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BUSINESS
Premier Financial reports income up
HUNTINGTON -- Premier Financial Bancorp. Tuesday reported a growth in net income for the third quarter, according to a news release.
Premier had income of $1.93 million during the quarter, which ended Sept. 30, a 6.8 percent increase over the $1.8 million for the same period last year. Earnings per share were $0.30 during the third quarter of 2008, compared to $0.35 for the same period in 2007.
For the first nine months of 2008, Premier had net income of $5.63 million (96 cents per share), a 4.7 percent increase over the $5.38 million ($1.03 per share) for same period last year.
"We are pleased with the growth in net income resulting from the acquisitions of Traders and Citizens First banks," said President and CEO Robert W. Walker in a news release. "The decrease in earnings per share is a result of the additional shares issued to acquire these two franchises."
Walker said that as the new banks are converted to the Premier data systems and operations, he expects savings and increases in income from the new markets.
"Our loans outstanding have increased significantly during the third quarter regardless of reports of credit tightening at the larger national banking franchises," he said. "We are thankful that our conservative approach to investing and lending the funds our deposit customers entrust to us has positioned us to continue serving the credit needs of our communities and return a profit to our shareholders."
Total assets as of Sept. 30 were $732 million, up $183 million or 33.3 percent from the $549 million of total assets at year-end 2007.
In May, Premier announced the completion of the acquisitions Traders Bankshares Inc., headquartered in Spencer, and Citizens First Bank Inc. in Ravenswood. Premier's other holdings include Boone County Bank in Madison, First Central Bank located in Philippi, Citizens Deposit Bank in Vanceburg, Ky., Farmers Deposit Bank in Eminence, Ky., and Ohio River Bank in Ironton.
