The company operates its ten banking offices in Lane, Linn and Washington counties. Return on assets in the third quarter was 1.89%, and return on equity was 19.75%.
Through the first nine months of 2000, net income was $3.51 million or 77 cents a share. The first nine months of 2001 produced net income of $3.92 million, or 81 cents a share. Total assets at Sept. 30 were $296 million, an 11% increase from Sept. 1999.
Meanwhile, PremierWest Bancorp--the parent company of PremierWest Bank, which has 11 branches in Southern Oregon--is reporting third quarter net income of $871,000 or 10 cents a share, exclusive of one-time merger and data conversion costs of $65,000. In the same 1999 period, net income was $432,000 or 5 cents a share.
Year to date net earnings for the company are $2.1 million, before the merger and data conversion expenses. The numbers are an increase of 78% compared to net earnings for the first nine months of 1999. In the trailing twelve months, PremierWest has grown 14% in total assets, to $332 million; 42% in total loans, to $221 million; and 19% in deposits, to $276 million.
In May of 2000, Douglas National Bank and Bank of Southern Oregon merged to create PremierWest Bank and its parent company PremierWest Bancorp. Since September 30th of last year, with average loan volume increasing along with increases in interest rates, total interest income increased 32% for the third quarter of this year compared to 1999.
PremierWest Bancorp's return on average equity was 11% for the third quarter compared to 6% for the same quarter of 1999 and return on average assets was 1.06% compared to 0.60% for the same quarter of 1999. The company's equity stands at just over 9% of total assets and a liquidity position of cash and investments at over $97 million, or 29% of total assets.
PremierWest opened Premier Finance Co. in April 2000, a finance company funding consumer loans in Portland, OR. On Oct. 2, the company purchased a $4 million consumer loan portfolio and business, Motor Investment Co. of Klamath Falls, which was immediately accretive to earnings.
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