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http://www.omniture.com --> Sections Home Page Local News AP News Blogs Archives Business Classifieds Event Calendar Classic Forums Forums Life Opinion Obituaries Multimedia Photo Gallery Readers Photo Gallery Sports Tempo Weather Road Cams Special Coverage 2006 Britt Festivals --> Shop Our Valley AutoFinder HomeFinder JobFinder Search Our Valley Special Sections Distinctly Northwest Women in Business Homelife Magazine Joy Magazine Oregon Golf Info Oregon Wine Info Other Publications Local Links Ashland News eSouthernOregon Newspapers In Education Personals Customer Service Advertise With Us Place Classified Ad Contact Us FAQ's Home Delivery Site Map Email Story to a Friend April 18, 2007 PremierWest earnings rise 2.5% during first quarter By Greg Stiles Mail Tribune PremierWest Bancorp's first-quarter earnings rose 2.5 percent to $3.37 million compared to $3.29 million in the corresponding period of 2006, but fell shy of the previous quarter's performance. The Medford-based parent company of PremierWest Bank said Tuesday that per-share earnings amounted to 19 cents, unchanged from the first quarter in 2006. Net income for the quarter ending March 31, however, declined $492,000, or 3 cents per share, from the fourth quarter of 2006 when PremierWest's profit was $3.86 million. Tom Anderson, executive vice president and chief financial officer noted the net income decline was the result of a shorter quarter, affecting net interest income, and higher operating costs due to expansion. PremierWest Bancorp reported net interest income for the quarter totaled $13.3 million, up 2.8 percent to $366,000 and down 3.9 percent from the $537,000 recorded in the final quarter of 2006. About $300,000 of the decline was attributed to the number of business days in the quarter. The remainder was tied to a relatively flat yield on total earning assets and an increase in the cost of average interest-bearing deposits. Advertisement "At 5.94 percent, our net interest margin continues to be at the high end of our peer group and substantially higher than the industry average," said Anderson, adding the decline was anticipated. Non-interest income for the quarter rose 6 percent to $2 million, an increase of $113,000 compared to the preceding quarter when non-interest income totaled $1.9 million. Investment brokerage commissions jumped 26.6 percent, service charges on deposit accounts grew 4.1 percent and miscellaneous income rose 8.5 percent. Those increases offset a 19.9 percent drop in real estate brokerage fees. The company reported total deposits of $883 million on March 31, a 14.3 percent increase from the first quarter of 2006. Gross loans outstanding as of March 31 totaled $927.7 million, a 12 percent increase to $99.3 million. Gross loans grew at an annualized rate of 3.1 percent to $7.1 million. "It is important to note that while the $7.1 million increase in gross loans this quarter is substantially less than the $32.9 million increase achieved during the fourth quarter of 2006," said Jim Ford, president. "We continue to see strong loan activity in all of our major markets and have a stronger pipeline of new loans than we did at this time last year." Reach reporter Greg Stiles at 776-4463 or at [email protected] Would you like to respond to this story? If so Click Here to visit our forums. Advertisement Copyright © 1997-2007 Mail Tribune, Inc. All rights reserved. Privacy Policy | Terms & Conditions | Website Feedback online casinos news Home Security Systems Online Casino Reviews Trunks, Footlocker Fundraisers UK Homeowner Loans Casinos Canada Cord Blood Banking Discount Hotel Reservations Texas Electric Choice Compare Electric rates in Texas Online Casino Windermere Van Vleet Men's Clothing Debt Help New Hampshire Primary