Kentucky
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61-1206757
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(State or other jurisdiction of incorporation organization)
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(I.R.S. Employer Identification No.)
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2883 Fifth Avenue
Huntington, West Virginia
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25702
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number (304) 525-1600
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Not Applicable
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Former name or former address, if changes since last report)
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□ |
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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□ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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□ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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□ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, no par value
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PFBI
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The Nasdaq Stock Market LLC
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NEWS FOR IMMEDIATE RELEASE
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CONTACT:
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BRIEN M. CHASE, CFO
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OCTOBER 23, 2019
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304-525-1600
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For the
Quarter Ended
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For the
Nine Months Ended
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|||||||||||||||
Sept 30
|
Sept 30
|
Sept 30
|
Sept 30
|
|||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Interest Income
|
||||||||||||||||
Loans, including fees
|
16,438
|
13,731
|
48,954
|
41,449
|
||||||||||||
Investments and other
|
2,870
|
2,270
|
8,524
|
6,104
|
||||||||||||
Total interest income
|
19,308
|
16,001
|
57,478
|
47,553
|
||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
2,367
|
1,355
|
6,702
|
3,583
|
||||||||||||
Borrowings and other
|
163
|
137
|
508
|
407
|
||||||||||||
Total interest expense
|
2,530
|
1,492
|
7,210
|
3,990
|
||||||||||||
Net interest income
|
16,778
|
14,509
|
50,268
|
43,563
|
||||||||||||
Provision for loan losses
|
425
|
275
|
1,315
|
1,890
|
||||||||||||
Net interest income after provision
|
16,353
|
14,234
|
48,953
|
41,673
|
||||||||||||
Non-interest Income
|
||||||||||||||||
Service charges on deposit accounts
|
1,216
|
1,183
|
3,432
|
3,343
|
||||||||||||
Electronic banking income
|
891
|
968
|
2,640
|
2,677
|
||||||||||||
Other non-interest income
|
364
|
286
|
922
|
714
|
||||||||||||
Total non-interest income
|
2,471
|
2,437
|
6,994
|
6,734
|
||||||||||||
Non-Interest Expense
|
||||||||||||||||
Salaries and employee benefits
|
5,422
|
4,846
|
16,048
|
14,667
|
||||||||||||
Net occupancy and equipment
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1,700
|
1,570
|
5,241
|
4,660
|
||||||||||||
Outside data processing
|
1,478
|
1,315
|
4,288
|
3,841
|
||||||||||||
OREO expenses and writedowns, net
|
213
|
26
|
690
|
(335
|
)
|
|||||||||||
Amortization of intangibles
|
223
|
190
|
673
|
575
|
||||||||||||
Other non-interest expenses
|
1,714
|
2,220
|
5,444
|
6,206
|
||||||||||||
Total non-interest expense
|
10,750
|
10,167
|
32,384
|
29,614
|
||||||||||||
Income Before Taxes
|
8,074
|
6,504
|
23,563
|
18,793
|
||||||||||||
Income Taxes
|
1,807
|
1,483
|
5,261
|
4,264
|
||||||||||||
NET INCOME
|
6,267
|
5,021
|
18,302
|
14,529
|
||||||||||||
EARNINGS PER SHARE
|
0.43
|
0.38
|
1.25
|
1.09
|
||||||||||||
DILUTED EARNINGS PER SHARE
|
0.43
|
0.37
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1.24
|
1.08
|
||||||||||||
DIVIDENDS PER SHARE
|
0.15
|
0.15
|
0.45
|
0.42
|
||||||||||||
Charge-offs
|
452
|
236
|
1,464
|
1,130
|
||||||||||||
Recoveries
|
65
|
462
|
222
|
619
|
||||||||||||
Net charge-offs (recoveries)
|
387
|
(226
|
)
|
1,242
|
511
|
Balances as of
|
||||||||
September 30
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December 31
|
|||||||
2019
|
2018
|
|||||||
ASSETS
|
||||||||
Cash and due from banks
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26,608
|
22,992
|
||||||
Interest-bearing bank balances
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80,675
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41,005
|
||||||
Federal funds sold
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15,983
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17,872
|
||||||
Securities available for sale
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347,811
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365,731
|
||||||
Loans (net)
|
1,127,051
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1,135,563
|
||||||
Other real estate owned
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13,924
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14,024
|
||||||
Other assets
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46,082
|
40,020
|
||||||
Goodwill and other intangible assets
|
52,235
|
52,908
|
||||||
TOTAL ASSETS
|
1,710,369
|
1,690,115
|
||||||
LIABILITIES & EQUITY
|
||||||||
Deposits
|
1,427,240
|
1,430,127
|
||||||
Fed funds/repurchase agreements
|
21,721
|
22,062
|
||||||
FHLB borrowings
|
6,362
|
8,819
|
||||||
Other borrowings
|
-
|
2,500
|
||||||
Subordinated debentures
|
5,428
|
5,406
|
||||||
Other liabilities
|
12,810
|
4,472
|
||||||
TOTAL LIABILITIES
|
1,473,561
|
1,473,386
|
||||||
Common Stockholders’ Equity
|
236,808
|
216,729
|
||||||
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY
|
1,710,369
|
1,690,115
|
||||||
TOTAL BOOK VALUE PER COMMON SHARE
|
16.17
|
14.82
|
||||||
Tangible Book Value per Common Share
|
12.60
|
11.20
|
||||||
Non-Accrual Loans
|
14,164
|
17,448
|
||||||
Loans 90 Days Past Due and Still Accruing
|
1,476
|
1,086
|