Premier Community Bankshares, Inc. Announces Increase in Earnings for the First Six Months of 2006
13 Julho 2006 - 1:28PM
PR Newswire (US)
WINCHESTER, Va., July 13 /PRNewswire-FirstCall/ -- Premier
Community Bankshares, Inc. (the "Company") (NASDAQ:PREM) reported
net income of $3.5 million for the first six months of 2006, an
increase of 1.3% or $43 thousand compared to the corresponding
period in 2005. Diluted earnings per share were $0.68, unchanged
from the first half of 2005. During the first six months of 2006,
the return on equity was 13.48% and return on assets was 0.97%
compared to a return on equity and assets of 15.06% and 1.15%,
respectively for the first six months of 2005. For the second
quarter of 2006, the return on equity and assets was 13.38% and
0.97%, respectively, compared to a return on equity of 15.18% and
return on assets of 1.15% for the second quarter of 2005. Net
income for the second quarter of 2006 was $1.8 million, unchanged
from the net income for the corresponding period of 2005. During
the first half of 2006, the Company opened 3 new branch offices,
bringing the total number of banking offices to 22. Additionally,
during the past year, the Company expanded the network of community
banks through the opening of Premier Bank, operating in the eastern
panhandle of West Virginia. Although these new operations increased
operating expenses significantly, the Company was able to absorb
these costs through continued growth in earning assets to increase
net income year over year. Don Unger, President and CEO of the
Company stated "We are pleased with our continued record of strong
growth and our ability to find it from current earnings. We are
fortunate to operate in an economically strong area of the country
with the opportunity to invest in new market areas to further
strengthen future earnings of the Company." Total assets for the
company as of June 30, 2006 were $756.1 million, a gain of $131.6
million or 21% over the first six months of 2005. Net loans
outstanding grew by $90.2 million or 17% and accounted for the
majority of the asset growth. The increase in loans was primarily
funded by an $81.4 million increase in deposits and a $25.0 million
increase in advances from the Federal Home Loan Bank. Other income
increased 10% to $2.4 million, while other expenses increased $1.9
million or 20% attributable to increased personnel expenses,
equipment, and the related premises needed to service an expanding
customer base and prepare for future growth. Premier Community
Bankshares is a growing multi-bank holding company that operates 20
offices in the Shenandoah Valley region located in the northwestern
part of Virginia, and two offices in the eastern panhandle of West
Virginia. The corporation's three subsidiary banks of Rockingham
Heritage Bank, The Marathon Bank and Premier Bank serve an
increasingly diversified market with a rapidly growing population.
On July 1, 2006, the Corporation finalized the purchase of
Albemarle First Bank in Charlottesville, Virginia. This purchase
added three additional full service banking locations in the
central part of Virginia. This press release may contain
forward-looking statements, as defined by federal securities laws,
which may involve significant risks and uncertainties. The
statements are based on estimates and assumptions made by
management in conjunction with other factors deemed appropriate
under the circumstances. Actual results could differ materially
from current projections. Readers are encouraged to read filings
the company has made with the Securities and Exchange Commission
for additional information. PREMIER COMMUNITY BANKSHARES
(Unaudited) ($ In Thousands) Balance Sheet June 30th, Assets: 2006
2005 % Change Cash & Due From Banks $24,142 $20,255 19.2%
Interest Bearing Due From 4,294 186 2208.6% Fed Funds Sold 40,990
19,861 106.4% Securities-HTM 7,096 7,408 -4.2% Securities-AFS
24,693 20,053 23.1% Loans 625,802 535,101 17.0% Allowance for Loan
Losses (5,758) (5,256) 9.6% Bank Premises & Equip. 19,127
14,313 33.6% Other Assets 15,745 12,581 25.1% Total Assets $756,131
$624,502 21.1% Liabilities: Noninterest Bearing Deposits $97,340
$90,351 7.7% Interest Bearing Deposits 514,745 440,348 16.9% Total
Deposits $612,085 $530,699 15.3% Other Borrowed Money 50,380 21,672
132.5% Other Liabilities 3,923 2,736 43.4% Trust Preferred Capital
Notes 36,084 21,651 66.7% Total Liabilities $702,472 $576,758 21.8%
Shareholders' Equity: Common Stock $4,972 $4,938 0.7% Capital
Surplus 19,867 19,608 1.3% Retained Earnings 29,090 23,144 25.7%
Accumulated Other Comp Income(loss) -270 54 -600.0% Total
Shareholders' Equity $53,659 $47,744 12.4% Total Liabilities and
Shareholders' Equity $756,131 $624,502 21.1% PREMIER COMMUNITY
BANKSHARES (Unaudited) ($ In Thousands) Six Months Ending June
30th, 2006 2005 % Change Income Statement Interest Income $23,942
$18,645 28.4% Interest Expense 9,425 5,859 60.9% Net Interest
Income 14,517 12,786 13.5% Provision for Loan Losses 302 327 -7.6%
Net Interest Income After Provision for Loans Losses 14,215 12,459
14.1% Other Income 2,412 2,187 10.3% Other Expenses 11,397 9,523
19.7% Income Before Taxes 5,230 5,123 2.1% Income Taxes 1,752 1,689
3.7% Net Income $3,478 $3,434 1.3% Results of Operation Book Value
Per Share $10.79 $9.67 11.6% Earnings Per Share-Basic $0.70 $0.70
0.0% Earnings Per Share-Assuming Dilution $0.68 $0.68 0.0% Return
on Average Assets 0.97% 1.15% -15.7% Return on Average Equity
13.48% 15.06% -10.5% Allowance for Loan Losses to Loans 0.92% 0.98%
-6.1% Common Shares Outstanding, (Thousands) 4,972 4,938 0.7%
PREMIER COMMUNITY BANKSHARES (Unaudited) ($ In Thousands) Three
Months Ending June 30th, 2006 2005 % Change Income Statement
Interest Income $12,525 $9,714 28.9% Interest Expense 5,069 3,176
59.6% Net Interest Income 7,456 6,538 14.0% Provision for Loan
Losses 199 100 99.0% Net Interest Income After Provision for Loans
Losses 7,257 6,438 12.7% Other Income 1,285 1,135 13.2% Other
Expenses 5,871 4,929 19.1% Income Before Taxes 2,671 2,644 1.0%
Income Taxes 898 871 3.1% Net Income $1,773 $1,773 0.0% Results of
Operation Earnings Per Share-Basic $0.36 $0.36 0.0% Earnings Per
Share-Diluted $0.35 $0.35 0.0% Return on Average Assets 0.97% 1.15%
-15.7% Return on Average Equity 13.38% 15.18% -11.9% DATASOURCE:
Premier Community Bankshares, Inc. CONTACT: Frederick A. Board of
Premier Community Bankshares, Inc., +1-540-869-6600, ext. 1012
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