8-K

                       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) July 31, 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 5.  Other Events

     On July 31, 2003, Premier Financial Bancorp, Inc. (Premier) issued a
news release announcing that it was charging off approximately $6.2 million of
loans and increasing its allowance for loan losses to over $8.7 million at its
subsidiary Farmers Deposit Bank (the "Bank").
     The announcement by Premier is in response to an ongoing internal
investigation previously announced by Premier whereby it has uncovered a
systematic disregard for its loan approval and credit administration policies
at the Bank, and accepted the resignation of the Bank's president.  The initial
investigation results indicate that the Bank's former president had engaged in
conduct which subverted the Bank's internal controls and credit administration
policies. The full text of the news release is contained in Exhibit 99.1.


Item 7.  Financial Statements and Exhibits

         (c) Exhibits

             99.1 - Press Release dated July 31, 2003.


Item 12.  Results of Operations and Financial Condition

     On July 31, 2003, Premier issued a press release regarding material
non-public information which will impact its second quarter and year-to-date
operating results.  The full text of that press release is furnished as
Exhibit 99.1.



     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: July 31, 2003                Brien M. Chase, Vice President
                                     and Chief Financial Officer





                                  EXHIBIT INDEX


    Exhibit Number                     Description
    --------------                     -------------------------------------
        99.1                           Press Release dated July 31, 2003,
                                        captioned "Premier Financial Bancorp,
                                        Inc. Charges Off Loans and Increases
                                        Allowance for Loan Losses at Farmers
                                        Deposit Bank".

EX-99

                                  EXHIBIT 99.1
                                  ------------

NEWS FOR IMMEDIATE RELEASE                          CONTACT: BRIEN M. CHASE, CFO
JULY 31, 2003                                                304-525-1600


                         PREMIER FINANCIAL BANCORP, INC.
                              CHARGES OFF LOANS AND
                       INCREASES ALLOWANCE FOR LOAN LOSSES
                             AT FARMERS DEPOSIT BANK

         PREMIER FINANCIAL BANCORP, INC. (PREMIER), HUNTINGTON, WEST VIRGINIA
(NASDAQ/NMS-PFBI) a community bank holding company with seven bank subsidiaries
announced on June 16, 2003 that it was increasing its allowance for loan losses
as a result of problems at one of its subsidiary banks and was committed to
cover any re-estimation of the probable incurred losses that may exist in the
subsidiary bank's loan portfolio.

         As a result of the ongoing internal investigation announced on June 16,
2003, Premier uncovered a systematic disregard for its loan approval and credit
administration policies at Farmers Deposit Bank (the "Bank"), its subsidiary
bank headquartered in Eminence, Kentucky. On June 12, 2003, Premier accepted the
resignation of that bank's president. Upon discovery, Premier promptly informed
its supervisory bank regulatory authorities who have since aided in the
investigation. Premier sent to the Bank an accounting firm retained by it,
senior credit administration staff from its other affiliate bank subsidiaries,
and its director of risk management to conduct an investigation. As a result of
the investigation to date, Premier charged-off approximately $6.2 million of
loans at the Bank in the month of June. Premier has also increased the allowance
for loan losses at the Bank to over $8.7 million to absorb probable future
charge-offs which may be necessary as the investigation continues and action
plans are developed and executed. The combined result of the charge-offs and the
increase in the allowance for loan losses was a charge to earnings in the month
of June for a $12.1 million provision for loan losses, $8.0 million net of tax
benefits.

         Premier's initial investigation indicates that the Bank's former
president had engaged in conduct which subverted the Bank's internal controls
and credit administration policies, conduct which appears to have been designed
to avoid detection by those entities employed by Premier to perform independent
reviews of its subsidiaries' accounting records, internal controls, and credit
risk. While the investigation is still on-going, management at Premier has
implemented a number of actions since the Bank president's resignation including
the appointment of one of Premier's senior executives as interim chief executive
officer of the Bank; the development of a plan in conjunction with the FDIC to
inject capital at the Bank as needed to continue to maintain the Bank's "Well
Capitalized" designation; daily meetings of a loan committee, chaired by the
interim chief executive officer, to review all new loan applications and
renewals; the hiring of a senior collection officer with 20+ years of collection
experience; and developing collection plans for the loans that were charged-off
as well as other loans within the loan portfolio.

         Robert W. Walker, Premier's president and chief executive officer
commented, "Often when a company implements strategies to strengthen its credit
culture and administration policies, problems surface after corrective action is
in place. Furthermore, the surfacing of problems can appear to indicate progress
is not being made. While we are committed to recognizing our losses as they
occur, the timing and magnitude of this event is going to overshadow all of the
hard work and progress achieved by our management team. Our West Virginia and
Ohio banks are enjoying record profitability since becoming Premier
subsidiaries, our debt reduction strategies are reducing our interest costs, our
cost reduction strategies are lowering our overhead costs, and our recovering
Kentucky banks are all reducing their non-performing assets and exceeding their
budgetary income goals by double digit percentages.

         "The Bank's former president was trusted as a prudent bank
administrator with 18 years of experience as the Bank's CEO and as a member of
our management team. We recruited and hired an executive vice president of the
Bank in late March 2003 to assist him with implementation of our culture change
which was proceeding more slowly than we had wanted. Thereafter, it became
apparent that our trust in the former president had been misplaced. I would like
to extend my sincerest appreciation for all of the Premier employees who have
sacrificed a great deal of their personal time in the past few months as they
have either traveled away from home to assist in the investigation or filled in
for those who were away. I would also like to commend Denny Klingensmith for
taking on the interim CEO position. Denny did an absolutely marvelous job as
interim CEO at our Georgetown, Kentucky affiliate when its president resigned
this past November and was instrumental in beginning the turn-around process at
that bank."

         In the coming days, Premier will announce its second quarter and
year-to-date consolidated financial results.

         Certain Statements contained in this news release, including without
limitation statements including the word "believes," "anticipates," "intends,"
"expects" or words of similar import, constitute "forward-looking statements"
within the meaning of section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of Premier to be materially different from
any future results, performance or achievements of Premier expressed or implied
by such forward-looking statements. Such factors include, among others, general
economic and business conditions, changes in business strategy or development
plans and other factors referenced in this press release. Given these
uncertainties, prospective investors are cautioned not to place undue reliance
on such forward-looking statements. Premier disclaims any obligation to update
any such factors or to publicly announce the results of any revisions to any of
the forward-looking statements contained herein to reflect future events or
developments.