Premier Community Bankshares, Inc. Announces 13% Earnings Increase for the Year
18 January 2006 - 3:30AM
PR Newswire (US)
WINCHESTER, Va., Jan. 17 /PRNewswire-FirstCall/ -- Premier
Community Bankshares, Inc. (NASDAQ:PREM) reported net income of
$7.1 million for the year ended December 31, 2005, an increase of
13% or $798 thousand over the net income for the previous year.
Diluted earnings per share were $1.41, an increase of 12% over the
$1.26 per share for year-end 2004. The return on equity was 14.97%
and the return on assets was 1.13%. In comparison, 2004 generated a
return on equity and assets of 15.20% and 1.20% respectively. Net
income for the fourth quarter of 2005 was $2.0 million, an increase
of 9% or $164 thousand over the net income for the corresponding
quarter of 2004. Diluted earnings per share were $0.39, an increase
of 11% over the $0.35 per share for the fourth quarter of 2004. The
return on equity was 15.58% and the return on assets was 1.18%. In
comparison, the fourth quarter of 2004 generated a return on equity
and assets of 16.39% and 1.27% respectively. Total assets for the
company as of December 31, 2005 were $674.4 million, an increase of
$98.2 million or 17% over the 2004 year-end balance. Net loans
outstanding grew by $86.5 million or 18% and accounted for the
majority of the asset growth. The increase in loans was funded by a
$79 million increase in deposits and a $12 million increase in
borrowed money. Other income increased 4% to $4.6 million, while
other expenses increased $3.5 million or 21% due to personnel
expenses and equipment needed to service an expanding customer
base, the opening of a new branch in Winchester, Virginia during
the fourth quarter and the opening of the third bank in the holding
company, Premier Bank, which opened on July 18, 2005. Premier
Community Bankshares is a growing multi-bank holding company that
operates 17 offices in the Shenandoah Valley region located in the
northwestern part of Virginia, and two offices in the eastern
panhandle of West Virginia. The corporation's three subsidiary
banks of Rockingham Heritage Bank, The Marathon Bank and Premier
Bank serve an increasingly diversified market with a rapidly
growing population. This press release may contain forward-looking
statements, as defined by federal securities laws, which may
involve significant risks and uncertainties. The statements are
based on estimates and assumptions made by management in
conjunction with other factors deemed appropriate under the
circumstances. Actual results could differ materially from current
projections. Readers are encouraged to read filings the company has
made with the Securities and Exchange Commission for additional
information. PREMIER COMMUNITY BANKSHARES (Unaudited) ($ In
Thousands) Twelve Months Ending Balance Sheet DECEMBER 31, Assets:
2005 2004 % Change Cash & Due From Banks $20,459 $21,459 -4.7%
Interest Bearing Due From Banks 633 115 450.4% Fed Funds Sold
19,270 19,075 1.0% Securities-HTM 7,237 7,569 -4.4% Securities-AFS
23,142 19,745 17.2% Loans 578,996 491,872 17.7% Allowance for Loan
Losses (5,591) (5,007) 11.7% Bank Premises & Equip. 16,802
12,158 38.2% Other Assets 13,448 9,164 46.7% Total Assets $674,396
$576,150 17.1% Liabilities: Noninterest Bearing Deposits $89,405
$88,229 1.3% Interest Bearing Deposits 473,475 395,704 19.7% Total
Deposits $562,880 $483,933 16.3% Other Borrowed Money 34,562 30,691
12.6% Other Liabilities 5,014 3,861 29.9% Trust Preferred Capital
Notes 21,651 13,403 61.5% Total Liabilities $624,107 $531,888 17.3%
Shareholders' Equity Common Stock $4,956 $4,920 0.7% Capital
Surplus 19,806 19,502 1.6% Retained Earnings 25,612 19,710 29.9%
Accumulated Other Comp Income (loss) -85 130 -165.4% Total
Shareholders' Equity $50,289 $44,262 13.6% Total Liabilities and
Shareholders' Equity $674,396 $576,150 17.1% PREMIER COMMUNITY
BANKSHARES (Unaudited) ($ In Thousands) Twelve Months Ending
DECEMBER 31, 2005 2004 % Change Income Statement Interest Income
$40,146 $31,452 27.6% Interest Expense 13,290 8,971 48.1% Net
Interest Income 26,856 22,481 19.5% Provision for Loan Losses 842
1,020 -17.5% Net Interest Income After Provision for Loans Losses
26,014 21,461 21.2% Other Income 4,600 4,439 3.6% Other Expenses
20,118 16,573 21.4% Income Before Taxes 10,496 9,327 12.5% Income
Taxes 3,355 2,984 12.4% Net Income $7,141 $6,343 12.6% Results of
Operation Book Value Per Share $10.15 $9.00 12.8% Earnings Per
Share-Basic $1.45 $1.30 11.5% Earnings Per Share-Assuming Dilution
$1.41 $1.26 11.9% Return on Average Assets 1.13% 1.20% -5.8% Return
on Average Equity 14.97% 15.20% -1.5% Allowance for Loan Losses to
Loans 0.97% 1.02% -4.9% Common Shares Outstanding, (Thousands)
4,956 4,920 0.7% PREMIER COMMUNITY BANKSHARES (Unaudited) ($ In
Thousands) Three Months Ending DECEMBER 31, 2005 2004 % Change
Income Statement Interest Income $11,025 $8,582 28.5% Interest
Expense 3,929 2,463 59.5% Net Interest Income 7,096 6,119 16.0%
Provision for Loan Losses 270 100 170.0% Net Interest Income After
Provision for Loans Losses 6,826 6,019 13.4% Other Income 1,228
1,057 16.2% Other Expenses 5,240 4,377 19.7% Income Before Taxes
2,814 2,699 4.3% Income Taxes 835 884 -5.5% Net Income $1,979
$1,815 9.0% Results of Operation Earnings Per Share-Basic $0.40
$0.37 8.1% Earnings Per Share-Assuming Dilution $0.39 $0.35 11.4%
Return on Average Assets 1.18% 1.27% -7.1% Return on Average Equity
15.58% 16.39% -4.9% First Call Analyst: FCMN Contact:
svance@themarathonbank.com 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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