Premier Community Bankshares Inc. in Winchester, Va., reported Thursday that its second-quarter earnings were flat with the year-earlier period, at $1.8 million. Diluted earnings per share were also flat, at 35 cents.
For the six months that ended June 30, earnings rose 1.3%, to $3.5 million.
The $756 million-asset company blamed higher expenses related to branch openings in the first half and to the start-up of Premier Bank in West Virginia's eastern panhandle in 2005. The company now has three separately chartered banks. Expenses for the quarter rose 19.1%, to $5.9 million.
Its net interest income after its provision for loan losses grew 12.7% compared with the same quarter last year, to $7.3 million. Noninterest income rose 13.2%, to $1.3 million.
