Premier Community Bankshares, Inc. Announces 22% Earnings Increase for the First Six Months
12 Julho 2005 - 11:50AM
PR Newswire (US)
Premier Community Bankshares, Inc. Announces 22% Earnings Increase
for the First Six Months WINCHESTER, Va., July 12
/PRNewswire-FirstCall/ -- Premier Community Bankshares, Inc.
(NASDAQ:PREM) reported net income of $3.4 million for the first six
months of 2005, an increase of 22% or $610 thousand over the net
income for the corresponding period of 2004. Diluted earnings per
share were $0.68, an increase of 21% from the $0.56 per share for
the first half of 2004. The return on equity was 15.06% and the
return on assets was 1.15%. In comparison, the first half of 2004
generated a return on equity and assets of 14.09% and 1.15%,
respectively. For the second quarter of 2005, the return on equity
was 15.18% and the return on assets was 1.15% as compared to a
return on equity of 14.81% and a return on assets of 1.17% for the
second quarter of 2004. Net income for the second quarter of 2005
was $1.8 million, an increase of 18% or $270 thousand over the net
income for the corresponding period of 2004. Total assets for the
company as of June 30, 2005 were $624.5 million, a gain of $81.3
million or 15.0% over the first six months of 2004. Net loans
outstanding grew by $84.8 million or 19.0% 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 $75.7 million increase in deposits and a $6.5 million
decrease in federal funds sold. Total deposits equaled $530.7
million, an increase of $75.7 million or 16.6% over the first half
of 2004. Other income of $2.2 million was as a result of fees on a
growing asset and deposit base while other expenses increased due
to personnel expenses and equipment needed to service an expanding
customer base and the anticipated opening of Premier Bank of West
Virginia. Premier Bank of West Virginia will be the third bank in
the holding company, and is expected to open on July 18, 2005.
Premier Community Bankshares is a growing multi-bank holding
company that operates 16 offices in the Shenandoah Valley region
located in the northwestern part of Virginia. The Corporation's two
subsidiary banks of Rockingham Heritage Bank and The Marathon Bank
serve an increasingly diversified market with a growing population.
The Corporation also operates a loan production office in the
eastern panhandle of West Virginia, which will become Premier Bank
of West Virginia. This press release may contain forward-looking
statements, as defined by federal securities laws, which may
involve significant risks and uncertainties. The statements are
based on estimates and assumptions made by management in
conjunction with other factors deemed appropriate under the
circumstances. Actual results could differ materially from current
projections. Readers are encouraged to read filings the company has
made with the Securities and Exchange Commission for additional
information. PREMIER COMMUNITY BANKSHARES (Unaudited) ($ In
Thousands) Balance Sheet June 30th, Assets: 2005 2004 % Change Cash
& Due From Banks $20,255 $25,622 -20.9% Interest Bearing Due
From Banks 186 164 13.4% Fed Funds Sold 19,861 26,387 -24.7%
Securities-HTM 7,408 8,203 -9.7% Securities-AFS 20,053 17,509 14.5%
Loans 535,101 449,859 18.9% Allowance for Loan Losses (5,256)
(4,786) 9.8% Bank Premises & Equip. 14,313 11,723 22.1% Other
Assets 12,581 8,542 47.3% Total Assets $624,502 $543,223 15.0%
Liabilities: Noninterest Bearing Deposits $90,351 $73,270 23.3%
Interest Bearing Deposits 440,348 381,695 15.4% Total Deposits
$530,699 $454,965 16.6% Other Borrowed Money 21,672 30,716 -29.4%
Other Liabilities 2,736 2,673 2.4% Trust Preferred Capital Notes
21,651 13,403 61.5% Total Liabilities $576,758 $501,757 14.9%
Shareholders' Equity Common Stock $4,938 $4,890 1.0% Capital
Surplus 19,608 19,338 1.4% Retained Earnings 23,144 17,224 34.4%
Accumulated Other Comp Income (loss) 54 14 285.7% Total
Shareholders' Equity $47,744 $41,466 15.1% Total Liabilities and
Shareholders' Equity $624,502 $543,223 15.0% PREMIER COMMUNITY
BANKSHARES (Unaudited) ($ In Thousands) Six Months Ending June
30th, 2005 2004 % Change Income Statement Interest Income $18,645
$14,644 27.3% Interest Expense 5,859 4,147 41.3% Net Interest
Income 12,786 10,497 21.8% Provision for Loan Losses 327 745 -56.1%
Net Interest Income After Provision for Loans Losses 12,459 9,752
27.8% Other Income 2,187 2,207 -0.9% Other Expenses 9,523 7,828
21.7% Income Before Taxes 5,123 4,131 24.0% Income Taxes 1,689
1,307 29.2% Net Income $3,434 $2,824 21.6% Results of Operation
Book Value Per Share $9.67 $8.48 14.0% Earnings Per Share-Basic
$0.70 $0.58 20.7% Earnings Per Share-Assuming Dilution $0.68 $0.56
21.4% Return on Average Assets 1.15% 1.15% 0.0% Return on Average
Equity 15.06% 14.09% 6.9% Allowance for Loan Losses to Loans 0.98%
1.06% -7.5% Common Shares Outstanding, (Thousands) 4,938 4,890 1.0%
PREMIER COMMUNITY BANKSHARES (Unaudited) ($ In Thousands) Three
Months Ending June 30th, 2005 2004 % Change Income Statement
Interest Income $9,714 $7,494 29.6% Interest Expense 3,176 2,111
50.5% Net Interest Income 6,538 5,383 21.5% Provision for Loan
Losses 100 316 -68.4% Net Interest Income After Provision for Loans
Losses 6,438 5,067 27.1% Other Income 1,135 1,172 -3.2% Other
Expenses 4,929 4,047 21.8% Income Before Taxes 2,644 2,192 20.6%
Income Taxes 871 689 26.4% Net Income $1,773 $1,503 18.0% Results
of Operation Earnings Per Share-Basic $0.36 $0.31 16.1% Earnings
Per Share-Diluted $0.35 $0.30 16.7% Return on Average Assets 1.15%
1.17% -1.7% Return on Average Equity 15.18% 14.81% 2.5% DATASOURCE:
Premier Community Bankshares, Inc. CONTACT: Fred Board of Premier
Community Bankshares, Inc., +1-540-869-6600, ext. 1012
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