Premier Financial Bancorp has reported a net income of $1.9 million for the fourth quarter ended December 31, 2008, a 9.6% increase over the net income of $1.74 million for the fourth quarter ended December 31, 2007.
On a per share basis, Premier earned $0.30 per share during the fourth quarter of 2008, a 9.1% decrease from the $0.33 per share earned during the fourth quarter 2007.
On a per share basis, Premier earned $0.30 per share during the fourth quarter of 2008, a 9.1% decrease from the $0.33 per share earned during the fourth quarter of 2007.
Premier has said that the increased quarterly earnings in 2008 were primarily the result of a 20.7% increase in net interest income and a 10.9% increase in non-interest income partially offset by a 23.5% increase in non-interest expenses and an $81,000 increase in the provision for loan losses.
Premier has reported an annual net income of $7.54 million for 2008, as compared to $7.12 million reported in 2007, representing a 5.9% increase. On a per share basis, the company earned $1.25 for the year 2008, an 8.1% decrease from the $1.36 per share earned for the year 2007.
The increased earnings in 2008 were primarily the result of a 16.8% increase in net interest income, and a 14.4% increase in non-interest income, partially offset by a 21.1% increase in non-interest expenses and a $225,000 increase in the provision for loan losses, according to Premier.
