Premier Financial Bancorp (NASDAQ:PFBI) changed 1.46% to recent value of $11.83. The stock transacted 24386 shares during most recent day however it has an average volume of 45.95K shares. It spotted trading -41.95% off 52-week high price. On the other end, the stock has been noted 44.09% away from the low price over the last 52-weeks.
On May 08, 2020, Premier Financial Bancorp (NASDAQ/GMS-PFBI) a $1.8 billion financial holding company with two community bank subsidiaries, reported its financial results for the first quarter of 2020. Premier realized net income of $5,368,000 during the quarter ended March 31, 2020, a 13.1% decrease from the $6,176,000 of net income reported for the first quarter of 2019. On a diluted per share basis, Premier earned $0.36 during the first quarter of 2020 compared to $0.42 per share earned during the first quarter of 2019. The decrease in net income in the first three months of 2020 is largely due to a $535,000 decrease in loan interest income and a $440,000 increase in the provision for loan losses. Interest income on loans in the first quarter of 2019 included approximately $719,000 of income from deferred interest and discounts recognized on loans that paid off during the quarter while only approximately $75,000 of interest income of this kind was recognized during the first quarter of 2020. Premier also added $514,000 to its quarterly provision expense in the first quarter of 2020 due to uncertainty related to future economic conditions resulting from government actions designed to curb the spread of the COVID-19 virus. Net operating costs increased by $71,000, or 0.8%, while interest expense increased by $73,000, or 3.3%. Both of the expense increases are largely attributable to the operations of the two newly acquired First National Bank of Jackson branches, which were not included in the first quarter 2019 income statement results.
President and CEO Robert W. Walker commented, We are pleased with our first quarter 2020 results as they compare to the first quarter of 2019, which was then a new record quarter. Most of the income statement items compare closely, with the exception of the high level of income from deferred interest and discounts recognized on loans that paid off during the first quarter of 2019 and the additional provision for loan losses related to the COVID-19 virus. Our interest income from investments was higher and our interest expense on borrowings was lower in the first quarter of 2020 when compared to the first quarter of 2019. We are certainly living in unprecedented times as governments worldwide take measures to curb the spread of the COVID-19 virus. I am proud to report that our management and staff team members have risen to the occasion. As an essential business, we haves taken steps to modify our 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.
PFBI has an operating margin of 85.80% while its profit margin remained 31.60% for the last 12 months. Its earnings per share (EPS) expected to touch remained 11.90% for this year while earning per share for the next 5-years is expected to reach at 1.50%.
The company has 15.46M of outstanding shares and 11.84M shares were floated in the market. The price moved ahead of -0.94% from the mean of 20 days, -3.11% from mean of 50 days SMA and performed -25.36% from mean of 200 days price. Company’s performance for the week was -4.06%, -0.42% for month and YTD performance remained -34.79%.