Premier Financial Corp. Announces Full Year 2023 Results
- None.
- None.
Insights
The announcement by Premier Financial Corp. regarding their fourth quarter and full year 2023 results provides a comprehensive overview of the company's financial health. A key highlight is the net income for the fourth quarter of $20.1 million, a decrease from $25.3 million in the same quarter of the previous year. This may suggest a tightening of margins or increased expenses, potentially impacting investor sentiment. The full year net income of $111.3 million, however, is an increase from $102.2 million in the previous year, indicating overall growth.
The declared dividend of $0.31 per share is a direct return to shareholders and can be a sign of the company's confidence in its cash flow stability. Additionally, the deposit growth and loan growth, particularly in commercial loans, are positive indicators of the company's operational performance and its ability to attract and retain customers. However, the modest growth rates may reflect a cautious market environment or strategic focus on quality over quantity in loan origination.
From a cost management perspective, the slight decline in expenses is a positive sign of efficiency. The reduction in non-performing assets and the increase in equity suggest improved asset quality and a stronger balance sheet. The sale of the insurance agency, resulting in a significant gain, has also bolstered the company's capital without diluting future earnings, a strategic move that could be viewed favorably by the market.
The impact of the new digital banking platform on client experience and operational efficiency will be an area to watch, as it represents the company's investment in technology to stay competitive.
Examining Premier Financial Corp.'s performance from a market perspective, the company's focus on deposit and loan growth, particularly in the commercial sector, aligns with industry trends of supporting small to medium-sized businesses. The launch of a new digital banking platform is a strategic move to enhance customer engagement and could potentially drive future deposit growth. However, the increase in deposit costs and fluctuations in mortgage banking income reflect the broader economic pressures of rising interest rates and competition for deposits.
The company's net interest margin management remains a priority, which is critical in the current rate environment. The reduction in dependency on wholesale funds and the management of credit quality, with non-performing assets decreasing, are indicative of a conservative risk management approach that could reassure investors.
It's also worth noting the company's efficiency ratio, which has increased slightly. This metric, which measures the cost to generate revenue, is a crucial indicator of operational efficiency. While the increase is not substantial, it will be important to monitor this in future quarters to assess the company's cost management effectiveness.
From an economic standpoint, Premier Financial Corp.'s results indicate a company navigating a complex interest rate environment. The increase in cost of funds and the decline in net interest margin reflect the broader economic trend of rising rates, which can compress margins for financial institutions. The company's proactive measures to manage net interest margin, such as reducing reliance on wholesale funding, are essential strategies to mitigate this pressure.
The sale of the insurance agency is a significant capital event that has improved the company's financial flexibility without impacting earnings. This strategic divestiture could provide the company with more resources to invest in growth areas or return capital to shareholders.
The growth in deposits and loans, particularly in the commercial sector, suggests an economy that is still providing opportunities for business expansion, despite potential headwinds. However, the modest annualized growth rates may also signal a cautious approach in an uncertain economic climate.
The digital banking platform launch can be seen as an investment in technological infrastructure, which is increasingly important for customer retention and acquisition in the financial services industry. It could lead to long-term cost savings and revenue growth, although the immediate impact on the bottom line may be limited.
Declared dividend of
Fourth Quarter 2023 Highlights
-
Deposit growth of
(up$77 million 4% annualized), including for core customer deposits excluding brokered (up$128 million 8% annualized) -
Loan growth of
(up$43 million 3% annualized), including for commercial loan (up$63 million 6% annualized) -
Expenses declined
(down$0.2 million 2% annualized) from third quarter 2023 -
Non-performing assets decreased
(or$4 million 10% ) from prior quarter and six basis points to0.41% of total assets -
Equity up
or$56 million per share (both up$1.57 24% annualized) with tangible equity up or$57 million per share (both up$1.60 37% annualized) to per share and tangible equity ratio up to$18.69 8.03%
Full Year 2023 Highlights
- Completed sale of insurance agency at a significant gain that strengthened capital without diluting future earnings
-
Deposit growth of
(up$236 million 3% ), including for core customer deposits excluding brokered (up$38 million 1% ) -
Loan growth of
(up$279 million 4% ) including for commercial loans (up$179 million 4% ) -
Equity up
or$88 million per share (both up$2.37 10% ) with tangible equity up or$117 million per share (both up$3.22 21% ) and tangible equity ratio up1.25% - Launched new digital banking platform to improve clients’ banking experience in October
“In the fourth quarter, we saw a continuation of performance improvement on many topics outlined in our third quarter release,” said Gary Small, President and CEO of Premier. “Positive elements include purposefully moderate loan growth, excellent deposit growth, strong wealth management revenue growth, deliberate cost containment, and a decline in non-performing assets. Total loans grew
“Net interest margin management continues to remain our top financial priority,” Small continued. “While we reduced our dependency on wholesale funds by
“As we enter 2024, we anticipate continued moderate earning assets growth and a relentless focus on deposit growth resulting in low-to-moderate year-over-year net interest income growth,” added Small. “Strong expense management and solid credit performance round out the story.”
Quarterly results
Capital, deposits and liquidity
Regulatory ratios all improved during the fourth quarter of 2023, including CET1 of
Total deposits increased
At December 31, 2023, uninsured deposits were
Net interest income and margin
Net interest income of
Excluding the impact of acquisition marks accretion and PPP loans, core net interest income was
Total earning asset yields in the fourth quarter of 2023 were
“The decline in net interest margin experienced during the fourth quarter in part reflected the impact of expanded ‘new money’ deposit attraction promotions introduced in select markets across the network,” said Small. “The programs are short in duration and designed as a household gathering catalyst for these specific locations. The successful effort contributed to the
Non-interest income
Total non-interest income in the fourth quarter of 2023 of
Security gains were
Non-interest expenses
Non-interest expenses in the fourth quarter of 2023 were
“Expense containment remains a high priority for us as we continue to manage the net interest margin challenges,” said Paul Nungester, CFO of Premier. “The successful implementation of cost saving initiatives enabled us to reduce our ratio of expenses to average assets to
Credit quality
Non-performing assets totaled
The 2023 fourth quarter results include net charge-offs of
Full year results
For the year ended December 31, 2023, net income totaled
Net interest income of
Excluding insurance commissions and the
Security losses were
Excluding transaction costs for the insurance agency sale, non-interest expenses in 2023 were
Results for 2023 include net loan charge-offs of
Total assets at
Total assets at December 31, 2023, were
Total non-brokered deposits at December 31, 2023, were
Total stockholders’ equity was
“2023 was a successful year of strengthening capital amidst a challenging interest rate environment,” said Nungester. “Across-the-board we enhanced book equity, tangible equity and regulatory capital. Year-over-year ratio improvements include book equity/assets up 81 basis points to
Dividend to be paid February 16
The Board of Directors declared a quarterly cash dividend of
Conference call
Premier will host a conference call at 10:00 a.m. ET on Wednesday, January 24, 2024, to discuss the earnings results and business trends. The conference call may be accessed by calling 1-833-470-1428 and using access code 540476. Internet access to the call is also available (in listen-only mode) at the following URL: https://events.q4inc.com/attendee/656800446. The webcast replay of the conference call will be available at www.PremierFinCorp.com for one year.
About Premier Financial Corp.
Premier Financial Corp. (Nasdaq: PFC), headquartered in
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. and its management, future movements of interests, 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 presentation 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. 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. These risks and uncertainties include, but not limited to: financial markets, our customers, and our business and results of operation; changes in interest rates; disruptions in the mortgage market; risks and uncertainties inherent in general and local banking, insurance and mortgage conditions; political uncertainty; uncertainty in
Non-GAAP Reporting Measures
We believe that net income, as defined by
|
||||||||||||||||||||
Consolidated Balance Sheets (Unaudited) | ||||||||||||||||||||
Premier Financial Corp. | ||||||||||||||||||||
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
||||||||||||
(in thousands) |
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Assets | ||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Cash and amounts due from depositories | $ |
81,973 |
|
$ |
70,642 |
|
$ |
71,096 |
|
$ |
68,628 |
|
$ |
88,257 |
|
|||||
Interest-bearing deposits |
|
32,783 |
|
|
46,855 |
|
|
50,631 |
|
|
88,399 |
|
|
39,903 |
|
|||||
|
114,756 |
|
|
117,497 |
|
|
121,727 |
|
|
157,027 |
|
|
128,160 |
|
||||||
Available-for-sale, carried at fair value |
|
946,708 |
|
|
911,184 |
|
|
961,123 |
|
|
998,128 |
|
|
1,040,081 |
|
|||||
Equity securities, carried at fair value |
|
5,773 |
|
|
5,860 |
|
|
6,458 |
|
|
6,387 |
|
|
7,832 |
|
|||||
Securities investments |
|
952,481 |
|
|
917,044 |
|
|
967,581 |
|
|
1,004,515 |
|
|
1,047,913 |
|
|||||
Loans (1) |
|
6,739,387 |
|
|
6,696,869 |
|
|
6,708,568 |
|
|
6,575,829 |
|
|
6,460,620 |
|
|||||
Allowance for credit losses - loans |
|
(76,512 |
) |
|
(76,513 |
) |
|
(75,921 |
) |
|
(74,273 |
) |
|
(72,816 |
) |
|||||
Loans, net |
|
6,662,875 |
|
|
6,620,356 |
|
|
6,632,647 |
|
|
6,501,556 |
|
|
6,387,804 |
|
|||||
Loans held for sale |
|
145,641 |
|
|
135,218 |
|
|
128,079 |
|
|
119,604 |
|
|
115,251 |
|
|||||
Mortgage servicing rights |
|
18,696 |
|
|
19,642 |
|
|
20,160 |
|
|
20,654 |
|
|
21,171 |
|
|||||
Accrued interest receivable |
|
33,446 |
|
|
34,648 |
|
|
30,056 |
|
|
29,388 |
|
|
28,709 |
|
|||||
Federal Home Loan Bank stock |
|
21,760 |
|
|
25,049 |
|
|
39,887 |
|
|
37,056 |
|
|
29,185 |
|
|||||
Bank Owned Life Insurance |
|
181,544 |
|
|
172,906 |
|
|
171,856 |
|
|
170,841 |
|
|
170,713 |
|
|||||
Office properties and equipment |
|
56,878 |
|
|
55,679 |
|
|
55,736 |
|
|
55,982 |
|
|
55,541 |
|
|||||
Real estate and other assets held for sale |
|
243 |
|
|
387 |
|
|
561 |
|
|
393 |
|
|
619 |
|
|||||
Goodwill |
|
295,602 |
|
|
295,602 |
|
|
295,602 |
|
|
317,988 |
|
|
317,988 |
|
|||||
Core deposit and other intangibles |
|
12,186 |
|
|
13,220 |
|
|
14,298 |
|
|
17,804 |
|
|
19,074 |
|
|||||
Other assets |
|
129,841 |
|
|
155,628 |
|
|
138,021 |
|
|
129,508 |
|
|
133,214 |
|
|||||
Total Assets | $ |
8,625,949 |
|
$ |
8,562,876 |
|
$ |
8,616,211 |
|
$ |
8,562,316 |
|
$ |
8,455,342 |
|
|||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Non-interest-bearing deposits | $ |
1,591,979 |
|
$ |
1,545,595 |
|
$ |
1,573,837 |
|
$ |
1,649,726 |
|
$ |
1,869,509 |
|
|||||
Interest-bearing deposits |
|
5,209,123 |
|
|
5,127,863 |
|
|
5,007,358 |
|
|
4,969,436 |
|
|
4,893,502 |
|
|||||
Brokered deposits |
|
341,944 |
|
|
392,181 |
|
|
413,237 |
|
|
154,869 |
|
|
143,708 |
|
|||||
Total deposits |
|
7,143,046 |
|
|
7,065,639 |
|
|
6,994,432 |
|
|
6,774,031 |
|
|
6,906,719 |
|
|||||
Advances from FHLB |
|
280,000 |
|
|
339,000 |
|
|
455,000 |
|
|
658,000 |
|
|
428,000 |
|
|||||
Subordinated debentures |
|
85,229 |
|
|
85,197 |
|
|
85,166 |
|
|
85,123 |
|
|
85,103 |
|
|||||
Advance payments by borrowers |
|
23,277 |
|
|
22,781 |
|
|
26,045 |
|
|
26,300 |
|
|
34,188 |
|
|||||
Reserve for credit losses - unfunded commitments |
|
4,307 |
|
|
4,690 |
|
|
5,708 |
|
|
6,577 |
|
|
6,816 |
|
|||||
Other liabilities |
|
114,463 |
|
|
126,002 |
|
|
112,889 |
|
|
97,835 |
|
|
106,795 |
|
|||||
Total Liabilities |
|
7,650,322 |
|
|
7,643,309 |
|
|
7,679,240 |
|
|
7,647,866 |
|
|
7,567,621 |
|
|||||
Stockholders’ Equity | ||||||||||||||||||||
Preferred stock |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
Common stock, net |
|
306 |
|
|
306 |
|
|
306 |
|
|
306 |
|
|
306 |
|
|||||
Additional paid-in-capital |
|
690,585 |
|
|
690,038 |
|
|
689,579 |
|
|
689,807 |
|
|
691,453 |
|
|||||
Accumulated other comprehensive income (loss) |
|
(153,719 |
) |
|
(200,282 |
) |
|
(168,721 |
) |
|
(153,709 |
) |
|
(173,460 |
) |
|||||
Retained earnings |
|
569,937 |
|
|
560,945 |
|
|
547,336 |
|
|
510,021 |
|
|
502,909 |
|
|||||
Treasury stock, at cost |
|
(131,482 |
) |
|
(131,440 |
) |
|
(131,529 |
) |
|
(131,975 |
) |
|
(133,487 |
) |
|||||
Total Stockholders’ Equity |
|
975,627 |
|
|
919,567 |
|
|
936,971 |
|
|
914,450 |
|
|
887,721 |
|
|||||
Total Liabilities and Stockholders’ Equity | $ |
8,625,949 |
|
$ |
8,562,876 |
|
$ |
8,616,211 |
|
$ |
8,562,316 |
|
$ |
8,455,342 |
|
|||||
(1) Includes PPP loans of: | $ |
469 |
|
$ |
526 |
|
$ |
577 |
|
$ |
791 |
|
$ |
1,143 |
|
|
||||||||||||||||||||||||||||
Consolidated Statements of Income (Unaudited) | ||||||||||||||||||||||||||||
Premier Financial Corp. | ||||||||||||||||||||||||||||
Three Months Ended |
|
Year Ended |
||||||||||||||||||||||||||
(in thousands, except per share amounts) | 12/31/23 |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
12/31/23 |
|
12/31/22 |
|||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||
Loans | $ |
87,924 |
|
$ |
86,612 |
|
$ |
81,616 |
|
$ |
76,057 |
|
$ |
72,194 |
|
$ |
332,208 |
|
$ |
249,561 |
|
|||||||
Investment securities |
|
7,013 |
|
|
6,943 |
|
|
6,997 |
|
|
7,261 |
|
|
7,605 |
|
|
28,214 |
|
|
26,095 |
|
|||||||
Interest-bearing deposits |
|
740 |
|
|
652 |
|
|
641 |
|
|
444 |
|
|
444 |
|
|
2,478 |
|
|
831 |
|
|||||||
FHLB stock dividends |
|
621 |
|
|
690 |
|
|
905 |
|
|
394 |
|
|
482 |
|
|
2,610 |
|
|
1,225 |
|
|||||||
Total interest income |
|
96,298 |
|
|
94,897 |
|
|
90,159 |
|
|
84,156 |
|
|
80,725 |
|
|
365,510 |
|
|
277,712 |
|
|||||||
Interest Expense: | ||||||||||||||||||||||||||||
Deposits |
|
39,250 |
|
|
34,874 |
|
|
26,825 |
|
|
21,458 |
|
|
13,161 |
|
|
122,407 |
|
|
24,909 |
|
|||||||
FHLB advances |
|
3,328 |
|
|
4,597 |
|
|
8,217 |
|
|
5,336 |
|
|
3,941 |
|
|
21,479 |
|
|
6,550 |
|
|||||||
Subordinated debentures |
|
1,169 |
|
|
1,162 |
|
|
1,125 |
|
|
1,075 |
|
|
1,000 |
|
|
4,531 |
|
|
3,327 |
|
|||||||
Notes Payable |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
4 |
|
|
- |
|
|
5 |
|
|||||||
Total interest expense |
|
43,747 |
|
|
40,633 |
|
|
36,167 |
|
|
27,869 |
|
|
18,106 |
|
|
148,417 |
|
|
34,791 |
|
|||||||
Net interest income |
|
52,551 |
|
|
54,264 |
|
|
53,992 |
|
|
56,287 |
|
|
62,619 |
|
|
217,093 |
|
|
242,921 |
|
|||||||
Provision (benefit) for credit losses - loans |
|
2,143 |
|
|
245 |
|
|
1,410 |
|
|
3,944 |
|
|
3,020 |
|
|
7,742 |
|
|
12,503 |
|
|||||||
Provision (benefit) for credit losses - unfunded | ||||||||||||||||||||||||||||
commitments |
|
(382 |
) |
|
(1,018 |
) |
|
(870 |
) |
|
(238 |
) |
|
(246 |
) |
|
(2,508 |
) |
|
1,784 |
|
|||||||
Total provision (benefit) for credit losses |
|
1,761 |
|
|
(773 |
) |
|
540 |
|
|
3,706 |
|
|
2,774 |
|
|
5,234 |
|
|
14,287 |
|
|||||||
Net interest income after provision |
|
50,790 |
|
|
55,037 |
|
|
53,452 |
|
|
52,581 |
|
|
59,845 |
|
|
211,859 |
|
|
228,634 |
|
|||||||
Non-interest Income: | ||||||||||||||||||||||||||||
Service fees and other charges |
|
6,761 |
|
|
6,947 |
|
|
7,190 |
|
|
6,428 |
|
|
6,632 |
|
|
27,325 |
|
|
25,853 |
|
|||||||
Mortgage banking income |
|
802 |
|
|
3,274 |
|
|
2,940 |
|
|
(274 |
) |
|
(299 |
) |
|
6,743 |
|
|
9,871 |
|
|||||||
Gain (loss) on sale of non-mortgage loans |
|
94 |
|
|
- |
|
|
71 |
|
|
- |
|
|
- |
|
|
165 |
|
|
- |
|
|||||||
Gain (loss) on sale of available for sale securities |
|
10 |
|
|
- |
|
|
(7 |
) |
|
34 |
|
|
1 |
|
|
37 |
|
|
1 |
|
|||||||
Gain (loss) on equity securities |
|
665 |
|
|
256 |
|
|
71 |
|
|
(1,445 |
) |
|
1,209 |
|
|
(453 |
) |
|
(551 |
) |
|||||||
Gain on sale of insurance agency |
|
- |
|
|
- |
|
|
36,296 |
|
|
- |
|
|
- |
|
|
36,296 |
|
|
- |
|
|||||||
Insurance commissions |
|
- |
|
|
- |
|
|
4,131 |
|
|
4,725 |
|
|
3,576 |
|
|
8,856 |
|
|
16,228 |
|
|||||||
Wealth management income |
|
1,791 |
|
|
1,509 |
|
|
1,537 |
|
|
1,485 |
|
|
1,582 |
|
|
6,322 |
|
|
5,828 |
|
|||||||
Income from Bank Owned Life Insurance |
|
1,532 |
|
|
1,050 |
|
|
1,015 |
|
|
1,417 |
|
|
984 |
|
|
5,014 |
|
|
3,946 |
|
|||||||
Other non-interest income |
|
134 |
|
|
217 |
|
|
102 |
|
|
92 |
|
|
543 |
|
|
544 |
|
|
984 |
|
|||||||
Total Non-interest Income |
|
11,789 |
|
|
13,253 |
|
|
53,346 |
|
|
12,462 |
|
|
14,228 |
|
|
90,849 |
|
|
62,160 |
|
|||||||
Non-interest Expense: | ||||||||||||||||||||||||||||
Compensation and benefits |
|
20,963 |
|
|
21,813 |
|
|
24,175 |
|
|
25,658 |
|
|
24,999 |
|
|
92,609 |
|
|
97,396 |
|
|||||||
Occupancy |
|
3,318 |
|
|
3,145 |
|
|
3,320 |
|
|
3,574 |
|
|
3,383 |
|
|
13,358 |
|
|
14,039 |
|
|||||||
FDIC insurance premium |
|
1,383 |
|
|
1,346 |
|
|
1,786 |
|
|
1,288 |
|
|
1,276 |
|
|
5,803 |
|
|
3,647 |
|
|||||||
Financial institutions tax |
|
761 |
|
|
989 |
|
|
961 |
|
|
852 |
|
|
795 |
|
|
3,563 |
|
|
4,110 |
|
|||||||
Data processing |
|
4,678 |
|
|
4,010 |
|
|
3,640 |
|
|
3,863 |
|
|
3,882 |
|
|
16,191 |
|
|
13,780 |
|
|||||||
Amortization of intangibles |
|
1,033 |
|
|
1,078 |
|
|
1,223 |
|
|
1,270 |
|
|
1,293 |
|
|
4,604 |
|
|
5,450 |
|
|||||||
Transaction costs |
|
- |
|
|
- |
|
|
3,652 |
|
|
- |
|
|
- |
|
|
3,652 |
|
|
- |
|
|||||||
Other non-interest expense |
|
5,757 |
|
|
5,671 |
|
|
5,738 |
|
|
6,286 |
|
|
7,400 |
|
|
23,451 |
|
|
26,089 |
|
|||||||
Total Non-interest Expense |
|
37,893 |
|
|
38,052 |
|
|
44,495 |
|
|
42,791 |
|
|
43,028 |
|
|
163,231 |
|
|
164,511 |
|
|||||||
Income before income taxes |
|
24,686 |
|
|
30,238 |
|
|
62,303 |
|
|
22,252 |
|
|
31,045 |
|
|
139,477 |
|
|
126,283 |
|
|||||||
Income tax expense |
|
4,616 |
|
|
5,551 |
|
|
13,912 |
|
|
4,103 |
|
|
5,770 |
|
|
28,182 |
|
|
24,096 |
|
|||||||
Net Income | $ |
20,070 |
|
$ |
24,687 |
|
$ |
48,391 |
|
$ |
18,149 |
|
$ |
25,275 |
|
$ |
111,295 |
|
$ |
102,187 |
|
|||||||
Earnings per common share: | ||||||||||||||||||||||||||||
Basic | $ |
0.56 |
|
$ |
0.69 |
|
$ |
1.35 |
|
$ |
0.51 |
|
$ |
0.71 |
|
$ |
3.11 |
|
$ |
2.86 |
|
|||||||
Diluted | $ |
0.56 |
|
$ |
0.69 |
|
$ |
1.35 |
|
$ |
0.51 |
|
$ |
0.71 |
|
$ |
3.11 |
|
$ |
2.85 |
|
|||||||
Average Shares Outstanding: | ||||||||||||||||||||||||||||
Basic |
|
35,655 |
|
|
35,730 |
|
|
35,722 |
|
|
35,606 |
|
|
35,589 |
|
|
35,693 |
|
|
35,679 |
|
|||||||
Diluted |
|
35,772 |
|
|
35,794 |
|
|
35,800 |
|
|
35,719 |
|
|
35,790 |
|
|
35,781 |
|
|
35,809 |
|
|
||||||||||||||||||||||||||||
Premier Financial Corp. | ||||||||||||||||||||||||||||
Selected Quarterly Information | ||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
(dollars in thousands, except per share data) | 12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||
Summary of Operations | ||||||||||||||||||||||||||||
Tax-equivalent interest income (1) | $ |
96,340 |
|
$ |
94,951 |
|
$ |
90,226 |
|
$ |
84,260 |
|
$ |
80,889 |
|
$ |
365,777 |
|
$ |
278,526 |
|
|||||||
Interest expense |
|
43,747 |
|
|
40,633 |
|
|
36,167 |
|
|
27,869 |
|
|
18,106 |
|
|
148,417 |
|
|
34,791 |
|
|||||||
Tax-equivalent net interest income (1) |
|
52,593 |
|
|
54,318 |
|
|
54,059 |
|
|
56,391 |
|
|
62,783 |
|
|
217,360 |
|
|
243,735 |
|
|||||||
Provision expense for credit losses |
|
1,761 |
|
|
(773 |
) |
|
540 |
|
|
3,706 |
|
|
2,774 |
|
|
5,234 |
|
|
14,287 |
|
|||||||
Non-interest income (ex securities | ||||||||||||||||||||||||||||
gains/losses) |
|
11,114 |
|
|
12,997 |
|
|
53,282 |
|
|
13,873 |
|
|
13,018 |
|
|
91,265 |
|
|
62,710 |
|
|||||||
Core non-interest income (ex securities | ||||||||||||||||||||||||||||
gains/losses) (2) |
|
11,114 |
|
|
12,997 |
|
|
16,986 |
|
|
13,873 |
|
|
13,018 |
|
|
54,969 |
|
|
62,710 |
|
|||||||
Non-interest expense |
|
37,893 |
|
|
38,052 |
|
|
44,495 |
|
|
42,791 |
|
|
43,028 |
|
|
163,231 |
|
|
164,511 |
|
|||||||
Core non-interest expense (2) |
|
37,893 |
|
|
38,052 |
|
|
40,843 |
|
|
42,791 |
|
|
43,028 |
|
|
159,579 |
|
|
164,511 |
|
|||||||
Income tax expense |
|
4,616 |
|
|
5,551 |
|
|
13,912 |
|
|
4,103 |
|
|
5,770 |
|
|
28,182 |
|
|
24,096 |
|
|||||||
Net income |
|
20,070 |
|
|
24,687 |
|
|
48,391 |
|
|
18,149 |
|
|
25,275 |
|
|
111,295 |
|
|
102,187 |
|
|||||||
Core net income (2) |
|
20,070 |
|
|
24,687 |
|
|
24,230 |
|
|
18,149 |
|
|
25,275 |
|
|
87,134 |
|
|
102,187 |
|
|||||||
Tax equivalent adjustment (1) |
|
42 |
|
|
54 |
|
|
67 |
|
|
104 |
|
|
164 |
|
|
267 |
|
|
814 |
|
|||||||
At Period End | ||||||||||||||||||||||||||||
Total assets | $ |
8,625,949 |
|
$ |
8,562,876 |
|
$ |
8,616,211 |
|
$ |
8,562,316 |
|
$ |
8,455,342 |
|
|||||||||||||
Goodwill and intangibles |
|
307,788 |
|
|
308,822 |
|
|
309,900 |
|
|
335,792 |
|
|
337,062 |
|
|||||||||||||
Tangible assets (3) |
|
8,318,161 |
|
|
8,254,054 |
|
|
8,306,311 |
|
|
8,226,524 |
|
|
8,118,280 |
|
|||||||||||||
Earning assets |
|
7,815,540 |
|
|
7,744,522 |
|
|
7,818,825 |
|
|
7,751,130 |
|
|
7,620,056 |
|
|||||||||||||
Loans |
|
6,739,387 |
|
|
6,696,869 |
|
|
6,708,568 |
|
|
6,575,829 |
|
|
6,460,620 |
|
|||||||||||||
Allowance for loan losses |
|
76,512 |
|
|
76,513 |
|
|
75,921 |
|
|
74,273 |
|
|
72,816 |
|
|||||||||||||
Deposits |
|
7,143,046 |
|
|
7,065,639 |
|
|
6,994,432 |
|
|
6,774,031 |
|
|
6,906,719 |
|
|||||||||||||
Stockholders’ equity |
|
975,627 |
|
|
919,567 |
|
|
936,971 |
|
|
914,450 |
|
|
887,721 |
|
|||||||||||||
Stockholders’ equity / assets |
|
11.31 |
% |
|
10.74 |
% |
|
10.87 |
% |
|
10.68 |
% |
|
10.50 |
% |
|||||||||||||
Tangible equity (3) |
|
667,839 |
|
|
610,745 |
|
|
627,071 |
|
|
578,658 |
|
|
550,659 |
|
|||||||||||||
Tangible equity / tangible assets |
|
8.03 |
% |
|
7.40 |
% |
|
7.55 |
% |
|
7.03 |
% |
|
6.78 |
% |
|||||||||||||
Average Balances | ||||||||||||||||||||||||||||
Total assets | $ |
8,536,193 |
|
$ |
8,582,219 |
|
$ |
8,597,786 |
|
$ |
8,433,100 |
|
$ |
8,304,462 |
|
$ |
8,537,730 |
|
$ |
7,932,398 |
|
|||||||
Earning assets |
|
7,936,648 |
|
|
7,969,363 |
|
|
7,951,520 |
|
|
7,783,850 |
|
|
7,653,648 |
|
|
7,912,651 |
|
|
7,237,621 |
|
|||||||
Loans |
|
6,754,782 |
|
|
6,763,232 |
|
|
6,714,240 |
|
|
6,535,080 |
|
|
6,359,564 |
|
|
6,692,631 |
|
|
5,885,969 |
|
|||||||
Deposits and interest-bearing liabilities |
|
7,447,324 |
|
|
7,486,595 |
|
|
7,538,674 |
|
|
7,385,946 |
|
|
7,278,531 |
|
|
7,464,863 |
|
|
6,882,309 |
|
|||||||
Deposits |
|
7,098,265 |
|
|
7,045,827 |
|
|
6,799,605 |
|
|
6,833,521 |
|
|
6,773,382 |
|
|
6,945,308 |
|
|
6,533,539 |
|
|||||||
Stockholders’ equity |
|
930,835 |
|
|
939,456 |
|
|
921,441 |
|
|
901,587 |
|
|
875,287 |
|
|
923,454 |
|
|
927,534 |
|
|||||||
Goodwill and intangibles |
|
308,243 |
|
|
309,330 |
|
|
334,862 |
|
|
336,418 |
|
|
337,207 |
|
|
322,101 |
|
|
339,255 |
|
|||||||
Tangible equity (3) |
|
622,592 |
|
|
630,126 |
|
|
586,579 |
|
|
565,169 |
|
|
538,080 |
|
|
601,353 |
|
|
588,279 |
|
|||||||
Per Common Share Data | ||||||||||||||||||||||||||||
Earnings per share ("EPS") - Basic | $ |
0.56 |
|
$ |
0.69 |
|
$ |
1.35 |
|
$ |
0.51 |
|
$ |
0.71 |
|
$ |
3.11 |
|
$ |
2.86 |
|
|||||||
EPS - Diluted |
|
0.56 |
|
|
0.69 |
|
|
1.35 |
|
|
0.51 |
|
|
0.71 |
|
|
3.11 |
|
|
2.85 |
|
|||||||
EPS - Core diluted (2) |
|
0.56 |
|
|
0.69 |
|
|
0.68 |
|
|
0.51 |
|
|
0.71 |
|
|
2.44 |
|
|
2.85 |
|
|||||||
Dividends Paid |
|
0.31 |
|
|
0.31 |
|
|
0.31 |
|
|
0.31 |
|
|
0.30 |
|
|
1.24 |
|
|
1.20 |
|
|||||||
Market Value: | ||||||||||||||||||||||||||||
High | $ |
24.87 |
|
$ |
22.89 |
|
$ |
21.01 |
|
$ |
27.80 |
|
$ |
30.51 |
|
$ |
27.99 |
|
$ |
32.52 |
|
|||||||
Low |
|
15.79 |
|
|
15.70 |
|
|
13.60 |
|
|
20.39 |
|
|
26.11 |
|
|
13.60 |
|
|
24.67 |
|
|||||||
Close |
|
24.10 |
|
|
17.06 |
|
|
16.02 |
|
|
20.73 |
|
|
26.97 |
|
|
24.10 |
|
|
26.97 |
|
|||||||
Common Book Value |
|
27.31 |
|
|
25.74 |
|
|
26.23 |
|
|
25.61 |
|
|
24.94 |
|
|||||||||||||
Tangible Common Book Value (3) |
|
18.69 |
|
|
17.09 |
|
|
17.55 |
|
|
16.21 |
|
|
15.47 |
|
|||||||||||||
Shares outstanding, end of period (000s) |
|
35,730 |
|
|
35,731 |
|
|
35,727 |
|
|
35,701 |
|
|
35,591 |
|
|||||||||||||
Performance Ratios (annualized) | ||||||||||||||||||||||||||||
Tax-equivalent net interest margin (1) |
|
2.65 |
% |
|
2.73 |
% |
|
2.72 |
% |
|
2.90 |
% |
|
3.28 |
% |
|
2.75 |
% |
|
3.37 |
% |
|||||||
Return on average assets |
|
0.93 |
% |
|
1.14 |
% |
|
2.26 |
% |
|
0.86 |
% |
|
1.21 |
% |
|
1.30 |
% |
|
1.29 |
% |
|||||||
Core return on average assets (2) |
|
0.93 |
% |
|
1.14 |
% |
|
1.13 |
% |
|
0.86 |
% |
|
1.22 |
% |
|
1.02 |
% |
|
1.29 |
% |
|||||||
Return on average equity |
|
8.55 |
% |
|
10.43 |
% |
|
21.06 |
% |
|
8.07 |
% |
|
11.46 |
% |
|
12.05 |
% |
|
11.02 |
% |
|||||||
Core return on average equity (2) |
|
8.55 |
% |
|
10.43 |
% |
|
10.55 |
% |
|
8.07 |
% |
|
11.58 |
% |
|
9.44 |
% |
|
11.02 |
% |
|||||||
Return on average tangible equity |
|
12.79 |
% |
|
15.54 |
% |
|
33.09 |
% |
|
12.88 |
% |
|
18.64 |
% |
|
18.51 |
% |
|
17.37 |
% |
|||||||
Core return on average tangible equity (2) |
|
12.79 |
% |
|
15.54 |
% |
|
16.57 |
% |
|
10.51 |
% |
|
14.64 |
% |
|
14.49 |
% |
|
17.37 |
% |
|||||||
Efficiency ratio (4) |
|
59.48 |
% |
|
56.53 |
% |
|
41.45 |
% |
|
60.90 |
% |
|
56.76 |
% |
|
52.89 |
% |
|
53.68 |
% |
|||||||
Core efficiency ratio (2) |
|
59.48 |
% |
|
56.53 |
% |
|
57.49 |
% |
|
60.90 |
% |
|
56.76 |
% |
|
58.60 |
% |
|
53.68 |
% |
|||||||
Non-interest expenses / average assets |
|
1.76 |
% |
|
1.76 |
% |
|
2.08 |
% |
|
2.06 |
% |
|
2.06 |
% |
|
1.91 |
% |
|
2.07 |
% |
|||||||
Core non-interest expenses / average assets |
|
1.76 |
% |
|
1.76 |
% |
|
1.91 |
% |
|
2.06 |
% |
|
2.06 |
% |
|
1.87 |
% |
|
2.07 |
% |
|||||||
Effective tax rate |
|
18.70 |
% |
|
18.36 |
% |
|
22.33 |
% |
|
18.44 |
% |
|
18.59 |
% |
|
20.21 |
% |
|
19.08 |
% |
|||||||
Common dividend payout ratio |
|
55.36 |
% |
|
44.93 |
% |
|
22.96 |
% |
|
60.78 |
% |
|
42.25 |
% |
|
39.87 |
% |
|
42.11 |
% |
(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 |
(2) Core items exclude the impact of 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 | ||||||||||||||||||||||||||
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Average Balances | ||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||
Loans receivable (1) | $ |
6,754,782 |
|
$ |
6,763,232 |
|
$ |
6,714,240 |
|
$ |
6,535,080 |
|
$ |
6,359,564 |
|
$ |
6,692,631 |
|
$ |
5,885,969 |
|
|||||||
Securities |
|
1,121,231 |
|
|
1,137,730 |
|
|
1,155,451 |
|
|
1,190,359 |
|
|
1,236,511 |
|
|
1,150,966 |
|
|
1,258,901 |
|
|||||||
Interest Bearing Deposits |
|
36,761 |
|
|
38,210 |
|
|
36,730 |
|
|
35,056 |
|
|
29,884 |
|
|
36,698 |
|
|
70,917 |
|
|||||||
FHLB stock |
|
23,874 |
|
|
30,191 |
|
|
45,099 |
|
|
30,353 |
|
|
28,386 |
|
|
32,356 |
|
|
21,834 |
|
|||||||
Total interest-earning assets |
|
7,936,648 |
|
|
7,969,363 |
|
|
7,951,520 |
|
|
7,790,848 |
|
|
7,654,345 |
|
|
7,912,651 |
|
|
7,237,621 |
|
|||||||
Non-interest-earning assets |
|
599,545 |
|
|
612,856 |
|
|
646,266 |
|
|
642,252 |
|
|
650,117 |
|
|
625,079 |
|
|
694,777 |
|
|||||||
Total assets | $ |
8,536,193 |
|
$ |
8,582,219 |
|
$ |
8,597,786 |
|
$ |
8,433,100 |
|
$ |
8,304,462 |
|
$ |
8,537,730 |
|
$ |
7,932,398 |
|
|||||||
Deposits and Interest-bearing Liabilities: | ||||||||||||||||||||||||||||
Interest bearing deposits | $ |
5,541,498 |
|
$ |
5,490,945 |
|
$ |
5,195,727 |
|
$ |
5,078,510 |
|
$ |
4,901,412 |
|
$ |
5,328,389 |
|
$ |
4,741,827 |
|
|||||||
FHLB advances and other |
|
263,848 |
|
|
355,576 |
|
|
653,923 |
|
|
467,311 |
|
|
419,761 |
|
|
434,389 |
|
|
263,551 |
|
|||||||
Subordinated debentures |
|
85,211 |
|
|
85,179 |
|
|
85,146 |
|
|
85,114 |
|
|
85,084 |
|
|
85,163 |
|
|
85,036 |
|
|||||||
Notes payable |
|
- |
|
|
13 |
|
|
- |
|
|
- |
|
|
304 |
|
|
3 |
|
|
183 |
|
|||||||
Total interest-bearing liabilities |
|
5,890,557 |
|
|
5,931,713 |
|
|
5,934,796 |
|
|
5,630,935 |
|
|
5,406,561 |
|
|
5,847,944 |
|
|
5,090,597 |
|
|||||||
Non-interest bearing deposits |
|
1,556,767 |
|
|
1,554,882 |
|
|
1,603,878 |
|
|
1,755,011 |
|
|
1,871,970 |
|
|
1,616,919 |
|
|
1,791,712 |
|
|||||||
Total including non-interest-bearing deposits |
|
7,447,324 |
|
|
7,486,595 |
|
|
7,538,674 |
|
|
7,385,946 |
|
|
7,278,531 |
|
|
7,464,863 |
|
|
6,882,309 |
|
|||||||
Other non-interest-bearing liabilities |
|
158,034 |
|
|
156,168 |
|
|
137,671 |
|
|
145,567 |
|
|
150,644 |
|
|
149,413 |
|
|
122,555 |
|
|||||||
Total liabilities |
|
7,605,358 |
|
|
7,642,763 |
|
|
7,676,345 |
|
|
7,531,513 |
|
|
7,429,175 |
|
|
7,614,276 |
|
|
7,004,864 |
|
|||||||
Stockholders' equity |
|
930,835 |
|
|
939,456 |
|
|
921,441 |
|
|
901,587 |
|
|
875,287 |
|
|
923,454 |
|
|
927,534 |
|
|||||||
Total liabilities and stockholders' equity | $ |
8,536,193 |
|
$ |
8,582,219 |
|
$ |
8,597,786 |
|
$ |
8,433,100 |
|
$ |
8,304,462 |
|
$ |
8,537,730 |
|
$ |
7,932,398 |
|
|||||||
IEAs/IBLs |
|
135 |
% |
|
134 |
% |
|
134 |
% |
|
138 |
% |
|
142 |
% |
|
135 |
% |
|
142 |
% |
|||||||
Interest Income/Expense | ||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||
Loans receivable (2) | $ |
87,929 |
|
$ |
86,618 |
|
$ |
81,622 |
|
$ |
76,063 |
|
$ |
72,201 |
|
$ |
332,231 |
|
$ |
249,586 |
|
|||||||
Securities (2) |
|
7,050 |
|
|
6,991 |
|
|
7,058 |
|
|
7,359 |
|
|
7,762 |
|
|
28,458 |
|
|
26,884 |
|
|||||||
Interest Bearing Deposits |
|
740 |
|
|
652 |
|
|
641 |
|
|
444 |
|
|
444 |
|
|
2,478 |
|
|
831 |
|
|||||||
FHLB stock |
|
621 |
|
|
690 |
|
|
905 |
|
|
394 |
|
|
482 |
|
|
2,610 |
|
|
1,225 |
|
|||||||
Total interest-earning assets |
|
96,340 |
|
|
94,951 |
|
|
90,226 |
|
|
84,260 |
|
|
80,889 |
|
|
365,777 |
|
|
278,526 |
|
|||||||
Deposits and Interest-bearing Liabilities: | ||||||||||||||||||||||||||||
Interest bearing deposits | $ |
39,250 |
|
$ |
34,874 |
|
$ |
26,825 |
|
$ |
21,458 |
|
$ |
13,161 |
|
$ |
122,407 |
|
$ |
24,909 |
|
|||||||
FHLB advances and other |
|
3,328 |
|
|
4,597 |
|
|
8,217 |
|
|
5,336 |
|
|
3,941 |
|
|
21,479 |
|
|
6,550 |
|
|||||||
Subordinated debentures |
|
1,169 |
|
|
1,162 |
|
|
1,125 |
|
|
1,075 |
|
|
1,001 |
|
|
4,531 |
|
|
3,327 |
|
|||||||
Notes payable |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
3 |
|
|
- |
|
|
5 |
|
|||||||
Total interest-bearing liabilities |
|
43,747 |
|
|
40,633 |
|
|
36,167 |
|
|
27,869 |
|
|
18,106 |
|
|
148,417 |
|
|
34,791 |
|
|||||||
Non-interest bearing deposits |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||
Total including non-interest-bearing deposits |
|
43,747 |
|
|
40,633 |
|
|
36,167 |
|
|
27,869 |
|
|
18,106 |
|
|
148,417 |
|
|
34,791 |
|
|||||||
Net interest income | $ |
52,593 |
|
$ |
54,318 |
|
$ |
54,059 |
|
$ |
56,391 |
|
$ |
62,783 |
|
$ |
217,360 |
|
$ |
243,735 |
|
|||||||
Less: PPP income |
|
(5 |
) |
|
(4 |
) |
|
(5 |
) |
|
(6 |
) |
|
(6 |
) |
|
(20 |
) |
|
(3,833 |
) |
|||||||
Less: Acquisition marks accretion |
|
(252 |
) |
|
(322 |
) |
|
(380 |
) |
|
(387 |
) |
|
(554 |
) |
|
(1,340 |
) |
|
(2,606 |
) |
|||||||
Core net interest income | $ |
52,336 |
|
$ |
53,992 |
|
$ |
53,674 |
|
$ |
55,998 |
|
$ |
62,223 |
|
$ |
216,000 |
|
$ |
237,296 |
|
|||||||
Annualized Average Rates | ||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||
Loans receivable |
|
5.21 |
% |
|
5.12 |
% |
|
4.86 |
% |
|
4.66 |
% |
|
4.54 |
% |
|
4.96 |
% |
|
4.24 |
% |
|||||||
Securities (3) |
|
2.52 |
% |
|
2.46 |
% |
|
2.44 |
% |
|
2.47 |
% |
|
2.51 |
% |
|
2.47 |
% |
|
2.14 |
% |
|||||||
Interest Bearing Deposits |
|
8.05 |
% |
|
6.83 |
% |
|
6.98 |
% |
|
5.07 |
% |
|
5.94 |
% |
|
6.75 |
% |
|
1.17 |
% |
|||||||
FHLB stock |
|
10.40 |
% |
|
9.14 |
% |
|
8.03 |
% |
|
5.19 |
% |
|
6.79 |
% |
|
8.07 |
% |
|
5.61 |
% |
|||||||
Total interest-earning assets |
|
4.86 |
% |
|
4.77 |
% |
|
4.54 |
% |
|
4.33 |
% |
|
4.23 |
% |
|
4.62 |
% |
|
3.85 |
% |
|||||||
Deposits and Interest-bearing Liabilities: | ||||||||||||||||||||||||||||
Interest bearing deposits |
|
2.83 |
% |
|
2.54 |
% |
|
2.07 |
% |
|
1.69 |
% |
|
1.07 |
% |
|
2.30 |
% |
|
0.53 |
% |
|||||||
FHLB advances and other |
|
5.05 |
% |
|
5.17 |
% |
|
5.03 |
% |
|
4.57 |
% |
|
3.76 |
% |
|
4.94 |
% |
|
2.49 |
% |
|||||||
Subordinated debentures |
|
5.49 |
% |
|
5.46 |
% |
|
5.29 |
% |
|
5.05 |
% |
|
4.71 |
% |
|
5.32 |
% |
|
3.91 |
% |
|||||||
Notes payable |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
3.95 |
% |
|
0.00 |
% |
|
2.73 |
% |
|||||||
Total interest-bearing liabilities |
|
2.97 |
% |
|
2.74 |
% |
|
2.44 |
% |
|
1.98 |
% |
|
1.34 |
% |
|
2.54 |
% |
|
0.68 |
% |
|||||||
Non-interest bearing deposits |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||
Total including non-interest-bearing deposits |
|
2.35 |
% |
|
2.17 |
% |
|
1.92 |
% |
|
1.51 |
% |
|
1.00 |
% |
|
1.99 |
% |
|
0.51 |
% |
|||||||
Net interest spread |
|
1.89 |
% |
|
2.03 |
% |
|
2.10 |
% |
|
2.35 |
% |
|
2.89 |
% |
|
2.08 |
% |
|
3.17 |
% |
|||||||
Net interest margin (4) |
|
2.65 |
% |
|
2.73 |
% |
|
2.72 |
% |
|
2.90 |
% |
|
3.28 |
% |
|
2.75 |
% |
|
3.37 |
% |
|||||||
Core net interest margin (4) |
|
2.64 |
% |
|
2.71 |
% |
|
2.70 |
% |
|
2.88 |
% |
|
3.25 |
% |
|
2.73 |
% |
|
3.28 |
% |
|||||||
(1) Includes average PPP loans of: | $ |
495 |
|
$ |
553 |
|
$ |
673 |
|
$ |
965 |
|
$ |
1,160 |
|
$ |
670 |
|
$ |
12,102 |
|
|||||||
(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 |
||||||||||||||||||||||||||||
(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. Core net interest margin represents net interest margin excluding PPP and acquisition marks accretion. |
|
||||||||||||||||||||
Premier Financial Corp. | ||||||||||||||||||||
Deposits and Liquidity | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
As of and for the Three Months Ended | ||||||||||||||||||||
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | ||||||||||||||||
Ending Balances | ||||||||||||||||||||
Non-interest-bearing demand deposits | $ |
1,591,979 |
|
$ |
1,545,595 |
|
$ |
1,573,837 |
|
$ |
1,649,726 |
|
$ |
1,869,509 |
|
|||||
Savings deposits |
|
677,679 |
|
|
709,938 |
|
|
748,392 |
|
|
775,186 |
|
|
797,376 |
|
|||||
Interest-bearing demand deposits |
|
565,757 |
|
|
580,069 |
|
|
594,325 |
|
|
646,329 |
|
|
653,960 |
|
|||||
Money market account deposits |
|
1,374,526 |
|
|
1,279,551 |
|
|
1,282,721 |
|
|
1,342,451 |
|
|
1,493,729 |
|
|||||
Time deposits |
|
998,002 |
|
|
925,353 |
|
|
904,717 |
|
|
856,720 |
|
|
768,678 |
|
|||||
Public funds, ICS and CDARS deposits |
|
1,593,159 |
|
|
1,632,952 |
|
|
1,477,203 |
|
|
1,348,750 |
|
|
1,179,759 |
|
|||||
Brokered deposits |
|
341,944 |
|
|
392,181 |
|
|
413,237 |
|
|
154,869 |
|
|
143,708 |
|
|||||
Total deposits | $ |
7,143,046 |
|
$ |
7,065,639 |
|
$ |
6,994,432 |
|
$ |
6,774,031 |
|
$ |
6,906,719 |
|
|||||
Average Balances | ||||||||||||||||||||
Non-interest-bearing demand deposits | $ |
1,556,767 |
|
$ |
1,554,882 |
|
$ |
1,603,878 |
|
$ |
1,755,011 |
|
$ |
1,871,970 |
|
|||||
Savings deposits |
|
691,295 |
|
|
728,545 |
|
|
762,074 |
|
|
782,215 |
|
|
806,653 |
|
|||||
Interest-bearing demand deposits |
|
557,210 |
|
|
575,744 |
|
|
603,572 |
|
|
637,423 |
|
|
651,685 |
|
|||||
Money market account deposits |
|
1,331,623 |
|
|
1,278,381 |
|
|
1,311,177 |
|
|
1,430,905 |
|
|
1,418,549 |
|
|||||
Time deposits |
|
959,420 |
|
|
912,579 |
|
|
872,991 |
|
|
825,652 |
|
|
685,453 |
|
|||||
Public funds, ICS and CDARS deposits |
|
1,614,339 |
|
|
1,573,213 |
|
|
1,399,749 |
|
|
1,232,230 |
|
|
1,235,772 |
|
|||||
Brokered deposits |
|
387,611 |
|
|
422,483 |
|
|
246,164 |
|
|
170,085 |
|
|
103,300 |
|
|||||
Total deposits | $ |
7,098,265 |
|
$ |
7,045,827 |
|
$ |
6,799,605 |
|
$ |
6,833,521 |
|
$ |
6,773,382 |
|
|||||
Average Rates | ||||||||||||||||||||
Non-interest-bearing demand deposits |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|||||
Savings deposits |
|
0.03 |
% |
|
0.03 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
|||||
Interest-bearing demand deposits |
|
0.13 |
% |
|
0.11 |
% |
|
0.10 |
% |
|
0.07 |
% |
|
0.07 |
% |
|||||
Money market account deposits |
|
2.65 |
% |
|
2.02 |
% |
|
1.73 |
% |
|
1.54 |
% |
|
0.81 |
% |
|||||
Time deposits |
|
3.15 |
% |
|
2.68 |
% |
|
2.27 |
% |
|
1.83 |
% |
|
1.05 |
% |
|||||
Public funds, ICS and CDARS deposits |
|
4.30 |
% |
|
4.18 |
% |
|
3.71 |
% |
|
3.32 |
% |
|
2.41 |
% |
|||||
Brokered deposits |
|
5.46 |
% |
|
5.36 |
% |
|
4.92 |
% |
|
4.19 |
% |
|
3.32 |
% |
|||||
Total deposits |
|
2.21 |
% |
|
1.98 |
% |
|
1.58 |
% |
|
1.26 |
% |
|
0.78 |
% |
|||||
Other Deposits Data | ||||||||||||||||||||
Loans/Deposits Ratio |
|
94.3 |
% |
|
94.8 |
% |
|
95.9 |
% |
|
97.1 |
% |
|
93.5 |
% |
|||||
Uninsured deposits % |
|
33.1 |
% |
|
32.8 |
% |
|
31.5 |
% |
|
32.3 |
% |
|
35.3 |
% |
|||||
Adjusted uninsured deposits % (1) |
|
18.9 |
% |
|
17.7 |
% |
|
17.3 |
% |
|
19.6 |
% |
|
22.2 |
% |
|||||
Top 20 depositors % |
|
13.9 |
% |
|
14.1 |
% |
|
12.4 |
% |
|
12.1 |
% |
|
5.4 |
% |
|||||
Public funds % |
|
17.9 |
% |
|
18.8 |
% |
|
17.5 |
% |
|
16.5 |
% |
|
14.8 |
% |
|||||
Average account size (excluding brokered) | $ |
26.9 |
|
$ |
27.1 |
|
$ |
26.7 |
|
$ |
27.0 |
|
$ |
27.8 |
|
|||||
Securities Data | ||||||||||||||||||||
Held-to-maturity (HTM) at fair value | $ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|||||
Available-for-sale (AFS) at fair value (2) |
|
946,708 |
|
|
911,184 |
|
|
961,123 |
|
|
998,128 |
|
|
1,040,081 |
|
|||||
Equity investment at fair value (3) |
|
5,773 |
|
|
5,860 |
|
|
6,458 |
|
|
6,387 |
|
|
7,832 |
|
|||||
Total securities at fair value | $ |
952,481 |
|
$ |
917,044 |
|
$ |
967,581 |
|
$ |
1,004,515 |
|
$ |
1,047,913 |
|
|||||
Cash+Securities/Assets |
|
12.4 |
% |
|
12.1 |
% |
|
12.6 |
% |
|
13.6 |
% |
|
13.9 |
% |
|||||
Projected AFS cash flow in next 12 months | $ |
69,067 |
|
$ |
66,495 |
|
$ |
64,687 |
|
$ |
73,184 |
|
$ |
73,319 |
|
|||||
AFS average life (years) |
|
6.2 |
|
|
6.5 |
|
|
6.5 |
|
|
6.4 |
|
|
6.5 |
|
|||||
Liquidity Sources | ||||||||||||||||||||
Cash and cash equivalents | $ |
114,756 |
|
$ |
117,497 |
|
$ |
121,727 |
|
$ |
157,027 |
|
$ |
128,160 |
|
|||||
Unpledged securities at fair value |
|
314,385 |
|
|
280,916 |
|
|
298,471 |
|
|
211,468 |
|
|
288,134 |
|
|||||
FHLB borrowing capacity |
|
1,336,707 |
|
|
1,311,091 |
|
|
1,542,459 |
|
|
1,358,650 |
|
|
1,528,978 |
|
|||||
Brokered deposits |
|
513,767 |
|
|
316,697 |
|
|
288,719 |
|
|
524,889 |
|
|
549,370 |
|
|||||
Bank and parent lines of credit |
|
70,000 |
|
|
70,000 |
|
|
70,000 |
|
|
70,000 |
|
|
70,000 |
|
|||||
Federal Reserve - Discount Window and BTFP (4) |
|
620,518 |
|
|
471,395 |
|
|
491,141 |
|
|
129,918 |
|
|
44,471 |
|
|||||
Total | $ |
2,970,133 |
|
$ |
2,567,596 |
|
$ |
2,812,517 |
|
$ |
2,451,952 |
|
$ |
2,609,113 |
|
|||||
Total liquidity to adjusted uninsured deposits ratio |
|
218.3 |
% |
|
204.0 |
% |
|
230.5 |
% |
|
183.2 |
% |
|
168.9 |
% |
(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 borrowing capacity related to unpledged securities at par value in excess of fair value under Bank Term Funding Program. |
|
||||||||||||||||||||
Premier Financial Corp. | ||||||||||||||||||||
Loans and Capital | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | ||||||||||||||||
Loan Portfolio Composition | ||||||||||||||||||||
Residential real estate | $ |
1,810,265 |
|
$ |
1,797,676 |
|
$ |
1,711,632 |
|
$ |
1,624,331 |
|
$ |
1,535,574 |
|
|||||
Residential real estate construction |
|
28,794 |
|
|
51,637 |
|
|
111,708 |
|
|
141,209 |
|
|
176,737 |
|
|||||
Total residential loans |
|
1,839,059 |
|
|
1,849,313 |
|
|
1,823,340 |
|
|
1,765,540 |
|
|
1,712,311 |
|
|||||
Commercial real estate |
|
2,839,905 |
|
|
2,820,410 |
|
|
2,848,410 |
|
|
2,813,441 |
|
|
2,762,311 |
|
|||||
Commercial construction |
|
528,563 |
|
|
502,502 |
|
|
472,328 |
|
|
440,510 |
|
|
428,743 |
|
|||||
Commercial excluding PPP |
|
1,056,334 |
|
|
1,038,939 |
|
|
1,068,795 |
|
|
1,060,351 |
|
|
1,054,037 |
|
|||||
Core commercial loans (1) |
|
4,424,802 |
|
|
4,361,851 |
|
|
4,389,533 |
|
|
4,314,302 |
|
|
4,245,091 |
|
|||||
Consumer direct/indirect |
|
193,830 |
|
|
203,800 |
|
|
210,390 |
|
|
212,299 |
|
|
213,405 |
|
|||||
Home equity and improvement lines |
|
267,960 |
|
|
269,053 |
|
|
272,792 |
|
|
271,676 |
|
|
277,613 |
|
|||||
Total consumer loans |
|
461,790 |
|
|
472,853 |
|
|
483,182 |
|
|
483,975 |
|
|
491,018 |
|
|||||
Deferred loan origination fees |
|
13,267 |
|
|
12,326 |
|
|
11,936 |
|
|
11,221 |
|
|
11,057 |
|
|||||
Core loans (1) |
|
6,738,918 |
|
|
6,696,343 |
|
|
6,707,991 |
|
|
6,575,038 |
|
|
6,459,477 |
|
|||||
PPP loans |
|
469 |
|
|
526 |
|
|
577 |
|
|
791 |
|
|
1,143 |
|
|||||
Total loans | $ |
6,739,387 |
|
$ |
6,696,869 |
|
$ |
6,708,568 |
|
$ |
6,575,829 |
|
$ |
6,460,620 |
|
|||||
Loans held for sale | $ |
145,641 |
|
$ |
135,218 |
|
$ |
128,079 |
|
$ |
119,631 |
|
$ |
115,251 |
|
|||||
Core residential loans (1) |
|
1,984,700 |
|
|
1,984,531 |
|
|
1,951,419 |
|
|
1,885,171 |
|
|
1,827,562 |
|
|||||
Total loans including loans held for sale but excluding PPP |
|
6,884,559 |
|
|
6,831,561 |
|
|
6,836,070 |
|
|
6,694,669 |
|
|
6,574,728 |
|
|||||
Undisbursed construction loan funds - residential | $ |
72,748 |
|
$ |
82,689 |
|
$ |
102,198 |
|
$ |
157,934 |
|
$ |
209,306 |
|
|||||
Undisbursed construction loan funds - commercial |
|
208,718 |
|
|
284,610 |
|
|
353,455 |
|
|
446,294 |
|
|
463,469 |
|
|||||
Undisbursed construction loan funds - total |
|
281,466 |
|
|
367,299 |
|
|
455,653 |
|
|
604,228 |
|
|
672,775 |
|
|||||
Total construction loans including undisbursed funds | $ |
838,823 |
|
$ |
921,438 |
|
$ |
1,039,689 |
|
$ |
1,185,947 |
|
$ |
1,278,255 |
|
|||||
Gross loans (2) | $ |
7,007,586 |
|
$ |
7,051,842 |
|
$ |
7,152,285 |
|
$ |
7,168,836 |
|
$ |
7,122,338 |
|
|||||
Fixed rate loans % |
|
49.3 |
% |
|
49.8 |
% |
|
49.8 |
% |
|
49.5 |
% |
|
48.8 |
% |
|||||
Floating rate loans % |
|
15.6 |
% |
|
15.8 |
% |
|
15.9 |
% |
|
13.4 |
% |
|
14.3 |
% |
|||||
Adjustable rate loans repricing within 1 year % |
|
3.4 |
% |
|
2.9 |
% |
|
1.5 |
% |
|
2.0 |
% |
|
2.6 |
% |
|||||
Adjustable rate loans repricing over 1 year % |
|
31.7 |
% |
|
31.5 |
% |
|
32.8 |
% |
|
35.1 |
% |
|
34.3 |
% |
|||||
Commercial Real Estate Loans Composition | ||||||||||||||||||||
Non owner occupied excluding office | $ |
1,027,801 |
|
$ |
1,023,585 |
|
$ |
1,012,400 |
|
$ |
947,442 |
|
$ |
934,760 |
|
|||||
Non owner occupied office |
|
205,302 |
|
|
207,869 |
|
|
225,046 |
|
|
220,668 |
|
|
222,300 |
|
|||||
Owner occupied excluding office |
|
653,849 |
|
|
597,303 |
|
|
603,650 |
|
|
609,203 |
|
|
578,514 |
|
|||||
Owner occupied office |
|
113,679 |
|
|
106,761 |
|
|
107,240 |
|
|
109,014 |
|
|
108,087 |
|
|||||
Multifamily |
|
642,651 |
|
|
627,602 |
|
|
633,909 |
|
|
661,996 |
|
|
660,823 |
|
|||||
Agriculture land |
|
121,544 |
|
|
119,710 |
|
|
123,104 |
|
|
122,384 |
|
|
125,384 |
|
|||||
Other commercial real estate |
|
75,079 |
|
|
137,580 |
|
|
143,061 |
|
|
142,734 |
|
|
132,443 |
|
|||||
Total commercial real estate loans | $ |
2,839,905 |
|
$ |
2,820,410 |
|
$ |
2,848,410 |
|
$ |
2,813,441 |
|
$ |
2,762,311 |
|
|||||
Capital Balances | ||||||||||||||||||||
Total equity | $ |
975,627 |
|
$ |
919,567 |
|
$ |
936,971 |
|
$ |
914,450 |
|
$ |
887,721 |
|
|||||
Less: Regulatory goodwill and intangibles |
|
302,706 |
|
|
303,740 |
|
|
304,818 |
|
|
330,711 |
|
|
331,981 |
|
|||||
Less: Accumulated other comprehensive income/(loss) ("AOCI") |
|
(153,719 |
) |
|
(200,282 |
) |
|
(168,721 |
) |
|
(153,709 |
) |
|
(173,460 |
) |
|||||
Common equity tier 1 capital ("CET1") |
|
826,640 |
|
|
816,109 |
|
|
800,874 |
|
|
737,448 |
|
|
729,200 |
|
|||||
Add: Tier 1 subordinated debt |
|
35,000 |
|
|
35,000 |
|
|
35,000 |
|
|
35,000 |
|
|
35,000 |
|
|||||
Tier 1 capital |
|
861,640 |
|
|
851,109 |
|
|
835,874 |
|
|
772,448 |
|
|
764,200 |
|
|||||
Add: Regulatory allowances |
|
80,231 |
|
|
80,791 |
|
|
80,812 |
|
|
80,003 |
|
|
78,780 |
|
|||||
Add: Tier 2 subordinated debt |
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|||||
Total risk-based capital | $ |
991,871 |
|
$ |
981,900 |
|
$ |
966,686 |
|
$ |
902,451 |
|
$ |
892,980 |
|
|||||
Total risk-weighted assets | $ |
7,062,671 |
|
$ |
7,329,471 |
|
$ |
7,381,940 |
|
$ |
7,370,704 |
|
$ |
7,355,979 |
|
|||||
Capital Ratios | ||||||||||||||||||||
CET1 Ratio |
|
11.70 |
% |
|
11.13 |
% |
|
10.85 |
% |
|
10.01 |
% |
|
9.91 |
% |
|||||
CET1 Ratio including AOCI |
|
9.53 |
% |
|
8.40 |
% |
|
8.56 |
% |
|
7.92 |
% |
|
7.55 |
% |
|||||
Tier 1 Capital Ratio |
|
12.20 |
% |
|
11.61 |
% |
|
11.32 |
% |
|
10.48 |
% |
|
10.39 |
% |
|||||
Tier 1 Capital Ratio including AOCI |
|
10.02 |
% |
|
8.88 |
% |
|
9.04 |
% |
|
8.39 |
% |
|
8.03 |
% |
|||||
Total Capital Ratio |
|
14.04 |
% |
|
13.39 |
% |
|
13.10 |
% |
|
12.24 |
% |
|
12.14 |
% |
|||||
Total Capital Ratio including AOCI |
|
11.87 |
% |
|
10.66 |
% |
|
10.81 |
% |
|
10.16 |
% |
|
9.78 |
% |
(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, 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 |
% |
||||||
September 30, 2023 | ||||||||||||||||||||||
One to four family residential real estate | $ |
1,797,676 |
|
$ |
1,778,106 |
|
$ |
7,857 |
|
0.44 |
% |
$ |
11,713 |
|
0.65 |
% |
||||||
Construction |
|
921,438 |
|
|
921,438 |
|
|
- |
|
0.00 |
% |
|
- |
|
0.00 |
% |
||||||
Commercial real estate |
|
2,820,410 |
|
|
2,809,421 |
|
|
24 |
|
0.00 |
% |
|
10,965 |
|
0.39 |
% |
||||||
Commercial |
|
1,039,465 |
|
|
1,025,632 |
|
|
1,670 |
|
0.16 |
% |
|
12,163 |
|
1.17 |
% |
||||||
Home equity and improvement |
|
269,053 |
|
|
263,806 |
|
|
3,471 |
|
1.29 |
% |
|
1,776 |
|
0.66 |
% |
||||||
Consumer finance |
|
203,800 |
|
|
196,754 |
|
|
4,200 |
|
2.06 |
% |
|
2,846 |
|
1.40 |
% |
||||||
Gross loans | $ |
7,051,842 |
|
$ |
6,995,157 |
|
$ |
17,222 |
|
0.24 |
% |
$ |
39,463 |
|
0.56 |
% |
||||||
December 31, 2022 | ||||||||||||||||||||||
One to four family residential real estate | $ |
1,535,574 |
|
$ |
1,520,074 |
|
$ |
6,792 |
|
0.44 |
% |
$ |
8,708 |
|
0.57 |