Premier Community Bankshares (NASDAQ:PREM)
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From Jul 2019 to Jul 2024
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,