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HUNTINGTON, W.Va., April 30, 2021 /PRNewswire/
PREMIER FINANCIAL BANCORP, INC. (PREMIER), (NASDAQ/GMS-PFBI), a $2.0 billion financial holding company with two community bank subsidiaries, announced its financial results for the first quarter of 2021. Premier realized net income of $6,550,000 during the quarter ended March 31, 2021, a 22.0% increase from the $5,368,000 of net income reported for the first quarter of 2020. On a diluted per share basis, Premier earned $0.44 during the first quarter of 2021 compared to $0.36 per share earned during the first quarter of 2020. The increase in net income in the first three months of 2021 is largely due to $1,096,000 of gains on the sale of securities during the quarter as well as a $352,000 decrease in the provision for loan losses and a $547,000 decrease in non-interest expenses when compared to the first quarter of 2020. These items more than offset a $192,000, or 1.2%, decrease in net interest income and