Premier Community Bankshares, Inc. Announces 41% Earnings Increase for the Fourth Quarter
13 1월 2005 - 5:24AM
PR Newswire (US)
Premier Community Bankshares, Inc. Announces 41% Earnings Increase
for the Fourth Quarter WINCHESTER, Va., Jan. 12
/PRNewswire-FirstCall/ -- Premier Community Bankshares, Inc.
(NASDAQ:PREM) reported net income of $1.8 million for the fourth
quarter of 2004, an increase of 41% or $518 thousand over the net
income for the corresponding quarter of 2003. Diluted earnings per
share were $0.35, an increase of 35% over the $0.26 per share for
the fourth quarter of 2003. The return on equity was 15.97% and the
return on assets was 1.25%. In comparison, the fourth quarter of
2003 generated a return on equity and assets of 13.54% and 1.08%
respectively. Net income for the year was $6.3 million, an increase
of 20% or $1.0 million over the net income for the previous year.
2004 generated diluted earnings per share of $1.25, an increase of
13% over the $1.11 diluted earnings per share of 2003. For the year
ending 2004, the return on equity was 15.05% and the return on
assets was 1.19% as compared to a return on equity of 15.86% and a
return on assets of 1.22% for the year ending 2003. Total assets
for the company as of December 31, 2004 were $575.7 million, an
increase of $112.8 million or 24% over the 2003 year-end balance.
Net loans outstanding grew by $104 million or 27% and accounted for
the majority of the asset growth. The increase in loans was funded
by an $87 million increase in deposits and a $20 million increase
in borrowed money. The increase in net income is attributable in
large part to the interest income and corresponding fees derived
from the growth in loans. Other income increased as a result of
fees on a growing asset and deposit base while other expenses grew
due to opening new branch offices, and the additional personnel,
equipment and facilities needed to service an expanding customer
base. Premier Community Bankshares is a growing multi-bank holding
company that operates 16 offices in the Shenandoah Valley region
located in the northwestern part of Virginia. The corporation's two
subsidiary banks, Rockingham Heritage Bank and The Marathon Bank,
serve an increasingly diversified market with a rapidly growing
population. The Corporation also operates a loan production office
in the eastern panhandle of West Virginia and expects to open a
newly-chartered subsidiary bank later in 2005. This press release
may contain forward-looking statements, as defined by federal
securities laws, which may involve significant risks and
uncertainties. The statements are based on estimates and
assumptions made by management in conjunction with other factors
deemed appropriate under the circumstances. Actual results could
differ materially from current projections. Readers are encouraged
to read filings the company has made with the Securities and
Exchange Commission for additional information. PREMIER COMMUNITY
BANKSHARES (Unaudited) ($ In Thousands) Twelve Months Ending
Balance Sheet DECEMBER 31, Assets: 2004 2003 % Change Cash &
Due From Banks $21,459 $22,394 -4.2% Interest Bearing Due From
Banks 115 208 -44.7% Fed Funds Sold 19,075 16,901 12.9%
Securities-HTM 7,569 8,357 -9.4% Securities-AFS 19,745 15,694 25.8%
Loans 491,872 386,563 27.2% Allowance for Loan Losses (5,007)
(4,104) 22.0% Bank Premises & Equip. 12,158 10,962 10.9% Other
Assets 8,761 5,924 47.9% Total Assets $575,747 $462,899 24.4%
Liabilities: Noninterest Bearing Deposits $88,229 $61,123 44.3%
Interest Bearing Deposits 395,704 336,222 17.7% Total Deposits
$483,933 $397,345 21.8% Other Borrowed Money 30,691 10,729 186.1%
Other Liabilities 3,908 2,948 32.6% Trust Preferred Capital Notes
13,000 13,000 0.0% Total Liabilities $531,532 $424,022 25.4%
Shareholders' Equity Common Stock $4,920 $4,881 0.8% Capital
Surplus 19,502 19,328 0.9% Retained Earnings 19,663 14,400 36.5%
Accumulated Other Comp Income(loss) 130 268 -51.5% Total
Shareholders' Equity $44,215 $38,877 13.7% Total Liabilities and
Shareholders' Equity $575,747 $462,899 24.4% PREMIER COMMUNITY
BANKSHARES (Unaudited) ($ In Thousands) Twelve Months Ending
DECEMBER 31, 2004 2003 % Change Income Statement Interest Income
$31,452 $26,512 18.6% Interest Expense 8,971 8,293 8.2% Net
Interest Income 22,481 18,219 23.4% Provision for Loan Losses 1,020
919 11.0% Net Interest Income After Provision for Loans Losses
21,461 17,300 24.1% Other Income 4,439 3,654 21.5% Other Expenses
16,644 13,213 26.0% Income Before Taxes 9,256 7,741 19.6% Income
Taxes 2,960 2,485 19.1% Net Income $6,296 $5,256 19.8% Results of
Operation Book Value Per Share $8.99 $7.96 12.9% Earnings Per
Share-Basic $1.29 $1.14 13.2% Earnings Per Share-Assuming Dilution
$1.25 $1.11 12.6% Return on Average Assets 1.19% 1.22% -2.5% Return
on Average Equity 15.05% 15.86% -5.1% Allowance for Loan Losses to
Loans 1.02% 1.06% -3.8% Common Shares Outstanding, (Thousands)
4,920 4,881 0.8% PREMIER COMMUNITY BANKSHARES (Unaudited) ($ In
Thousands) Three Months Ending DECEMBER 31, 2004 2003 % Change
Income Statement Interest Income $8,582 $6,934 23.8% Interest
Expense 2,463 2,004 22.9% Net Interest Income 6,119 4,930 24.1%
Provision for Loan Losses 100 204 -51.0% Net Interest Income After
Provision for Loans Losses 6,019 4,726 27.4% Other Income 1,057
1,001 5.6% Other Expenses 4,448 3,887 14.4% Income Before Taxes
2,628 1,840 42.8% Income Taxes 860 590 45.8% Net Income $1,768
$1,250 41.4% Results of Operation Earnings Per Share-Basic $0.36
$0.27 33.3% Earnings Per Share-Assuming Dilution $0.35 $0.26 34.6%
Return on Average Assets 1.25% 1.08% 15.7% Return on Average Equity
15.97% 13.54% 17.9% DATASOURCE: Premier Community Bankshares, Inc.
CONTACT: Frederick A. Board of Premier Community Bankshares, Inc.,
+1-540-869-6600, ext. 1012
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