Premier Financial Bancorp (PFBI) has reported a 19.46 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $3.41 million, or $0.32 a share in the quarter, compared with $2.85 million, or $0.31 a share for the same period last year.
Revenue during the quarter grew 13.39 percent to $15.25 million from $13.45 million in the previous year period. Net interest income for the quarter rose 14.74 percent over the prior year period to $13.44 million. Non-interest income for the quarter rose 16.01 percent over the last year period to $2.12 million.
Premier Financial Bancorp has made provision of $0.31 million for loan losses during the quarter, up 231.91 percent from $0.09 million in the same period last year.
president and chief executive officer Robert W. Walker commented, "We are pleased to report a second consecutive quarter of improved earnings performance as we continue to assimilate the operations of the newly acquired First National Bankshares and to also report a nearly 20% increase in quarterly earnings over the fourth quarter of last year. In addition to the acquisition and subsequent systems conversion of First National Bankshares, in 2016 we increased loans outstanding by nearly 5.0% via core lending operations, redeployed lower yielding maturing investments into higher yielding loans, and increased low cost demand deposit balances by 9.0%. In 2016, our Company was added to the Russell 2000 stock market index, our board of directors declared and paid a 10% common stock dividend to shareholders of record on December 2, 2016, and we increased the fourth quarter cash dividend by 10% to $0.15 per share. We recently announced a $0.15 per share cash dividend for the first quarter of 2017 as well. I want to thank all of our hard working employees for their efforts in achieving these outstanding results. 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."
Liabilities outpace assets growth
Total assets stood at $1,496.19 million as on Dec. 31, 2016, up 20.21 percent compared with $1,244.69 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,322.01 million as on Dec. 31, 2016, up 20.46 percent from $1,097.46 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,013.99 million as on Dec. 31, 2016, up 20.70 percent compared with $840.10 million on Dec. 31, 2015. Deposits stood at $1,279.39 million as on Dec. 31, 2016, up 20.67 percent compared with $1,060.20 million on Dec. 31, 2015.
Investments stood at $288.61 million as on Dec. 31, 2016, up 12.97 percent or $33.14 million from year-ago. Shareholders equity stood at $174.18 million as on Dec. 31, 2016, up 18.31 percent or $26.95 million from year-ago.
Book value per share for quarter was almost stable at $16.37, when compared with the previous year period.
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