PREMIER FINANCIAL BANCORP, INC. (PFBI) has reported a 22.99 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $3.66 million, or $0.34 a share in the quarter, compared with $2.98 million, or $0.29 a share for the same period last year.
Revenue during the quarter grew 6.59 percent to $15.65 million from $14.68 million in the previous year period. Net interest income for the quarter rose 7.21 percent over the prior year period to $14 million. Non-interest income for the quarter rose 4.13 percent over the last year period to $2.02 million.
President and Chief Executive Officer Robert W. Walker commented, "We are thankful for a strong quarterly earnings performance to begin the year. Our efforts to grow the loan portfolio, control operating costs and improve non-interest income produced results we are proud to report. Our net interest margin improved to 4.12% in the first quarter of 2017, up from 3.93% in the same quarter of 2016, aided by the collection of deferred interest income on the payoff of a few non-accrual loans. The collection on these loans also served to reduce total non-accrual loans from the amount reported at year-end 2016. Total non-accrual loans decreased by over $5.4 million during the first quarter of 2017. Also aiding our improvement in earnings, total earning assets increased in the first quarter of 2017 by approximately $24.6 million, or 1.8%, over the total at year-end 2016. I want to thank all of our hard working employees for their efforts in achieving these outstanding results, as we strive to improve and expand our great franchise".
Assets outpace liabilities growth
Total assets stood at $1,517.22 million as on Mar. 31, 2017, up 0.91 percent compared with $1,503.48 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,339.37 million as on Mar. 31, 2017, up 0.65 percent from $1,330.75 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $1,028.62 million as on Mar. 31, 2017, up 5.31 percent compared with $976.73 million on Mar. 31, 2016. Deposits stood at $1,298.31 million as on Mar. 31, 2017, up 1.10 percent compared with $1,284.18 million on Mar. 31, 2016.
Investments stood at $305.87 million as on Mar. 31, 2017, down 3.11 percent or $9.82 million from year-ago. Shareholders equity stood at $177.85 million as on Mar. 31, 2017, up 2.96 percent or $5.12 million from year-ago.
Book value per share was $16.70 for the quarter.
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