Premier reports record results
HUNTINGTON -- Premier Financial Bancorp Inc. reported record annual income for the year ending Dec. 31. 2012.
Annual net income was $10.3 million or $1.24 per diluted share, up 44 percent from the $7.16 million ($0.74 per share) reported for last year, according to a news release. The increase was attributed to a decrease in non-interest expense and interest expense as well as gains on the sale of a note and the disposition of securities.
"2012 was another momentous year for our company as we began realizing the expense savings we anticipated from our data processing conversion and internal merger in 2011," said President and CEO Robert W. Walker. "We also consummated another internal merger in 2012, merging our Ohio River and Farmers Deposit subsidiaries into Citizens Deposit Bank, which should also add to our expense savings."
Net interest income for the year was $43.9 million, down slightly from $44.208 million during 2011. Total interest income in 2012 was down about 4 percent from 2011, but that decrease was offset by a $1.891 million or 22.7 percent decrease in total interest expense.
"While Premier's results will still be subject to the strengths and weaknesses of our local and national economy, we continue to be excited about our future and look forward to meeting its challenges," Walker said.
Premier is a $1.1 billion bank holding company with two bank subsidiaries, and locations in West Virginia, Ohio, Kentucky, Maryland, Virginia and Washington, D.C.