PremierWest Bancorp, a bank holding company, has reported a net loss of $3.61m, or $0.17 per diluted share, for the first quarter ended March 31, 2009, compared to a net income of $1.80m, or $0.08 per diluted share, in the same quarter of 2008.
For the first quarter of 2009, net interest income was $14.39m, a 4.6% decrease compared to $15.08m in the same quarter of 2008. Non-interest income was $2.47m, an 8% increase compared to $2.28m in the same quarter of 2008.
According to the bank, net interest income for the quarter ended March 31, 2009 increased $346,000 over the quarter ending December 31, 2008. Net interest margin expanded to 4.41 percent from the previous quarter of 4.28 percent.
During the first quarter of 2009, PremierWest had non-interest income of $2.5m, a decrease of $141,000 or 5.41 percent from the fourth quarter of 2008. The decrease was primarily a result of a $158,000 decline in deposit services charges, predominantly in NSF fees.
James Ford, president and CEO at PremierWest, said: We are focused on growing earnings and moving the company ahead through whatever economic circumstance we face. While many commentators anticipated the beginnings of an economic recovery earlier than what appears to be occurring, we remain well capitalized and will seize the opportunities that lie ahead. We have worked diligently to create the franchise that we currently hold, and we believe that this will provide a substantial base for growth in the future.
