Premier Bancorp, Inc. Announces Record Earnings for Year 2001

February 22, 2002

DOYLESTOWN, Pa.--(BUSINESS WIRE)-- Premier Bancorp, Inc. (AMEX:PPA), the parent company of Premier Bank, announced record earnings for the year 2001 with net income reaching an all time high of $2,534,000 or $.74 per common share on a diluted basis.

Compared to the prior year, net income increased 23% with diluted earnings per share also growing 23%.

Total assets grew to $450.6 million at December 31, 2001, an increase of $95.4 million or 27% from year-end 2000. Significant growth was also noted in loans and deposits, which at year-end 2001 reached $314.7 million and $358.3 million, respectively, an increase of $76.1 million or 32% for loans and $55.0 million or 18% for deposits.

Non-interest income also grew significantly as a result of the Bank's title insurance agency, Lender's Abstract, LLC, contributing for the entire year.

John C. Soffronoff, President and CEO, stated, "The Bank's core business remains very strong with both loans and deposits experiencing solid growth. The balance sheet weathered the repeated interest rate reductions very nicely and net income exceeded all previous levels. Investments in infrastructure made in 2000 including two new branches, increases to the lending staff and the formation of the title insurance agency were part of our long-term strategy and are allowing us to respond to the changing needs of the financial services marketplace."

"As we approach the tenth anniversary of the opening of the Bank to be celebrated on April 24, 2002, we are very proud of our accomplishments. We remain dedicated to furthering the company's growth and we will focus on opportunities that create shareholder value and enhance customer service."

Source: Premier Bancorp, Inc.


Contact ALTA at 202-296-3671 or communications@alta.org.

North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents. SoftPro is the nation's leading provider of closing and title software, consistently pushing the technological envelope to pioneer the most powerful and comprehensive closing and title automation software on the market. SoftPro's Award-Winning Software combines cutting-edge technology with outstanding support to make your business more productive, efficient and boost your revenue.