Welcome to our dedicated page for Premier Financial news (Ticker: PFC), a resource for investors and traders seeking the latest updates and insights on Premier Financial stock.
Premier Financial Corp. (Nasdaq: PFC) generated frequent news as a regional bank holding company and, more recently, as the subject of a completed acquisition by WesBanco, Inc. Company announcements and joint press releases document Premier’s quarterly and full-year financial results, strategic decisions and merger milestones.
News items include detailed earnings releases for each quarter of 2024, in which Premier reported net income, net interest income, net interest margin, deposit and loan trends, non-interest income components such as mortgage banking income, service fees, wealth management income and bank-owned life insurance income, as well as non-interest expenses and efficiency ratios. These releases also discuss credit quality metrics, including non-performing assets, loan delinquencies, criticized loans, net charge-offs, provision expense and allowance for credit losses.
Another major category of news covers the strategic merger between Premier Financial Corp. and WesBanco, Inc. On July 26, 2024, the companies announced a definitive merger agreement under which Premier would merge with and into WesBanco in an all-stock transaction, with Premier shareholders receiving 0.80 shares of WesBanco common stock for each Premier share. Subsequent updates reported shareholder approvals of the merger agreement and, on February 28, 2025, WesBanco announced the successful closing of the acquisition and the merger of Premier Bank into WesBanco Bank, Inc.
Investors and observers using this news feed can review historical coverage of Premier’s financial performance, capital and credit trends, and the step-by-step progress of the WesBanco transaction. This archive helps place the PFC ticker in context as a former independent bank holding company that became part of a larger regional financial services institution.
WesBanco (WSBC) has successfully completed its acquisition of Premier Financial Corp, creating a regional financial institution with approximately $27 billion in assets. The merger positions WesBanco as the 81st largest insured depository organization in the United States and the 8th largest bank in Ohio.
The combined entity will operate through more than 250 financial centers across nine states: Indiana, Kentucky, Maryland, Michigan, Ohio, Pennsylvania, Tennessee, Virginia, and West Virginia. Former Premier directors Zahid Afzal, John L. Bookmyer, Louis M. Altman, and Lee J. Burdman have been appointed to WesBanco's Board of Directors.
Former Premier financial centers will continue operating under the Premier Bank name until customer and data conversion occurs in mid-May 2025, after which all locations will be rebranded as WesBanco.
WesBanco (WSBC) and Premier Financial Corp. (PFC) have received all necessary regulatory approvals for their pending merger, following overwhelming shareholder approval from both companies on December 11, 2024. The merger is expected to close around February 28, 2025, subject to customary closing conditions.
The combined entity will create a regional financial services institution with approximately $27 billion in assets. The merger will establish the 8th largest bank in Ohio by deposit market share, with expanded presence in Indiana and operations across nine states. WesBanco currently holds $18.7 billion in total assets, with Trust and Investment Services managing $6.0 billion in assets and $1.9 billion in securities account values through their broker/dealer as of December 31, 2024.
Premier Financial Corp. (PFC) reported fourth quarter 2024 net income of $20.8 million, or $0.58 per diluted share, compared to $20.1 million ($0.56 per share) in Q4 2023. Excluding merger transaction costs, Q4 2024 earnings were $22.6 million or $0.63 per share.
Key Q4 highlights include a net interest margin increase to 2.63% (up 13 basis points from Q3), and an improved efficiency ratio of 57.1% excluding transaction costs. Total loans decreased by $115.7 million during Q4, while deposits declined by $292.8 million.
For full-year 2024, PFC reported net income of $71.4 million ($1.98 per share), down from $111.3 million ($3.11 per share) in 2023. The company announced a strategic merger with Wesbanco, Inc., where PFC shareholders will receive 0.80 shares of WSBC common stock for each PFC share, ultimately owning approximately 30% of the combined company.
WesBanco (WSBC) and Premier Financial Corp. (PFC) have secured shareholder approval for their merger agreement, with 85% of WesBanco votes and 68% of Premier votes supporting the transaction. The merger, expected to close in Q1 2025 pending regulatory approvals, will create a regional financial institution with approximately $27 billion in assets.
The combined entity will become the 8th largest bank in Ohio by deposit market share, with expanded presence in Indiana and operations across nine states. WesBanco currently holds $18.5 billion in total assets, with $6.1 billion in assets under management and $1.9 billion in securities account values through their broker/dealer as of September 30, 2024.
WesBanco (WSBC) and Premier Financial Corp. (PFC) announced shareholder approval for their merger agreement, with 85% of WesBanco votes and 68% of Premier votes supporting the deal. The merger, expected to close in Q1 2025 pending regulatory approvals, will create a $27 billion asset regional financial institution.
The combined entity will become the 8th largest bank in Ohio by deposit market share, with expanded presence in Indiana and operations across nine states. WesBanco currently holds $18.5 billion in total assets, with $6.1 billion in assets under management and $1.9 billion in securities account values as of September 30, 2024.
Premier Financial Corp. (Nasdaq: PFC) announced its third-quarter 2024 results, highlighting a strategic merger with Wesbanco, Inc. Earnings per share (EPS) were $0.46, or $0.54 excluding transaction costs, up $0.01 and $0.09 respectively from Q2. Net income was $16.7 million, down from $24.7 million in Q3 2023. Net interest margin increased to 2.50%, while net interest income rose 1.9% sequentially but fell 7.5% year-over-year. Non-interest income was $12.6 million, up 4.1% sequentially but down 5.1% year-over-year. Non-interest expenses excluding transaction costs were $39.1 million, a slight increase from Q2 and Q3 2023. Non-performing assets rose to $82.3 million, while loan delinquencies decreased to $17.2 million. The merger is expected to close in Q1 2025, with PFC shareholders owning 30% of the combined company. A dividend of $0.31 per share was declared, payable on November 15, 2024.
Premier Financial Corp. (Nasdaq: PFC) has announced their second quarter 2024 financial results and a strategic merger with Wesbanco, Inc. (Nasdaq: WSBC). The merger, valued at approximately $987 million, will see PFC shareholders receive 0.80 shares of WSBC common stock for each PFC share, holding 30% of the combined company upon closure in Q1 2025.
PFC reported a Q2 2024 net income of $16.2 million, or $0.45 per diluted share, down from $48.4 million, or $1.35 per diluted share, in Q2 2023. Excluding the $32.6 million gain from the sale of First Insurance Group in Q2 2023, net income for Q2 2023 was $24.2 million. Net interest income fell 8.8% YoY to $49.3 million, and non-interest income also declined 6.5% to $12.1 million.
Non-interest expenses reduced by 6.6% YoY to $38.2 million. Credit quality issues emerged with non-performing assets rising to $64.6 million, and loan delinquencies increasing to $24.6 million. PFC's total assets at June 30, 2024, were $8.78 billion.
WesBanco (NASDAQ: WSBC) and Premier Financial Corp. (NASDAQ: PFC) have announced a transformative merger, creating a regional financial institution with over $27 billion in assets. The all-stock transaction, valued at approximately $959 million, will see Premier shareholders receive 0.80 shares of WesBanco stock for each Premier share. WesBanco has also secured $200 million in capital commitments to support the merger.
Key highlights:
- Transaction valued at $26.66 per Premier share
- Expected to be 40% accretive to 2025 earnings
- Estimated tangible book value dilution of 13% at closing
- Combined entity to become the 8th largest bank in Ohio
- Merger expected to close in Q1 2025
Premier Financial Corp. (Nasdaq: PFC) announced it will release its second-quarter earnings results on July 30, 2024, after market close.
The company will also host a conference call and webcast on July 31, 2024, at 10:00 a.m. ET, where Executive Management will discuss the earnings results.
The earnings release will be available on Premier Financial's investor relations website and major financial information sites.
The conference call can be accessed by dialing 1-833-470-1428 with the Access Code: 762462 or via a webcast at https://events.q4inc.com/attendee/676401742.
The webcast will be available for replay on the company's website for one year.
For those without internet access, the earnings release can be requested via fax or mail by calling 330-742-9857.
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