Premier Community Bankshares, Inc. Announces 26% Earnings Increase for the First Quarter
April 12 2005 - 9:08AM
PR Newswire (US)
Premier Community Bankshares, Inc. Announces 26% Earnings Increase
for the First Quarter WINCHESTER, Va., April 12
/PRNewswire-FirstCall/ -- Premier Community Bankshares, Inc.
(NASDAQ:PREM) reported net income of $1.7 million for the first
quarter of year 2005, an increase of 26% or $340 thousand over the
net income for the corresponding quarter of 2004. Diluted earnings
per share were $0.33, an increase of 27% from the $0.26 per share
for the first quarter of 2004. The return on assets was 1.15% and
the return on equity was 14.93%. In comparison, the first quarter
of 2004 generated a return on assets and equity of 1.12% and 13.39%
respectively. Total assets for the company as of March 31, 2005
were $609.8 million, a gain of $111.6 million or 22% over the same
period last year. Net loans outstanding grew by $94.4 million or
22% and accounted for most of the asset growth. In spite of the
large rate of growth, loan quality remained strong as evidenced by
the continued trend of low ratios of non-performing loans to total
assets. As of March 31, 2005, this ratio was 0.20% this compares to
0.08% as of March 31, 2004. Both ratios were well below peer
averages. 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 $90.3
million increase in deposits and a $14.0 million increase in
borrowed funds. Total deposits equaled $514.9 million, an increase
of $90.3 million or 21% over the corresponding quarter of 2004.
Other income increased as a result of fees on a growing asset and
deposit base while other expenses increased due to personnel
expenses and equipment needed to service an expanding customer
base. Premier Community Bankshares is a growing multi-bank holding
company that operates 16 offices in the Shenandoah Valley region
located in the northwestern part of Virginia. The corporation's two
subsidiary banks of Rockingham Heritage Bank and The Marathon Bank
serve an increasingly diversified market with a rapidly growing
population. The Corporation also operates a loan production office
in the eastern panhandle of West Virginia and expects to open a
newly chartered subsidiary bank later in 2005. This press release
may contain forward-looking statements, as defined by federal
securities laws, which may involve significant risks and
uncertainties. The statements are based on estimates and
assumptions made by management in conjunction with other factors
deemed appropriate under the circumstances. Actual results could
differ materially from current projections. Readers are encouraged
to read filings the company has made with the Securities and
Exchange Commission for additional information. PREMIER COMMUNITY
BANKSHARES (Unaudited) ($ In Thousands) Three Months Ended Balance
Sheet March 31st, Assets: 2005 2004 % Change Cash & Due From
Banks $16,733 $25,067 -33.2% Interest Bearing Due From Banks 173
181 -4.4% Fed Funds Sold 22,379 6,692 234.4% Securities-HTM 7,570
8,159 -7.2% Securities-AFS 20,332 16,176 25.7% Loans 522,316
427,234 22.3% Allowance for Loan Losses -5,238 -4,525 15.8% Bank
Premises & Equip. 13,453 11,569 16.3% Other Assets 12,090 7,686
57.3% Total Assets $609,808 $498,239 22.4% Liabilities: Noninterest
Bearing Deposits $84,800 $67,472 25.7% Interest Bearing Deposits
430,094 357,092 20.4% Total Deposits $514,894 $424,564 21.3% Other
Borrowed Money 31,686 17,652 79.5% Other Liabilities 3,887 2,769
40.4% Trust Preferred Capital Notes 13,403 13,000 3.1% Total
Liabilities $563,870 $457,985 23.1% Shareholders' Equity Common
Stock $4,932 $4,887 0.9% Capital Surplus 19,565 19,349 1.1%
Retained Earnings 21,371 15,721 35.9% Accumulated Other Comp
Income(loss) 70 297 -76.4% Total Shareholders' Equity $45,938
$40,254 14.1% Total Liabilities and Shareholders' Equity $609,808
$498,239 22.4% Three Months Ending March 31st, 2005 2004 % Change
Income Statement Interest Income $8,931 $7,150 24.9% Interest
Expense 2,683 2,036 31.8% Net Interest Income 6,248 5,114 22.2%
Provision for Loan Losses 227 429 -47.1% Net Interest Income After
Provision for Loans Losses 6,021 4,685 28.5% Other Income 1,052
1,035 1.6% Other Expenses 4,594 3,781 21.5% Income Before Taxes
2,479 1,939 27.8% Income Taxes 818 618 32.4% Net Income $1,661
$1,321 25.7% Results of Operation Book Value Per Share $9.31 $8.24
13.0% Earnings Per Share-Basic $0.34 $0.27 25.9% Earnings Per
Share-Assuming Dilution $0.33 $0.26 26.9% Return on Average Assets
1.15% 1.12% 2.7% Return on Average Equity 14.93% 13.39% 11.5%
Allowance for Loan Losses to Loans 1.00% 1.06% -5.7% Common Shares
Outstanding, (Thousands) 4,932 4,887 0.9% DATASOURCE: Premier
Community Bankshares, Inc. CONTACT: Frederick A. Board of Premier
Community Bankshares, Inc., +1-540-869-6600, ext. 1012
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