Premier Community Bankshares, Inc. Announces 14% Earnings Increase for the First Nine Months
13 10월 2005 - 1:52AM
PR Newswire (US)
WINCHESTER, Va., Oct. 12 /PRNewswire-FirstCall/ -- Premier
Community Bankshares, Inc. (NASDAQ:PREM) reported net income of
$5.2 million for the first nine months of 2005, an increase of
14.0% or $634 thousand over the net income for the corresponding
period of 2004. Diluted earnings per share were $1.02, an increase
of 13.3% from the $0.90 per share for the same period of 2004. The
return on equity was 14.72% and the return on assets was 1.12%. In
comparison, the first nine months of 2004 generated a return on
equity and assets of 14.72% and 1.18%, respectively. For the third
quarter of 2005, the return on equity was 14.09% and the return on
assets was 1.06% as compared to a return on equity of 15.98% and a
return on assets of 1.22% for the third quarter of 2004. Net income
for the third quarter of 2005 was $1.7 million, an increase of 1.4%
or $24 thousand over the net income for the same period of 2004.
Total assets for the company as of September 30, 2005 were $665.4
million, a gain of $105.7 million or 18.9% over the first nine
months of 2004. Net loans outstanding grew by $87.7 million or
18.6% 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 the net of a $95.3
million increase in deposits and a $5.0 million decrease in
borrowed money. Fed funds sold increased $8.3 million or 48.6%.
Other income remained virtually unchanged at $3.4 million, while
other expenses increased $2.7 million or 22.0% due to personnel
expenses and equipment needed to service an expanding customer base
and the opening of the third bank in the holding company, Premier
Bank, which opened on July 18, 2005. Premier Community Bankshares
is a growing multi-bank holding company that operates 17 offices in
the Shenandoah Valley region located in the northwestern part of
Virginia, and two offices in the eastern panhandle of West
Virginia. The corporation's three subsidiary banks of Rockingham
Heritage Bank, The Marathon Bank and Premier Bank serve an
increasingly diversified market with a rapidly growing population.
This press release may contain forward-looking statements, as
defined by federal securities laws, which may involve significant
risks and uncertainties. The statements are based on estimates and
assumptions made by management in conjunction with other factors
deemed appropriate under the circumstances. Actual results could
differ materially from current projections. Readers are encouraged
to read filings the company has made with the Securities and
Exchange Commission for additional information. PREMIER COMMUNITY
BANKSHARES (Unaudited) ($ In Thousands) Balance Sheet September 30,
Assets: 2005 2004 % Change Cash & Due From Banks $23,674
$24,461 -3.2% Interest Bearing Due From Banks 867 126 588.1% Fed
Funds Sold 25,421 17,105 48.6% Securities-HTM 7,342 7,705 -4.7%
Securities-AFS 20,544 17,902 14.8% Loans 564,585 476,451 18.5%
Allowance for Loan Losses (5,403) (4,957) 9.0% Bank Premises &
Equip. 15,704 12,215 28.6% Other Assets 12,652 8,703 45.4% Total
Assets $665,386 $559,711 18.9% Liabilities: Noninterest Bearing
Deposits $97,069 $77,382 25.4% Interest Bearing Deposits 468,000
392,386 19.3% Total Deposits $565,069 $469,768 20.3% Other Borrowed
Money 25,668 30,674 -16.3% Other Liabilities 3,503 2,519 39.1%
Trust Preferred Capital Notes 21,651 13,403 61.5% Total Liabilities
$615,891 $516,364 19.3% Shareholders' Equity Common Stock $4,948
$4,902 0.9% Capital Surplus 19,670 19,391 1.4% Retained Earnings
24,872 18,928 31.4% Accumulated Other Comp Income (loss) 5 126
-96.0% Total Shareholders' Equity $49,495 $43,347 14.2% Total
Liabilities and Shareholders' Equity $665,386 $559,711 18.9%
PREMIER COMMUNITY BANKSHARES (Unaudited) ($ In Thousands) Nine
Months Ending September 30, 2005 2004 % Change Income Statement
Interest Income $29,121 $22,870 27.3% Interest Expense 9,361 6,508
43.8% Net Interest Income 19,760 16,362 20.8% Provision for Loan
Losses 572 920 -37.8% Net Interest Income After Provision for Loans
Losses 19,188 15,442 24.3% Other Income 3,372 3,382 -0.3% Other
Expenses 14,878 12,196 22.0% Income Before Taxes 7,682 6,628 15.9%
Income Taxes 2,520 2,100 20.0% Net Income $5,162 $4,528 14.0%
Results of Operation Book Value Per Share $10.00 $8.84 13.1%
Earnings Per Share-Basic $1.05 $0.93 12.9% Earnings Per
Share-Assuming Dilution $1.02 $0.90 13.3% Return on Average Assets
1.12% 1.18% -5.1% Return on Average Equity 14.72% 14.72% 0.0%
Allowance for Loan Losses to Loans 0.96% 1.04% -7.7% Common Shares
Outstanding, (Thousands) 4,948 4,902 0.9% PREMIER COMMUNITY
BANKSHARES (Unaudited) ($ In Thousands) Three Months Ending
September 30, 2005 2004 % Change Income Statement Interest Income
$10,476 $8,226 27.4% Interest Expense 3,502 2,361 48.3% Net
Interest Income 6,974 5,865 18.9% Provision for Loan Losses 245 175
40.0% Net Interest Income After Provision for Loans Losses 6,729
5,690 18.3% Other Income 1,185 1,175 0.9% Other Expenses 5,355
4,368 22.6% Income Before Taxes 2,559 2,497 2.5% Income Taxes 831
793 4.8% Net Income $1,728 $1,704 1.4% Results of Operation
Earnings Per Share-Basic $0.35 $0.35 0.0% Earnings Per
Share-Assuming Dilution $0.34 $0.34 0.0% Return on Average Assets
1.06% 1.22% -13.1% Return on Average Equity 14.09% 15.98% -11.8%
DATASOURCE: Premier Community Bankshares, Inc. CONTACT: Fred Board
of Premier Community Bankshares, Inc., +1-540-869-6600, ext. 1012
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