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Impact factor The impact factor (IF) or journal impact factor (JIF) of an academic journal is a scientometric index calculated by Clarivate that reflects the yearly mean number of citations of articles published in the last two years in a given journal, as indexed by Clarivate's Web of Science. As a journal-level metric, it is frequently used as a proxy for the relative importance of a journal within its field; journals with higher impact factor values are given the status of being more important, or carry more prestige in their respective fields, than those with lower values.
Trustmark (bank) Trustmark is a commercial bank and financial services company headquartered in Jackson, Mississippi, United States, with subsidiaries Trustmark National Bank, Trustmark Investment Advisors, and Fisher Brown Bottrell Insurance. The bank's initial predecessor, The Jackson Bank, was chartered by the State of Mississippi in 1889.
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Local economic development Local Economic Development (LED) is an approach to economic development, of note in the developing world that, as its name implies, places importance on activities in and by cities, districts and regions. Local economic development combines economic development activities, urban planning, infrastructure development and social development activities to improve local conditions.
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Tops Friendly Markets Tops Friendly Markets is an American supermarket chain based in Amherst, New York, that operates stores in Upstate New York, Vermont, and Northern Pennsylvania. The chain operates full-scale supermarkets.
Business-to-business Business-to-business (B2B or, in some countries, BtoB) is a situation where one business makes a commercial transaction with another. This typically occurs when:\n\nA business is sourcing materials for their production process for output (e.g., a food manufacturer purchasing salt), i.e.
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Profitability index Profitability index (PI), also known as profit investment ratio (PIR) and value investment ratio (VIR), is the ratio of payoff to investment of a proposed project. It is a useful tool for ranking projects because it allows you to quantify the amount of value created per unit of investment.
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Arithmetic Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today.
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Risk Factors
PREMIER COMMUNITY BANKSHARES INC Item 1A Risk Factors An investment in our common stock involves significant risks
You should carefully read and consider the factors listed below before you invest
These risk factors may adversely affect our financial condition, including future earnings
You should read this section together with the other information in this Annual Report on Form 10-K Our profitability depends significantly on economic conditions in our market area
Our success depends to a large degree on the general economic conditions in the northern Virginia area
The local economic conditions in this area have a significant impact on the loans that we make to our borrowers, the ability of our borrowers to repay these loans and the value of the collateral securing these loans
A significant decline in general economic conditions caused by inflation, recession, unemployment or other factors beyond our control would impact these local economic conditions and could negatively affect our financial condition and performance
In recent years, there has been a proliferation of technology and communications business in our market area
The current recession in those industries has had a significant adverse impact on a number of those businesses
While we do not have significant credit exposure to these businesses, the recession in these industries could have a negative impact on local economic conditions and real estate collateral values generally, which could negatively affect our profitability
We have significant credit exposure in our commercial lending area, for loans secured by real estate and residential construction loans
Although there are no real signs of a housing bubble in our market area, and we do not anticipate one, the decline of the real estate and housing markets in our area could negatively affect our financial condition and performance
The inability to operate Premier Bank successfully may adversely affect our results of operations and financial condition
Premier Bank opened as our third banking subsidiary in July 2005
The business of the bank is subject to the risks inherent in the establishment of any new business enterprise
As a result, we are unable to give any assurance as to the ultimate success of Premier Bank
In addition, we do not expect Premier Bank to be profitable in the initial years of operation due to substantial start-up expenditures that a new bank generally incurs and the time that it will take to develop its deposit base and loan portfolio
As a result, the expense involved in operating Premier Bank may adversely affect our results of operations and financial condition
In addition, Premier Bank will encounter strong competition from commercial banks and other financial institutions that are well established in the bank’s market area
Most competitors have substantially greater resources and lending limits than the bank will have and offer certain services, such as extensive branch networks and trust services, that the bank either does not expect to provide or will not provide initially
Competition for deposit services will also be strong
11 _________________________________________________________________ The integration of the operations of Rockingham Heritage Bank and Albemarle First Bank may be more difficult than anticipated
On January 12, 2006, the Corporation, Rockingham Heritage Bank and Albemarle First Bank entered into an agreement and plan of merger
The success of our pending merger with Albemarle First Bank will depend on a number of factors, including (but not limited to) our ability to: · timely and successfully integrate the operations of Rockingham Heritage Bank and Albemarle First Bank; · maintain existing relationships with depositors in Albemarle First Bank to minimize withdrawals of deposits subsequent to the merger; · maintain and enhance existing relationships with borrowers to limit unanticipated losses from loans of Albemarle First Bank; · control the incremental non-interest expense from Rockingham Heritage Bank to maintain overall operating efficiencies; · retain and attract qualified personnel at Rockingham Heritage Bank and Albemarle First Bank; and · compete effectively in the communities served by Rockingham Heritage Bank and Albemarle First Bank and in nearby communities
We may not be able to manage effectively our growth resulting from the merger
The merger with Albemarle First Bank may distract management from its other responsibilities
The pending acquisition of Albemarle First Bank could cause our management to focus its time and energies on matters related to the acquisition that otherwise would be directed to our business and operations
Any such distraction on the part of management, if significant, could affect its ability to service existing business and develop new business and adversely affect our business and earnings
Our organizational structure of subsidiary banks that operate independently limits cost savings that would otherwise enhance our profitability
Our subsidiary banks operate autonomously, with separate local identities, management teams and decision-making processes, and without strict operating control from the holding company
Each bank has full responsibility for day-to-day operations, with minimal support from the holding company level
While we believe that this structure is fundamentally important in building relationships with our customers, this structure does not emphasize a centralization of operating functions, such as accounting, marketing, human resources, loan review and regulatory compliance
As a result, our banks may experience operating costs that, in the aggregate, are higher than the operating costs of a bank holding company that has centralized operating functions
These higher operating costs may limit the profitability that we could achieve with a less autonomous subsidiary structure
A loss of our senior officers could impair our relationship with our customers and adversely affect our business
Many community banks attract customers based on the personal relationships that the banks’ officers and customers establish with each other and the confidence that the customers have in the officers
We depend on the performance of John K Stephens, our Chairman and President and Chief Executive Officer of Rockingham Heritage Bank, and Donald L Unger, our President and CEO Mr
Stephens and Mr
Unger each have over 37 years of experience in the banking industry and have numerous contacts in our market area
We also depend on the performance of Meryl Kiser, President and CEO of the newly-opened Premier Bank
Kiser has over 23 years of experience in the banking industry and numerous contacts in Premier Bank’s market area
We believe that their extent of experience 12 _________________________________________________________________ and contacts provide us with an advantage over other community banks in our market, who have chief executive officers with less experience and fewer contacts
Stephens, Mr
Unger, or Mr
Kiser, or the failure of either to perform management functions in the manner anticipated by our board of directors, could have a material adverse effect on our business
Our success will be dependent upon the board’s ability to attract and retain quality personnel, including these individuals
We have attempted to reduce our risk by carrying key man life insurance on these individuals and including a non-competition covenant in the employment agreement with Mr
We currently do not have an employment agreement with either Mr
Kiser or Mr
We may not be able to maintain and manage our growth, which may adversely affect our results of operations and financial condition
During the last two years, we have experienced significant growth, and our business strategy calls for continued expansion
Our ability to continue to grow depends, in part, upon our ability to open new branch offices, attract deposits to those locations, and identify loan and investment opportunities
Our ability to manage growth successfully also will depend on whether we can maintain capital levels adequate to support our growth and maintain cost controls and asset quality
If we are unable to sustain our growth, our earnings could be adversely affected
If we grow too quickly, however, and are not able to control costs and maintain asset quality, rapid growth also could adversely affect our financial performance
In addition to new branch offices, our growth may be enhanced through acquisitions of other financial institutions, but we may not be able successfully to identify and attract suitable acquisition candidates and complete acquisitions
Our strategic plan includes the evaluation and acquisition of other financial institutions, including our pending acquisition of Albemarle First Bank
While we generally expect our revenues to increase over time from internal growth, we would also expect that growth through acquisitions would increase our revenues
There can be no assurance, however, that we will be able to identify and attract suitable acquisition candidates successfully that will permit us to expand into new or existing markets
We are unable to predict whether or when any prospective acquisition candidates will become available or the likelihood that any acquisition will be completed once negotiations have commenced
We compete for acquisition and expansion opportunities with financial institutions that have substantially greater resources than we do
The failure to acquire other institutions may adversely affect the expected growth in our revenues
If we need additional capital in the future, we may not be able to obtain it on terms that are favorable and that may limit our growth
Our business strategy calls for continued growth
We anticipate that we will support this growth through additional deposits at new branch locations and investment opportunities
It is possible that we may need to raise additional capital to support our future growth
Our ability to raise capital through the sale of additional securities will depend primarily upon our financial condition and the condition of financial markets at that time
We cannot make any assurance that additional capital would be available on terms satisfactory to us at all
The failure to raise additional capital on terms that are favorable to us may force us to limit our growth strategy