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.