Premier Community Bankshares, Inc. Announces 3% Earnings Increase for the First Quarter
13 Abril 2006 - 1:06PM
PR Newswire (US)
WINCHESTER, Va., April 13 /PRNewswire-FirstCall/ -- Premier
Community Bankshares, Inc. (NASDAQ:PREM) reported net income of
$1.7 million for the first quarter of year 2006, an increase of 3%
or $44 thousand over the net income for the corresponding quarter
of 2005. Diluted earnings per share were $0.33, unchanged from the
first quarter of 2005. The return on assets was 0.98% and the
return on equity was 13.51%. In comparison, the first quarter of
2005 generated a return on assets and equity of 1.15% and 14.93%
respectively. Management is encouraged by the fact that the
Corporation was able to maintain the strong earnings of the
previous year while investing significant assets in our de novo
bank in West Virginia, and absorbing the net operating loss of that
subsidiary. While the new bank is not yet profitable, management
believes that our presence in this dynamic market will produce a
positive return for investors in the future. Total assets for the
company as of March 31, 2006 were $698.5 million, a gain of $88.7
million or 15% over the same period last year. Net loans
outstanding grew by $81.9 million or 16% and accounted for the
majority of the asset growth. The increase in loans was funded by a
$73.1 million increase in deposits and a $9.0 million increase in
borrowed money, including trust preferred capital notes. The
increase in net income is attributable in large part to the
interest income and corresponding fees derived from the growth in
loans. Other income increased 7% to $1.1 million, while other
expenses increased $932 thousand or 20% due to personnel expenses,
equipment, and the related premises needed to service an expanding
customer base and prepare for future growth. Premier Community
Bankshares is a growing multi-bank holding company that operates 17
offices in the Shenandoah Valley region located in the northwestern
part of Virginia, and two offices in the eastern panhandle of West
Virginia. The corporation's three subsidiary banks of Rockingham
Heritage Bank, The Marathon Bank and Premier Bank serve an
increasingly diversified market with a rapidly growing population.
This press release may contain forward-looking statements, as
defined by federal securities laws, which may involve significant
risks and uncertainties. The statements are based on estimates and
assumptions made by management in conjunction with other factors
deemed appropriate under the circumstances. Actual results could
differ materially from current projections. Readers are encouraged
to read filings the company has made with the Securities and
Exchange Commission for additional information. PREMIER COMMUNITY
BANKSHARES (Unaudited) ($ In Thousands) Three Months Ended Balance
Sheet March 31st, Assets: 2006 2005 % Change Cash & Due From
Banks $16,935 $16,733 1.2% Interest Bearing Due From Banks 3,617
173 1990.8% Fed Funds Sold 15,331 22,379 -31.5% Securities-HTM
7,234 7,570 -4.4% Securities-AFS 24,095 20,332 18.5% Loans 604,621
522,316 15.8% Allowance for Loan Losses -5,654 -5,238 7.9% Bank
Premises & Equip. 18,616 13,453 38.4% Other Assets 13,734
12,090 13.6% Total Assets $698,529 $609,808 14.5% Liabilities:
Noninterest Bearing Deposits $93,075 $84,800 9.8% Interest Bearing
Deposits 494,929 430,094 15.1% Total Deposits $588,004 $514,894
14.2% Other Borrowed Money 32,400 31,686 2.3% Other Liabilities
4,419 3,887 13.7% Trust Preferred Capital Notes 21,651 13,403 61.5%
Total Liabilities $646,474 $563,870 14.6% Shareholders' Equity
Common Stock $4,967 $4,932 0.7% Capital Surplus 19,886 19,565 1.6%
Retained Earnings 27,317 21,371 27.8% Accumulated Other Comp
Income(loss) -115 70 -264.3% Total Shareholders' Equity $52,055
$45,938 13.3% Total Liabilities and Shareholders' Equity $698,529
$609,808 14.5% Three Months Ending March 31st, 2006 2005 % Change
Income Statement Interest Income $11,417 $8,931 27.8% Interest
Expense 4,356 2,683 62.4% Net Interest Income 7,061 6,248 13.0%
Provision for Loan Losses 103 227 -54.6% Net Interest Income After
Provision for Loans Losses 6,958 6,021 15.6% Other Income 1,127
1,052 7.1% Other Expenses 5,526 4,594 20.3% Income Before Taxes
2,559 2,479 3.2% Income Taxes 854 818 4.4% Net Income $1,705 $1,661
2.6% Results of Operation Book Value Per Share $10.48 $9.31 12.6%
Earnings Per Share-Basic $0.34 $0.34 0.0% Earnings Per
Share-Assuming Dilution $0.33 $0.33 0.0% Return on Average Assets
0.98% 1.15% -14.8% Return on Average Equity 13.51% 14.93% -9.5%
Allowance for Loan Losses to Loans 0.94% 1.00% -6.0% Common Shares
Outstanding, (Thousands) 4,967 4,932 0.7% DATASOURCE: Premier
Community Bankshares, Inc. CONTACT: Fred Board, SVP and CFO of
Premier Community Bankshares, Inc., +1-540-869-6600 ext. 1012,
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