PREMIER FINANCIAL BANCORP, INC (PFBI) has reported 4.84 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $3.16 million, or $0.33 a share in the quarter, compared with $3.32 million, or $0.40 a share for the same period last year. Revenue during the quarter grew 8.34 percent to $15.47 million from $14.28 million in the previous year period. Net interest income for the quarter rose 7.30 percent over the prior year period to $13.72 million. Non-interest income for the quarter rose 14.43 percent over the last year period to $2.06 million.
Premier Financial Bancorp has made provision of $0.31 million for loan losses during the quarter, up 0.97 percent from $0.31 million in the same period last year.
President and Chief executive officer Robert W. Walker commented, “We are pleased with our third quarter 2016 financial performance, which resulted in a $540,000, or 20.6%, increase in net income over our second quarter 2016 reported net income. When compared to our June 2016 quarterly results, third quarter 2016 interest income on loans was up 2.0% while total interest expense was down 2.2% resulting in a $225,000 increase in net interest income. And while non-interest income was relatively unchanged from the second quarter of 2016, third quarter 2016 non-interest expenses were generally lower than the previous calendar quarter, with the exception of loan collection expense, the costs of trying to liquidate other real estate owned, FDIC insurance premiums and the cost of operating our branch facilities. Finally, in the second quarter of 2016 we added a $500,000 provision for loan losses resulting from our initial estimate of potential loan losses resulting from the record flash flooding that occurred in central and southeastern West Virginia near the end of June. While it still may be some time before we begin to experience any specific loan losses related to unreimbursed damage to borrowers’ collateral or any lasting economic impact to our business customers in areas that rely on vacation season tourism, we are thankful that the impact of the flooding on our overall loan portfolio credit quality has been minimal thus far. As a result, we did not believe there was any need to increase our estimate of potential losses as of the end of the third quarter 2016. We continue our efforts to assimilate our six new branch locations from the First National acquisition while we look for additional ways to improve the efficiency of our banking franchise.”
Investments stood at $295.21 million as on Sep. 30, 2016. Shareholders equity was at $177.43 million as on Sep. 30, 2016.
Book value per share was $18.36 for the quarter.
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