Premier Community Bankshares, Inc. Announces 18% Earnings Increase

Apr 13, 2001, 01:00 ET from Premier Community Bankshares, Inc.

    WINCHESTER, Va., April 13 /PRNewswire/ -- Premier Community Bankshares,
 Inc. (Nasdaq: PREM) today reported an 18% increase in earnings for the first
 quarter of 2001.  Net income totaled $760 thousand or  $0.16 per share. This
 represents a 14% increase on a fully diluted per share basis over the
 corresponding quarter of 2000.  Premier's return on average equity was 13.01%,
 and return on average assets was 1.25% versus 12.04% return on equity and a
 1.23% return on assets for the first quarter of 2000.  All information for the
 year 2000 has been restated to reflect the merger of Rockingham Heritage Bank
 on November 20, 2000.
     Total assets for the company as of March 31, 2001 were $253.4 million, a
 gain of $35.3 million or 16% over the same period last year.  Net loans
 outstanding grew by $30.3 million or 19%  and accounted for the majority of
 the asset growth.  The increase in loans also accounted for the majority of
 the increase in net income.  Total deposits equaled $220.1 million, an
 increase of $28.4 million or 15% over the first quarter of 2000.
 
     Premier Community Bankshares was created in November of 2000, through a
 merger of Marathon Financial Corporation and Rockingham Heritage Bank.  The
 multi-bank holding company operates 11 branch offices in the central and
 northern Shenandoah Valley region in the northwestern part of Virginia.  The
 two subsidiary banks serve a diversified market with a growing population in
 excess of 300,000.
     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 Ending March 31,
     Balance Sheet                     2001           2000          % Change
 
     Assets:
 
     Cash & Due From Banks          $ 10,969        $ 11,937          (8.1)
     Fed Funds Sold                   24,050          16,942          42.0
     Securities                       18,675          20,339          (8.2)
     Loans                           193,763         163,097          18.8
     Allowance for Loan Losses        (2,120)         (1,784)         18.8
     Loans Held for Resale               537             176         205.1
     Bank Premises & Equip.            4,851           4,941          (1.8)
     Other Assets                      2,648           2,416           9.6
     Total Assets                   $253,373        $218,064          16.2
 
     Liabilities:
 
     Noninterest Bearing Deposits   $ 34,521        $ 29,960          15.2
     Interest Bearing Deposits       185,623         161,697          14.8
     Other Borrowed Money              7,253           3,383         114.4
     Other Liabilities                 1,653           1,304          26.8
     Total Liabilities              $229,050        $196,344          16.7
 
     Shareholders' Equity
 
     Common Stock                   $  4,547        $  4,563          (0.4)
     Capital Surplus                  15,118          15,185          (0.4)
     Retained Earnings                 4,394           2,184         101.2
     Accumulated Other
       Comp Income(loss)                 264            (212)           --
 
     Total Shareholders' Equity     $ 24,323        $ 21,720          12.0
 
     Total Liabilities and
       Shareholders' Equity         $253,373        $218,064          16.2
 
 
                                           Three Months Ending March 31,
                                       2001            2001          % Change
 
     Income Statement
 
     Interest Income                $  4,980        $  4,184          19.0
     Interest Expense                  2,351           1,803          30.4
     Net Interest Income               2,629           2,381          10.4
     Provision for Loan Losses           125             103          21.4
     Net Interest Income After
       Provision for Loans Losses      2,504           2,278           9.9
     Other Income                        379             299          26.8
     Other Expenses                    1,743           1,612           8.1
     Income Before Taxes               1,140             965          18.1
     Income Taxes                        380             322          18.0
     Net Income                         $760            $643          18.2
 
     Results of Operation
 
     Book Value Per Share            $  5.35         $  4.76          12.4
     Earnings Per Share-
       Basic                         $  0.17         $  0.14          21.4
     Earnings Per Share-
       Assuming Dilution             $  0.16         $  0.14          14.3
     Return on Average Assets           1.25%           1.23%          1.6
     Return on Average Equity          13.01%          12.04%          8.1
     Allowance for Loan Losses
       to Loans                         1.09            1.09            --
     Common Shares Outstanding,
       (Thousands)                     4,547           4,563          (0.4)
 
 

SOURCE Premier Community Bankshares, Inc.
    WINCHESTER, Va., April 13 /PRNewswire/ -- Premier Community Bankshares,
 Inc. (Nasdaq: PREM) today reported an 18% increase in earnings for the first
 quarter of 2001.  Net income totaled $760 thousand or  $0.16 per share. This
 represents a 14% increase on a fully diluted per share basis over the
 corresponding quarter of 2000.  Premier's return on average equity was 13.01%,
 and return on average assets was 1.25% versus 12.04% return on equity and a
 1.23% return on assets for the first quarter of 2000.  All information for the
 year 2000 has been restated to reflect the merger of Rockingham Heritage Bank
 on November 20, 2000.
     Total assets for the company as of March 31, 2001 were $253.4 million, a
 gain of $35.3 million or 16% over the same period last year.  Net loans
 outstanding grew by $30.3 million or 19%  and accounted for the majority of
 the asset growth.  The increase in loans also accounted for the majority of
 the increase in net income.  Total deposits equaled $220.1 million, an
 increase of $28.4 million or 15% over the first quarter of 2000.
 
     Premier Community Bankshares was created in November of 2000, through a
 merger of Marathon Financial Corporation and Rockingham Heritage Bank.  The
 multi-bank holding company operates 11 branch offices in the central and
 northern Shenandoah Valley region in the northwestern part of Virginia.  The
 two subsidiary banks serve a diversified market with a growing population in
 excess of 300,000.
     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 Ending March 31,
     Balance Sheet                     2001           2000          % Change
 
     Assets:
 
     Cash & Due From Banks          $ 10,969        $ 11,937          (8.1)
     Fed Funds Sold                   24,050          16,942          42.0
     Securities                       18,675          20,339          (8.2)
     Loans                           193,763         163,097          18.8
     Allowance for Loan Losses        (2,120)         (1,784)         18.8
     Loans Held for Resale               537             176         205.1
     Bank Premises & Equip.            4,851           4,941          (1.8)
     Other Assets                      2,648           2,416           9.6
     Total Assets                   $253,373        $218,064          16.2
 
     Liabilities:
 
     Noninterest Bearing Deposits   $ 34,521        $ 29,960          15.2
     Interest Bearing Deposits       185,623         161,697          14.8
     Other Borrowed Money              7,253           3,383         114.4
     Other Liabilities                 1,653           1,304          26.8
     Total Liabilities              $229,050        $196,344          16.7
 
     Shareholders' Equity
 
     Common Stock                   $  4,547        $  4,563          (0.4)
     Capital Surplus                  15,118          15,185          (0.4)
     Retained Earnings                 4,394           2,184         101.2
     Accumulated Other
       Comp Income(loss)                 264            (212)           --
 
     Total Shareholders' Equity     $ 24,323        $ 21,720          12.0
 
     Total Liabilities and
       Shareholders' Equity         $253,373        $218,064          16.2
 
 
                                           Three Months Ending March 31,
                                       2001            2001          % Change
 
     Income Statement
 
     Interest Income                $  4,980        $  4,184          19.0
     Interest Expense                  2,351           1,803          30.4
     Net Interest Income               2,629           2,381          10.4
     Provision for Loan Losses           125             103          21.4
     Net Interest Income After
       Provision for Loans Losses      2,504           2,278           9.9
     Other Income                        379             299          26.8
     Other Expenses                    1,743           1,612           8.1
     Income Before Taxes               1,140             965          18.1
     Income Taxes                        380             322          18.0
     Net Income                         $760            $643          18.2
 
     Results of Operation
 
     Book Value Per Share            $  5.35         $  4.76          12.4
     Earnings Per Share-
       Basic                         $  0.17         $  0.14          21.4
     Earnings Per Share-
       Assuming Dilution             $  0.16         $  0.14          14.3
     Return on Average Assets           1.25%           1.23%          1.6
     Return on Average Equity          13.01%          12.04%          8.1
     Allowance for Loan Losses
       to Loans                         1.09            1.09            --
     Common Shares Outstanding,
       (Thousands)                     4,547           4,563          (0.4)
 
 SOURCE  Premier Community Bankshares, Inc.