AP NEWS

Premier Financial Q4 earnings hit new record

March 10, 2019

HUNTINGTON — Premier Financial Bancorp Inc. announced record financial results for the fourth quarter of 2018, as well as the 2018 calendar year.

For the quarter ended Dec. 31, 2018, Premier realized net income of $5,639,000 (39 cents per diluted share), a 49.6 percent increase over the $3,769,000 (28 cents per diluted share) of net income reported for the fourth quarter of 2017, according to the earnings report.

The $1,870,000, or 49.6 percent, increase in net income during the fourth quarter of 2018 is largely due to a $2,894,000, or 18.8 percent, increase in interest income, a $37,000 increase in non-interest income, a $41,000 decrease in the provision for loan losses and a $766,000 decrease in income tax expense when compared to the fourth quarter of 2017. These increases in net income more than offset a $902,000 increase in interest expense and a $966,000 increase in non-interest expense when compared to the fourth quarter of 2017, the report said.

Premier realized net income of $20,168,000 during the year ending Dec. 31, 2018, a $5.3 million or 36.1 percent increase from the $14,819,000 reported for the year ending Dec. 31, 2017, according to the report. On a diluted per-share basis, Premier earned $1.10 during 2018.

The increase in net income during 2018 is largely due to a $3,831,000, or 6.2 percent, increase in interest income, a $443,000, or 5.1 percent, increase in non-interest income, a $184,000, or 7.4 percent, decrease in the annual provision for loan losses and a $2,709,000, or 31.5 percent, decrease in income tax expense, according to the report.

The decrease in income tax expense was primarily a result of the 2017 Tax Cuts and Jobs Act, which enacted a lower corporate income tax rate beginning in 2018. These increases in net income more than offset a $1,565,000, or 34.8 percent, increase in interest expense and a $253,000, or 0.6 percent, increase in noninterest expense, the report stated.

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