Premier Community Bankshares, Inc. Announces 20% Earnings Increase for the First Quarter
15 April 2004 - 12:19AM
PR Newswire (US)
Premier Community Bankshares, Inc. Announces 20% Earnings Increase
for the First Quarter WINCHESTER, Va., April 14
/PRNewswire-FirstCall/ -- Premier Community Bankshares, Inc.
reported net income of $1.3 million for the first quarter of year
2004, an increase of 20% or $217 thousand over the net income for
the corresponding quarter of 2003. Diluted earnings per share were
$0.26, an increase of 8% from the $0.24 per share for the first
quarter of 2003. The return on assets was 1.12% and the return on
equity was 13.39%. In comparison, the first quarter of 2003
generated a return on assets and equity of 1.12% and 14.71%
respectively. The reductions in earnings per share and return on
equity were the result of increased equity from a common stock
offering in late 2003. Total assets for the company as of March 31,
2004 were $498.2 million, a gain of $79.8 million or 19% over the
same period last year. Net loans outstanding grew by $89.7 million
or 27% and accounted for all of the asset growth. In spite of the
large rate of growth, loan quality remained strong as evidenced by
the ratio of non-performing loans to total assets. As of March 31,
2004, this ratio was 0.08% as compared to 0.23% as of March 31,
2003. 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 $57.2 million increase in deposits and a
$17.8 million decrease in Federal Funds Sold. Total deposits
equaled $424.6 million, an increase of $57.2 million or 16% over
the corresponding quarter of 2003. Other income increased as a
result of fees on a growing asset and deposit base while other
expenses increased due to personnel expenses and equipment needed
to service an expanding customer base and the opening of additional
branch offices. Premier Community Bankshares is a growing
multi-bank holding company that operates 16 offices in the
Shenandoah Valley region located in the northwestern part of
Virginia. The corporation's two subsidiary banks of Rockingham
Heritage Bank and The Marathon Bank serve an increasingly
diversified market with a population in excess of 300,000. The
Corporation also operates a loan production office in the eastern
panhandle of West Virginia. This press release may contain
forward-looking statements, as defined by federal securities laws,
which may involve significant risks and uncertainties. The
statements are based on estimates and assumptions made by
management in conjunction with other factors deemed appropriate
under the circumstances. Actual results could differ materially
from current projections. Readers are encouraged to read filings
the company has made with the Securities and Exchange Commission
for additional information. PREMIER COMMUNITY BANKSHARES
(Unaudited) ($ In Thousands) Three Months Ended Balance Sheet March
31st, Assets: 2004 2003 % Change Cash & Due From Banks $25,067
$23,284 7.7% Interest Bearing Due From Banks 181 596 -69.6% Fed
Funds Sold 6,692 24,452 -72.6% Securities-HTM 8,159 10,165 -19.7%
Securities-AFS 16,176 14,198 13.9% Loans 427,234 336,497 27.0%
Allowance for Loan Losses -4,525 -3,525 28.4% Loans Held for Resale
0 0 0.0% Bank Premises & Equip. 11,569 8,587 34.7% Other Assets
7,686 4,184 83.7% Total Assets $498,239 $418,438 19.1% Liabilities:
Noninterest Bearing Deposits $67,472 $49,354 36.7% Interest Bearing
Deposits 357,092 317,976 12.3% Total Deposits $424,564 $367,330
15.6% Other Borrowed Money 17,652 11,489 53.6% Other Liabilities
2,769 1,584 74.8% Trust Preferred Capital Notes 13,000 7,000 85.7%
Total Liabilities $457,985 $387,403 18.2% Shareholders' Equity
Common Stock $4,887 $4,562 7.1% Capital Surplus 19,349 15,020 28.8%
Retained Earnings 15,721 11,127 41.3% Accumulated Other Comp Income
(loss) 297 326 -8.9% Total Shareholders' Equity $40,254 $31,035
29.7% Total Liabilities and Shareholders' Equity $498,239 $418,438
19.1% Three Months Ending March 31st, 2004 2003 % Change Income
Statement Interest Income $7,150 $6,250 14.4% Interest Expense
2,036 2,150 -5.3% Net Interest Income 5,114 4,100 24.7% Provision
for Loan Losses 429 240 78.8% Net Interest Income After Provision
for Loans Losses 4,685 3,860 21.4% Other Income 1,035 602 71.9%
Other Expenses 3,781 2,811 34.5% Income Before Taxes 1,939 1,651
17.4% Income Taxes 618 547 13.0% Net Income $1,321 $1,104 19.7%
Results of Operation Book Value Per Share $8.24 $6.80 21.2%
Earnings Per Share-Basic $0.27 $0.24 12.5% Earnings Per
Share-Assuming Dilution $0.26 $0.24 8.3% Return on Average Assets
1.12% 1.12% 0.0% Return on Average Equity 13.39% 14.71% -9.0%
Allowance for Loan Losses to Loans 1.06% 1.05% 1.0% Common Shares
Outstanding, (Thousands) 4,887 4,562 7.1% DATASOURCE: Premier
Community Bankshares, Inc. CONTACT: Shasta Vance of Premier
Community Bankshares, Inc., +1-540-869-6600, ext. 1016,
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