Premier Community Bankshares, Inc. Announces 11% Earnings Increase for the First Six Months
15 Julho 2004 - 1:41PM
PR Newswire (US)
Premier Community Bankshares, Inc. Announces 11% Earnings Increase
for the First Six Months WINCHESTER, Va., July 15
/PRNewswire-FirstCall/ -- Premier Community Bankshares, Inc.
(NASDAQ:PREM) reported net income of $2.8 million for the first six
months of 2004, an increase of 11% or $274 thousand over the net
income for the corresponding period of 2003. Diluted earnings per
share were $0.56, an increase of 4% from the $0.54 per share for
the first half of 2003. The return on equity was 14.09% and the
return on assets was 1.15%. In comparison, the first half of 2003
generated a return on equity and assets of 16.52% and 1.25%
respectively. For the second quarter of 2004, the return on equity
was 14.81% and the return on assets was 1.17% as compared to a
return on equity of 18.25% and a return on assets of 1.37% for the
second quarter of 2003. Net income for the second quarter of 2004
was $1.5 million, an increase of 4% or $57 thousand over the net
income for the corresponding period of 2003. Total assets for the
company as of June 30, 2004 were $542.8 million, a gain of $111.4
million or 25.8% over the first six months of 2003. Net loans
outstanding grew by $95.3 million or 27.2% and accounted for the
majority of the asset growth. The increase in net income is
attributable in large part to the interest income and corresponding
fees derived from the growth in loans. The increase in loans was
funded by a $76.8 million increase in deposits and a $25.7 million
increase in borrowed money. Total deposits equaled $455.0 million,
an increase of $76.8 million or 20.3% over the first half of 2003.
Other income increased as a result of fees on a growing asset and
deposit base while other expenses increased due to personnel
expenses and equipment needed to service an expanding customer base
and the opening of additional branch offices. Premier Community
Bankshares is a growing multi-bank holding company that operates 16
offices in the Shenandoah Valley region located in the northwestern
part of Virginia. The corporation's two subsidiary banks of
Rockingham Heritage Bank and The Marathon Bank serve an
increasingly diversified market with a growing population in excess
of 300,000. The Corporation also operates a loan production office
in the eastern panhandle of West Virginia. This press release may
contain forward-looking statements, as defined by federal
securities laws, which may involve significant risks and
uncertainties. The statements are based on estimates and
assumptions made by management in conjunction with other factors
deemed appropriate under the circumstances. Actual results could
differ materially from current projections. Readers are encouraged
to read filings the company has made with the Securities and
Exchange Commission for additional information. PREMIER COMMUNITY
BANKSHARES (Unaudited) ($ In Thousands) Balance Sheet June 30th,
Assets: 2004 2003 % Change Cash & Due From Banks $25,622
$30,783 -16.8% Interest Bearing Due From Banks 164 364 -54.9% Fed
Funds Sold 26,387 12,043 119.1% Securities-HTM 8,203 9,651 -15.0%
Securities-AFS 17,509 15,223 15.0% Loans 449,859 353,560 27.2%
Allowance for Loan Losses (4,786) (3,764) 27.2% Bank Premises &
Equip. 11,723 9,215 27.2% Other Assets 8,139 4,366 86.4% Total
Assets $542,820 $431,441 25.8% Liabilities: Noninterest Bearing
Deposits $73,270 $52,038 40.8% Interest Bearing Deposits 381,695
326,134 17.0% Total Deposits $454,965 $378,172 20.3% Other Borrowed
Money 30,716 11,723 162.0% Other Liabilities 2,673 1,953 36.9%
Trust Preferred Capital Notes 13,000 7,000 85.7% Total Liabilities
$501,354 $398,848 25.7% Shareholders' Equity Common Stock $4,890
$4,563 7.2% Capital Surplus 19,338 15,020 28.7% Retained Earnings
17,224 12,572 37.0% Accumulated Other Comp Income(loss) 14 438
-96.8% Total Shareholders' Equity $41,466 $32,593 27.2% Total
Liabilities and Shareholders' Equity $542,820 $431,441 25.8%
PREMIER COMMUNITY BANKSHARES (Unaudited) ($ In Thousands) Six
Months Ending June 30th, 2004 2003 % Change Income Statement
Interest Income $14,644 $12,862 13.9% Interest Expense 4,147 4,249
-2.4% Net Interest Income 10,497 8,613 21.9% Provision for Loan
Losses 745 490 52.0% Net Interest Income After Provision for Loans
Losses 9,752 8,123 20.1% Other Income 2,207 1,661 32.9% Other
Expenses 7,828 6,028 29.9% Income Before Taxes 4,131 3,756 10.0%
Income Taxes 1,307 1,206 8.4% Net Income $2,824 $2,550 10.7%
Results of Operation Book Value Per Share $8.48 $7.14 18.8%
Earnings Per Share-Basic $0.58 $0.56 3.6% Earnings Per
Share-Assuming Dilution $0.56 $0.54 3.7% Return on Average Assets
1.15% 1.25% -8.0% Return on Average Equity 14.09% 16.52% -14.7%
Allowance for Loan Losses to Loans 1.06% 1.06% 0.0% Common Shares
Outstanding, (Thousands) 4,890 4,563 7.2% PREMIER COMMUNITY
BANKSHARES (Unaudited) ($ In Thousands) Three Months Ending June
30th, 2004 2003 % Change Income Statement Interest Income $7,494
$6,612 13.3% Interest Expense 2,111 2,099 0.6% Net Interest Income
5,383 4,513 19.3% Provision for Loan Losses 316 250 26.4% Net
Interest Income After Provision for Loans Losses 5,067 4,263 18.9%
Other Income 1,172 1,059 10.7% Other Expenses 4,047 3,217 25.8%
Income Before Taxes 2,192 2,105 4.1% Income Taxes 689 659 4.6% Net
Income $1,503 $1,446 3.9% Results of Operation Earnings Per
Share-Basic $0.31 $0.32 -3.1% Earnings Per Share-Diluted $0.30
$0.31 -3.2% Return on Average Assets 1.17% 1.37% -14.6% Return on
Average Equity 14.81% 18.25% -18.8% DATASOURCE: Premier Community
Bankshares, Inc. CONTACT: Shasta Vance of Premier Community
Bankshares, Inc., +1-540-869-6600, ext. 1016,
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