PremierWest Narrows Loss to $3.3M

  • Click on individual bank names in the table below to access American Banker's coverage of each company's earnings report. Links to relevant coverage, filings, releases, and bank benchmark profile data can be found in the Related Links area of each article.

    April 26

PremierWest Bancorp in Medford, Ore., narrowed losses and reduced chargeoffs in the first quarter, the company reported Thursday.

James M. Ford, the chief executive of the $1.5 billion-asset PremierWest, said the results are a sign that it has made progress in addressing its credit problems.

PremierWest reported a $3.3 million loss, compared with a net loss of $110.6 million in the fourth quarter and a year-earlier loss of $4 million.

Nonperforming assets fell a modest 2% from the fourth quarter, to $125.9 million, representing 8.37% of total assets — the same percentage at Dec. 31. Net chargeoffs declined 55% quarter over quarter, to $5.5 million. PremierWest's loan-loss provision totaled $6.1 million, compared with $16.7 million in the fourth quarter, and $10.7 million a year earlier.

A public offering in the first quarter bolstered capital at the company's subsidiary, PremierWest Bank. On March 31 it had a total risk-based capital ratio of 11.01%, a Tier 1 capital ratio of 9.73% and a leverage ratio of 8.21%.

The bank is under a regulatory order to boost its leverage ratio to 10% by Oct. 2.

For reprint and licensing requests for this article, click here.
Community banking Oregon
MORE FROM AMERICAN BANKER