2004 will position the bank for
long-term growth and improved earnings.
Benchmark Community Bank, founded in 1971, is headquartered in Kenbridge,
VA, and operates ten banking offices throughout central Southside Virginia. In
addition, a loan production office has been established in the town of South
Boston.
Period Ended
December 31,
3 Months 2004 2003
- -------- ---- ----
Net Income $ 879,404 $1,108,852
Per Share Earnings $0.29 $0.37
12 Months 2004 2003
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Net Income $3,551,229 $3,595,527
Per Share Earnings $1.19 $1.21
Return on Assets 1.24% 1.30%
Return on Equity 11.87% 13.02%
Book Value per Share $10.28 $9.63
Total Assets $292.9 mil. $283.9 mil.
Total Loans $230.3 mil. $214.7 mil.
Total Deposits $259.9 mil. $253.2 mil.
Stockholders' Equity $30.7 mil. $28.6 mil.