PremierWest Bancorp in Medford, Ore., said Tuesday that its third-quarter earnings rose 44% from a year earlier, to $3.5 million, on strong loan and deposit growth.
The $890 million-asset PremierWest said that total loans increased 22.2%, to $765 million, and deposits rose 14.2%, to $766 million. It attributed the gains in part to the opening of four branches over the last year.
The net interest margin rose 44 basis points, to 6.2%.
PremierWest also raised its full-year earnings guidance; it now says net income should rise up to 35% from last year's total, $9.1 million.
It opened another branch Tuesday, in Eagle Point, and said it has filed applications to open branches the Oregon cities of Shady Grove and Ashland, as well as in Anderson, Calif.
