SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange of 1934
Date of Report December 19, 1997
PREMIER FINANCIAL BANCORP, INC.
(Exact name of registrant as specified in its charter)
KENTUCKY 0-20908 61-1206757
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
120 N. HAMILTON STREET
GEORGETOWN, KENTUCKY 40324
(address of principal executive officer) (Zip Code)
Registrant's telephone number, including area code (502) 863-7500
Not Applicable
(Former name or former address, if changed since last report)
ITEM 5. PRESS RELEASE
A copy of the Corporation's press release, dated December 19, 1997, is provided
as an attachment to this Form 8-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Corporation has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PREMIER FINANCIAL BANCORP, INC.
Date: December 19, 1997 /s/ Marshall T. Reynolds
-------------------------------
Marshall T. Reynolds
Chairman of the Board
Date: December 19, 1997 /s/ J. Howell Kelly
--------------------------------
J. Howell Kelly
President & Chief Executive Officer
NEWS FOR IMMEDIATE RELEASE
DECEMBER 19, 1997
CONTACT: J. Howell Kelly
President
(502) 863-7500
PREMIER FINANCIAL BANCORP, INC.
PREMIER FINANCIAL BANCORP, INC., (Premier) GEORGETOWN, KENTUCKY (NASDAQ/NMS
PFBI), announced the consummation on November 13, 1997 of its acquisition of The
Sabina Bank, Sabina, Ohio (Sabina), whereby Premier exchanged 476,300 common
shares for all the issued and outstanding shares of Sabina in a business
combination accounted for as a pooling of interests. The accompanying financial
highlights for 1997 are based on the assumption that the companies were combined
for the full year and prior year amounts have been restated to give effect to
the combination.
Additionally, on December 11, 1997, Sabina completed its purchase and
assumption of two branch offices of the Fifth Third Bank of Western, Ohio.
Included in the purchase was approximately $13.3 million of deposits from the
Ada, Ohio branch and $11.1 million from the Waynesfield, Ohio branch. After the
purchase Sabina had $55.2 million of deposits and $63.3 million in total assets.
For the eleven and a half months ended December 15, 1997, Premier's
earnings of $5,326,922 were up $1,752,799 or 49.0% as compared to the same
period in 1996. On a per share basis, fully diluted earnings of $1.14 were up
15.2% from $0.99 recorded last year.
Total assets at December 15, 1997 were $431.2 million, an increase of
$102.1 million since December 31, 1996. Stockholders' equity at December 15,
1997 of $48.2 million equaled 11.19% of total assets.
PREMIER FINANCIAL BANCORP, INC.
Financial Highlights
(In Thousands)
For the period For the period
January 1, 1997 January 1, 1996
through through
December 15, 1997 December 15, 1996
Interest Income $ 32,060 $ 21,136
Interest Expense 17,109 9,460
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Net Interest Income $ 14,951 $ 11,676
Provision for Loan Losses 1,210 663
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Net Interest Income after Provision $ 13,741 $ 11,013
Non-Interest Income 4,317 1,729
Non-Interest Expenses 10,326 7,636
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Income Before Taxes $ 7,732 $ 5,106
Income Taxes 2,405 1,532
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NET INCOME $ 5,327 $ 3,574
EARNINGS PER SHARE $ 1.14 $ 0.99
December 15, 1997 December 31, 1996
Cash /Due From Bank/Fed Funds $ 71,394 $ 20,239
Investment Securities 54,514 50,965
Loans (net) 278,479 239,771
Other Assets 26,794 18,091
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TOTAL ASSETS $ 431,181 $ 329,066
LIABILITIES
Deposits $ 325,933 $ 267,208
Other liabilities 28,263 17,233
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TOTAL LIABILITIES $ 354,196 $ 284,441
Guaranteed Preferred Beneficial
Interests in Company's Debentures 28,750 0
STOCKHOLDERS' EQUITY 48,235 44,625
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TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY $ 431,181 $ 329,066
TOTAL BOOK VALUE PER SHARE $ 10.29 $ 9.52
TANGIBLE BOOK VALUE PER SHARE $ 8.74 $ 8.35