-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IyjA7oYysNfFJTVQxo1KTy+bvwRL+0iZKPvf3gcle5l3c+kNmMc9SA3W2rf/HKzS cWms08fiu9anJjVWrK1xFw== 0000887919-03-000027.txt : 20030430 0000887919-03-000027.hdr.sgml : 20030430 20030430110913 ACCESSION NUMBER: 0000887919-03-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030428 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PREMIER FINANCIAL BANCORP INC CENTRAL INDEX KEY: 0000887919 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 611206757 STATE OF INCORPORATION: KY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20908 FILM NUMBER: 03671219 BUSINESS ADDRESS: STREET 1: 2883 FIFTH AVENUE STREET 2: NONE CITY: HUNTINGTON STATE: WV ZIP: 25702 BUSINESS PHONE: 3045251600 8-K 1 pfbi8k042803.txt PREMIER 1ST QTR 2003 EARNINGS RELEASE SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Date of Report (date of earliest event reported) April 28, 2003 Premier Financial Bancorp, Inc. (Exact name of registrant as specified in its charter) -------------------------------------------------------- Kentucky 0-20908 61-1206757 --------------------- --------------------- ------------------------ (State or other juris- (Commission File No.) (IRS Employer Identi- diction of corporation) fication No.) 2883 Fifth Avenue Huntington, West Virginia 25702 -------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (304) 525-1600 --------------------- Not Applicable ---------------------------------------------------------------------------- (Former name or former address, if changes since last report) INFORMATION TO BE INCLUDED IN THE REPORT Item 9. Regulation FD Disclosure The following information is furnished pursuant to Item 12, "Disclosure of Results of Operations and Financial Condition." On April 28, 2003, Premier Financial Bancorp, Inc. (Premier) issued a news release announcing first quarter 2003 earnings of $353,000. Exhibits: Exhibit 99.1 - Press Release dated April 28, 2003. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PREMIER FINANCIAL BANCORP, INC. ------------------------------- (Registrant) /s/ Brien M. Chase ----------------------------------- Date: April 30, 2003 Brien M. Chase, Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit Number Description -------------- ------------------------------------- 99.1 Press Release dated April 28, 2003, captioned "Premier Financial Bancorp, Inc. Reports First Quarter 2003 Earnings". EX-99 3 ex99042803pressrelease.txt TEXT OF 1ST QTR EARNINGS RELEASE EXHIBIT 99.1 ============ NEWS FOR IMMEDIATE RELEASE CONTACT: BRIEN M. CHASE, CFO APRIL 28, 2003 (304) 525-1600 PREMIER FINANCIAL BANCORP, INC. REPORTS FIRST QUARTER 2003 EARNINGS PREMIER FINANCIAL BANCORP, INC. (PREMIER), HUNTINGTON, WEST VIRGINIA (NASDAQ/NMS-PFBI), a $683 million community bank holding company with seven individually managed bank subsidiaries announced positive earnings results for the second consecutive quarter. Premier realized net income of $353,000 (7 cents per share) during the quarter ending March 31, 2003 while continuing with its significant provisions for loan losses. The net income for the first quarter compares to $644,000 (12 cents per share) of net income reported for the first quarter of 2002 and $355,000 (7 cents per share) during the prior calendar quarter. President and CEO, Robert W. Walker commented, "We are pleased to report our second consecutive quarter of net income. While this performance is certainly only a fraction of what we believe this company to be capable of, we are encouraged that the necessary steps we have taken to improve asset quality, identify problem credits, and reduce debt are beginning to produce tangible results." Net interest income for the quarter ending March 31, 2003 totaled $5.981 million, compared to $5.974 million of net interest income earned in the first quarter of 2002 and $6.120 million earned in the prior calendar quarter. Net interest income has remained relatively stable from quarter to quarter as declines in loan balances and investment yields have been offset by declines in interest bearing liabilities and funding costs. During the quarter ending March 31, 2003, Premier made provisions to the allowance for loan losses of $1,397,000 compared to $986,000 during the same period of 2002 and $1,516,000 in the prior calendar quarter. As a result, the allowance for loan losses at March 31, 2003 was 2.76% of total loans compared to 2.61% of total loans at year-end 2002 and 1.93% of total loans at March 31, 2002. Net overhead for the quarter ending March 31, 2003 totaled $4.291, which included $124,000 of expenses related to the early redemption of $3.0 million of Premier Trust Preferred Securities (NASDAQ/NMS-PFBIP). This compares to $4.128 million in the first quarter of 2002 and $4.165 million in the prior calendar quarter. Total assets as of March 31, 2003 of $683 million were 0.8% greater than the $678 million of total assets at year-end, largely due to an $8.2 million increase in total deposits partially offset by a $3.0 million early redemption of Premier's 9.75% Trust Preferred Securities. Shareholders' equity of $59.4 million equaled 8.7% of total assets at March 31, 2003. This compares to shareholders' equity of$59.4 million or 8.8% of total assets at December 31, 2002. Following is a summary of the financial highlights for Premier as of and for the period ending March 31, 2003. PREMIER FINANCIAL BANCORP, INC. Financial Highlights Dollars in Thousands (except per share data) For the Quarter Ended March 31 March 31 2003 2002 Interest Income 9,993 11,546 Interest Expense 4,012 5,572 Net Interest Income 5,981 5,974 Provision for Loan Losses 1,397 986 Net Interest Income after Provision 4,584 4,988 Non-Interest Income 936 814 Securities Transactions 189 44 Non-Interest Expenses 5,227 4,942 Net Income Before Taxes 482 904 Income Taxes 129 260 NET INCOME 353 644 EARNINGS PER SHARE 0.07 0.12 Balances as of March 31 December 31 2003 2002 Cash/Due From Banks/Fed Funds 72,413 47,871 Securities Available for Sale 155,078 157,633 Loans (net) 409,361 423,777 Other Real Estate Owned 3,094 3,939 Other Assets 27,342 28,364 Goodwill 16,044 16,044 TOTAL ASSETS 683,332 677,628 LIABILITIES Deposits 556,134 547,974 Other Liabilities 42,025 41,538 Trust Preferred Certificates 25,750 28,750 TOTAL LIABILITIES 623,909 618,262 Stockholders' Equity 59,423 59,366 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 683,332 677,628 TOTAL BOOK VALUE PER SHARE 11.36 11.35 Non-Accrual Loans 8,974 10,588 Loans 90 Days Past Due and Still Accruing 1,542 1,399 -----END PRIVACY-ENHANCED MESSAGE-----