Declared dividend of $0.31 per share
Fourth Quarter
Highlights
- Earnings per share of $0.58 or $0.63 excluding transaction
costs, increases of $0.12 and $0.09, respectively, from third
quarter 2024
- Interest-bearing deposit costs decreased 30 basis points from
third quarter 2024
- Net interest margin increased 13 basis points to 2.63% from
third quarter 2024
- Efficiency ratio of 60.4% or 57.1% excluding transaction costs,
improvements of 6.8% and 5.6%, respectively, from third quarter
2024
Full Year 2024
Highlights
- Announced strategic merger with Wesbanco, Inc.
- Average deposits excluding brokereds increased 2% from
2023
- Average interest-earning assets increased 1% from 2023
- Book value per share of $27.95 and tangible book value per
share of $19.47, increases of 2.3% and 4.2%, respectively, from
year-end 2023
Premier Financial Corp. (Nasdaq: PFC) (“Premier” or the
“Company”) announced today 2024 fourth quarter and full year
results.
Strategic merger
On July 26, 2024, PFC and Wesbanco, Inc. (Nasdaq: WSBC)
announced the signing of a definitive merger agreement under which
PFC will merge into WSBC in a stock-for-stock transaction. Under
the terms of the merger agreement, shareholders of PFC will receive
0.80 shares of WSBC common stock for each share of PFC common
stock. Premier Bank, a wholly owned subsidiary of PFC, will merge
into Wesbanco Bank, Inc., a wholly owned subsidiary of WSBC. Upon
closing, PFC shareholders will own approximately 30% of the
combined company. During the fourth quarter of 2024, the approval
of shareholders of both PFC and WSBC was obtained. The transaction
remains on track, subject to regulatory approvals, as well as
satisfaction or waiver of other customary closing conditions.
Additional information can be found in the press release announcing
the merger dated July 26, 2024.
Quarterly results
Net income for the fourth quarter of 2024 was $20.8 million, or
$0.58 per diluted common share, compared to income of $20.1
million, or $0.56 per diluted common share, for the fourth quarter
of 2023. Fourth quarter 2024 results included the impact of
transaction costs for the strategic merger totaling $2.1 million
pre-tax or $0.05 per diluted common share after-tax. Excluding the
impact of these transaction costs, fourth quarter 2024 earnings
were $22.6 million or $0.63 per diluted common share.
Net interest income and margin
Net interest income of $52.4 million on a tax equivalent (“TE”)
basis in the fourth quarter of 2024 was up 4.2% from $50.3 million
in the third quarter of 2024 and consistent with $52.6 million in
the fourth quarter of 2023. The TE net interest margin of 2.63% in
the fourth quarter of 2024 increased 13 basis points from 2.50% in
the third quarter of 2024 but decreased two basis points from 2.65%
in the fourth quarter of 2023. These results are primarily impacted
by changes in deposit balances/costs and loan balances/yields.
Total loans including held-for-sale decreased $115.7 million
during the fourth quarter of 2024, primarily due to an $67.7
million decrease in commercial loans. Total average loan yields
decreased eight basis points to 5.25% for the fourth quarter of
2024. This decrease was primarily due to lower yields on floating
rate loans.
Total deposits decreased $292.8 million during the fourth
quarter of 2024, primarily due to a $232.7 million decrease in
brokered deposits plus a decrease of $60.1 million in customer
deposits. Total average interest-bearing deposit costs decreased 30
basis points to 2.85% during the fourth quarter of 2024 from the
third quarter of 2024. Beginning in March 2024 and through December
2024, management implemented rate reductions in certain deposit
tiers. The benefit of those actions were realized again in the
fourth quarter of 2024 as the average cost of customer
interest-bearing deposits declined from September to December after
decreasing from June to September. In addition, partly due to the
various Federal Funds Rate reductions, wholesale funding average
costs for FHLB, brokered deposits and other borrowings also
declined from June through December. As a result, total cost of
funds decreased and net interest margin increased from June to
December.
Non-interest income
Total non-interest income in the fourth quarter of 2024 of $13.1
million was up 3.9% from $12.6 million in the third quarter of
2024, and up 10.8% from $11.8 million in the fourth quarter of
2023, both primarily due to mortgage banking income. Mortgage
banking income increased $0.6 million on a linked quarter basis and
$1.0 million from fourth quarter 2023, primarily as a result of
fluctuations in gain on sale margins and MSR valuation adjustments.
During the third quarter of 2024, the company completed an aged
loans sale that reduced gains on sale by approximately $0.3
million.
Security gains were $353 thousand in the fourth quarter of 2024,
compared to gains of $410 thousand in the third quarter of 2024 and
gains of $675 thousand in the fourth quarter of 2023, primarily due
to valuation changes on equity securities. Service fees in the
fourth quarter of 2024 were $7.5 million, a 3.0% decrease from $7.8
million in the third quarter of 2024, but an 11.3% increase from
$6.8 million in the fourth quarter of 2023. These changes were
primarily due to fluctuations in loan fees, including commercial
customer swap activity. Wealth management income of $2.0 million in
the fourth quarter of 2024 was up 6.3% from $1.9 million in the
third quarter of 2024 and 11.4% higher than $1.8 million in the
fourth quarter of 2023. BOLI income of $1.3 million in the fourth
quarter of 2024, compared to $1.2 million in the third quarter of
2024, and $1.5 million in the fourth quarter of 2023 with $453
thousand of claim gains in the fourth quarter of 2023.
Non-interest expenses
Excluding transaction costs, non-interest expenses in the fourth
quarter of 2024 were $37.2 million, a 5.0% decrease from $39.1
million in the third quarter of 2024, and a 1.9% decrease from
$37.9 million in the fourth quarter of 2023. Compensation and
benefits were $19.8 million in the fourth quarter of 2024, compared
to $21.8 million in the third quarter of 2024 and $21.0 million in
the fourth quarter of 2023. These decreases are primarily due to
lower staffing levels. Data processing costs were $5.1 million in
the fourth quarter of 2024, compared to $5.1 million in the third
quarter of 2024 and $4.7 million in the fourth quarter of 2023,
with the year-over-year increase primarily due to the new digital
platform launched in October 2023. All other non-interest expenses
were flat on a linked quarter basis and a net $25 thousand from
fourth quarter 2023. The core efficiency ratio for the fourth
quarter of 2024 was 57.1% compared to 62.7% in the third quarter of
2024 and 59.5% in the fourth quarter of 2023. The ratio of core
non-interest expenses to average assets was 1.71% for the fourth
quarter of 2024 compared to 1.79% for the third quarter of 2024 and
to 1.76% for the fourth quarter of 2023.
Credit quality
Non-performing assets totaled $81.7 million, or 0.95% of assets,
at December 31, 2024, a decrease from $82.3 million at September
30, 2024, but an increase from $35.7 million at December 31, 2023.
Loan delinquencies increased to $21.2 million, or 0.32% of loans,
at December 31, 2024, from $17.2 million at September 30, 2024, and
from $20.9 million at December 31, 2023. Criticized loans totaled
$263.3 million, or 3.95% of loans, as of December 31, 2024, an
increase from $245.7 million at September 30, 2024, and from $186.4
million at December 31, 2023.
The 2024 fourth quarter results include net charge-offs of $1.1
million and a total provision expense of $11 thousand, compared
with net loan charge-offs of $2.1 million and a total provision
expense of $1.8 million for the same period in 2023. The change in
provision is primarily due to lower loan balances. The allowance
for credit losses as a percentage of total loans was 1.17% at
December 31, 2024, compared with 1.16% at September 30, 2024, and
1.14% at December 31, 2023.
Full year results
Net income for the full year 2024 was $71.4 million, or $1.98
per diluted common share, compared to income of $111.3 million, or
$3.11 per diluted common share for the full year 2023. 2024 results
included the impact of transaction costs for the strategic merger
totaling $5.0 million pre-tax or $0.14 per diluted common share
after-tax. Excluding the impact of these transaction costs, 2024
core earnings were $75.9 million or $2.12 per diluted common share.
2023 results included the impact of the insurance agency sale for a
net gain on sale after transaction costs of $32.6 million pre-tax
or $0.67 per diluted common share after-tax. Excluding the impact
of this item, 2023 core earnings were income of $87.1 million or
$2.44 per diluted common share.
Net interest income of $201.6 million on a TE basis for the full
year 2024 was down 7.3% from $217.4 million in the full year 2023.
The TE net interest margin of 2.52% in the full year 2024 decreased
23 basis points from 2.75% in the full year 2023. These results are
positively impacted by higher loan yields, which were 5.26% for the
full year 2024 compared to 4.96% in the full year 2023. These
results are negatively impacted by an increase in the cost of funds
in the full year 2024 of 2.43%, up 56 basis points from the full
year 2023. The year-over-year increase is largely due to higher
costs of customer deposits.
Total non-interest income in the full year 2024 of $50.2 million
was up 9.9% from $45.7 million in the full year 2023, excluding
insurance commissions and the gain on the sale of the insurance
agency. Mortgage banking income increased $0.6 million
year-over-year primarily as a result of a $0.8 million increase in
mortgage servicing rights valuation.
Security gains were $550 thousand in the full year 2024 compared
to $416 thousand in losses during the full year 2023, primarily due
to valuations on equity securities. Service fees in the full year
2024 were $28.8 million, a 5.2% increase from $27.4 million in the
full year 2023, primarily due to fluctuations in loan fees
including commercial customer swap activity and consumer activity
for interchange and ATM/NSF charges. Due to the insurance agency
sale on June 30, 2023, there were no insurance commissions in 2024,
compared to $8.9 million in 2023. Wealth management income of $7.4
million in the full year 2024 was up 17.5% from $6.3 million in the
full year 2023. BOLI income of $5.4 million in the full year 2024
included $0.5 million of claim gains, compared to $5.0 million in
the full year 2023, including $0.9 million of claim gains.
Excluding transaction costs, non-interest expenses in the full
year 2024 were $154.3 million, a 3.3% decrease from $159.6 million
in the full year 2023. Compensation and benefits were $86.3 million
in the full year 2024, compared to $92.6 million in the full year
2023. The year-over-year decrease was primarily due to the
insurance agency sale, partially offset by costs related to higher
staffing levels and higher base compensation, including 2024 annual
merit adjustments. FDIC premiums decreased $0.8 million on a
year-over-year basis primarily due to lower rates. Data processing
costs were $19.9 million in the full year 2024, compared to $16.2
million in the full year 2023, with the year-over-year increase
primarily due to the new digital platform launched in October 2023.
All other non-interest expenses decreased a net $1.9 million on a
year-over-year basis due to the insurance agency sale and cost
saving initiatives. The core efficiency ratio for the full year
2024 of 61.4% increased from 58.6% in the full year 2023 due to
lower revenues partly offset by cost saving initiatives that began
during the second quarter of 2023. The ratio of core non-interest
expenses to average assets improved to 1.79% for the full year 2024
from 1.87% for the full year 2023.
The 2024 full year results include net loan charge-offs of $4.7
million and a total provision expense of $2.5 million, compared
with net loan charge-offs of $4.0 million and a total provision
expense of $5.2 million for the same period in 2023. The
year-over-year change in provision expense is primarily due to a
decrease in loans during the full year 2024 compared to an increase
in loans during the full year 2023.
Total assets at $8.58 billion
Total assets at December 31, 2024, were $8.58 billion, compared
to $8.73 billion at September 30, 2024, and $8.63 billion at
December 31, 2023. Loans receivable were $6.48 billion at December
31, 2024, compared to $6.59 billion at September 30, 2024, and
$6.74 billion at December 31, 2023. Securities at December 31,
2024, were $1.16 billion, compared to $1.20 billion at September
30, 2024, and $0.95 billion at December 31, 2023. All securities
are either AFS or trading and are reflected at fair value on the
balance sheet. Also, at December 31, 2024, goodwill and other
intangible assets totaled $304.1 million compared to $304.9 million
at September 30, 2024, and $307.8 million at December 31, 2023,
with the decreases due to amortization of intangibles.
Total non-brokered deposits at December 31, 2024, were $6.80
billion, compared with $6.86 billion at September 30, 2024, and
$6.80 billion at December 31, 2023. Brokered deposits were $54.7
million at December 31, 2024, compared to $287.4 million at
September 30, 2024 and $341.9 million at December 31, 2023. FHLB
borrowings increased to $507.0 million at December 31, 2024, from
$345.0 million at September 30, 2024, and from $280.0 million at
December 31, 2023.
Total stockholders’ equity was $1.00 billion at December 31,
2024, compared to $1.02 billion at September 30, 2024, and $0.98
billion at December 31, 2023, with the linked-quarter decrease
primarily due to a decrease in accumulated other comprehensive
income and the year-over-year increase primarily due to earnings in
excess of dividends. Excluding goodwill and intangibles, tangible
equity was $697.7 million at December 31, 2024, a decrease from
$714.1 million at September 30, 2024, but an increase from $667.8
million at December 31, 2023.
Regulatory ratios all improved during the fourth quarter of
2024, including CET1 of 12.63%, Tier 1 of 13.14% and Total Capital
of 15.02%. All of these ratios also exceed well-capitalized
guidelines pro forma for including accumulated other comprehensive
income (“AOCI”), including CET1 of 10.32%, Tier 1 of 10.84% and
Total Capital of 12.72%.
Dividend to be paid February 7
The Board of Directors declared a quarterly cash dividend of
$0.31 per common share payable February 7, 2025, to shareholders of
record at the close of business on January 31, 2025. The dividend
represents an annual dividend yield of 4.93% percent based on the
Premier common stock closing price on January 20, 2025. Premier has
approximately 35,868,000 common shares outstanding.
About Premier Financial Corp.
Premier Financial Corp. (Nasdaq: PFC), headquartered in
Defiance, Ohio, is the holding company for Premier Bank. Premier
Bank, headquartered in Youngstown, Ohio, operates 73 branches and 9
loan offices in Ohio, Michigan, Indiana and Pennsylvania and also
serves clients through a team of wealth professionals dedicated to
each community banking branch. For more information, visit the
company’s website at PremierFinCorp.com.
Financial Statements and Highlights Follow-
Safe Harbor Statement
This document may contain certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
These statements may include, but are not limited to, statements
regarding projections, forecasts, goals and plans of Premier
Financial Corp. (“Premier”) and its management, and include
statements related to the expected timing, completion and benefits
of the proposed merger with WesBanco, Inc. (“WesBanco”) (the
‘Merger”), future movements of interest rates, loan or deposit
production levels, future credit quality ratios, future strength in
the market area, and growth projections. These statements do not
describe historical or current facts and may be identified by words
such as “intend,” “intent,” “believe,” “expect,” “estimate,”
“target,” “plan,” “anticipate,” or similar words or phrases, or
future or conditional verbs such as “will,” “would,” “should,”
“could,” “might,” “may,” “can,” or similar verbs. There can be no
assurances that the forward-looking statements included in this
document will prove to be accurate. In light of the significant
uncertainties in the forward-looking statements, the inclusion of
such information should not be regarded as a representation by
Premier or any other persons, that our objectives and plans will be
achieved, including with respect to the Merger. Forward-looking
statements involve numerous risks and uncertainties, any one or
more of which could affect Premier’s business and financial results
in future periods and could cause actual results to differ
materially from plans and projections. Factors that could cause or
contribute to such differences include, but are not limited to, (1)
the businesses of Premier and WesBanco may not be integrated
successfully or such integration may take longer to accomplish than
expected, (2) the expected cost savings and any revenue synergies
from the proposed Merger may not be fully realized within the
expected timeframes, (3) disruption from the proposed Merger may
make it more difficult to maintain relationships with customers,
associates, or suppliers, (4) the required governmental approvals
of the proposed Merger may not be obtained on the expected terms
and schedule, (5) Premier’s shareholders and/or WesBanco’s
shareholders may not approve the proposed Merger and the merger
agreement, and WesBanco’s shareholders may not approve the issuance
of shares of WesBanco common stock in the proposed Merger. Further
information regarding additional factors that could affect the
forward-looking statements can be found in the cautionary language
included under the headings “Cautionary Note Regarding
Forward-Looking Statements” (in the case of Premier),
“Forward-Looking Statements” (in the case of WesBanco), and “Risk
Factors” in Premier’s and WesBanco’s Annual Reports on Form 10-K
for the year ended December 31, 2023, and other documents
subsequently filed by Premier and WesBanco with the SEC. These
risks and uncertainties include other risks and uncertainties
detailed from time to time in our Securities and Exchange
Commission (SEC) filings, including our Annual Report on Form 10-K
for the year ended December 31, 2023 and any further amendments
thereto. All forward-looking statements made in this document are
based on information presently available to the management of
Premier and speak only as of the date on which they are made. We
assume no obligation to update any forward-looking statements,
whether as a result of new information, future developments or
otherwise, except as may be required by law. As required by U.S.
GAAP, Premier will evaluate the impact of subsequent events through
the issuance date of its December 31, 2024, consolidated financial
statements as part of its Annual Report on Form 10-K if required to
be filed with the SEC, including with respect to the Merger.
Accordingly, subsequent events could occur that may cause Premier
to update its critical accounting estimates and to revise its
financial information from that which is contained in this news
release.
Non-GAAP Reporting Measures
We believe that net income, as defined by U.S. GAAP, is the most
appropriate earnings measurement. However, we consider core net
interest income, core net income and core pre-tax pre-provision
income to be useful supplemental measures of our operating
performance. We define core net interest income as net interest
income on a tax-equivalent basis excluding income from PPP loans
and purchase accounting marks accretion. We define core net income
as net income excluding the after-tax impacts of the insurance
agency gain on sale and transaction costs. We define core pre-tax
pre-provision income as pre-tax pre-provision income excluding the
pre-tax impact of the insurance agency gain on sale and transaction
costs. We believe that these metrics are useful supplemental
measures of operating performance because investors and equity
analysts may use these measures to compare the operating
performance of the Company between periods or as compared to other
financial institutions or other companies on a consistent basis
without having to account for income from PPP loans, purchase
accounting marks accretion, or the insurance agency sale. Our
supplemental reporting measures and similarly entitled financial
measures are widely used by investors, equity and debt analysts and
ratings agencies in the valuation, comparison, rating and
investment recommendations of companies. Our management uses these
financial measures to facilitate internal and external comparisons
to historical operating results and in making operating decisions.
Additionally, they are utilized by the Board of Directors to
evaluate management. The supplemental reporting measures do not
represent net income or cash flow provided from operating
activities as determined in accordance with U.S. GAAP and should
not be considered as alternative measures of profitability or
liquidity. Finally, the supplemental reporting measures, as defined
by us, may not be comparable to similarly entitled items reported
by other financial institutions or other companies. Please see the
exhibits for reconciliations of our non-GAAP reporting
measures.
Consolidated Balance Sheets (Unaudited) Premier Financial
Corp.
December 31,
September 30,
June 30,
March 31,
December 31,
(in thousands)
2024
2024
2024
2024
2023
Assets Cash and cash equivalents Cash and amounts due
from depositories
$
83,385
$
84,573
$
72,053
$
57,956
$
81,973
Interest-bearing deposits
38,104
40,709
83,598
31,725
32,783
121,489
125,282
155,651
89,681
114,756
Available-for-sale, carried at fair value
1,157,568
1,196,258
1,081,120
1,014,433
946,708
Equity securities, carried at fair value
4,037
5,970
5,559
5,736
5,773
Securities investments
1,161,605
1,202,228
1,086,679
1,020,169
952,481
Loans (1)
6,476,627
6,588,728
6,682,138
6,693,745
6,739,387
Allowance for credit losses - loans
(75,688
)
(76,142
)
(77,222
)
(76,679
)
(76,512
)
Loans, net
6,400,939
6,512,586
6,604,916
6,617,066
6,662,875
Loans held for sale
117,964
121,611
138,604
137,523
145,641
Mortgage servicing rights
17,196
17,650
18,140
18,628
18,696
Accrued interest receivable
35,514
34,959
35,334
34,795
33,446
Federal Home Loan Bank stock
31,585
24,315
32,189
26,075
21,760
Bank Owned Life Insurance
185,919
184,655
183,409
182,203
181,544
Office properties and equipment
53,683
54,414
55,073
57,231
56,878
Real estate and other assets held for sale
737
326
394
255
243
Goodwill
295,602
295,602
295,602
295,602
295,602
Core deposit and other intangibles
8,487
9,346
10,250
11,196
12,186
Other assets
150,855
146,331
162,452
140,630
129,841
Total Assets
$
8,581,575
$
8,729,305
$
8,778,693
$
8,631,054
$
8,625,949
Liabilities and Stockholders’ Equity
Non-interest-bearing deposits
$
1,475,513
$
1,425,182
$
1,438,764
$
1,467,161
$
1,591,979
Interest-bearing deposits
5,319,598
5,430,061
5,357,112
5,347,444
5,209,123
Brokered deposits
54,688
287,393
382,678
368,782
341,944
Total deposits
6,849,799
7,142,636
7,178,554
7,183,387
7,143,046
Advances from FHLB
507,000
345,000
393,000
253,000
280,000
Subordinated debentures
85,356
85,324
85,292
85,261
85,229
Advance payments by borrowers
16,145
13,358
13,391
16,861
23,277
Reserve for credit losses - unfunded commitments
2,906
3,722
3,343
3,614
4,307
Other liabilities
118,556
120,258
125,984
114,590
114,463
Total Liabilities
7,579,762
7,710,298
7,799,564
7,656,713
7,650,322
Stockholders’ Equity Preferred stock
-
-
-
-
-
Common stock, net
306
306
306
306
306
Additional paid-in-capital
690,946
690,150
689,743
689,468
690,585
Accumulated other comprehensive income (loss)
(156,818
)
(129,149
)
(163,038
)
(162,081
)
(153,719
)
Retained earnings
596,932
587,269
581,715
576,648
569,937
Treasury stock, at cost
(129,553
)
(129,569
)
(129,597
)
(130,000
)
(131,482
)
Total Stockholders’ Equity
1,001,813
1,019,007
979,129
974,341
975,627
Total Liabilities and Stockholders’ Equity
$
8,581,575
$
8,729,305
$
8,778,693
$
8,631,054
$
8,625,949
(1) Includes PPP loans of:
$
244
$
324
$
369
$
417
$
469
Consolidated Statements of Income (Unaudited)
Premier Financial Corp. Three Months Ended Year
Ended (in thousands, except per share amounts)
12/31/24
9/30/24 6/30/24 3/31/24 12/31/23
12/31/24 12/31/23 Interest
Income: Loans
$
86,083
$
88,942
$
88,560
$
87,597
$
87,924
$
351,182
$
332,208
Investment securities
10,338
9,978
8,666
7,602
7,013
36,583
28,214
Interest-bearing deposits
602
654
638
609
740
2,502
2,478
FHLB stock dividends
665
595
606
534
621
2,401
2,610
Total interest income
97,688
100,169
98,470
96,342
96,298
392,668
365,510
Interest Expense: Deposits
39,088
45,529
43,927
42,567
39,250
171,111
122,407
FHLB advances
5,192
3,307
4,159
3,039
3,328
15,697
21,479
Subordinated debentures
1,118
1,152
1,159
1,162
1,169
4,591
4,531
Notes Payable
-
-
-
-
-
-
-
Total interest expense
45,398
49,988
49,245
46,768
43,747
191,399
148,417
Net interest income
52,290
50,181
49,225
49,574
52,551
201,269
217,093
Provision (benefit) for credit losses - loans
632
(475
)
3,173
560
2,143
3,890
7,742
Provision (benefit) for credit losses - unfunded commitments
(621
)
185
(271
)
(693
)
(382
)
(1,401
)
(2,508
)
Total provision (benefit) for credit losses
11
(290
)
2,902
(133
)
1,761
2,489
5,234
Net interest income after provision
52,279
50,471
46,323
49,707
50,790
198,780
211,859
Non-interest Income: Service fees and other charges
7,524
7,756
7,008
6,467
6,761
28,755
27,325
Mortgage banking income
1,771
1,194
2,047
2,350
802
7,362
6,743
Gain (loss) on sale of non-mortgage loans
-
-
-
67
94
67
165
Gain (loss) on sale of available for sale securities
-
-
-
-
10
-
37
Gain (loss) on equity securities
353
410
(176
)
(37
)
665
550
(453
)
Gain on sale of insurance agency
-
-
-
-
-
-
36,296
Insurance commissions
-
-
-
-
-
-
8,856
Wealth management income
1,996
1,878
1,842
1,713
1,791
7,429
6,322
Income from Bank Owned Life Insurance
1,264
1,245
1,207
1,697
1,532
5,413
5,014
Other non-interest income
155
91
150
239
134
635
544
Total non-interest Income
13,063
12,574
12,078
12,496
11,789
50,211
90,849
Non-interest Expense: Compensation and benefits
19,774
21,794
21,353
23,394
20,963
86,315
92,609
Occupancy
3,472
3,462
3,434
3,365
3,318
13,733
13,358
FDIC insurance premium
1,553
1,200
1,150
1,120
1,383
5,023
5,803
Financial institutions tax
829
1,007
980
1,035
761
3,851
3,563
Data processing
5,111
5,055
5,067
4,670
4,678
19,902
16,191
Amortization of intangibles
859
904
946
990
1,033
3,699
4,604
Other non-interest expense
5,564
5,704
5,228
5,326
5,757
21,822
23,451
Total non-interest operating expenses
37,162
39,126
38,158
39,900
37,893
154,345
159,579
Transaction costs
2,129
2,789
50
-
-
4,969
3,652
Total non-interest expenses
39,291
41,915
38,208
39,900
37,893
159,314
163,231
Income (loss) before income taxes
26,051
21,130
20,193
22,303
24,686
89,677
139,477
Income tax expense (benefit)
5,277
4,465
4,017
4,514
4,616
18,273
28,182
Net income (loss)
$
20,774
$
16,665
$
16,176
$
17,789
$
20,070
$
71,404
$
111,295
Earnings per common share: Basic
$
0.58
$
0.46
$
0.45
$
0.50
$
0.56
$
1.99
$
3.11
Diluted
$
0.58
$
0.46
$
0.45
$
0.50
$
0.56
$
1.98
$
3.11
Average Shares Outstanding: Basic
35,687
35,692
35,715
35,772
35,655
35,679
35,693
Diluted
35,782
35,737
35,793
35,771
35,772
35,846
35,781
Premier Financial Corp. Selected Quarterly
Information Three Months Ended Year Ended
(dollars in thousands, except per share data)
12/31/24
9/30/24 6/30/24 3/31/24 12/31/23
12/31/24 12/31/23
Summary of Operations Tax-equivalent interest income (1)
$
97,781
$
100,243
$
98,542
$
96,417
$
96,340
$
392,982
$
365,777
Interest expense
45,398
49,988
49,245
46,768
43,747
191,399
148,417
Tax-equivalent net interest income (1)
52,383
50,255
49,297
49,649
52,593
201,583
217,360
Provision expense for credit losses
11
(290
)
2,902
(133
)
1,761
2,489
5,234
Non-interest income (ex securities gains/losses)
12,710
12,164
12,254
12,533
11,114
49,661
91,265
Core non-interest income (ex securities gains/losses) (2)
12,710
12,164
12,254
12,533
11,114
49,661
54,969
Non-interest expense
39,291
41,915
38,208
39,900
37,893
159,314
163,231
Core non-interest expense (2)
37,162
39,126
38,158
39,900
37,893
154,345
159,579
Income tax expense (benefit)
5,277
4,465
4,017
4,514
4,616
18,273
28,182
Net income (loss)
20,774
16,665
16,176
17,789
20,070
71,404
111,295
Core net income (2)
22,563
19,289
16,215
17,789
20,070
75,857
87,134
Tax equivalent adjustment (1)
93
74
72
75
42
314
267
At Period End Total assets
$
8,581,575
$
8,729,305
$
8,778,693
$
8,631,054
$
8,625,949
Goodwill and intangibles
304,089
304,948
305,852
306,798
307,788
Tangible assets (3)
8,277,486
8,424,357
8,472,841
8,324,256
8,318,161
Earning assets
7,750,197
7,901,449
7,945,986
7,832,558
7,815,540
Loans
6,476,627
6,588,728
6,682,138
6,693,745
6,739,387
Allowance for loan losses
75,688
76,142
77,222
76,679
76,512
Deposits
6,849,799
7,142,636
7,178,554
7,183,387
7,143,046
Stockholders’ equity
1,001,813
1,019,007
979,129
974,341
975,627
Stockholders’ equity / assets
11.67
%
11.67
%
11.15
%
11.29
%
11.31
%
Tangible equity (3)
697,724
714,059
673,277
667,543
667,839
Tangible equity / tangible assets
8.43
%
8.48
%
7.95
%
8.02
%
8.03
%
Average Balances Total assets
$
8,629,348
$
8,696,051
$
8,646,024
$
8,591,947
$
8,536,193
$
8,640,962
$
8,537,730
Earning assets
7,959,457
8,036,417
8,016,157
7,956,887
7,936,648
7,992,261
7,912,651
Loans
6,556,984
6,679,329
6,730,698
6,745,823
6,754,782
6,677,881
6,692,631
Deposits and interest-bearing liabilities
7,474,445
7,556,923
7,533,717
7,476,431
7,447,324
7,510,408
7,464,863
Deposits
6,952,867
7,205,367
7,119,191
7,144,343
7,098,265
7,105,298
6,945,308
Stockholders’ equity
1,013,960
997,845
968,451
974,560
930,835
988,798
923,454
Goodwill and intangibles
304,432
305,380
306,303
307,226
308,243
305,830
322,101
Tangible equity (3)
709,528
692,465
662,148
667,334
622,592
682,968
601,353
Per Common Share Data Earnings per share ("EPS") - Basic
$
0.58
$
0.46
$
0.45
$
0.50
$
0.56
$
1.99
$
3.11
EPS - Diluted
0.58
0.46
0.45
0.50
0.56
1.98
3.11
EPS - Core diluted (2)
0.63
0.54
0.45
0.50
0.56
2.12
2.44
Dividends Paid
0.31
0.31
0.31
0.31
0.31
1.24
1.24
Market Value: High
$
29.63
$
26.40
$
21.30
$
24.50
$
24.87
$
29.63
$
27.99
Low
22.50
19.47
18.72
18.68
15.79
18.63
13.60
Close
25.57
23.48
20.46
20.30
24.10
25.57
24.10
Common Book Value
27.95
28.43
27.32
27.20
27.31
Tangible Common Book Value (3)
19.47
19.92
18.79
18.64
18.69
Shares outstanding, end of period (000s)
35,844
35,841
35,840
35,817
35,730
Performance Ratios (annualized) Tax-equivalent net interest
margin (1)
2.63
%
2.50
%
2.46
%
2.50
%
2.65
%
2.52
%
2.75
%
Return on average assets
0.96
%
0.76
%
0.75
%
0.83
%
0.93
%
0.83
%
1.30
%
Core return on average assets (2)
1.04
%
0.88
%
0.75
%
0.83
%
0.93
%
0.88
%
1.02
%
Return on average equity
8.15
%
6.64
%
6.72
%
7.34
%
8.55
%
7.22
%
12.05
%
Core return on average equity (2)
8.85
%
7.69
%
6.73
%
7.34
%
8.55
%
7.67
%
9.44
%
Return on average tangible equity
11.65
%
9.57
%
9.83
%
10.72
%
12.79
%
10.45
%
18.51
%
Core return on average tangible equity (2)
12.65
%
11.08
%
9.85
%
10.72
%
12.79
%
11.11
%
14.49
%
Efficiency ratio (4)
60.36
%
67.15
%
62.08
%
64.17
%
59.48
%
63.41
%
52.89
%
Core efficiency ratio (2)
57.09
%
62.68
%
61.99
%
64.17
%
59.48
%
61.43
%
58.60
%
Non-interest expenses / average assets
1.81
%
1.92
%
1.78
%
1.87
%
1.76
%
1.84
%
1.91
%
Core non-interest expenses / average assets
1.71
%
1.79
%
1.78
%
1.87
%
1.76
%
1.79
%
1.87
%
Effective tax rate
20.26
%
21.13
%
19.89
%
20.24
%
18.70
%
20.38
%
20.21
%
Core effective tax rate
19.93
%
19.36
%
19.90
%
20.24
%
18.70
%
19.85
%
18.44
%
Common dividend payout ratio
53.45
%
67.39
%
68.89
%
62.00
%
55.36
%
62.63
%
39.87
%
Core common dividend payout ratio
49.21
%
57.41
%
68.89
%
62.00
%
55.36
%
58.49
%
50.82
%
(1) Interest income on tax-exempt securities and loans has been
adjusted to a tax-equivalent basis using the statutory federal
income tax rate of 21%. (2) Core items exclude the impact of
strategic merger and insurance agency disposition related items.
See non-GAAP reconciliations. (3) Tangible assets = total assets
less the sum of goodwill and core deposit and other intangibles.
Tangible equity = total stockholders' equity less the sum of
goodwill, core deposit and other intangibles, and preferred stock.
Tangible common book value = tangible equity divided by shares
outstanding at the end of the period. (4) Efficiency ratio =
Non-interest expense divided by sum of tax-equivalent net interest
income plus non-interest income, excluding securities gains or
losses, net.
Premier Financial Corp. Yield Analysis
(dollars in thousands)
Three Months Ended Year Ended
12/31/24 9/30/24 6/30/24 3/31/24 12/31/23
12/31/24
12/31/23
Average Balances Interest-earning assets:
Loans receivable (1)
$
6,556,984
$
6,679,329
$
6,730,698
$
6,745,823
$
6,754,782
$
6,677,881
$
6,692,631
Securities
1,337,762
1,293,427
1,221,006
1,152,346
1,121,231
1,251,487
1,150,966
Interest Bearing Deposits
33,702
37,197
37,226
34,924
36,761
35,761
36,698
FHLB stock
31,009
26,464
27,227
23,794
23,874
27,132
32,356
Total interest-earning assets
7,959,457
8,036,417
8,016,157
7,956,887
7,936,648
#
7,992,261
7,912,651
Non-interest-earning assets
669,891
659,634
629,867
635,060
599,545
#
648,701
625,079
Total assets
$
8,629,348
$
8,696,051
$
8,646,024
$
8,591,947
$
8,536,193
$
8,640,962
$
8,537,730
Deposits and Interest-bearing Liabilities: Interest bearing
deposits
$
5,477,917
$
5,780,002
$
5,669,033
$
5,650,823
$
5,541,498
$
5,644,359
$
5,328,389
FHLB advances and other
436,239
266,250
329,253
246,846
263,848
319,820
434,389
Subordinated debentures
85,339
85,306
85,273
85,242
85,211
85,290
85,163
Notes payable
-
-
-
-
-
-
3
Total interest-bearing liabilities
5,999,495
6,131,558
6,083,559
5,982,911
5,890,557
6,049,469
5,847,944
Non-interest bearing deposits
1,474,950
1,425,365
1,450,158
1,493,520
1,556,767
1,460,939
1,616,919
Total including non-interest-bearing deposits
7,474,445
7,556,923
7,533,717
7,476,431
7,447,324
7,510,408
7,464,863
Other non-interest-bearing liabilities
140,943
141,283
143,856
140,956
158,034
141,756
149,413
Total liabilities
7,615,388
7,698,206
7,677,573
7,617,387
7,605,358
7,652,164
7,614,276
Stockholders' equity
1,013,960
997,845
968,451
974,560
930,835
988,798
923,454
Total liabilities and stockholders' equity
$
8,629,348
$
8,696,051
$
8,646,024
$
8,591,947
$
8,536,193
$
8,640,962
$
8,537,730
IEAs/IBLs
133
%
131
%
132
%
133
%
135
%
132
%
135
%
Interest Income/Expense Interest-earning
assets: Loans receivable (2)
$
86,100
$
88,949
$
88,567
$
87,603
$
87,929
$
351,219
$
332,231
Securities (2)
10,414
10,045
8,731
7,671
7,050
36,860
28,458
Interest Bearing Deposits
602
654
638
609
740
2,502
2,478
FHLB stock
665
595
606
534
621
2,401
2,610
Total interest-earning assets
97,781
100,243
98,542
96,417
96,340
392,982
365,777
Deposits and Interest-bearing Liabilities: Interest bearing
deposits
$
39,088
$
45,529
$
43,927
$
42,567
$
39,250
$
171,111
$
122,407
FHLB advances and other
5,192
3,307
4,159
3,039
3,328
15,697
21,479
Subordinated debentures
1,118
1,152
1,159
1,162
1,169
4,591
4,531
Notes payable
-
-
-
-
-
-
-
Total interest-bearing liabilities
45,398
49,988
49,245
46,768
43,747
191,399
148,417
Non-interest bearing deposits
-
-
-
-
-
-
-
Total including non-interest-bearing deposits
45,398
49,988
49,245
46,768
43,747
191,399
148,417
Net interest income
$
52,383
$
50,255
$
49,297
$
49,649
$
52,593
$
201,583
$
217,360
Annualized Average Rates Interest-earning
assets: Loans receivable
5.25
%
5.33
%
5.26
%
5.19
%
5.21
%
5.26
%
4.96
%
Securities (3)
3.11
%
3.11
%
2.86
%
2.66
%
2.52
%
2.95
%
2.47
%
Interest Bearing Deposits
7.14
%
7.03
%
6.86
%
6.98
%
8.05
%
7.00
%
6.75
%
FHLB stock
8.58
%
8.99
%
8.90
%
8.98
%
10.40
%
8.85
%
8.07
%
Total interest-earning assets
4.91
%
4.99
%
4.92
%
4.85
%
4.86
%
4.92
%
4.62
%
Deposits and Interest-bearing Liabilities: Interest bearing
deposits
2.85
%
3.15
%
3.10
%
3.01
%
2.83
%
3.03
%
2.30
%
FHLB advances and other
4.76
%
4.97
%
5.05
%
4.92
%
5.05
%
4.91
%
4.94
%
Subordinated debentures
5.24
%
5.40
%
5.44
%
5.45
%
5.49
%
5.38
%
5.32
%
Notes payable
-
-
-
-
-
-
0.00
%
Total interest-bearing liabilities
3.03
%
3.26
%
3.24
%
3.13
%
2.97
%
3.16
%
2.54
%
Non-interest bearing deposits
-
-
-
-
-
-
-
Total including non-interest-bearing deposits
2.43
%
2.65
%
2.61
%
2.50
%
2.35
%
2.55
%
1.99
%
Net interest spread
1.88
%
1.73
%
1.68
%
1.72
%
1.89
%
1.76
%
2.08
%
Net interest margin (4)
2.63
%
2.50
%
2.46
%
2.50
%
2.65
%
2.52
%
2.75
%
(1) Includes average PPP loans of:
$
295
$
346
$
394
$
442
$
495
$
369
$
670
(2) Interest on certain tax exempt loans and securities is not
taxable for Federal income tax purposes. In order to compare the
tax-exempt yields on these assets to taxable yields, the interest
earned on these assets is adjusted to a pre-tax equivalent amount
based on the marginal corporate federal income tax rate of 21%. (3)
Securities yield = annualized interest income divided by the
average balance of securities, excluding average unrealized
gains/losses. (4) Net interest margin is tax equivalent net
interest income divided by average interest-earning assets.
Premier Financial Corp. Deposits and Liquidity
(dollars in thousands)
As of and for the Three Months Ended
12/31/24 9/30/24 6/30/24 3/31/24 12/31/23
Ending
Balances Non-interest-bearing demand deposits
$
1,475,513
$
1,425,182
$
1,438,764
$
1,467,161
$
1,591,979
Savings deposits
612,919
616,910
632,831
656,122
677,679
Interest-bearing demand deposits
526,942
514,886
530,932
553,331
565,757
Money market account deposits
1,498,214
1,460,631
1,437,688
1,426,809
1,374,526
Time deposits
1,016,287
1,061,275
1,052,934
1,051,955
998,002
Public funds, ICS and CDARS deposits
1,665,236
1,776,359
1,702,727
1,659,227
1,593,159
Brokered deposits
54,688
287,393
382,678
368,782
341,944
Total deposits
$
6,849,799
$
7,142,636
$
7,178,554
$
7,183,387
$
7,143,046
Average Balances Non-interest-bearing demand deposits
$
1,474,950
$
1,425,365
$
1,450,158
$
1,493,520
$
1,556,767
Savings deposits
611,603
625,633
643,523
663,786
691,295
Interest-bearing demand deposits
527,977
522,535
546,496
547,168
557,210
Money market account deposits
1,487,515
1,473,901
1,430,619
1,411,075
1,331,623
Time deposits
1,048,700
1,057,478
1,049,566
1,025,946
959,420
Public funds, ICS and CDARS deposits
1,693,042
1,734,495
1,636,188
1,618,554
1,614,339
Brokered deposits
109,080
365,960
362,641
384,294
387,611
Total deposits
$
6,952,867
$
7,205,367
$
7,119,191
$
7,144,343
$
7,098,265
Average Rates Non-interest-bearing demand deposits
0.00
%
0.00
%
0.00
%
0.00
%
0.00
%
Savings deposits
0.15
%
0.10
%
0.03
%
0.03
%
0.03
%
Interest-bearing demand deposits
0.09
%
0.07
%
0.08
%
0.12
%
0.13
%
Money market account deposits
2.80
%
3.00
%
2.94
%
2.83
%
2.65
%
Time deposits
3.84
%
3.90
%
3.80
%
3.55
%
3.15
%
Public funds, ICS and CDARS deposits
3.99
%
4.38
%
4.52
%
4.48
%
4.30
%
Brokered deposits
5.13
%
5.40
%
5.32
%
5.33
%
5.46
%
Total deposits
2.25
%
2.53
%
2.47
%
2.38
%
2.21
%
Other Deposits Data Loans/Deposits Ratio
94.6
%
92.2
%
93.1
%
93.2
%
94.3
%
Uninsured deposits %
34.7
%
33.4
%
32.5
%
32.6
%
33.1
%
Adjusted uninsured deposits % (1)
19.0
%
17.7
%
17.0
%
17.6
%
18.9
%
Top 20 depositors %
14.7
%
15.1
%
14.4
%
14.0
%
13.9
%
Public funds %
19.4
%
19.6
%
18.9
%
18.5
%
17.9
%
Average account size (excluding brokered)
$
28.0
$
27.8
$
27.5
$
27.0
$
26.9
Securities Data Held-to-maturity (HTM) at fair value
$
-
$
-
$
-
$
-
$
-
Available-for-sale (AFS) at fair value (2)
1,157,568
1,196,258
1,081,120
1,014,433
946,708
Equity investment at fair value (3)
4,037
5,970
5,559
5,736
5,773
Total securities at fair value
$
1,161,605
$
1,202,228
$
1,086,679
$
1,020,169
$
952,481
Cash+Securities/Assets
15.0
%
15.2
%
14.2
%
12.9
%
12.4
%
Projected AFS cash flow in next 12 months
$
122,801
$
138,984
$
115,609
$
89,563
$
69,067
AFS average life (years)
4.5
4.4
4.9
5.3
6.2
Liquidity Sources Cash and cash equivalents
$
121,489
$
125,282
$
155,651
$
89,681
$
114,756
Unpledged securities at fair value
565,124
578,810
477,776
398,610
314,385
FHLB borrowing capacity
900,370
1,008,061
1,247,632
1,383,086
1,336,707
Brokered deposits
800,926
582,816
492,359
491,447
513,767
Bank and parent lines of credit
70,000
70,000
70,000
70,000
70,000
Federal Reserve - Discount Window and BTFP (4)
645,265
722,912
702,712
680,456
620,518
Total
$
3,103,174
$
3,087,881
$
3,146,130
$
3,113,280
$
2,970,133
Total liquidity to adjusted uninsured deposits ratio
236.1
%
241.5
%
255.7
%
244.7
%
218.3
%
(1) Adjusted for collateralized deposits, other insured
deposits and intra-company accounts. (2) Mark-to-market included in
accumulated other comprehensive income. (3) Mark-to-market included
in net income each quarter. (4) Includes capacity related to
unpledged securities at par value in excess of fair value under
Bank Term Funding Program prior to 3/31/24.
Premier Financial
Corp. Loans and Capital (dollars in thousands)
12/31/24 9/30/24 6/30/24 3/31/24 12/31/23
Loan Portfolio
Composition Residential real estate
$
1,765,432
$
1,806,389
$
1,805,984
$
1,816,416
$
1,810,265
Residential real estate construction
2,081
3,248
9,649
15,009
28,794
Total residential loans
1,767,513
1,809,637
1,815,633
1,831,425
1,839,059
Commercial real estate
2,895,356
2,853,115
2,844,792
2,830,086
2,839,905
Commercial construction
388,620
486,369
513,652
535,294
528,563
Commercial excluding PPP
957,344
969,493
1,037,718
1,030,620
1,056,334
Core commercial loans (1)
4,241,320
4,308,977
4,396,162
4,396,000
4,424,802
Consumer direct/indirect
179,700
184,574
187,936
187,664
193,830
Home equity and improvement lines
274,340
271,652
268,699
265,362
267,960
Total consumer loans
454,040
456,226
456,635
453,026
461,790
Deferred loan origination fees
13,510
13,564
13,339
12,877
13,267
Core loans (1)
6,476,383
6,588,404
6,681,769
6,693,328
6,738,918
PPP loans
244
324
369
417
469
Total loans
$
6,476,627
$
6,588,728
$
6,682,138
$
6,693,745
$
6,739,387
Loans held for sale
$
117,964
$
121,611
$
138,604
$
137,523
$
145,641
Core residential loans (1)
1,885,477
1,931,248
1,954,237
1,968,948
1,984,700
Total loans including loans held for sale but excluding PPP
6,594,347
6,710,015
6,820,373
6,830,851
6,884,559
Undisbursed construction loan funds - residential
$
52,782
$
53,998
$
52,140
$
57,246
$
72,748
Undisbursed construction loan funds - commercial
153,198
159,805
123,445
151,677
208,718
Undisbursed construction loan funds - total
205,980
213,803
175,585
208,923
281,466
Total construction loans including undisbursed funds
$
596,681
$
703,420
$
698,886
$
759,226
$
838,823
Gross loans (2)
$
6,669,097
$
6,788,967
$
6,844,384
$
6,889,791
$
7,007,586
Fixed rate loans %
48.4
%
48.5
%
48.7
%
49.0
%
49.3
%
Floating rate loans %
18.9
%
18.2
%
16.2
%
16.5
%
15.6
%
Adjustable rate loans repricing within 1 year %
5.6
%
5.2
%
5.2
%
3.4
%
3.4
%
Adjustable rate loans repricing over 1 year %
27.1
%
28.1
%
29.9
%
31.1
%
31.7
%
Commercial Real Estate Loans Composition Non owner
occupied excluding office
$
1,095,933
$
1,061,894
$
1,047,892
$
1,026,598
$
1,027,801
Non owner occupied office
178,778
184,156
186,266
189,436
205,302
Owner occupied excluding office
684,147
666,454
668,327
656,825
653,849
Owner occupied office
101,294
104,792
107,555
112,706
113,679
Multifamily
645,581
645,628
642,469
652,371
642,651
Agriculture land
121,715
120,956
121,597
121,102
121,544
Other commercial real estate
67,908
69,235
70,686
71,048
75,079
Total commercial real estate loans
$
2,895,356
$
2,853,115
$
2,844,792
$
2,830,086
$
2,839,905
Capital Balances Total equity
$
1,001,813
$
1,019,007
$
979,129
$
974,341
$
975,627
Less: Regulatory goodwill and intangibles
299,007
299,866
300,770
301,716
302,706
Less: Accumulated other comprehensive income/(loss) ("AOCI")
(156,818
)
(129,149
)
(163,038
)
(162,081
)
(153,719
)
Common equity tier 1 capital ("CET1")
859,624
848,290
841,397
834,706
826,640
Add: Tier 1 subordinated debt
35,000
35,000
35,000
35,000
35,000
Tier 1 capital
894,624
883,290
876,397
869,706
861,640
Add: Regulatory allowances
78,352
79,377
80,247
79,827
80,231
Add: Tier 2 subordinated debt
50,000
50,000
50,000
50,000
50,000
Total risk-based capital
$
1,022,976
$
1,012,667
$
1,006,644
$
999,533
$
991,871
Total risk-weighted assets
$
6,808,902
$
6,921,299
$
7,062,328
$
7,013,832
$
7,066,743
Capital Ratios CET1 Ratio
12.63
%
12.26
%
11.91
%
11.90
%
11.70
%
CET1 Ratio including AOCI
10.32
%
10.39
%
9.61
%
9.59
%
9.52
%
Tier 1 Capital Ratio
13.14
%
12.76
%
12.41
%
12.40
%
12.19
%
Tier 1 Capital Ratio including AOCI
10.84
%
10.90
%
10.10
%
10.09
%
10.02
%
Total Capital Ratio
15.02
%
14.63
%
14.25
%
14.25
%
14.04
%
Total Capital Ratio including AOCI
12.72
%
12.77
%
11.95
%
11.94
%
11.86
%
(1) Core loans represents total loans excluding undisbursed
loan funds, deferred loan origination fees and PPP loans. Core
commercial loans represents total commercial real estate,
commercial and commercial construction excluding commercial
undisbursed loan funds, deferred loan origination fees and PPP
loans. Core residential loans represents total loans held for sale,
one to four family residential real estate and residential
construction excluding residential undisbursed loan funds and
deferred loan origination fees. (2) Gross loans represent total
loans including undisbursed construction funds but excluding
deferred loan origination fees.
Premier Financial Corp.
Loan Delinquency Information (dollars in thousands)
Total
Balance Current 30 to 89 days past due % of
Total Non Accrual Loans % of Total
December 31, 2024 One to four family residential real estate
$
1,765,432
$
1,736,049
$
11,982
0.68
%
$
17,401
0.99
%
Construction
596,681
595,510
-
0.00
%
1,171
0.20
%
Commercial real estate
2,895,356
2,875,671
664
0.02
%
19,021
0.66
%
Commercial
957,588
920,075
425
0.04
%
37,088
3.87
%
Home equity and improvement
274,340
268,995
3,499
1.28
%
1,846
0.67
%
Consumer finance
179,700
170,604
4,628
2.58
%
4,468
2.49
%
Gross loans
$
6,669,097
$
6,566,904
$
21,198
0.32
%
$
80,995
1.21
%
September 30, 2024 One to four family residential real
estate
$
1,806,389
$
1,782,110
$
8,291
0.46
%
$
15,988
0.89
%
Construction
703,420
701,930
290
0.04
%
1,200
0.17
%
Commercial real estate
2,853,115
2,832,985
381
0.01
%
19,749
0.69
%
Commercial
969,817
929,270
1,428
0.15
%
39,119
4.03
%
Home equity and improvement
271,652
267,518
2,392
0.88
%
1,742
0.64
%
Consumer finance
184,574
176,034
4,374
2.37
%
4,166
2.26
%
Gross loans
$
6,788,967
$
6,689,847
$
17,156
0.25
%
$
81,964
1.21
%
December 31, 2023 One to four family residential real estate
$
1,810,265
$
1,785,935
$
9,429
0.52
%
$
14,901
0.82
%
Construction
838,823
838,715
108
0.01
%
-
0.00
%
Commercial real estate
2,839,905
2,833,233
475
0.02
%
6,197
0.22
%
Commercial
1,056,803
1,045,185
2,623
0.25
%
8,995
0.85
%
Home equity and improvement
267,960
263,134
2,887
1.08
%
1,939
0.72
%
Consumer finance
193,830
185,041
5,330
2.75
%
3,459
1.78
%
Gross loans
$
7,007,586
$
6,951,243
$
20,852
0.30
%
$
35,491
0.51
%
Loan Risk Ratings Information (dollars in thousands)
Total Balance Pass Rated Special Mention %
of Total Classified % of Total December
31, 2024 One to four family residential real estate
$
1,756,537
$
1,737,804
$
1,294
0.07
%
$
17,439
0.99
%
Construction
596,681
575,705
19,805
3.32
%
1,171
0.20
%
Commercial real estate
2,893,728
2,783,390
59,179
2.05
%
51,159
1.77
%
Commercial
955,630
850,270
53,325
5.58
%
52,035
5.45
%
Home equity and improvement
273,078
271,376
-
0.00
%
1,702
0.62
%
Consumer finance
179,601
175,155
-
0.00
%
4,446
2.48
%
PCD loans
13,842
12,103
394
2.85
%
1,345
9.72
%
Gross loans
$
6,669,097
$
6,405,803
$
133,997
2.01
%
$
129,297
1.94
%
September 30, 2024 One to four family residential real
estate
$
1,797,355
$
1,780,621
$
886
0.05
%
$
15,848
0.88
%
Construction
703,420
683,741
19,679
2.80
%
-
0.00
%
Commercial real estate
2,851,403
2,750,149
48,571
1.70
%
52,683
1.85
%
Commercial
967,733
867,738
55,870
5.77
%
44,125
4.56
%
Home equity and improvement
270,330
268,887
-
0.00
%
1,443
0.53
%
Consumer finance
184,466
180,317
-
0.00
%
4,149
2.25
%
PCD loans
14,260
11,859
403
2.83
%
1,998
14.01
%
Gross loans
$
6,788,967
$
6,543,312
$
125,409
1.85
%
$
120,246
1.77
%
December 31, 2023 One to four family residential real estate
$
1,800,383
$
1,785,839
$
594
0.03
%
$
13,950
0.77
%
Construction
838,823
831,333
7,490
0.89
%
-
0.00
%
Commercial real estate
2,837,865
2,760,804
50,784
1.79
%
26,277
0.93
%
Commercial
1,054,834
975,264
57,634
5.46
%
21,936
2.08
%
Home equity and improvement
266,082
264,664
-
0.00
%
1,418
0.53
%
Consumer finance
193,626
190,393
-
0.00
%
3,233
1.67
%
PCD loans
15,973
12,899
197
1.23
%
2,877
18.01
%
Gross loans
$
7,007,586
$
6,821,196
$
116,699
1.67
%
$
69,691
0.99
%
Premier Financial Corp. Mortgage and Credit
Information (dollars in thousands)
As of and for the Three Months
Ended
Year Ended
Mortgage Banking Summary
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
Revenue from sales and servicing of mortgage loans: Mortgage
banking gains, net
$
1,203
$
691
$
1,378
$
1,283
$
439
$
4,555
$
4,429
Mortgage loan servicing revenue (expense): Mortgage loan servicing
revenue
1,830
1,839
1,835
1,842
1,844
7,346
7,427
Amortization of mortgage servicing rights
(1,378
)
(1,320
)
(1,313
)
(1,238
)
(1,257
)
(5,249
)
(5,044
)
Mortgage servicing rights valuation adjustments
116
(16
)
147
463
(224
)
710
(69
)
568
503
669
1,067
363
2,807
2,314
Total revenue from sale/servicing of mortgage loans
$
1,771
$
1,194
$
2,047
$
2,350
$
802
$
7,362
$
6,743
Mortgage servicing rights: Balance at beginning of period
$
17,812
$
18,286
$
18,921
$
19,452
$
20,174
$
19,452
$
21,858
Loans sold, servicing retained
808
846
678
707
535
3,039
2,638
Amortization
(1,378
)
(1,320
)
(1,313
)
(1,238
)
(1,257
)
(5,249
)
(5,044
)
Balance at end of period
17,242
17,812
18,286
18,921
19,452
17,242
19,452
Valuation allowance: Balance at beginning of period
(162
)
(146
)
(293
)
(756
)
(532
)
(756
)
(687
)
Impairment recovery (charges)
116
(16
)
147
463
(224
)
710
(69
)
Balance at end of period
(46
)
(162
)
(146
)
(293
)
(756
)
(46
)
(756
)
Net carrying value at end of period
$
17,196
$
17,650
$
18,140
$
18,628
$
18,696
$
17,196
$
18,696
Allowance for credit losses - loans Beginning
allowance
$
76,142
$
77,222
$
76,679
$
76,512
$
76,513
$
76,512
$
72,816
Provision (benefit) for credit losses - loans
632
(475
)
3,173
560
2,143
3,890
7,742
Net recoveries (charge-offs)
(1,086
)
(605
)
(2,630
)
(393
)
(2,144
)
(4,714
)
(4,046
)
Ending allowance
$
75,688
$
76,142
$
77,222
$
76,679
$
76,512
$
75,688
$
76,512
Total loans
$
6,476,627
$
6,588,728
$
6,682,138
$
6,693,745
$
6,739,387
Less: PPP loans
(244
)
(324
)
(369
)
(417
)
(469
)
Total loans ex PPP
$
6,476,383
$
6,588,404
$
6,681,769
$
6,693,328
$
6,738,918
Allowance for credit losses (ACL)
$
75,688
$
76,142
$
77,222
$
76,679
$
76,512
Add: Unaccreted purchase accounting marks
339
500
575
889
1,160
Adjusted ACL
$
76,027
$
76,642
$
77,797
$
77,568
$
77,672
ACL/Loans
1.17
%
1.16
%
1.16
%
1.15
%
1.14
%
Adjusted ACL/Loans ex PPP
1.17
%
1.16
%
1.16
%
1.16
%
1.15
%
Credit Quality Total non-performing loans (1)
$
80,995
$
81,964
$
64,158
$
39,031
$
35,491
Real estate owned (REO)
737
326
394
255
243
Total non-performing assets (2)
$
81,732
$
82,290
$
64,552
$
39,286
$
35,734
Net charge-offs (recoveries)
1,086
605
2,630
393
2,144
Allowance for credit losses / non-performing assets
92.61
%
92.53
%
119.63
%
195.18
%
214.12
%
Allowance for credit losses / non-performing loans
93.45
%
92.90
%
120.36
%
196.46
%
215.58
%
Non-performing assets / loans plus REO
1.26
%
1.25
%
0.97
%
0.59
%
0.53
%
Non-performing assets / total assets
0.95
%
0.94
%
0.74
%
0.46
%
0.41
%
Net charge-offs (recoveries) / average loans
0.07
%
0.04
%
0.16
%
0.02
%
0.13
%
Net charge-offs (recoveries) / average loans LTM
0.10
%
0.09
%
0.07
%
0.03
%
0.06
%
(1) Non-performing loans consist of non-accrual loans. (2)
Non-performing assets are non-performing loans plus real estate and
other assets acquired by foreclosure or deed-in-lieu thereof.
Premier Financial Corp. Non-GAAP Reconciliations
Three Months Ended Year Ended (In thousands, except
per share and ratio data)
12/31/24 9/30/24 6/30/24 3/31/24
12/31/23
12/31/24 12/31/23 Total non-interest expenses
$
39,291
$
41,915
$
38,208
$
39,900
$
37,893
$
159,314
$
163,231
Less: Transaction costs (pre-tax)(1)
2,129
2,789
50
-
-
4,969
3,652
Core non-interest expenses
$
37,162
$
39,126
$
38,158
$
39,900
$
37,893
$
154,345
$
159,579
Average total assets
$
8,629,348
$
8,696,051
$
8,646,024
$
8,591,947
$
8,536,193
$
8,640,962
$
8,537,730
Core non-interest expenses / average assets
1.71
%
1.79
%
1.78
%
1.87
%
1.76
%
1.79
%
1.87
%
Core non-interest expenses
$
37,162
$
39,126
$
38,158
$
39,900
$
37,893
$
154,345
$
159,579
Less: Insurance agency expenses
-
-
-
-
-
-
6,425
Core non-interest expenses excluding insurance agency
$
37,162
$
39,126
$
38,158
$
39,900
$
37,893
#
$
154,345
$
153,154
Non-interest income
$
13,063
$
12,574
$
12,078
$
12,496
$
11,789
$
50,211
$
90,849
Less: Gain on sale of insurance agency (pre-tax)
-
-
-
-
-
-
36,296
Core non-interest income
$
13,063
$
12,574
$
12,078
$
12,496
$
11,789
$
50,211
$
54,553
Less: Securities gains (losses)
353
410
(176
)
(37
)
675
550
(416
)
Core non-interest income (ex securities gains/losses)
$
12,710
$
12,164
$
12,254
$
12,533
$
11,114
$
49,661
$
54,969
Tax-equivalent net interest income
$
52,383
$
50,255
$
49,297
$
49,649
$
52,593
$
201,583
$
217,360
Core non-interest income (ex securities gains/losses)
12,710
12,164
12,254
12,533
11,114
49,661
54,969
Total core revenues
65,093
62,419
61,551
62,182
63,707
251,244
272,329
Core non-interest expenses
$
37,162
$
39,126
$
38,158
$
39,900
$
37,893
$
154,345
$
159,579
Core efficiency ratio
57.09
%
62.68
%
61.99
%
64.17
%
59.48
%
61.43
%
58.60
%
Income (loss) before income taxes
$
26,051
$
21,130
$
20,193
$
22,303
$
24,686
$
89,677
$
139,477
Add: Provision (benefit) for credit losses
11
(290
)
2,902
(133
)
1,761
2,489
5,234
Pre-tax pre-provision income
26,062
20,840
23,095
22,170
26,447
92,166
144,711
Add: Transaction costs (pre-tax)
2,129
2,789
50
-
-
4,969
3,652
Less: Gain on sale of insurance agency (pre-tax)
-
-
-
-
-
-
36,296
Core pre-tax pre-provision income
$
28,191
$
23,629
$
23,145
$
22,170
$
26,447
$
97,135
$
112,067
Average total assets
$
8,629,348
$
8,696,051
$
8,646,024
$
8,591,947
$
8,536,193
$
8,640,962
$
8,537,730
Core pre-tax pre-provision return on average assets
1.30
%
1.08
%
1.08
%
1.04
%
1.23
%
1.12
%
1.31
%
Net income (loss)
$
20,774
$
16,665
$
16,176
$
17,789
$
20,070
$
71,404
$
111,295
Less: Gain on sale of insurance agency (pre-tax)
-
-
-
-
-
-
36,296
Add: Transaction costs (pre-tax)
2,129
2,789
50
-
-
4,969
3,652
Add: Tax impact of above items
(340
)
(165
)
(11
)
-
-
(516
)
8,483
Core net income
$
22,563
$
19,289
$
16,215
$
17,789
$
20,070
$
75,857
$
87,134
Diluted shares - Reported
35,782
35,737
35,793
35,771
35,772
35,846
35,781
Core diluted EPS
$
0.63
$
0.54
$
0.45
$
0.50
$
0.56
$
2.12
$
2.44
Average total assets
$
8,629,348
$
8,696,051
$
8,646,024
$
8,591,947
$
8,536,193
$
8,640,962
$
8,537,730
Core return on average assets
1.04
%
0.88
%
0.75
%
0.83
%
0.93
%
0.88
%
1.02
%
Average total equity
$
1,013,960
$
997,845
$
968,451
$
974,560
$
930,835
$
988,798
$
923,454
Core return on average equity
8.85
%
7.69
%
6.73
%
7.34
%
8.55
%
7.67
%
9.44
%
Average total tangible equity
$
709,528
$
692,465
$
662,148
$
667,334
$
622,592
$
682,968
$
601,353
Core return on average tangible equity
12.65
%
11.08
%
9.85
%
10.72
%
12.79
%
11.11
%
14.49
%
(1) Transaction costs for 2024 relate to the strategic
merger transaction. Transaction costs for 2023 relate to the
insurance agency sale.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250121262571/en/
Paul Nungester EVP and CFO 419.785.8700
PNungester@yourpremierbank.com
Premier Financial (NASDAQ:PFC)
과거 데이터 주식 차트
부터 2월(2) 2025 으로 3월(3) 2025
Premier Financial (NASDAQ:PFC)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025
