PFBI earnings down in first quarter - WOWK 13 Charleston, Huntington WV News, Weather, Sports

PFBI earnings down in first quarter

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    Monday, August 25 2014 4:00 PM EDT2014-08-25 20:00:48 GMT
    A tractor trailer is blocking part of Route 2. The road is closed until further notice. Drivers heading in both direction are being asked to use the Big Ben Bowen Highway connector by Target to get around.
    A tractor trailer is blocking part of Route 2. The road is closed until further notice. Drivers heading in both direction are being asked to use the Big Ben Bowen Highway connector by Target to get around.

Premier Financial Bancorp, a bank holding company based in Huntington, on May 1 reported net income of $2.5 million in the first quarter, down from $2.8 million a year ago.

Company officials attributed the decrease to a decrease in interest income (primarily on loans) exceeding a decrease in interest expense, a decrease in non-interest expense, a decrease in the provision for loan losses and an increase in non-interest income.

 "Competition is keen, and we are realizing decreases in our loan yields as a result.  We continue to conservatively evaluate our credit risk, and increased our provision for loan losses accordingly during the quarter," Robert W. Walker, president and CEO, said in the earnings release.

Total assets as of March 31, 2013 were down $9 million, or eight-tenths of 1 percent, from the $1.1 billion of total assets at year-end 2012.  The decrease in total assets since year-end is largely due to an $8.6 million, or 3 percent, decrease in investment securities and a $4.1 million, or six tenths of 1 percent, decrease in total loans outstanding.