HUNTINGTON, W.Va., Feb. 18, 2020 /PRNewswire/ -- PREMIER
FINANCIAL BANCORP, INC. (PREMIER), (NASDAQ/GMS-PFBI), a
$1.8 billion financial holding
company with two bank subsidiaries, announced its financial results
for the fourth quarter of 2019 as well as the 2019 calendar
year. Premier realized net income of $24,196,000 ($1.64
per diluted share) during the year ending December 31, 2019, a $4.0
million, or 20.0%, increase from the $20,168,000 ($1.47
per diluted share) reported for the year ending December 31, 2018. The increase in net
income during 2019 is largely due to a $10,757,000, or 16.3%, increase in interest
income, a $236,000, or 2.6%, increase
in non-interest income, and a $1,065,000, or 46.0%, decrease in the annual
provision for loan losses. These increases in net income more
than offset a $3,610,000, or 59.5%,
increase in interest expense and a $3,293,000, or 8.1%, increase in non-interest
expense.
President and CEO Robert W.
Walker commented, "We are pleased to continue to report
record net income performance in 2019, at $24.2 million, or $1.64 per diluted share. Both are new
records for our company. This earnings performance included
income from the operations of our October
2018 acquisition of First Bank of Charleston ("First Bank") location, which is
included in our financial results for the entire year in 2019 as
well as our October 2019 acquisition
of the First National Bank of Jackson ("Jackson") locations, which is included in our
financial results only from the October 25,
2019 acquisition date. Our net interest margin
increased to 4.18% for the full year 2019 compared to 4.13% for the
full year 2018. At the same time, our net overhead ratio
dropped to 2.14% of average earning assets for 2019 compared to
2.16% for 2018. Net interest income was up 12.0%, or
$7.1 million in 2019 while net
overhead expenses were up 9.8%, or $3.1
million, when compared to our 2018 results. We
continue to work through our non-performing assets and have
increased our specific reserves on some impaired loans.
Non-accrual loans at December 31,
2019 are 19.0%, or $3,311,000
lower than the level of non-accrual loans reported at December 31, 2018 and our provision for loan
losses decreased by $1.1 million in
2019. Our regulatory capital ratios remain strong as our
equity-to-asset ratios improved from our positive earnings
performance, enabling us to pay cash for our Jackson acquisition. While our future
results will still be subject to the strengths and weaknesses of
our local and national economies, we are optimistic about our
future and look forward to meeting its challenges."
For the quarter ended December 31,
2019, Premier realized net income of $5,894,000 (40
cents per diluted share), a 4.5% increase over the
$5,639,000 (39
cents per diluted share) of net income reported for the
fourth quarter of 2018. The $255,000, or 4.5%, increase in net income during
the fourth quarter of 2019 is largely due to a $832,000, or 4.6%, increase in interest income,
and a $490,000 decrease in the
provision for loan losses when compared to the fourth quarter of
2018. These increases in net income more than offset a
$390,000, or 18.8%, increase in
interest expense and a $523,000, or
4.8%, increase in non-interest expense when compared to the fourth
quarter of 2018.
Net interest income for the quarter ended December 31, 2019 totaled $16.633 million, up $442,000, or 2.7%, from the $16.191 million of net interest income earned in
the fourth quarter of 2018. Interest income in the fourth
quarter of 2019 increased by $832,000, or 4.6%, largely due to an $876,000, or 5.7%, increase in interest income on
loans. Interest income on loans in the fourth quarter of 2019
included approximately $209,000 of
income recognized from deferred interest and discounts on loans
that paid off during the quarter compared to $135,000 of interest income of this kind
recognized during the fourth quarter of 2018. Otherwise,
interest income on loans increased by $802,000, or 5.2%, in the fourth quarter of 2019,
partially due to a higher average balance of loans outstanding
during the quarter when compared to the fourth quarter of 2018, due
to the loans acquired via the purchase of Jackson in October
2019, as well as a higher average yield on the loans
outstanding. Interest income on investment securities in the
fourth quarter of 2019 increased by $104,000, or 4.5%, largely due to a higher
average balance of investments outstanding during the fourth
quarter of 2019 from the investment portfolio added by the
acquisition of Jackson in
October 2019. Interest income
from interest-bearing bank balances and federal funds sold
decreased by $148,000, or 27.5%, due
to a decrease in the average yield on these balances in 2019
resulting from decreases in the short-term interest rate policy of
the Federal Reserve Board of Governors during 2019 on a slightly
higher average balance outstanding during the fourth quarter of
2019 when compared to the fourth quarter of 2018.
Partially offsetting the increase in interest income in the
fourth quarter of 2019 was a $390,000, or 18.8%, increase in interest expense
when compared to the same quarter of 2018. Interest expense
on deposits increased by $446,000, or
24.0%, in the fourth quarter of 2019, partially due to the
$88,000 of interest expense on
deposits assumed in the acquisition of Jackson. Otherwise, interest expense on
deposits increased by $358,000, or
19.3%, largely due to increases in the average rate paid on
certificates of deposit on a higher average balance
outstanding. Interest expense on savings deposits and NOW and
money market deposits decreased in the fourth quarter of 2019, when
compared to the fourth quarter of 2018. Adding to the
increase in interest expense on deposits, average interest-bearing
deposit balances in the fourth quarter of 2019 were up $63.4 million, including the $40.0 million of average interest-bearing
deposits assumed in the acquisition of Jackson, compared to the fourth quarter of
2018, while the average interest rate paid on interest-bearing
deposits was up 12 basis points in 2019, from 0.71% in the fourth
quarter of 2018 to 0.83% in the fourth quarter of 2019.
Increased competition for deposits and time deposits in particular,
as well as the increases in short-term interest rates in 2018 have
resulted in the higher average rate paid on interest-bearing
deposits. The related rates of interest paid on time deposits
increased by 41 basis points, driving the overall increase in
interest expense on deposits in the fourth quarter of 2019 when
compared to the fourth quarter of 2018. Interest expense on
customer repurchase agreements and other short-term borrowings
increased by $16,000 in the fourth
quarter of 2019, largely due to an increase in the average rate
paid on a lower average balance outstanding. Partially
offsetting these increases in interest expense in the fourth
quarter of 2019, interest expense on the remaining Federal Home
Loan Bank ("FHLB") borrowings of First Bank assumed by Premier as
part of the acquisition in 2018 decreased by $34,000, or 42.0%, due to payments upon maturity
during 2019. Furthermore, interest expense on other
borrowings by the parent company decreased by $31,000, when compared to the fourth quarter of
2018, due to the full repayment of this borrowing prior to the end
of June 2019. Interest expense on Premier's subordinated debt
also decreased by $7,000 in the
fourth quarter of 2019 due to recent decreases in the short-term
interest rate index of this floating rate debt.
During the quarter ended December 31,
2019, Premier reversed $65,000
of provision for loan losses compared to $425,000 of provision for loan losses expense
recorded during the same quarter of 2018. The reversal of
provision for loan losses recorded during the fourth quarter of
2019 was the result of a decrease in the estimated credit risk in
the collectively evaluated loan portfolio, partially offset by an
increase in specific reserves on impaired loans. Specific
reserves on impaired loans increased from $2,473,000 at the end of the third quarter of
2019 to $3,102,000 at the end of the
fourth quarter of 2019, largely due to increases in the level of
additional identified credit risk on impaired loans in Premier's
multifamily real estate loan, owner-occupied commercial real estate
loan and commercial loan portfolios. The provision for loan
losses recorded during the fourth quarter of 2018 was to provide
for an increase in specific reserves on impaired loans partially
offset by a decrease in allowance for loan losses on collectively
impaired loans. The level of provision expense is determined
under Premier's internal analyses of evaluating credit risk. The
amount of future provisions for loan losses will depend on any
future improvement or further deterioration in the estimated credit
risk in the loan portfolio, as well as whether additional payments
are received on loans previously identified as having significant
credit risk. Gross charge-offs of loans increased by
$13,000 in the fourth quarter of 2019
when compared to the same quarter of 2018, while recoveries on
loans previously charged-off decreased by $21,000 in the same comparison. Non-accrual
loans have decreased by $3,311,000
since December 31, 2018 to
$14,137,000, or 1.18% of outstanding
loans, while accruing loans 90+ days past due and still accruing
increased by $1,142,000 to
$2,228,000, or 0.19% of outstanding
loans, at year-end 2019.
Net overhead costs (non-interest expenses less non-interest
income) for the quarter ended December 31,
2019 totaled $9.040 million
compared to $8.493 million in the
fourth quarter of 2018. Net overhead increased by
$547,000, or 6.4%, in the fourth
quarter of 2019 when compared to the fourth quarter of 2018, due to
a $24,000, or 1.0%, decrease in
non-interest income and a $523,000,
or 4.8%, increase in non-interest expense. Total non-interest
income decreased by $24,000 in the
fourth quarter of 2019 when compared to the fourth quarter of 2018,
largely due to a $29,000, or 48.0%,
decrease in revenue from brokerage and annuity commissions and a
$7,000, or 21.9%, decrease in
commissions on checkbook sales. Otherwise, service charges
and fees on deposit accounts, increased by $10,000, or 0.8%, and secondary market mortgage
income increased by $22,000, or
57.9%, while electronic banking income decreased by $5,000, or 0.6%. Non-interest expense
increased by $523,000, or 4.8% in the
fourth quarter of 2019 compared to the fourth quarter of 2018,
partially due to the operations of the newly acquired Jackson locations, which added approximately
$244,000 of direct operating
expenses. Overall increases in operating costs include a
$301,000, or 5.9%, increase in staff
costs, a $34,000, or 2.1% increase in
occupancy and equipment expense, a $136,000, or 10.0%, increase in outside data
processing costs, a $281,000 increase
in other real estate owned ("OREO") expense, a $20,000, or 9.1%, increase in taxes not on income
and a $9,000, or 4.4%, increase in
the amortization of intangible assets. These increases were
partially offset by a $71,000, or
29.0%, decrease in professional fees, an $86,000, or 48.3%, decrease in conversion costs,
and a $136,000, or 112%, decrease in
FDIC insurance premiums, when compared to the fourth quarter of
2018. The increase in OREO expense was largely due to
$872,000 of writedowns of the
carrying value in the fourth quarter of 2019 compared to
$463,000 of writedowns recorded in
the fourth quarter of 2018. The increase in writedowns was
partially offset by a $65,000
increase in gains on the sale of OREO and a $64,000 decrease in the costs of maintaining
these OREO properties. The decrease in FDIC insurance premium
was due to the application of FDIC premium credits for community
banks used to offset the fourth quarter assessment in 2019.
Net interest income for the year ended December 31, 2019 totaled $66.901 million, an increase of $7.147 million, or 12.0%, from the $59.754 million of net interest income earned
during 2018. Total interest income in 2019 increased by
$10,757,000, or 16.3%, largely due to
an increase in interest income on loans. Interest income on
loans increased by $8,381,000, or
14.7%, in 2019, largely due to the loans acquired via the purchase
of First Bank late in 2018 and the loans acquired via the purchase
of Jackson late in 2019.
Average loans outstanding in 2019 increased by $97.4 million while the average yield on the loan
portfolio increased by 27 basis points to 5.65% in 2019. Also
included in interest income on loans is income from the collection
of deferred interest income and loan discounts recognized upon the
full payoff of loans. In 2019, approximately $1,878,000 of deferred interest income was
recognized while $978,000 of such
loan interest income was recognized in 2018. Interest income
on investments increased by $2,333,000, or 32.1%, in 2019, largely due to an
increase in the average yield earned on the portfolio on a
$59.0 million higher average balance
of investments during the year. Interest income from
interest-bearing bank balances and federal funds sold increased by
$43,000, largely due to an increase
in the average yield earned in 2019 from increases in short-term
interest rates early in the year, but on a slightly lower average
balance outstanding during the year.
Partially offsetting the increase in interest income in 2019 was
a $3,610,000, or 59.5%, increase in
interest expense, when compared to calendar year 2018.
Interest expense on deposits increased by $3,565,000, or 65.5%, in 2019, largely due to
increases in the average rate paid on certificates of deposit,
savings deposits and NOW and money market deposits during the year,
when compared to 2018. Adding to the increase in interest
expense on deposits, average interest-bearing deposit balances were
up $96.1 million, or 9.9%, compared
to the calendar year 2018, while the average interest rate paid on
interest-bearing deposits was up 28 basis points in 2019, from
0.56% in 2018 to 0.84% in 2019. Increases in short-term rates
escalated the competition for deposits and time deposits in
particular. The related rates of interest paid on time deposits
increased by 62 basis points, driving the overall increase in
interest expense on deposits during the full year of 2019 when
compared to the full year of 2018. Interest expense on
customer repurchase agreements and other short-term borrowings
increased by $36,000 in 2019, largely
due to an increase in the average rate paid on a slightly lower
average balance outstanding. Adding to the interest expense
increase in 2019 was $117,000 of
additional interest expense on the remaining Federal Home Loan Bank
("FHLB") borrowings of First Bank assumed by Premier as part of the
acquisition, while there was only $81,000 of such interest in 2018, all occurring
in the fourth quarter. More than offsetting the increase in
interest expense on FHLB borrowings, interest expense on other
borrowings by the parent company decreased by $125,000, in 2019, due to the full repayment of
parent only borrowing prior to the end of June 2019. Lastly,
interest expense on Premier's subordinated debt increased by
$17,000, or 4.8% in 2019 due to
increases in short-term rate index used to determine the floating
rate interest paid on the outstanding subordinated debt.
Adding to Premier's increase in net income in 2019 was a
decrease in the annual provision for loan losses. During
2019, Premier recorded $1,250,000 of
provision for loan losses compared to $2,215,000 of provision for loan losses recorded
in 2018. The provision for loan losses recorded in 2019 was
primarily in response to increases in the level of additional
identified credit risk on impaired loans in Premier's multifamily
real estate loan and owner-occupied commercial real estate loan
portfolios. Specific reserves on impaired loans increased
from $2,796,000 at the end of 2018,
net of $618,000 of specific reserves
on impaired loans charged-off in 2019, to $3,102,000 at the end of 2019. The level of
provision expense is determined under Premier's internal analyses
of evaluating credit risk. The amount of future provisions
for loan losses will depend on any future improvement or further
deterioration in the estimated credit risk in the loan portfolio as
well as whether additional payments are received on loans
previously identified as having significant credit risk.
Gross charge-offs of loans increased by $347,000 in 2019 when compared to year 2018,
while recoveries on loans previously charged-off decreased by
$418,000 in 2019, as a result of a
large recovery recorded in the third quarter of 2018. While
the identified credit risk on loans individually evaluated for
impairment increased during 2019, total individually impaired loans
decreased from $20.2 million at the
end of 2018 to $12.2 million at the
end of 2019. Non-accrual loans have decreased by $3,311,000 since year-end 2018, while accruing
loans over 90 days past due increased by $1,142,000.
Net overhead costs (non-interest expenses less non-interest
income) for the calendar year ended December
31, 2019 totaled $34.446
million compared to $31.373
million in the year 2018. Net overhead increased by
$3.073 million, or 9.8%, in 2019 when
compared to 2018, as a $236,000, or
2.6%, increase in non-interest income was more than offset by a
$3.293 million, or 8.1%, increase in
non-interest expense. Total non-interest income increased by
$236,000 in the calendar year 2019
when compared to 2018, largely due to a $99,000, or 2.2%, increase in revenue from
service charges and fees on deposit accounts, a $34,000, or 18.9%, increase in secondary market
mortgage income, and a $145,000
increase in other non-interest income, including a $158,000 increase in proportional income from an
investment in a start-up insurance agency in 2018. These
increases were partially offset by a $42,000, or 1.2%, decrease in electronic banking
income. Non-interest expense increased by $3.293 million, or 8.1% in 2019 compared to 2018,
largely due to the operations of the newly acquired First Bank
location in Charleston, West
Virginia, the two new Jackson locations and $1.080 million of net gains upon the sale of OREO
in the first quarter of 2018. During that quarter, Premier
sold approximately $6.1 million of
OREO, or approximately 30% of the carrying value held on the books
at year-end 2017, and realized $1.080
million of net gains upon their liquidation. OREO
expenses and writedowns are traditionally included in Premier's
total non-interest expenses, so the net gains from these sales
reduced non-interest expense in the calendar year 2018. Excluding
the 2018 net OREO gains, non-interest expense increased by
$2.213 million, or 5.3%, in 2019.
Increases in operating costs include a $1,682,000, or 8.5%, increase in staff costs, a
$615,000, or 9.8% increase in
occupancy and equipment expense, a $583,000, or 11.2%, increase in outside data
processing costs, an $85,000, or
9.6%, increase in taxes not on income and a $107,000, or 13.8%, increase in the amortization
of intangible assets. These increases were partially offset
by a $375,000, or 24.9%, decrease in
professional fees, a $404,000, or
54.2%, decrease in loan collection expenses, and a $341,000, or 60.5%, decrease in FDIC insurance
premiums, when compared to calendar year 2018. Excluding the
$1,080,000 of net OREO gains in 2018,
OREO expense increased by $226,000,
or 17.1%, in 2019 largely due to writedowns of the carrying value
during the year. The decrease in FDIC insurance premium was
due to the application of FDIC premium credits for community banks
used to offset the third and fourth quarter assessments.
Total assets as of December 31,
2019 were up $90.8 million, or
5.4%, to $1.781 billion from the
$1.690 billion of total assets at
year-end 2018, largely due to the $86.2
million of assets, net of cash paid, acquired from the
purchase of Jackson on
October 25, 2019. Liquid
assets, such as cash and due from banks, interest bearing bank
balances and federal funds sold, increased by $13.2 million, largely due to an increase in
funds from maturing investment securities and retained cash from
Premier's operations plus the $9.7
million of liquid assets acquired from the purchase of
Jackson. These additions to liquid assets were more than
reduced by the $14.6 million of cash
paid in the purchase of Jackson. Investment securities
increased by $25.0 million, or 6.8%,
since year-end 2018, which includes the $44.7 million of investment securities acquired
from the purchase of Jackson,
$66.7 million of new investment
purchases from available funds during the year and a $9.6 million increase in the market value of the
securities available for sale. These increases were partially
offset by maturing investments, called securities and principal
paydowns on mortgage backed securities. Total loans
outstanding increased by $46.0
million, or 4.0%, since year-end 2018, largely due to the
$41.6 million of loans obtained via
the acquisition of Jackson. Otherwise, total loans
outstanding increased by $4.4
million, or 0.4%, as payoffs on loans in the second and
third quarters of 2019 were exceeded by new loans generated during
2019. Other real estate owned ("OREO") decreased by
$1.8 million, or 12.7%, as new
foreclosures, including one commercial real estate property during
the first quarter of 2019 that also resulted in a $450,000 loan charge-off, have been more than
offset by sales and writedowns of OREO properties in 2019.
Other assets increased by $8.2
million since year-end 2018, largely due to recording of a
$7.5 million Finance Lease Right to
Use Asset in accordance with the adoption of Accounting Standards
Update ("ASU") 2016-02 on January 1,
2019 and the addition of $3.7
million of other assets acquired via the purchase of
Jackson. These increases in other assets were partially
offset by a decrease in deferred tax assets and the liquidation of
some of the other assets acquired from Jackson. Total
deposits increased by $65.6 million,
or 4.6%, since year-end 2018, largely due to the $85.6 million of deposits assumed via the
acquisition of Jackson. Otherwise, total deposits decreased
by $20.0 million, or 1.4% since
year-end 2018, due to a $43.1
million, or 11.0%, decrease in non-interest bearing deposits
and a $7.2 million, or 1.9%, decrease
in time deposits. These decreases were partially offset by a
$19.0 million, or 6.4%, increase in
interest bearing transaction deposits and an $11.4 million, or 3.2%, increase in savings
deposits. Customer repurchase agreements decreased by
$1.6 million, or 7.4% since year-end
2018. FHLB borrowings and other borrowings decreased by
$2.4 million and $2.5 million, respectively, since year-end 2018
due to payments upon maturity, scheduled principal payments and
additional principal payments on Premier's existing
borrowings. Premier's subordinated debentures increased by
$30,000 since year-end 2018 due to
the accretion of purchase accounting fair value adjustments applied
to the $6.2 million face value of the
subordinated debentures. Other liabilities increased by
$8.3 million, largely due to the
recording of a $7.5 million Finance
Lease Liability also in accordance with the adoption of ASU 2016-02
on January 1, 2019 and the
$629,000 of other liabilities assumed
via the acquisition of Jackson.
Stockholders' equity of $240.2
million equaled 13.5% of total assets at December 31, 2019, which compares to
stockholders' equity of $216.7
million, or 12.8% of total assets, at December 31, 2018. The increase in
stockholders' equity was largely due to the $24.2 million of net income earned for the year
and a $7.6 million, net of tax,
increase in the market value of the investment portfolio available
for sale. These increases in stockholders' equity were
partially offset by the $0.60 per
share of cash dividends declared and paid during the four quarters
of 2019.
Certain Statements contained in this news release, including
without limitation statements including the word "believes,"
"anticipates," "intends," "expects" or words of similar import,
constitute "forward-looking statements" within the meaning of
section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of Premier to be
materially different from any future results, performance or
achievements of Premier expressed or implied by such
forward-looking statements. Such factors include, among others,
general economic and business conditions, changes in business
strategy or development plans and other factors referenced in this
press release. Given these uncertainties, prospective investors are
cautioned not to place undue reliance on such forward-looking
statements. Premier disclaims any obligation to update any such
factors or to publicly announce the results of any revisions to any
of the forward-looking statements contained herein to reflect
future events or developments.
Following is a summary of the financial highlights for Premier
as of and for the periods ending December
31, 2019.
PREMIER FINANCIAL
BANCORP, INC.
|
Financial
Highlights
|
Dollars in Thousands
(except per share data)
|
|
|
For the
Quarter Ended
|
|
For the
Year Ended
|
|
Dec 31
|
|
Dec 31
|
|
Dec 31
|
|
Dec 31
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Interest
Income
|
|
|
|
|
|
|
|
Loans,
including fees
|
16,283
|
|
15,407
|
|
65,237
|
|
56,856
|
Investments and other
|
2,817
|
|
2,861
|
|
11,341
|
|
8,965
|
Total interest
income
|
19,100
|
|
18,268
|
|
76,578
|
|
65,821
|
Interest
Expense
|
|
|
|
|
|
|
|
Deposits
|
2,307
|
|
1,861
|
|
9,009
|
|
5,444
|
Borrowings and other
|
160
|
|
216
|
|
668
|
|
623
|
Total interest
expense
|
2,467
|
|
2,077
|
|
9,677
|
|
6,067
|
Net
interest income
|
16,633
|
|
16,191
|
|
66,901
|
|
59,754
|
Provision for loan
losses
|
(65)
|
|
425
|
|
1,250
|
|
2,315
|
Net
interest income after provision
|
16,698
|
|
15,766
|
|
65,651
|
|
57,439
|
Non-interest
Income
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
1,229
|
|
1,219
|
|
4,661
|
|
4,562
|
Electronic banking income
|
848
|
|
853
|
|
3,488
|
|
3,530
|
Other
non-interest income
|
263
|
|
292
|
|
1,185
|
|
1,006
|
Total non-interest
income
|
2,340
|
|
2,364
|
|
9,334
|
|
9,098
|
Non-Interest
Expense
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
5,437
|
|
5,136
|
|
21,485
|
|
19,803
|
Net
occupancy and equipment
|
1,668
|
|
1,634
|
|
6,909
|
|
6,294
|
Outside
data processing
|
1,494
|
|
1,358
|
|
5,782
|
|
5,199
|
OREO
expenses and writedowns, net
|
860
|
|
579
|
|
1,550
|
|
244
|
Amortization of intangibles
|
212
|
|
203
|
|
885
|
|
778
|
Other
non-interest expenses
|
1,709
|
|
1,947
|
|
7,153
|
|
8,153
|
Total non-interest
expense
|
11,380
|
|
10,857
|
|
43,764
|
|
40,471
|
Income
Before Taxes
|
7,658
|
|
7,273
|
|
31,221
|
|
26,066
|
Income
Taxes
|
1,764
|
|
1,634
|
|
7,025
|
|
5,898
|
NET
INCOME
|
5,894
|
|
5,639
|
|
24,196
|
|
20,168
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE
|
0.40
|
|
0.39
|
|
1.65
|
|
1.48
|
DILUTED EARNINGS PER SHARE
|
0.40
|
|
0.39
|
|
1.64
|
|
1.47
|
DIVIDENDS PER SHARE
|
0.15
|
|
0.15
|
|
0.60
|
|
0.57
|
|
|
|
|
|
|
|
|
Charge-offs
|
251
|
|
238
|
|
1,715
|
|
1,368
|
Recoveries
|
47
|
|
68
|
|
269
|
|
687
|
Net
charge-offs (recoveries)
|
204
|
|
170
|
|
1,446
|
|
681
|
PREMIER FINANCIAL
BANCORP, INC.
|
Financial Highlights
(continued)
|
Dollars in Thousands
(except per share data)
|
|
|
Balances as
of
|
|
December
31
|
|
December
31
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
Cash and Due From
Banks
|
23,091
|
|
22,992
|
Interest Bearing Bank
Balances
|
66,063
|
|
41,005
|
Federal Funds
Sold
|
5,902
|
|
17,872
|
Securities Available
for Sale
|
390,754
|
|
365,731
|
Loans
(net)
|
1,181,753
|
|
1,135,563
|
Other Real Estate
Owned
|
12,242
|
|
14,024
|
Other
Assets
|
48,189
|
|
40,020
|
Goodwill and Other
Intangibles
|
53,016
|
|
52,908
|
TOTAL
ASSETS
|
1,781,010
|
|
1,690,115
|
|
|
|
|
LIABILITIES &
EQUITY
|
|
|
|
Deposits
|
1,495,753
|
|
1,430,127
|
Fed Funds/Repurchase
Agreements
|
20,428
|
|
22,062
|
FHLB
Borrowings
|
6,375
|
|
8,819
|
Other
Borrowings
|
-
|
|
2,500
|
Subordinated
Debentures
|
5,436
|
|
5,406
|
Other
Liabilities
|
12,777
|
|
4,472
|
TOTAL
LIABILITIES
|
1,540,769
|
|
1,473,386
|
Common Stockholders'
Equity
|
240,241
|
|
216,729
|
TOTAL
LIABILITIES &
STOCKHOLDERS'
EQUITY
|
1,781,010
|
|
1,690,115
|
|
|
|
|
TOTAL BOOK VALUE
PER COMMON SHARE
|
16.39
|
|
14.82
|
Tangible Book
Value per Common Share
|
12.78
|
|
11.20
|
|
|
|
|
Non-Accrual
Loans
|
14,137
|
|
17,448
|
Loans 90 Days Past
Due and Still Accruing
|
2,228
|
|
1,086
|
View original
content:http://www.prnewswire.com/news-releases/premier-financial-bancorp-inc-announces-20-increase-in-2019-annual-financial-results-301006234.html
SOURCE Premier Financial Bancorp, Inc.