First Natl Bkshs New (FBSW) 31.0000 $FBSW
Premier Financial Bancorp, Inc. Reports First Quarter 2016 Earnings
PR Newswire - Tue May 10, 7:00AM CDT
PREMIER FINANCIAL BANCORP, INC. (PREMIER), (NASDAQ/GMS: PFBI), a $1.5 billion bank holding company with two bank subsidiaries, announced its financial results for the first quarter of 2016. Premier realized net income of $2,979,000 during the quarter ended March 31, 2016, a 5.2% decrease from the $3,142,000 of net income reported for the first quarter of 2015. On a diluted per share basis, Premier earned $0.32 during the first quarter of 2016 compared to $0.36 per share earned during the first quarter of 2015. The decrease in income in the first three months of 2016 is largely due to an increase in the provision for loan losses when compared to the first quarter of 2015 and an increase in operating expenses resulting from the operations of the newly acquired First National Bank ("First National"
, which were not included in Premier's first quarter 2015 results. First National, a wholly owned subsidiary of First National Bankshares Corporation ("Bankshares" headquartered in Ronceverte, West Virginia, was purchased as part of Premier's acquisition of Bankshares on January 15, 2016. Premier issued 1.4 million shares of its common stock valued at approximately $22,041,000 to the shareholders of Bankshares. On March 4, 2016, as part of Premier's assimilation of Bankshares, First National was converted to Premier's operating systems and merged into Premier Bank, Inc., a wholly own subsidiary of Premier. The six branches of First National became branches of Premier Bank and now comprise the bank's second largest operating division. The operations of First National's six branches plus the operations of Bankshares are only included in the operations of Premier since the January 15, 2016 acquisition date.
PFBI: 17.60 (+0.09)
Premier Financial Bancorp, Inc. Reports First Quarter 2016 Earnings
PR Newswire - Tue May 10, 7:00AM CDT
PREMIER FINANCIAL BANCORP, INC. (PREMIER), (NASDAQ/GMS: PFBI), a $1.5 billion bank holding company with two bank subsidiaries, announced its financial results for the first quarter of 2016. Premier realized net income of $2,979,000 during the quarter ended March 31, 2016, a 5.2% decrease from the $3,142,000 of net income reported for the first quarter of 2015. On a diluted per share basis, Premier earned $0.32 during the first quarter of 2016 compared to $0.36 per share earned during the first quarter of 2015. The decrease in income in the first three months of 2016 is largely due to an increase in the provision for loan losses when compared to the first quarter of 2015 and an increase in operating expenses resulting from the operations of the newly acquired First National Bank ("First National"
, which were not included in Premier's first quarter 2015 results. First National, a wholly owned subsidiary of First National Bankshares Corporation ("Bankshares" headquartered in Ronceverte, West Virginia, was purchased as part of Premier's acquisition of Bankshares on January 15, 2016. Premier issued 1.4 million shares of its common stock valued at approximately $22,041,000 to the shareholders of Bankshares. On March 4, 2016, as part of Premier's assimilation of Bankshares, First National was converted to Premier's operating systems and merged into Premier Bank, Inc., a wholly own subsidiary of Premier. The six branches of First National became branches of Premier Bank and now comprise the bank's second largest operating division. The operations of First National's six branches plus the operations of Bankshares are only included in the operations of Premier since the January 15, 2016 acquisition date. PFBI: 17.60 (+0.09)
