QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2012

QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract]

QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE 22 - QUARTERLY FINANCIAL DATA (UNAUDITED)

							Earnings Per Share
	Interest Income		Net Interest Income		Net Income		Basic		Diluted
2012
First Quarter	$	14,216	$	12,418	$	2,830	$	0.32	$	0.31
Second Quarter		11,956		10,308		2,092		0.23		0.22
Third Quarter		12,580		11,017		2,411		0.38		0.37
Fourth Quarter		11,683		10,256		2,990		0.36		0.34
2011
First Quarter	$	12,991	$	10,749	$	1,671	$	0.17	$	0.17
Second Quarter		13,508		11,372		1,029		0.09		0.09
Third Quarter		13,254		11,214		1,813		0.19		0.19
Fourth Quarter		12,782		10,873		2,655		0.30		0.30

In 2012, interest income varied per quarter due to a random pattern of borrowers repaying commercial loans in full.  Due to weak loan demand, the proceeds from these loan payoffs were usually reinvested at significantly lower yields.  However, some of the loans paid off in full were either discounted at the time of their acquisition or were on the cost recovery method.  These loans, when paid in full, resulted in an increase in interest income as the purchase discount or any historical non-accrual interest paid was recognized immediately in income. The fluctuations in interest income resulted in similar fluctuations in net interest income and net income in 2012.  During 2012, net interest income was impacted positively by interest expense savings from continually lower market interest rates related to time deposits and transaction-based deposits.  Quarterly net income was generally higher in 2012 largely as a result of expenses incurred in 2011 to convert the Premier's core operating systems and ATM network to a single provider as well as expense savings on data processing costs in 2012 under the new provider.  The increased net income in the fourth quarter of 2012 resulted from the gain on the sale of note to a third party.

Similar to 2012, in 2011, interest income varied per quarter due to a random pattern of borrowers repaying commercial loans in full that were either discounted at the time of their acquisition or were on the cost recovery method.  These loans, when paid in full, resulted in an increase in interest income as the purchase discount or any historical non-accrual interest paid was recognized immediately in income. The fluctuations in interest income resulted in similar fluctuations in net interest income and net income in 2011.  During 2011, net interest income was impacted positively by interest expense savings from continually lower market interest rates related to time deposits and transaction-based deposits.  Quarterly net income was generally lower in 2011 largely as a result of expenses incurred to convert the Premier's core operating systems and ATM network to a single provider.  The increased net income in the fourth quarter of 2011 resulted from a decrease in net operating expenses primarily due to reduced FDIC insurance costs, higher gains on the disposition of other real estate owned, and lower conversion costs.