Premier Community Bankshares (NASDAQ:PREM)
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From Jul 2019 to Jul 2024
Premier Community Bankshares, Inc. Announces 11% Earnings
Increase for the First Six Months
WINCHESTER, Va., July 15 /PRNewswire-FirstCall/ -- Premier Community
Bankshares, Inc. (NASDAQ:PREM) reported net income of $2.8 million for the
first six months of 2004, an increase of 11% or $274 thousand over the net
income for the corresponding period of 2003. Diluted earnings per share were
$0.56, an increase of 4% from the $0.54 per share for the first half of 2003.
The return on equity was 14.09% and the return on assets was 1.15%. In
comparison, the first half of 2003 generated a return on equity and assets of
16.52% and 1.25% respectively.
For the second quarter of 2004, the return on equity was 14.81% and the return
on assets was 1.17% as compared to a return on equity of 18.25% and a return on
assets of 1.37% for the second quarter of 2003. Net income for the second
quarter of 2004 was $1.5 million, an increase of 4% or $57 thousand over the
net income for the corresponding period of 2003.
Total assets for the company as of June 30, 2004 were $542.8 million, a gain of
$111.4 million or 25.8% over the first six months of 2003. Net loans
outstanding grew by $95.3 million or 27.2% 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 a $76.8 million increase in deposits and a
$25.7 million increase in borrowed money. Total deposits equaled $455.0
million, an increase of $76.8 million or 20.3% over the first half of 2003.
Other income increased as a result of fees on a growing asset and deposit base
while other expenses increased due to personnel expenses and equipment needed
to service an expanding customer base and the opening of additional branch
offices.
Premier Community Bankshares is a growing multi-bank holding company that
operates 16 offices in the Shenandoah Valley region located in the northwestern
part of Virginia. The corporation's two subsidiary banks of Rockingham
Heritage Bank and The Marathon Bank serve an increasingly diversified market
with a growing population in excess of 300,000. The Corporation also operates a
loan production office in the eastern panhandle of West Virginia.
This press release may contain forward-looking statements, as defined by
federal securities laws, which may involve significant risks and uncertainties.
The statements are based on estimates and assumptions made by management in
conjunction with other factors deemed appropriate under the circumstances.
Actual results could differ materially from current projections. Readers are
encouraged to read filings the company has made with the Securities and
Exchange Commission for additional information.
PREMIER COMMUNITY BANKSHARES
(Unaudited)
($ In Thousands)
Balance Sheet June 30th,
Assets: 2004 2003 % Change
Cash & Due From Banks $25,622 $30,783 -16.8%
Interest Bearing Due From Banks 164 364 -54.9%
Fed Funds Sold 26,387 12,043 119.1%
Securities-HTM 8,203 9,651 -15.0%
Securities-AFS 17,509 15,223 15.0%
Loans 449,859 353,560 27.2%
Allowance for Loan Losses (4,786) (3,764) 27.2%
Bank Premises & Equip. 11,723 9,215 27.2%
Other Assets 8,139 4,366 86.4%
Total Assets $542,820 $431,441 25.8%
Liabilities:
Noninterest Bearing Deposits $73,270 $52,038 40.8%
Interest Bearing Deposits 381,695 326,134 17.0%
Total Deposits $454,965 $378,172 20.3%
Other Borrowed Money 30,716 11,723 162.0%
Other Liabilities 2,673 1,953 36.9%
Trust Preferred Capital Notes 13,000 7,000 85.7%
Total Liabilities $501,354 $398,848 25.7%
Shareholders' Equity
Common Stock $4,890 $4,563 7.2%
Capital Surplus 19,338 15,020 28.7%
Retained Earnings 17,224 12,572 37.0%
Accumulated Other Comp Income(loss) 14 438 -96.8%
Total Shareholders' Equity $41,466 $32,593 27.2%
Total Liabilities and
Shareholders' Equity $542,820 $431,441 25.8%
PREMIER COMMUNITY BANKSHARES
(Unaudited)
($ In Thousands)
Six Months Ending
June 30th,
2004 2003 % Change
Income Statement
Interest Income $14,644 $12,862 13.9%
Interest Expense 4,147 4,249 -2.4%
Net Interest Income 10,497 8,613 21.9%
Provision for Loan Losses 745 490 52.0%
Net Interest Income After Provision
for Loans Losses 9,752 8,123 20.1%
Other Income 2,207 1,661 32.9%
Other Expenses 7,828 6,028 29.9%
Income Before Taxes 4,131 3,756 10.0%
Income Taxes 1,307 1,206 8.4%
Net Income $2,824 $2,550 10.7%
Results of Operation
Book Value Per Share $8.48 $7.14 18.8%
Earnings Per Share-Basic $0.58 $0.56 3.6%
Earnings Per Share-Assuming Dilution $0.56 $0.54 3.7%
Return on Average Assets 1.15% 1.25% -8.0%
Return on Average Equity 14.09% 16.52% -14.7%
Allowance for Loan Losses to Loans 1.06% 1.06% 0.0%
Common Shares Outstanding,
(Thousands) 4,890 4,563 7.2%
PREMIER COMMUNITY BANKSHARES
(Unaudited)
($ In Thousands)
Three Months Ending
June 30th,
2004 2003 % Change
Income Statement
Interest Income $7,494 $6,612 13.3%
Interest Expense 2,111 2,099 0.6%
Net Interest Income 5,383 4,513 19.3%
Provision for Loan Losses 316 250 26.4%
Net Interest Income After Provision
for Loans Losses 5,067 4,263 18.9%
Other Income 1,172 1,059 10.7%
Other Expenses 4,047 3,217 25.8%
Income Before Taxes 2,192 2,105 4.1%
Income Taxes 689 659 4.6%
Net Income $1,503 $1,446 3.9%
Results of Operation
Earnings Per Share-Basic $0.31 $0.32 -3.1%
Earnings Per Share-Diluted $0.30 $0.31 -3.2%
Return on Average Assets 1.17% 1.37% -14.6%
Return on Average Equity 14.81% 18.25% -18.8%
DATASOURCE: Premier Community Bankshares, Inc.
CONTACT: Shasta Vance of Premier Community Bankshares, Inc.,
+1-540-869-6600, ext. 1016,