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On September 27, 2021, Peoples Bancorp Inc. (PEBO) announced it will release its third quarter 2021 earnings on October 26, 2021, before the market opens. A conference call led by CEO Chuck Sulerzyski and CFO Kathryn Bailey will follow at 11:00 a.m. EDT. As of June 30, 2021, Peoples had total assets of $5.1 billion and 89 locations, while Premier Financial Bancorp, Inc. (PFBI), acquired on September 17, 2021, had $2.1 billion in assets and 49 locations. The call will be accessible via dial-in and online webcast.
Peoples Bancorp Inc. (Nasdaq: PEBO) has successfully completed its acquisition of Premier Financial Bancorp, Inc. (Nasdaq: PFBI) as of September 17, 2021. The merger includes the integration of Premier's wholly-owned subsidiaries, Premier Bank and Citizens Deposit Bank & Trust, into Peoples Bank, expanding its footprint with 49 new offices across Kentucky, Maryland, Ohio, Virginia, West Virginia, and Washington D.C. Premier's shareholders will receive 0.58 shares of Peoples common stock for each Premier share held. Premier reported $2.1 billion in total assets as of June 30, 2021.
Premier Financial Bancorp, a financial holding company with $2.1 billion in assets, has announced a third-quarter cash dividend of $0.15 per share. The board of directors declared this dividend during their August meeting, and it will be distributed to common shareholders on September 15, 2021, for those on record as of September 1, 2021.
Premier Financial Bancorp (PFBI) reported a net income of $5.17 million, or $0.35 per diluted share, for Q2 2021, a 6% decline from Q2 2020. This decrease is attributed to rising non-interest expenses, chiefly from professional fees and other real estate owned (OREO) writedowns. Despite increased net interest income of $16.95 million and lower provision for loan losses, costs outweighed revenue gains. For H1 2021, net income rose 7.8% to $11.72 million, reflecting strong loan performance, particularly from the PPP, which contributed to commercial loan growth.
Peoples Bancorp Inc. (Nasdaq: PEBO) has secured all regulatory approvals for its merger with Premier Financial Bancorp, Inc. (Nasdaq: PFBI). The merger, with Peoples as the surviving entity, will also include the integration of Premier’s bank subsidiaries. Shareholder approvals have been obtained, with Peoples' shareholders voting on July 22, 2021, and Premier's shareholders on July 1, 2021. As of June 30, 2021, Peoples holds $5.1 billion in total assets and operates 89 locations across Ohio, West Virginia, and Kentucky.
Premier Financial Bancorp (PFBI), a $2.0 billion financial holding company, has declared a cash dividend of $0.15 per share for the second quarter of 2021. The dividend will be paid to shareholders on June 30, 2021, to those on record by June 15, 2021. The company's ongoing commitment to returning value to shareholders is highlighted in this announcement.
Premier Financial Bancorp reported a net income of $6.55 million for Q1 2021, a 22% increase from $5.37 million in Q1 2020, resulting in earnings of $0.44 per share. This growth was driven by $1.1 million in securities sales gains and a $352,000 decrease in loan loss provisions, despite declines in net interest and non-interest income. Total assets rose to $2.038 billion, with a 3.8% increase in deposits. A special cash dividend of $1.00 per share was also issued. The merger agreement with Peoples Bancorp enhances future prospects.
On March 29, 2021, Peoples Bancorp announced its plan to acquire Premier Financial Bancorp in an all-stock transaction valued at approximately $292.3 million. Upon completion, the merger will create a combined entity with total assets of $6.7 billion, total loans of $4.6 billion, and total deposits of $5.5 billion. The agreement, unanimously approved by both companies' boards, allows Premier shareholders to receive 0.58 shares of Peoples' stock for each share held. The transaction aims to enhance market presence and profitability.
PRESIDENTIAL FINANCIAL BANCORP announced a $0.15 per share cash dividend for Q1 2021, payable on March 31, 2021. Shareholders of record by March 15, 2021 will benefit from this distribution. The company, valued at $1.9 billion, emphasizes that its forward-looking statements may be affected by various risks and uncertainties, potentially causing actual results to differ significantly from expectations. Investors are advised to consider these factors when assessing the dividend announcement.
Premier Financial Bancorp reported a net income of $22.4 million ($1.52 per diluted share) for 2020, down 7.3% from $24.2 million ($1.64 per diluted share) in 2019. This decline was driven by reduced interest income, increased loan loss provisions (up 176% to $2.2 million), and lower non-interest income, despite a 1.1% rise in net interest income. The bank issued $116 million in PPP loans but faced a 23.4% decrease in service charge income. For Q4 2020, net income was $5.94 million, a slight increase from $5.89 million in Q4 2019, supported by a 5.4% rise in net interest income.
