PremierWest Bancorp announced second quarter financial results, reporting net income of $3.94 million or 21 cents per share, the same per share income made on $3.81 million in the second quarter of 2006.

PremierWest Bancorp announced second quarter financial results, reporting net income of $3.94 million or 21 cents per share, the same per share income made on $3.81 million in the second quarter of 2006.

The Medford-based bank holding company's net interest income for the quarter was $13.81 million, up from $13.65 million prior year. Non-interest income for the quarter was $2.3 million, up from $1.97 million the previous year.

Analysts polled by First Call/Thomson Financial expected the company to report earnings of 19 cents per share for the quarter.

For the first half of the year, PremierWest reported net income of $7.31 million or 39 cents per share, compared to net income of $7.1 million/38 cents per share in the same period last year.

Net interest income for the period was $27.15 million, up from $26.62 million prior year. Non-interest income for the period was $4.3 million, up from $3.8 million previous year.

In a statement, bank president Jim Ford said increased per share earnings were achieved despite opening three new offices.

"New banking offices are an immediate drain on net income and generally require several quarters before they begin to make a positive contribution to net income," Ford said.