SUBSEQUENT EVENT

3 Months Ended

Mar. 31, 2020

SUBSEQUENT EVENT [Abstract]

SUBSEQUENT EVENT

NOTE  9 – SUBSEQUENT EVENT

COVID-19 Virus

National and local participation in a worldwide effort to curb the spread of the COVID-19 virus has resulted in and may continue to result in negative changes in the national and regional business climate in the geographic areas in which Premier operates.  Premier has loans originated to various industries believed to be more susceptible to future credit risk resulting from an economic slowdown such as lodging, restaurants, amusement, personal services and retail stores.  Due to government intervention efforts to stimulate the economy and maintain personal and business liquidity, the extent, if any, of the impact of the economic slowdown on such industries may not be known for quite some time in the future.

As an essential business, Premier has taken steps to modify its normal business operations to include keeping branches open with appropriate “social distancing” measures; utilizing permitted guidance provided by federal and state banking supervisory regulators to assist borrowers to avoid defaulting on their loans; and robustly participating in the U.S. Treasury’s and Small Business Administration’s Payroll Protection Program (“PPP”).  Through April 30, 2020, Premier has originated 667 PPP loans totaling over $80.6 million.  These efforts may or may not enhance Premier’s business model or future results of operations.