QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2013

QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract]

QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE 23 - QUARTERLY FINANCIAL DATA (UNAUDITED)

							Earnings Per Share
	Interest Income		Net Interest Income		Net Income		Basic		Diluted
2013
First Quarter	$	11,415	$	10,140	$	2,504	$	0.29	$	0.28
Second Quarter		12,317		11,093		3,109		0.37		0.35
Third Quarter		13,192		12,027		3,926		0.47		0.44
Fourth Quarter		11,546		10,435		3,690		0.44		0.41
2012
First Quarter	$	14,216	$	12,418	$	2,830	$	0.32	$	0.31
Second Quarter		11,956		10,308		2,092		0.23		0.22
Third Quarter		12,580		11,017		2,411		0.38		0.37
Fourth Quarter		11,683		10,256		2,990		0.36		0.34

In 2013, interest income varied per quarter due to a random pattern of borrowers repaying commercial loans in full.  Some of the loans paid off in full were either discounted at the time of their acquisition or were on the cost recovery method.  These loans, when paid in full, resulted in an increase in interest income as the purchase discount or any historical non-accrual interest paid was recognized immediately in income, particularly illustrated by the increase in interest income in the second and third quarters of 2013.  Also contributing to an increase in interest income was an increase in loans outstanding although the overall yield on the loan portfolio decreased during the year.  The fluctuations in interest income resulted in similar fluctuations in net interest income and net income in 2013.  During 2013, net interest income was impacted positively by interest expense savings from continually lower market interest rates related to time deposits and transaction-based deposits.  Net income was also higher due to a negative provision for loan losses in the fourth quarter of 2013 resulting from the full payoff of an impaired loan during the quarter.  Non-interest expenses were generally lower in 2013 due to lower collection costs and OREO costs incurred when compared to 2012.

Similar to 2013, interest income varied per quarter in 2012 due to a random pattern of borrowers repaying commercial loans in full.  Due to weak loan demand, the proceeds from these loan payoffs were usually reinvested at significantly lower yields.  However, some of the loans paid off in full were either discounted at the time of their acquisition or were on the cost recovery method.  These loans, when paid in full, also resulted in an increase in interest income as the purchase discount or any historical non-accrual interest paid was recognized immediately in income. The fluctuations in interest income resulted in similar fluctuations in net interest income and net income in 2012.  During 2012, net interest income was also impacted positively by interest expense savings from continually lower market interest rates related to time deposits and transaction-based deposits.  Quarterly net income was generally higher in 2012 largely as a result of expenses incurred in 2011 to convert Premier’s core operating systems and ATM network to a single provider as well as expense savings on data processing costs in 2012 under the new provider.  The increased net income in the fourth quarter of 2012 resulted from the gain on the sale of note to a third party.