The increased earnings in 2007 were primarily the result of a $901,000 increase in net interest income, a $458,000 increase in non-interest income and a $529,000 decrease in non-interest expenses. On a per share basis, Premier Financial earned $1.36 for the year 2007, a 9.7% increase over the $1.24 per share earned for the full year 2006.
Total assets as of December 31, 2007 of $549 million were up 2.6% from the $535 million of total assets at year-end 2006 and total loans increased $2.9 million since the end of 2006 while outstanding debt has been reduced by $6.3 million.
For the quarter ending December 31, 2007, Premier realized income of $1.74 million, a 4.6% increase over the $1.66 million of net income reported for the same quarter of 2006. On a per share basis, Premier earned $0.33 during the fourth quarter 2007, a 3.1% increase over the $0.32 per share earned during the fourth quarter of 2006.
Robert Walker, president and CEO of Premier Financial, said: We are definitely pleased with the financial performance of the company for 2007 as we achieved record annual net income. This accomplishment is especially gratifying given tightening credit markets, the stiff competition in both deposit rates and loan yields, and the reported financial industry losses resulting from declining real estate values in other areas of our country.
