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Net income increases for PremierWest PremierWest Bancorp announced Wednesday an 8 percent increase in net income for the second quarter. Net income increased to $696,000 before a $96,000 goodwill amortization charge, compared to $647,000, before $883,000 of one-time merger and data conversion costs, for the same three-month period in 2000. For the six months ended June 30, PremierWest had a 6 percent increase in net income to $1,346,000 compared to $1,269,000 before non-routine items. The company completed a merger with Timberline Bancshares, parent of Timberline Community Bank in Siskiyou County, in April. The $14 million merger added eight branches, 70 employees and $100 million in assets to PremierWest. The merger with Timberline increased PremierWest's assets to nearly $450 million. The company now operates 27 offices, including mortgage division offices, in Josephine, Jackson, Klamath and Douglas counties as well as Northern California. PremierWest was created three years ago from the Bank of Southern Oregon, a two-branch, Medford-based organization. PremierWest Bancorp is a one-bank holding company and the parent of PremierWest Bank, which has 13 branches in Oregon. Including the acquisition of Timberline Community Bank since the second quarter of 2000, PremierWest increased its total assets 36.5 percent to $466 million, growing $29 million. Its loans 50 percent to $325 million and increased its deposits 52 percent to $407 million. Mail Tribune Home | Ottaway Newspapers, Inc. | Dow Jones & Co., Inc. | Privacy | Contact Us Copyright � 2001 Mail Tribune, Inc.