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EX - 99.1 2 exhibit991q12021er.htm EX - 99.1 Peoples BANCORPⓇ P.O. BOX 738 - MARIETTA , OHIO - 45750 Filed by Peoples Bancorp Inc. Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a - 12 under the Securities Exchange Act of 1934 Subject Company : Premier Financial Bancorp , Inc. Commission File No. 000-16772 www.peoplesbancorp.com FOR IMMEDIATE RELEASE April 20 , 2021 NEWS RELEASE Contact : Katie Bailey Chief Financial Officer and Treasurer ( 740 ) 376-7138 PEOPLES BANCORP INC . ANNOUNCES FIRST QUARTER 2021 RESULTS MARIETTA , Ohio - Peoples Bancorp Inc. ( " Peoples " ) ( Nasdaq : PEBO ) today announced results for the three months ended March 31 , 2021. Peoples reported net income of $ 15.2 million for the first quarter of 2021 , representing earnings per diluted common share of $ 0.79 . In comparison , Peoples recognized earnings per diluted common share of $ 1.05 for the fourth quarter of 2020 and a loss per diluted common share of $ 0.04 for the first quarter of 2020 . Non - core items , and the related tax effect of each , contained in net income ( loss ) included gains and losses on investment securities and asset disposals and other transactions , acquisition - related expenses , pension settlement charges , severance expenses , COVID - 19- related expenses and a contribution to Peoples Bank Foundation , Inc. Non - core items negatively impacted earnings per diluted common share by $ 0.11 for the first quarter of 2021 , $ 0.07 for the fourth quarter of 2020 , and $ 0.02 for the first quarter of 2020 . " The year is off to a great start , " said Chuck Sulerzyski , President and Chief Executive Officer . " We believe the economy is improving , which is reflected in our results for the quarter . We also announced two acquisitions at the end of the quarter that aligns with our strategy to deploy capital in a prudent manner . North Star Leasing joined Peoples as of April 1 , 2021 and will meaningfully add to our net interest income and margin . When completed , the Premier Financial Bancorp deal is expected to provide a natural extension of our existing markets , as well as entry into attractive markets within Virginia , Maryland and Washington , D.C. " Acquisition Announcements : On March 29 , 2021 , Peoples and Premier Financial Bancorp , Inc. ( “ Premier ” ) , jointly announced the signing of a definitive agreement and plan of merger ( the “ Merger Agreement ” ) pursuant to which Peoples will acquire , in an all - stock merger , Premier , a bank holding company headquartered in Huntington , West Virginia , and the parent company of Premier Bank , Inc. ( “ Premier Bank ” ) and Citizens Deposit Bank & Trust , Inc. ( " Citizens ” ) . Under the terms of the Merger Agreement , Premier will merge with and into Peoples ( the " Merger " ) , and Premier Bank and Citizens will subsequently merge with and into Peoples ' wholly owned subsidiary , Peoples Bank , in a transaction valued at approximately $ 292.3 million . The merger is expected to close during the third quarter of 2021 , subject to the satisfaction of customary closing conditions , including regulatory approvals and the approval of the shareholders of Peoples and Premier . At that time , the financial services offices of Premier Bank and Citizens will become branches of Peoples Bank . Peoples Bank entered into an Asset Purchase Agreement , dated March 24 , 2021 ( the “ Asset Purchase Agreement " ) , with NS Leasing , LLC , which is headquartered in Burlington , Vermont , and does business as " North Star Leasing ” ( “ NSL ” ) . Peoples Bank acquired assets comprising NSL's equipment finance business and assumed from NSL certain specified liabilities for total consideration of approximately $ 116.6 million , plus a potential earnout payment to NSL of up to $ 3.1 million . Peoples Bank acquired approximately $ 84 million in leases and satisfied , on behalf of NSL , 1