Premier Community Bankshares, Inc. Announces 9.9% Increase in Earnings for 2006
19 Januar 2007 - 6:14PM
PR Newswire (US)
WINCHESTER, Va., Jan. 19 /PRNewswire-FirstCall/ -- Premier
Community Bankshares, Inc. (NASDAQ:PREM) reports net income of $7.8
million for the year ended December 31, 2006, an increase of 9.9%
or $704 thousand compared to the corresponding period in 2005.
Earnings per share on a diluted basis were $1.44, compared to $1.41
per share for the same period in 2005. During 2006, the return on
average equity was 11.94% and return on average assets was 0.96%,
compared to the returns on average equity and average assets of
14.97% and 1.13%, respectively, for 2005. For the fourth quarter of
2006, the returns on average equity and average assets was 13.01%
and 1.04% respectively, compared to a return on average equity of
15.58% and a return on average assets of 1.18% for the fourth
quarter of 2005. Net income for the fourth quarter in 2006 was $2.4
million, an increase of 18.8% or $372 thousand compared to the same
period in 2005. The acquisition of Albemarle First Bank, which has
been reflected in the financial statements as of July 1, 2006
contributed approximately $1.0 million in net income to the
consolidated earnings of the Company in 2006. Current period
expenses related to Albemarle include interest costs in connection
with the trust preferred capital notes issuance to fund the
acquisition and merger related costs. The interest expense from
this issuance and merger related costs were $522 thousand and $115
thousand, respectively, on a pre-tax basis. Our de novo institution
subsidiary, Premier Bank, produced a net loss of approximately $951
thousand for the full year of 2006 compared to a net loss of
approximately $847 thousand from July 18, 2005 (commencement date)
to December 31, 2005. Donald L. Unger, President and CEO of the
Company stated, "We are pleased to report solid earnings growth in
2006 while making significant investments in our future growth
through the acquisition of Albemarle First Bank, expansion of our
footprint through additional branching initiatives and our de novo
banking subsidiary in West Virginia." Total assets for the Company
at December 31, 2006 were $900.7 million compared to $674.4 million
as of December 31, 2005, an increase of $226.3 million or 33.6%.
Total assets acquired in the Albemarle acquisition and related
goodwill and other intangible assets were approximately $140.8
million. Net loans outstanding grew by $174.0 million or 30.4%
during the year and accounted for the majority of the asset growth.
Loans acquired in conjunction with the Albemarle acquisition
totaled approximately $96.1 million at December 31, 2006. The
increase in loans was primarily funded by a $165.4 million increase
in deposits, which includes $99.5 million of deposits assumed from
Albemarle and a $25.0 million increase in advances from the Federal
Home Loan Bank. The Company also increased Trust Preferred Capital
Notes outstanding by $17.6 million or 81.4% over year-end 2005.
Other income increased 16.8% to $5.4 million, while other expenses
increased $4.8 million or 23.9%, which was attributable to
increased personnel expenses, additional equipment, and the related
premises needed to service an expanding customer base. Premier
Community Bankshares, Inc. is a growing multi-bank holding company
that operates 21 offices in the Shenandoah Valley region in the
northwestern part of Virginia, three offices in the central part of
Virginia and two offices in the eastern panhandle of West Virginia.
The Company's three subsidiary banks of Rockingham Heritage Bank,
The Marathon Bank and Premier Bank serve an increasingly
diversified market with a rapidly growing population. This press
release may contain forward-looking statements, as defined by
federal securities laws, which may involve significant risks and
uncertainties. The statements are based on estimates and
assumptions made by management in conjunction with other factors
deemed appropriate under the circumstances. Actual results could
differ materially from current projections. Readers are encouraged
to read filings the company has made with the Securities and
Exchange Commission for additional information. PREMIER COMMUNITY
BANKSHARES (Unaudited) ($ In Thousands) Twelve Months Ending
Balance Sheet DECEMBER 31, Assets: 2006 2005 % Change Cash &
Due From Banks $25,150 $20,459 22.9% Interest Bearing Due From
Banks 1,534 633 142.3% Fed Funds Sold 25,380 19,270 31.7%
Securities-HTM 7,027 7,237 -2.9% Securities-AFS 33,067 23,142 42.9%
Loans 754,563 578,996 30.3% Allowance for Loan Losses (7,119)
(5,591) 27.3% Bank Premises & Equip. 25,780 16,802 53.4% Other
Assets 35,329 13,448 162.7% Total Assets $900,711 $674,396 33.6%
Liabilities: Noninterest Bearing Deposits $96,645 $89,405 8.1%
Interest Bearing Deposits 631,629 473,475 33.4% Total Deposits
$728,274 $562,880 29.4% Other Borrowed Money 55,754 34,562 61.3%
Other Liabilities 5,703 5,014 13.7% Trust Preferred Capital Notes
39,267 21,651 81.4% Total Liabilities $828,998 $624,107 32.8%
Shareholders' Equity Common Stock $5,700 $4,956 15.0% Capital
Surplus 34,095 19,806 72.1% Retained Earnings 31,975 25,612 24.8%
Accumulated Other Comp Income(loss) -57 -85 -32.9% Total
Shareholders' Equity $71,713 $50,289 42.6% Total Liabilities and
Shareholders' Equity $900,711 $674,396 33.6% PREMIER COMMUNITY
BANKSHARES (Unaudited) ($ In Thousands) Twelve Months Ending
DECEMBER 31, 2006 2005 % Change Income Statement Interest Income
$55,551 $40,146 38.4% Interest Expense 23,659 13,290 78.0% Net
Interest Income 31,892 26,856 18.8% Provision for Loan Losses 661
842 -21.5% Net Interest Income After Provision for Loans Losses
31,231 26,014 20.1% Other Income 5,371 4,600 16.8% Other Expenses
24,918 20,118 23.9% Income Before Taxes 11,684 10,496 11.3% Income
Taxes 3,839 3,355 14.4% Net Income $7,845 $7,141 9.9% Results of
Operation Book Value Per Share $12.58 $10.15 23.9% Earnings Per
Share-Basic $1.47 $1.45 1.4% Earnings Per Share-Assuming Dilution
$1.44 $1.41 2.1% Return on Average Assets 0.96% 1.13% -15.0% Return
on Average Equity 11.94% 14.97% -20.2% Allowance for Loan Losses to
Loans 0.94% 0.97% -3.1% Common Shares Outstanding, (Thousands)
5,700 4,956 15.0% PREMIER COMMUNITY BANKSHARES (Unaudited) ($ In
Thousands) Three Months Ending DECEMBER 31, 2006 2005 % Change
Income Statement Interest Income $16,057 $11,025 45.6% Interest
Expense 7,350 3,929 87.1% Net Interest Income 8,707 7,096 22.7%
Provision for Loan Losses 288 270 6.7% Net Interest Income After
Provision for Loans Losses 8,419 6,826 23.3% Other Income 1,544
1,228 25.7% Other Expenses 6,609 5,240 26.1% Income Before Taxes
3,354 2,814 19.2% Income Taxes 1,003 835 20.1% Net Income $2,351
$1,979 18.8% Results of Operation Earnings Per Share-Basic $0.41
$0.40 2.5% Earnings Per Share-Assuming Dilution $0.40 $0.39 2.6%
Return on Average Assets 1.04% 1.18% -11.9% Return on Average
Equity 13.01% 15.58% -16.5% DATASOURCE: Premier Community
Bankshares, Inc. CONTACT: John A. Willingham, SVP & CFO of
Premier Community Bankshares, Inc., +1-540-450-3077, or
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