-----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, HiyKh1vwSFP0RfSoamx6qLQ8/D5dva7wiJY5hbBDFj6Xyp/seSZR5SgeL2QHalZI bjDksFCMx96dbFjMZreymQ== 0000887919-05-000030.txt : 20050804 0000887919-05-000030.hdr.sgml : 20050804 20050804165341 ACCESSION NUMBER: 0000887919-05-000030 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050804 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050804 DATE AS OF CHANGE: 20050804 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: 05999989 BUSINESS ADDRESS: STREET 1: 2883 FIFTH AVENUE STREET 2: NONE CITY: HUNTINGTON STATE: WV ZIP: 25702 BUSINESS PHONE: 3045251600 8-K 1 pfbi8k080405.txt EARNINGS RELEASE FOR 2ND QTR 2005 UNITED STATES 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) August 4, 2005 Premier Financial Bancorp, Inc. -------------------------------------------------------- (Exact Name of Registrant as Specified in Its Charter) Kentucky -------------------------------------------------------- (State or Other Jurisdiction of Incorporation) 0-20908 61-1206757 -------------------------------------------------------- (Commission File No.) (IRS Employer Identification No.) 2883 Fifth Avenue Huntington, West Virginia 25702 -------------------------------------------------------- (Address of principal executive offices) (Zip Code) (304) 525-1600 -------------------------------------------------------- Registrant's telephone number, including area code Not Applicable ---------------------------------------------------------------------------- (Former name or former address, if changes since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below): |_| Written communication pursant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) INFORMATION TO BE INCLUDED IN THE REPORT Item 2.02. Results of Operations and Financial Condition On August 4, 2005, Premier issued a press release regarding its financial results for the quarter ended June 30, 2005. The full text of that press release is furnished as Exhibit 99.1. Item 9.01. Financial Statements and Exhibits (c) Exhibit 99.1 - Press Release dated August 4, 2005. 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: August 4, 2005 Brien M. Chase, Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit Number Description -------------- ------------------------------------- 99.1 Press Release dated August 4, 2005, captioned "Premier Financial Bancorp, Inc. Reports Second Quarter 2005 Earnings". EX-99 2 ex99080405pressrelease.txt TEXT OF EARNINGS PRESS RELEASE FOR 06-30-2005 EXHIBIT 99.1 ------------ NEWS FOR IMMEDIATE RELEASE CONTACT: BRIEN M. CHASE, CFO AUGUST 4, 2005 (304) 525-1600 PREMIER FINANCIAL BANCORP, INC. REPORTS SECOND QUARTER 2005 EARNINGS PREMIER FINANCIAL BANCORP, INC. (PREMIER), HUNTINGTON, WEST VIRGINIA (NASDAQ/NMS-PFBI), a $537 million community bank holding company with five bank subsidiaries, announced its sixth consecutive quarter of positive earnings results. Premier realized net income of $727,000 (14 cents per share) during the quarter ending June 30, 2005, a 53% increase over the $474,000 of income from continuing operations reported for the second quarter of 2004. On a per share basis, Premier earned $0.14 during the second quarter 2005, a 56% increase over the $0.09 per share earned during the second quarter of 2004. The increased earnings in 2005 were primarily the result of an increase in net interest income, a lower provision for loan losses, and lower professional fees which were only partially offset by higher staff costs and other operating expenses. Premier reported $449,000 of net income for the second quarter of 2004 which consisted of $474,000 from continuing operations and a $25,000 loss from discontinued operations. The discontinued operation was Premier's wholly-owned subsidiary Citizens Bank (Kentucky), Inc. ("Citizens Bank") which was sold on July 1, 2004. The following discussion relates only to continuing operations. Net interest income for the quarter ending June 30, 2005 totaled $4.893 million, compared to $4.398 million of net interest income earned in the second quarter of 2004 and $4.727 million earned in the first quarter of 2005. When compared to the second quarter of 2004, net interest income has increased 11.3% largely due to increases in interest income from investments and $313,000 of interest expense savings from the early retirement of $5.5 million of Premier's trust preferred securities (NASDAQ/NMS-PFBIP) in the fourth quarter of 2004, the payment of $5.0 million of interest-bearing deferred distributions on the trust preferred securities in March 2005, and the payoff of $4.5 million of bank debt at the holding company since June 30, 2004. The 3.5% increase in net interest income when compared to the first quarter of 2005 is largely due to a 1.2% increase in interest income on loans and $120,000 of interest expense savings resulting from the $5.0 million payment of interest-bearing deferred trust preferred distributions in March 2005. These savings were partially offset by an increase in interest expense on deposits. During the quarter ending June 30, 2005, Premier made provisions to the allowance for loan losses of $191,000 compared to $374,000 during the same period of 2004 and $243,000 in the first quarter of 2005. These small fluctuations in the quarterly provisions for loan losses are the result of providing for loan growth at Premier's performing banks coupled with provisions resulting from newly deteriorating loans identified in the normal course of business by Premier's ongoing credit risk evaluations. As a result of the charge-off of previously identified troubled credits and a slight increase in total loans outstanding, the allowance for loan losses at June 30, 2005 was 2.74% of total loans compared to 2.89% of total loans at year-end 2004 and 2.97% of total loans at June 30, 2004. President and CEO Robert W. Walker commented, "We are pleased with our second quarter results and our continuing trend in quarterly net income. Our net interest income achieved the highest result since the second quarter of 2003. We successfully converted to the FiServ system in the second quarter and look forward to optimizing our ability to utilize the new data systems to improve customer service, streamline operations and enhance profitability." Net overhead for the quarter ending June 30, 2005 totaled $3.660 million. This compares to $3.337 million in the second quarter of 2004, and $3.327 million in the first quarter of 2005. The increase in net overhead in the quarter ending June 30, 2005 is largely due to one-time costs associated with converting Premier's data processing from an in-house operation to an outsourced provider. These costs also include the expensing of the remaining in-house data processing equipment. Furthermore, when compared to the second quarter of 2004, lower professional fees in 2005 were partially offset by higher staff costs in 2005. Total assets as of June 30, 2005 of $537 million were unchanged from the $537 million of total assets at year-end 2004. However, the decrease in other liabilities resulting from the March 31, 2005 payment of the 9.75% interest-bearing deferred distributions on the trust preferred securities was replaced by a $9.8 million increase in interest bearing deposits (at a substantially lower interest cost). Shareholders' equity of $52.3 million equaled 9.7% of total assets at June 30, 2005 which compares to shareholders' equity of $51.0 million or 9.5% of total assets at December 31, 2004. The increase in shareholders' equity was largely due to the $1.5 million of net income through June 30, 2005 which was partially offset by a decline in the market value of the securities portfolio. Premier invests in high quality debt securities of U.S. Government agencies and fully expects to receive the face value of these securities upon their maturity. 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. Following is a summary of the financial highlights for Premier as of and for the periods ending June 30, 2005.
PREMIER FINANCIAL BANCORP, INC. Financial Highlights Dollars in Thousands (except per share data) For the For the Quarter Ended Six Months Ended June 30 June 30 June 30 June 30 2005 2004 2005 2004 Interest Income $ 7,172 $ 6,926 $ 14,217 $ 13,981 Interest Expense 2,279 2,528 4,597 5,137 Net Interest Income 4,893 4,398 9,620 8,844 Provision for Loan Losses 191 374 434 509 Net Interest Income after Provision 4,702 4,024 9,186 8,335 Non-Interest Income 991 906 1,897 1,752 Securities Transactions - - - 10 Non-Interest Expenses 4,651 4,243 8,884 8,715 Income from Continuing Operations Before Taxes 1,042 687 2,199 1,382 Income Taxes 315 213 669 426 Income from Continuing Operations 727 474 1,530 956 Income (Loss) from Discontinued Operations - (25) - 4 NET INCOME $ 727 $ 449 $ 1,530 $ 960 EARNINGS PER SHARE $ 0.14 $ 0.09 $ 0.29 $ 0.18 FROM CONTINUING OPERATIONS 0.14 0.09 0.29 0.18 PREMIER FINANCIAL BANCORP, INC. Financial Highlights (continued) Dollars in Thousands (except per share data) Balances as of June 30 December 31 2005 2004 ASSETS Cash/Due From Banks/Fed Funds $ 32,236 $ 31,816 Securities Available for Sale 151,196 153,892 Loans (net) 317,198 315,543 Other Real Estate Owned 2,345 2,247 Other Assets 18,318 17,941 Goodwill 15,816 15,816 TOTAL ASSETS $ 537,109 $ 537,255 LIABILITIES Deposits $ 443,968 $ 437,798 Fed Funds/Repurchase Agreements 7,650 9,046 Other Debt 10,260 11,490 Junior Subordinated Debentures 20,876 20,876 Other Liabilities 2,056 7,016 TOTAL LIABILITIES 484,810 486,226 Stockholders' Equity 52,299 51,029 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 537,109 $ 537,255 TOTAL BOOK VALUE PER SHARE $ 10.00 $ 9.75 Non-Accrual Loans $ 6,206 $ 6,847 Loans 90 Days Past Due and Still Accruing 676 739
-----END PRIVACY-ENHANCED MESSAGE-----