HUNTINGTON, W.Va., Nov. 21, 2016 /PRNewswire/ -- PREMIER FINANCIAL BANCORP, INC. ( PREMIER), HUNTINGTON, WEST VIRGINIA(NASDAQ/GMS-PFBI) a $1.5 billion community bank holding company with two bank subsidiaries announced today that the board of directors has declared a 10% stock dividend payable to shareholders of record on December 2, 2016 and a $0.15 cash dividend payable to shareholders of record on December 15, 2016. President and CEO, Robert W. Walker stated, "We are pleased to reward our shareholders with both dividends. The board reflected on the positive earnings performance of the company over the past several years and their desire to provide shareholders with increased value. The declared stock dividend will result in shareholders receiving 1 additional share of common stock for every 10 shares of common stock they already own on December 2, 2016 (the record date). The shares will be added to their ownership record automatically on the payable date, December 9, 2016, with any resulting fractions of a share paid in cash at the rate of $18.23 per whole share. Since the record date of the cash dividend is after the issuance of the 10% stock dividend, shareholders will receive the $0.15 per share cash dividend on those additional shares, effectively increasing the cash dividend by 10% as well." At its regularly scheduled November meeting, the board of directors declared the 10% stock dividend to common shareholders of record on December 2, 2016, payable to shareholders on December 9, 2016, and declared the $0.15 per share cash dividend to common shareholders of record on December 15, 2016. The cash dividend will be paid to shareholders on December 30, 2016, the last business day of the quarter.