Premier Financial Bancorp Inc. of Huntington, W.Va., said full-year net income soared 47%, to $6.5 million; earnings per share jumped 46%, to $1.24.
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Fourth-quarter net income rose 8% from a year earlier, to $1.7 million.
The $535 million-asset company, which reported its results Monday, attributed them to improved credit quality, which allowed it to drain $110,000 from its loan-loss reserves for the fourth quarter and $1.2 million for the full year.
Net interest income rose 14% for the full year, to $22.6 million, and 2% for the fourth quarter, to $5.6 million. Noninterest income increased 6% for the full year, to $4.2 million, and 9% for the fourth quarter, to $1.1 million.
