Premier Financial Corp. Announces Third Quarter 2023 Results Including Core Deposit Growth and Increased Net Interest Margin
- Premier Financial Corp. reported net income of $24.7 million ($0.69 per diluted common share) for Q3 2023, showing improvement in core net income, net interest margin, and deposit growth. Expenses decreased by 14.5% and loan delinquencies were down by 9.5%. Regulatory capital ratios improved by 23 basis points. The company also launched a new digital banking platform to enhance customer experience.
- None.
Third Quarter 2023 Highlights
- Core net income up from prior quarter
-
Net interest margin increased one basis point to
2.73% from prior quarter -
Deposit growth of
(up$71 million 4.1% annualized), including for core customer deposits excluding brokered (up$92 million 5.6% annualized) -
Expenses down
14.5% , or6.8% excluding transaction costs, and core efficiency ratio improved by 96 basis points from prior quarter -
Loan delinquencies down
9.5% from prior quarter and two consecutive quarters of net recoveries -
Regulatory capital ratios improve by 23 basis points from prior quarter including common equity tier 1 (“CET1”) ratio up to
11.08% -
Declared dividend of
per share, up$0.31 3.3% from prior year comparable period - Launched new digital banking platform to improve clients’ banking experience in October
“I am pleased to announce Premier’s continued improvement in net income, net interest income, and net interest margin performance for the third quarter,” said Gary Small, President and CEO of Premier. “Average annualized loan growth for the quarter totaled
“Premier’s credit metrics remain steady with delinquencies down as our consumer and commercial clients continue to manage their resources well. Commercial line usage is drifting lower each month as clients utilize their excess cash to reduce line balances. The business outlook across our markets remains strong, yet conservative. Warehouse vacancy is low and manufacturing order boards remain robust, with labor availability as the major constraint. Many companies are focusing on profit margins versus growth as they work through the uncertain economic environment. The housing market remains very tight in most markets with continuing new job creation, a consistent theme across the network. The Federal Reserve’s more paced approach toward interest rates in recent months has allowed the bank, and our clients, time to address the impacts of the higher rate environment,” added Small.
“We at Premier will continue to build capital and make investments designed to improve our business, our client experience, and benefit the communities we serve,” Small continued. “To that end, all of us at Premier are very excited to have just concluded a major initiative focused on improving our client experience. We’ve recently installed a new state-of-the-art digital banking system designed to improve our clients’ banking experience across all channels of the organization. The new digital banking platform has transformed our mobile and online banking experience, bringing new features and services to our clients. Now that we’ve completed the consumer upgrades, expect to see more regarding business banking improvements in early 2024. Premier remains committed to providing an exceptional customer experience, and are committed to making investments that will best serve our clients today and in the future.”
Quarterly results
Capital, deposits and liquidity
Regulatory ratios all improved during the third quarter of 2023, including CET1 of
Total deposits increased
At September 30, 2023, uninsured deposits were
-
of cash and cash equivalents with a$117.5 million 5.40% Federal Reserve rate; -
of unpledged securities with an average yield of$280.9 million 3.05% ; -
of Federal Home Loan Bank (“FHLB”) borrowing capacity with an overnight borrowing rate of$1.3 billion 5.40% ; -
of brokered deposits based on a Company policy limit of$316.7 million 10% of deposits, with market pricing dependent on brokers and duration; -
of unused lines of credit with an average borrowing rate of$70.0 million 6.65% ; and -
of borrowing capacity at the Federal Reserve with an average rate of$471.4 million 5.48% .
Additional liquidity sources include deposit growth, cash earnings in excess of dividends, loan repayments/participations/sales, and securities cash flows, which are estimated to be
Net interest income and margin
Net interest income of
Excluding the impact of acquisition marks accretion and PPP loans, core net interest income was
The cost of funds in the third quarter of 2023 was
“Our margin has been very consistent over the past six months as we’ve taken steps to attract new money at the right rate, manage the migration of existing deposits into higher rate offerings, and have appropriately repriced loan renewals to reflect today’s environment,” said Small. “These steps, combined with nimble balance sheet management, will be the key to additional net interest income and margin improvement in the future.”
Non-interest income
Excluding insurance commissions, total non-interest income in the third quarter of 2023 of
Security gains were
Non-interest expenses
Non-interest expenses in the third quarter of 2023 were
“We continue to execute on expense reductions and are pleased to have improved our core efficiency ratio almost 100 basis points this quarter,” said Paul Nungester, CFO of Premier. “Through the combination of successful cost save initiatives implemented to-date and the insurance agency sale, we have reduced our expense run-rate
Credit quality
Non-performing assets totaled
The 2023 third quarter results include net recoveries of
“Our commercial and credit teams have expanded their loan review and analysis routines looking for early warning indicators of potential stress on specific loans and categories (e.g., office), with particular focus on ‘shocking’ the portfolio for the effect of future repricing scenarios,” said Small.
Year to date results
For the nine-month period ended September 30, 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 the first nine months of 2023 were
Results for the first nine months of 2023 include net loan charge-offs of
Total assets at
Total assets at September 30, 2023, were
Total non-brokered deposits at September 30, 2023, were
Total stockholders’ equity was
Dividend to be paid November 17
The Board of Directors declared a quarterly cash dividend of
Conference call
Premier will host a conference call at 11:00 a.m. ET on Wednesday, October 25, 2023, to discuss the earnings results and business trends. The conference call may be accessed by calling 1-833-470-1428 and using access code 346494. Internet access to the call is also available (in listen-only mode) at the following URL: https://events.q4inc.com/attendee/320076724. 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. | ||||||||||||||||
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
||||||||||||
(in thousands) |
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
Assets | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Cash and amounts due from depositories | $ |
70,642 |
|
$ |
71,096 |
|
$ |
68,628 |
|
$ |
88,257 |
|
$ |
67,124 |
|
|
Interest-bearing deposits |
|
46,855 |
|
|
50,631 |
|
|
88,399 |
|
|
39,903 |
|
|
37,868 |
|
|
|
117,497 |
|
|
121,727 |
|
|
157,027 |
|
|
128,160 |
|
|
104,992 |
|
||
Available-for-sale, carried at fair value |
|
911,184 |
|
|
961,123 |
|
|
998,128 |
|
|
1,040,081 |
|
|
1,063,713 |
|
|
Equity securities, carried at fair value |
|
5,860 |
|
|
6,458 |
|
|
6,387 |
|
|
7,832 |
|
|
15,336 |
|
|
Securities investments |
|
917,044 |
|
|
967,581 |
|
|
1,004,515 |
|
|
1,047,913 |
|
|
1,079,049 |
|
|
Loans (1) |
|
6,696,869 |
|
|
6,708,568 |
|
|
6,575,829 |
|
|
6,460,620 |
|
|
6,207,708 |
|
|
Allowance for credit losses - loans |
|
(76,513 |
) |
|
(75,921 |
) |
|
(74,273 |
) |
|
(72,816 |
) |
|
(70,626 |
) |
|
Loans, net |
|
6,620,356 |
|
|
6,632,647 |
|
|
6,501,556 |
|
|
6,387,804 |
|
|
6,137,082 |
|
|
Loans held for sale |
|
135,218 |
|
|
128,079 |
|
|
119,604 |
|
|
115,251 |
|
|
129,142 |
|
|
Mortgage servicing rights |
|
19,642 |
|
|
20,160 |
|
|
20,654 |
|
|
21,171 |
|
|
20,832 |
|
|
Accrued interest receivable |
|
34,648 |
|
|
30,056 |
|
|
29,388 |
|
|
28,709 |
|
|
26,021 |
|
|
Federal Home Loan Bank stock |
|
25,049 |
|
|
39,887 |
|
|
37,056 |
|
|
29,185 |
|
|
28,262 |
|
|
Bank Owned Life Insurance |
|
172,906 |
|
|
171,856 |
|
|
170,841 |
|
|
170,713 |
|
|
169,728 |
|
|
Office properties and equipment |
|
55,679 |
|
|
55,736 |
|
|
55,982 |
|
|
55,541 |
|
|
53,747 |
|
|
Real estate and other assets held for sale |
|
387 |
|
|
561 |
|
|
393 |
|
|
619 |
|
|
416 |
|
|
Goodwill |
|
295,602 |
|
|
295,602 |
|
|
317,988 |
|
|
317,988 |
|
|
317,948 |
|
|
Core deposit and other intangibles |
|
13,220 |
|
|
14,298 |
|
|
17,804 |
|
|
19,074 |
|
|
19,972 |
|
|
Other assets |
|
155,628 |
|
|
138,021 |
|
|
129,508 |
|
|
133,214 |
|
|
148,949 |
|
|
Total Assets | $ |
8,562,876 |
|
$ |
8,616,211 |
|
$ |
8,562,316 |
|
$ |
8,455,342 |
|
$ |
8,236,140 |
|
|
Liabilities and Stockholders’ Equity | ||||||||||||||||
Non-interest-bearing deposits | $ |
1,545,595 |
|
$ |
1,573,837 |
|
$ |
1,649,726 |
|
$ |
1,869,509 |
|
$ |
1,826,511 |
|
|
Interest-bearing deposits |
|
5,127,863 |
|
|
5,007,358 |
|
|
4,969,436 |
|
|
4,893,502 |
|
|
4,836,113 |
|
|
Brokered deposits |
|
392,181 |
|
|
413,237 |
|
|
154,869 |
|
|
143,708 |
|
|
69,881 |
|
|
Total deposits |
|
7,065,639 |
|
|
6,994,432 |
|
|
6,774,031 |
|
|
6,906,719 |
|
|
6,732,505 |
|
|
Advances from FHLB |
|
339,000 |
|
|
455,000 |
|
|
658,000 |
|
|
428,000 |
|
|
411,000 |
|
|
Subordinated debentures |
|
85,197 |
|
|
85,166 |
|
|
85,123 |
|
|
85,103 |
|
|
85,071 |
|
|
Advance payments by borrowers |
|
22,781 |
|
|
26,045 |
|
|
26,300 |
|
|
34,188 |
|
|
33,511 |
|
|
Reserve for credit losses - unfunded commitments |
|
4,690 |
|
|
5,708 |
|
|
6,577 |
|
|
6,816 |
|
|
7,061 |
|
|
Other liabilities |
|
126,002 |
|
|
112,889 |
|
|
97,835 |
|
|
106,795 |
|
|
102,032 |
|
|
Total Liabilities |
|
7,643,309 |
|
|
7,679,240 |
|
|
7,647,866 |
|
|
7,567,621 |
|
|
7,371,180 |
|
|
Stockholders’ Equity | ||||||||||||||||
Preferred stock |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Common stock, net |
|
306 |
|
|
306 |
|
|
306 |
|
|
306 |
|
|
306 |
|
|
Additional paid-in-capital |
|
690,038 |
|
|
689,579 |
|
|
689,807 |
|
|
691,453 |
|
|
691,578 |
|
|
Accumulated other comprehensive income (loss) |
|
(200,282 |
) |
|
(168,721 |
) |
|
(153,709 |
) |
|
(173,460 |
) |
|
(181,231 |
) |
|
Retained earnings |
|
560,945 |
|
|
547,336 |
|
|
510,021 |
|
|
502,909 |
|
|
488,305 |
|
|
Treasury stock, at cost |
|
(131,440 |
) |
|
(131,529 |
) |
|
(131,975 |
) |
|
(133,487 |
) |
|
(133,998 |
) |
|
Total Stockholders’ Equity |
|
919,567 |
|
|
936,971 |
|
|
914,450 |
|
|
887,721 |
|
|
864,960 |
|
|
Total Liabilities and Stockholders’ Equity | $ |
8,562,876 |
|
$ |
8,616,211 |
|
$ |
8,562,316 |
|
$ |
8,455,342 |
|
$ |
8,236,140 |
|
|
(1) Includes PPP loans of: | $ |
526 |
|
$ |
577 |
|
$ |
791 |
|
$ |
1,143 |
|
$ |
1,181 |
|
|
Consolidated Statements of Income (Unaudited) | |||||||||||||||||||||
Premier Financial Corp. | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
(in thousands, except per share amounts) | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 9/30/22 | 9/30/23 | 9/30/22 | ||||||||||||||
Interest Income: | |||||||||||||||||||||
Loans | $ |
86,612 |
|
$ |
81,616 |
|
$ |
76,057 |
|
$ |
72,194 |
|
$ |
65,559 |
$ |
244,285 |
|
$ |
177,366 |
|
|
Investment securities |
|
6,943 |
|
|
6,997 |
|
|
7,261 |
|
|
7,605 |
|
|
6,814 |
|
21,201 |
|
|
18,489 |
|
|
Interest-bearing deposits |
|
652 |
|
|
641 |
|
|
444 |
|
|
444 |
|
|
221 |
|
1,737 |
|
|
387 |
|
|
FHLB stock dividends |
|
690 |
|
|
905 |
|
|
394 |
|
|
482 |
|
|
510 |
|
1,989 |
|
|
743 |
|
|
Total interest income |
|
94,897 |
|
|
90,159 |
|
|
84,156 |
|
|
80,725 |
|
|
73,104 |
|
269,212 |
|
|
196,985 |
|
|
Interest Expense: | |||||||||||||||||||||
Deposits |
|
34,874 |
|
|
26,825 |
|
|
21,458 |
|
|
13,161 |
|
|
6,855 |
|
83,157 |
|
|
11,749 |
|
|
FHLB advances |
|
4,597 |
|
|
8,217 |
|
|
5,336 |
|
|
3,941 |
|
|
2,069 |
|
18,150 |
|
|
2,609 |
|
|
Subordinated debentures |
|
1,162 |
|
|
1,125 |
|
|
1,075 |
|
|
1,000 |
|
|
868 |
|
3,362 |
|
|
2,326 |
|
|
Notes Payable |
|
- |
|
|
- |
|
|
- |
|
|
4 |
|
|
- |
|
- |
|
|
1 |
|
|
Total interest expense |
|
40,633 |
|
|
36,167 |
|
|
27,869 |
|
|
18,106 |
|
|
9,792 |
|
104,669 |
|
|
16,685 |
|
|
Net interest income |
|
54,264 |
|
|
53,992 |
|
|
56,287 |
|
|
62,619 |
|
|
63,312 |
|
164,543 |
|
|
180,300 |
|
|
Provision (benefit) for credit losses - loans |
|
245 |
|
|
1,410 |
|
|
3,944 |
|
|
3,020 |
|
|
3,706 |
|
5,599 |
|
|
9,483 |
|
|
Provision (benefit) for credit losses - unfunded commitments |
|
(1,018 |
) |
|
(870 |
) |
|
(238 |
) |
|
(246 |
) |
|
306 |
|
(2,126 |
) |
|
2,030 |
|
|
Total provision (benefit) for credit losses |
|
(773 |
) |
|
540 |
|
|
3,706 |
|
|
2,774 |
|
|
4,012 |
|
3,473 |
|
|
11,513 |
|
|
Net interest income after provision |
|
55,037 |
|
|
53,452 |
|
|
52,581 |
|
|
59,845 |
|
|
59,300 |
|
161,070 |
|
|
168,787 |
|
|
Non-interest Income: | |||||||||||||||||||||
Service fees and other charges |
|
6,947 |
|
|
7,190 |
|
|
6,428 |
|
|
6,632 |
|
|
6,545 |
|
20,564 |
|
|
19,221 |
|
|
Mortgage banking income |
|
3,274 |
|
|
2,940 |
|
|
(274 |
) |
|
(299 |
) |
|
3,970 |
|
5,940 |
|
|
10,170 |
|
|
Gain (loss) on sale of non-mortgage loans |
|
- |
|
|
71 |
|
|
- |
|
|
- |
|
|
- |
|
71 |
|
|
- |
|
|
Gain (loss) on sale of available for sale securities |
|
- |
|
|
(7 |
) |
|
34 |
|
|
1 |
|
|
- |
|
27 |
|
|
- |
|
|
Gain (loss) on equity securities |
|
256 |
|
|
71 |
|
|
(1,445 |
) |
|
1,209 |
|
|
43 |
|
(1,118 |
) |
|
(1,760 |
) |
|
Gain on sale of insurance agency |
|
- |
|
|
36,296 |
|
|
- |
|
|
- |
|
|
- |
|
36,296 |
|
|
- |
|
|
Insurance commissions |
|
- |
|
|
4,131 |
|
|
4,725 |
|
|
3,576 |
|
|
3,488 |
|
8,856 |
|
|
12,043 |
|
|
Wealth management income |
|
1,509 |
|
|
1,537 |
|
|
1,485 |
|
|
1,582 |
|
|
1,355 |
|
4,531 |
|
|
4,246 |
|
|
Income from Bank Owned Life Insurance |
|
1,050 |
|
|
1,015 |
|
|
1,417 |
|
|
984 |
|
|
983 |
|
3,482 |
|
|
2,961 |
|
|
Other non-interest income |
|
217 |
|
|
102 |
|
|
92 |
|
|
543 |
|
|
320 |
|
412 |
|
|
1,051 |
|
|
Total Non-interest Income |
|
13,253 |
|
|
53,346 |
|
|
12,462 |
|
|
14,228 |
|
|
16,704 |
|
79,061 |
|
|
47,932 |
|
|
Non-interest Expense: | |||||||||||||||||||||
Compensation and benefits |
|
21,813 |
|
|
24,175 |
|
|
25,658 |
|
|
24,999 |
|
|
24,522 |
|
71,646 |
|
|
72,397 |
|
|
Occupancy |
|
3,145 |
|
|
3,320 |
|
|
3,574 |
|
|
3,383 |
|
|
3,463 |
|
10,039 |
|
|
10,657 |
|
|
FDIC insurance premium |
|
1,346 |
|
|
1,786 |
|
|
1,288 |
|
|
1,276 |
|
|
976 |
|
4,420 |
|
|
2,370 |
|
|
Financial institutions tax |
|
989 |
|
|
961 |
|
|
852 |
|
|
795 |
|
|
1,050 |
|
2,802 |
|
|
3,315 |
|
|
Data processing |
|
4,010 |
|
|
3,640 |
|
|
3,863 |
|
|
3,882 |
|
|
3,121 |
|
11,513 |
|
|
9,899 |
|
|
Amortization of intangibles |
|
1,078 |
|
|
1,223 |
|
|
1,270 |
|
|
1,293 |
|
|
1,338 |
|
3,571 |
|
|
4,156 |
|
|
Transaction costs |
|
- |
|
|
3,652 |
|
|
- |
|
|
- |
|
|
- |
|
3,652 |
|
|
- |
|
|
Other non-interest expense |
|
5,671 |
|
|
5,738 |
|
|
6,286 |
|
|
7,400 |
|
|
6,629 |
|
17,695 |
|
|
18,689 |
|
|
Total Non-interest Expense |
|
38,052 |
|
|
44,495 |
|
|
42,791 |
|
|
43,028 |
|
|
41,099 |
|
125,338 |
|
|
121,483 |
|
|
Income before income taxes |
|
30,238 |
|
|
62,303 |
|
|
22,252 |
|
|
31,045 |
|
|
34,905 |
|
114,793 |
|
|
95,236 |
|
|
Income tax expense |
|
5,551 |
|
|
13,912 |
|
|
4,103 |
|
|
5,770 |
|
|
6,710 |
|
23,566 |
|
|
18,324 |
|
|
Net Income | $ |
24,687 |
|
$ |
48,391 |
|
$ |
18,149 |
|
$ |
25,275 |
|
$ |
28,195 |
$ |
91,227 |
|
$ |
76,912 |
|
|
Earnings per common share: | |||||||||||||||||||||
Basic | $ |
0.69 |
|
$ |
1.35 |
|
$ |
0.51 |
|
$ |
0.71 |
|
$ |
0.79 |
$ |
2.55 |
|
$ |
2.15 |
|
|
Diluted | $ |
0.69 |
|
$ |
1.35 |
|
$ |
0.51 |
|
$ |
0.71 |
|
$ |
0.79 |
$ |
2.55 |
|
$ |
2.15 |
|
|
Average Shares Outstanding: | |||||||||||||||||||||
Basic |
|
35,730 |
|
|
35,722 |
|
|
35,606 |
|
|
35,589 |
|
|
35,582 |
|
35,701 |
|
|
35,709 |
|
|
Diluted |
|
35,794 |
|
|
35,800 |
|
|
35,719 |
|
|
35,790 |
|
|
35,704 |
|
35,769 |
|
|
35,818 |
|
Premier Financial Corp. | ||||||||||||||||||||||
Selected Quarterly Information | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
(dollars in thousands, except per share data) | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 9/30/22 | 9/30/23 | 9/30/22 | |||||||||||||||
Summary of Operations | ||||||||||||||||||||||
Tax-equivalent interest income (1) | $ |
94,951 |
|
$ |
90,226 |
|
$ |
84,260 |
|
$ |
80,889 |
|
$ |
73,301 |
|
$ |
269,437 |
|
$ |
197,637 |
|
|
Interest expense |
|
40,633 |
|
|
36,167 |
|
|
27,869 |
|
|
18,106 |
|
|
9,792 |
|
|
104,669 |
|
|
16,685 |
|
|
Tax-equivalent net interest income (1) |
|
54,318 |
|
|
54,059 |
|
|
56,391 |
|
|
62,783 |
|
|
63,509 |
|
|
164,768 |
|
|
180,952 |
|
|
Provision expense for credit losses |
|
(773 |
) |
|
540 |
|
|
3,706 |
|
|
2,774 |
|
|
4,012 |
|
|
3,473 |
|
|
11,513 |
|
|
Non-interest income (ex securities gains/losses) |
|
12,997 |
|
|
53,282 |
|
|
13,873 |
|
|
13,018 |
|
|
16,661 |
|
|
80,152 |
|
|
49,692 |
|
|
Core non-interest income (ex securities gains/losses) (2) |
|
12,997 |
|
|
16,986 |
|
|
13,873 |
|
|
13,018 |
|
|
16,661 |
|
|
43,856 |
|
|
49,692 |
|
|
Non-interest expense |
|
38,052 |
|
|
44,495 |
|
|
42,791 |
|
|
43,028 |
|
|
41,099 |
|
|
125,338 |
|
|
121,483 |
|
|
Core non-interest expense (2) |
|
38,052 |
|
|
40,843 |
|
|
42,791 |
|
|
43,028 |
|
|
41,099 |
|
|
121,686 |
|
|
121,483 |
|
|
Income tax expense |
|
5,551 |
|
|
13,912 |
|
|
4,103 |
|
|
5,770 |
|
|
6,710 |
|
|
23,566 |
|
|
18,324 |
|
|
Net income |
|
24,687 |
|
|
48,391 |
|
|
18,149 |
|
|
25,275 |
|
|
28,195 |
|
|
91,227 |
|
|
76,912 |
|
|
Core net income (2) |
|
24,687 |
|
|
24,230 |
|
|
18,149 |
|
|
25,275 |
|
|
28,195 |
|
|
67,066 |
|
|
76,912 |
|
|
Tax equivalent adjustment (1) |
|
54 |
|
|
67 |
|
|
104 |
|
|
164 |
|
|
197 |
|
|
225 |
|
|
652 |
|
|
At Period End | ||||||||||||||||||||||
Total assets | $ |
8,562,876 |
|
$ |
8,616,211 |
|
$ |
8,562,316 |
|
$ |
8,455,342 |
|
$ |
8,236,140 |
|
|||||||
Goodwill and intangibles |
|
308,822 |
|
|
309,900 |
|
|
335,792 |
|
|
337,062 |
|
|
337,920 |
|
|||||||
Tangible assets (3) |
|
8,254,054 |
|
|
8,306,311 |
|
|
8,226,524 |
|
|
8,118,280 |
|
|
7,898,220 |
|
|||||||
Earning assets |
|
7,744,522 |
|
|
7,818,825 |
|
|
7,751,130 |
|
|
7,620,056 |
|
|
7,411,403 |
|
|||||||
Loans |
|
6,696,869 |
|
|
6,708,568 |
|
|
6,575,829 |
|
|
6,460,620 |
|
|
6,207,708 |
|
|||||||
Allowance for loan losses |
|
76,513 |
|
|
75,921 |
|
|
74,273 |
|
|
72,816 |
|
|
70,626 |
|
|||||||
Deposits |
|
7,065,639 |
|
|
6,994,432 |
|
|
6,774,031 |
|
|
6,906,719 |
|
|
6,732,505 |
|
|||||||
Stockholders’ equity |
|
919,567 |
|
|
936,971 |
|
|
914,450 |
|
|
887,721 |
|
|
864,960 |
|
|||||||
Stockholders’ equity / assets |
|
10.74 |
% |
|
10.87 |
% |
|
10.68 |
% |
|
10.50 |
% |
|
10.50 |
% |
|||||||
Tangible equity (3) |
|
610,745 |
|
|
627,071 |
|
|
578,658 |
|
|
550,659 |
|
|
527,040 |
|
|||||||
Tangible equity / tangible assets |
|
7.40 |
% |
|
7.55 |
% |
|
7.03 |
% |
|
6.78 |
% |
|
6.67 |
% |
|||||||
Average Balances | ||||||||||||||||||||||
Total assets | $ |
8,582,219 |
|
$ |
8,597,786 |
|
$ |
8,433,100 |
|
$ |
8,304,462 |
|
$ |
8,161,389 |
|
$ |
8,538,248 |
|
$ |
7,807,013 |
|
|
Earning assets |
|
7,969,363 |
|
|
7,951,520 |
|
|
7,783,850 |
|
|
7,653,648 |
|
|
7,477,795 |
|
|
7,904,565 |
|
|
7,097,421 |
|
|
Loans |
|
6,763,232 |
|
|
6,714,240 |
|
|
6,535,080 |
|
|
6,359,564 |
|
|
6,120,324 |
|
|
6,671,687 |
|
|
5,726,369 |
|
|
Deposits and interest-bearing liabilities |
|
7,486,595 |
|
|
7,538,674 |
|
|
7,385,946 |
|
|
7,278,531 |
|
|
7,116,910 |
|
|
7,470,774 |
|
|
6,748,783 |
|
|
Deposits |
|
7,045,827 |
|
|
6,799,605 |
|
|
6,833,521 |
|
|
6,773,382 |
|
|
6,654,328 |
|
|
6,893,762 |
|
|
6,452,713 |
|
|
Stockholders’ equity |
|
939,456 |
|
|
921,441 |
|
|
901,587 |
|
|
875,287 |
|
|
912,224 |
|
|
920,967 |
|
|
945,141 |
|
|
Goodwill and intangibles |
|
309,330 |
|
|
334,862 |
|
|
336,418 |
|
|
337,207 |
|
|
338,583 |
|
|
326,771 |
|
|
339,946 |
|
|
Tangible equity (3) |
|
630,126 |
|
|
586,579 |
|
|
565,169 |
|
|
538,080 |
|
|
573,641 |
|
|
594,196 |
|
|
605,195 |
|
|
Per Common Share Data | ||||||||||||||||||||||
Earnings per share ("EPS") - Basic | $ |
0.69 |
|
$ |
1.35 |
|
$ |
0.51 |
|
$ |
0.71 |
|
$ |
0.79 |
|
$ |
2.55 |
|
$ |
2.15 |
|
|
EPS - Diluted |
|
0.69 |
|
|
1.35 |
|
|
0.51 |
|
|
0.71 |
|
|
0.79 |
|
|
2.55 |
|
|
2.15 |
|
|
EPS - Core diluted (2) |
|
0.69 |
|
|
0.68 |
|
|
0.51 |
|
|
0.71 |
|
|
0.79 |
|
|
1.87 |
|
|
2.15 |
|
|
Dividends Paid |
|
0.31 |
|
|
0.31 |
|
|
0.31 |
|
|
0.30 |
|
|
0.30 |
|
|
0.93 |
|
|
0.90 |
|
|
Market Value: | ||||||||||||||||||||||
High | $ |
22.89 |
|
$ |
21.01 |
|
$ |
27.80 |
|
$ |
30.51 |
|
$ |
29.36 |
|
$ |
27.99 |
|
$ |
32.52 |
|
|
Low |
|
15.70 |
|
|
13.60 |
|
|
20.39 |
|
|
26.11 |
|
|
24.67 |
|
|
13.60 |
|
|
24.67 |
|
|
Close |
|
17.06 |
|
|
16.02 |
|
|
20.73 |
|
|
26.97 |
|
|
25.70 |
|
|
17.06 |
|
|
25.70 |
|
|
Common Book Value |
|
25.74 |
|
|
26.23 |
|
|
25.61 |
|
|
24.94 |
|
|
24.32 |
|
|||||||
Tangible Common Book Value (3) |
|
17.09 |
|
|
17.55 |
|
|
16.21 |
|
|
15.47 |
|
|
14.82 |
|
|||||||
Shares outstanding, end of period (000s) |
|
35,731 |
|
|
35,727 |
|
|
35,701 |
|
|
35,591 |
|
|
35,563 |
|
|||||||
Performance Ratios (annualized) | ||||||||||||||||||||||
Tax-equivalent net interest margin (1) |
|
2.73 |
% |
|
2.72 |
% |
|
2.90 |
% |
|
3.28 |
% |
|
3.40 |
% |
|
2.78 |
% |
|
3.40 |
% |
|
Return on average assets |
|
1.14 |
% |
|
2.26 |
% |
|
0.86 |
% |
|
1.21 |
% |
|
1.37 |
% |
|
1.43 |
% |
|
1.32 |
% |
|
Core return on average assets (2) |
|
1.14 |
% |
|
1.13 |
% |
|
0.86 |
% |
|
1.22 |
% |
|
1.39 |
% |
|
1.05 |
% |
|
1.32 |
% |
|
Return on average equity |
|
10.43 |
% |
|
21.06 |
% |
|
8.07 |
% |
|
11.46 |
% |
|
12.26 |
% |
|
13.24 |
% |
|
10.88 |
% |
|
Core return on average equity (2) |
|
10.43 |
% |
|
10.55 |
% |
|
8.07 |
% |
|
11.58 |
% |
|
12.40 |
% |
|
9.74 |
% |
|
10.88 |
% |
|
Return on average tangible equity |
|
15.54 |
% |
|
33.09 |
% |
|
12.88 |
% |
|
18.64 |
% |
|
19.50 |
% |
|
20.53 |
% |
|
16.99 |
% |
|
Core return on average tangible equity (2) |
|
15.54 |
% |
|
16.57 |
% |
|
10.51 |
% |
|
14.64 |
% |
|
16.33 |
% |
|
15.09 |
% |
|
16.99 |
% |
|
Efficiency ratio (4) |
|
56.53 |
% |
|
41.45 |
% |
|
60.90 |
% |
|
56.76 |
% |
|
51.26 |
% |
|
51.18 |
% |
|
52.67 |
% |
|
Core efficiency ratio (2) |
|
56.53 |
% |
|
57.49 |
% |
|
60.90 |
% |
|
56.76 |
% |
|
51.26 |
% |
|
58.33 |
% |
|
52.67 |
% |
|
Effective tax rate |
|
18.36 |
% |
|
22.33 |
% |
|
18.44 |
% |
|
18.59 |
% |
|
19.22 |
% |
|
20.53 |
% |
|
19.24 |
% |
|
Common dividend payout ratio |
|
44.93 |
% |
|
22.96 |
% |
|
60.78 |
% |
|
42.25 |
% |
|
37.97 |
% |
|
36.47 |
% |
|
41.86 |
% |
|
(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 | Nine Months Ended | ||||||||||||||||||||
9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 9/30/22 | 9/30/23 | 9/30/22 | ||||||||||||||||
Average Balances | ||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Loans receivable (1) | $ |
6,763,232 |
|
$ |
6,714,240 |
|
$ |
6,535,080 |
|
$ |
6,359,564 |
|
$ |
6,120,324 |
|
$ |
6,671,687 |
|
$ |
5,726,369 |
|
|
Securities |
|
1,137,730 |
|
|
1,155,451 |
|
|
1,190,359 |
|
|
1,236,511 |
|
|
1,262,435 |
|
|
1,160,987 |
|
|
1,266,681 |
|
|
Interest Bearing Deposits |
|
38,210 |
|
|
36,730 |
|
|
35,056 |
|
|
29,884 |
|
|
68,530 |
|
|
36,677 |
|
|
84,745 |
|
|
FHLB stock |
|
30,191 |
|
|
45,099 |
|
|
30,353 |
|
|
28,386 |
|
|
27,414 |
|
|
35,214 |
|
|
19,626 |
|
|
Total interest-earning assets |
|
7,969,363 |
|
|
7,951,520 |
|
|
7,790,848 |
|
|
7,654,345 |
|
|
7,478,703 |
|
|
7,904,565 |
|
|
7,097,421 |
|
|
Non-interest-earning assets |
|
612,856 |
|
|
646,266 |
|
|
642,252 |
|
|
650,117 |
|
|
682,686 |
|
|
633,683 |
|
|
709,592 |
|
|
Total assets | $ |
8,582,219 |
|
$ |
8,597,786 |
|
$ |
8,433,100 |
|
$ |
8,304,462 |
|
$ |
8,161,389 |
|
$ |
8,538,248 |
|
$ |
7,807,013 |
|
|
Deposits and Interest-bearing Liabilities: | ||||||||||||||||||||||
Interest bearing deposits | $ |
5,490,945 |
|
$ |
5,195,727 |
|
$ |
5,078,510 |
|
$ |
4,901,412 |
|
$ |
4,846,419 |
|
$ |
5,256,571 |
|
$ |
4,688,047 |
|
|
FHLB advances and other |
|
355,576 |
|
|
653,923 |
|
|
467,311 |
|
|
419,761 |
|
|
377,533 |
|
|
491,861 |
|
|
210,908 |
|
|
Subordinated debentures |
|
85,179 |
|
|
85,146 |
|
|
85,114 |
|
|
85,084 |
|
|
85,049 |
|
|
85,147 |
|
|
85,019 |
|
|
Notes payable |
|
13 |
|
|
- |
|
|
- |
|
|
304 |
|
|
- |
|
|
4 |
|
|
143 |
|
|
Total interest-bearing liabilities |
|
5,931,713 |
|
|
5,934,796 |
|
|
5,630,935 |
|
|
5,406,561 |
|
|
5,309,001 |
|
|
5,833,583 |
|
|
4,984,117 |
|
|
Non-interest bearing deposits |
|
1,554,882 |
|
|
1,603,878 |
|
|
1,755,011 |
|
|
1,871,970 |
|
|
1,807,909 |
|
|
1,637,191 |
|
|
1,764,666 |
|
|
Total including non-interest-bearing deposits |
|
7,486,595 |
|
|
7,538,674 |
|
|
7,385,946 |
|
|
7,278,531 |
|
|
7,116,910 |
|
|
7,470,774 |
|
|
6,748,783 |
|
|
Other non-interest-bearing liabilities |
|
156,168 |
|
|
137,671 |
|
|
145,567 |
|
|
150,644 |
|
|
132,255 |
|
|
146,507 |
|
|
113,089 |
|
|
Total liabilities |
|
7,642,763 |
|
|
7,676,345 |
|
|
7,531,513 |
|
|
7,429,175 |
|
|
7,249,165 |
|
|
7,617,281 |
|
|
6,861,872 |
|
|
Stockholders' equity |
|
939,456 |
|
|
921,441 |
|
|
901,587 |
|
|
875,287 |
|
|
912,224 |
|
|
920,967 |
|
|
945,141 |
|
|
Total liabilities and stockholders' equity | $ |
8,582,219 |
|
$ |
8,597,786 |
|
$ |
8,433,100 |
|
$ |
8,304,462 |
|
$ |
8,161,389 |
|
$ |
8,538,248 |
|
$ |
7,807,013 |
|
|
IEAs/IBLs |
|
134 |
% |
|
134 |
% |
|
138 |
% |
|
142 |
% |
|
141 |
% |
|
136 |
% |
|
142 |
% |
|
Interest Income/Expense | ||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Loans receivable (2) | $ |
86,618 |
|
$ |
81,622 |
|
$ |
76,063 |
|
$ |
72,201 |
|
$ |
65,564 |
|
$ |
244,303 |
|
$ |
177,385 |
|
|
Securities (2) |
|
6,991 |
|
|
7,058 |
|
|
7,359 |
|
|
7,762 |
|
|
7,006 |
|
|
21,408 |
|
|
19,122 |
|
|
Interest Bearing Deposits |
|
652 |
|
|
641 |
|
|
444 |
|
|
444 |
|
|
221 |
|
|
1,737 |
|
|
387 |
|
|
FHLB stock |
|
690 |
|
|
905 |
|
|
394 |
|
|
482 |
|
|
510 |
|
|
1,989 |
|
|
743 |
|
|
Total interest-earning assets |
|
94,951 |
|
|
90,226 |
|
|
84,260 |
|
|
80,889 |
|
|
73,301 |
|
|
269,437 |
|
|
197,637 |
|
|
Deposits and Interest-bearing Liabilities: | ||||||||||||||||||||||
Interest bearing deposits | $ |
34,874 |
|
$ |
26,825 |
|
$ |
21,458 |
|
$ |
13,161 |
|
$ |
6,855 |
|
$ |
83,157 |
|
$ |
11,749 |
|
|
FHLB advances and other |
|
4,597 |
|
|
8,217 |
|
|
5,336 |
|
|
3,941 |
|
|
2,069 |
|
|
18,150 |
|
|
2,609 |
|
|
Subordinated debentures |
|
1,162 |
|
|
1,125 |
|
|
1,075 |
|
|
1,001 |
|
|
868 |
|
|
3,362 |
|
|
2,326 |
|
|
Notes payable |
|
- |
|
|
- |
|
|
- |
|
|
3 |
|
|
- |
|
|
- |
|
|
1 |
|
|
Total interest-bearing liabilities |
|
40,633 |
|
|
36,167 |
|
|
27,869 |
|
|
18,106 |
|
|
9,792 |
|
|
104,669 |
|
|
16,685 |
|
|
Non-interest bearing deposits |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Total including non-interest-bearing deposits |
|
40,633 |
|
|
36,167 |
|
|
27,869 |
|
|
18,106 |
|
|
9,792 |
|
|
104,669 |
|
|
16,685 |
|
|
Net interest income | $ |
54,318 |
|
$ |
54,059 |
|
$ |
56,391 |
|
$ |
62,783 |
|
$ |
63,509 |
|
$ |
164,768 |
|
$ |
180,952 |
|
|
Less: PPP income |
|
(4 |
) |
|
(5 |
) |
|
(6 |
) |
|
(6 |
) |
|
(26 |
) |
|
(15 |
) |
|
(3,827 |
) |
|
Less: Acquisition marks accretion |
|
(322 |
) |
|
(380 |
) |
|
(387 |
) |
|
(554 |
) |
|
(608 |
) |
|
(1,088 |
) |
|
(2,051 |
) |
|
Core net interest income | $ |
53,992 |
|
$ |
53,674 |
|
$ |
55,998 |
|
$ |
62,223 |
|
$ |
62,875 |
|
$ |
163,665 |
|
$ |
175,074 |
|
|
Annualized Average Rates | ||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Loans receivable |
|
5.12 |
% |
|
4.86 |
% |
|
4.66 |
% |
|
4.54 |
% |
|
4.29 |
% |
|
4.88 |
% |
|
4.13 |
% |
|
Securities (3) |
|
2.46 |
% |
|
2.44 |
% |
|
2.47 |
% |
|
2.51 |
% |
|
2.22 |
% |
|
2.46 |
% |
|
2.01 |
% |
|
Interest Bearing Deposits |
|
6.83 |
% |
|
6.98 |
% |
|
5.07 |
% |
|
5.94 |
% |
|
1.29 |
% |
|
6.31 |
% |
|
0.61 |
% |
|
FHLB stock |
|
9.14 |
% |
|
8.03 |
% |
|
5.19 |
% |
|
6.79 |
% |
|
7.44 |
% |
|
7.53 |
% |
|
5.05 |
% |
|
Total interest-earning assets |
|
4.77 |
% |
|
4.54 |
% |
|
4.33 |
% |
|
4.23 |
% |
|
3.92 |
% |
|
4.54 |
% |
|
3.71 |
% |
|
Deposits and Interest-bearing Liabilities: | ||||||||||||||||||||||
Interest bearing deposits |
|
2.54 |
% |
|
2.07 |
% |
|
1.69 |
% |
|
1.07 |
% |
|
0.57 |
% |
|
2.11 |
% |
|
0.33 |
% |
|
FHLB advances and other |
|
5.17 |
% |
|
5.03 |
% |
|
4.57 |
% |
|
3.76 |
% |
|
2.19 |
% |
|
4.92 |
% |
|
1.65 |
% |
|
Subordinated debentures |
|
5.46 |
% |
|
5.29 |
% |
|
5.05 |
% |
|
4.71 |
% |
|
4.08 |
% |
|
5.26 |
% |
|
3.65 |
% |
|
Notes payable |
|
- |
|
|
- |
|
|
- |
|
|
3.95 |
% |
|
- |
|
|
- |
|
|
0.93 |
% |
|
Total interest-bearing liabilities |
|
2.74 |
% |
|
2.44 |
% |
|
1.98 |
% |
|
1.34 |
% |
|
0.74 |
% |
|
3.59 |
% |
|
0.67 |
% |
|
Non-interest bearing deposits |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Total including non-interest-bearing deposits |
|
2.17 |
% |
|
1.92 |
% |
|
1.51 |
% |
|
1.00 |
% |
|
0.55 |
% |
|
1.87 |
% |
|
0.33 |
% |
|
Net interest spread |
|
2.03 |
% |
|
2.10 |
% |
|
2.35 |
% |
|
2.89 |
% |
|
3.18 |
% |
|
0.95 |
% |
|
3.04 |
% |
|
Net interest margin (4) |
|
2.73 |
% |
|
2.72 |
% |
|
2.90 |
% |
|
3.28 |
% |
|
3.40 |
% |
|
2.78 |
% |
|
3.40 |
% |
|
Core net interest margin (4) |
|
2.71 |
% |
|
2.70 |
% |
|
2.88 |
% |
|
3.25 |
% |
|
3.36 |
% |
|
2.76 |
% |
|
3.29 |
% |
|
(1) Includes average PPP loans of: | $ |
553 |
|
$ |
673 |
|
$ |
965 |
|
$ |
1,160 |
|
$ |
1,889 |
|
$ |
729 |
|
$ |
15,790 |
|
|
(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 | |||||||||||||||||||
9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 9/30/22 | |||||||||||||||
Ending Balances | |||||||||||||||||||
Non-interest-bearing demand deposits | $ |
1,545,595 |
|
$ |
1,573,837 |
|
$ |
1,649,726 |
|
$ |
1,869,509 |
|
$ |
1,826,511 |
|
||||
Savings deposits |
|
709,938 |
|
|
748,392 |
|
|
775,186 |
|
|
797,376 |
|
|
817,853 |
|
||||
Interest-bearing demand deposits |
|
580,069 |
|
|
594,325 |
|
|
646,329 |
|
|
653,960 |
|
|
665,974 |
|
||||
Money market account deposits |
|
1,279,551 |
|
|
1,282,721 |
|
|
1,342,451 |
|
|
1,493,729 |
|
|
1,463,600 |
|
||||
Time deposits |
|
925,353 |
|
|
904,717 |
|
|
856,720 |
|
|
768,678 |
|
|
630,077 |
|
||||
Public funds, ICS and CDARS deposits |
|
1,632,952 |
|
|
1,477,203 |
|
|
1,348,750 |
|
|
1,179,759 |
|
|
1,258,610 |
|
||||
Brokered deposits |
|
392,181 |
|
|
413,237 |
|
|
154,869 |
|
|
143,708 |
|
|
69,881 |
|
||||
Total deposits | $ |
7,065,639 |
|
$ |
6,994,432 |
|
$ |
6,774,031 |
|
$ |
6,906,719 |
|
$ |
6,732,505 |
|
||||
Average Balances | |||||||||||||||||||
Non-interest-bearing demand deposits | $ |
1,554,882 |
|
$ |
1,603,878 |
|
$ |
1,755,011 |
|
$ |
1,871,970 |
|
$ |
1,807,909 |
|
||||
Savings deposits |
|
728,545 |
|
|
762,074 |
|
|
782,215 |
|
|
806,653 |
|
|
825,673 |
|
||||
Interest-bearing demand deposits |
|
575,744 |
|
|
603,572 |
|
|
637,423 |
|
|
651,685 |
|
|
681,247 |
|
||||
Money market account deposits |
|
1,278,381 |
|
|
1,311,177 |
|
|
1,430,905 |
|
|
1,418,549 |
|
|
1,493,019 |
|
||||
Time deposits |
|
912,579 |
|
|
872,991 |
|
|
825,652 |
|
|
685,453 |
|
|
610,708 |
|
||||
Public funds, ICS and CDARS deposits |
|
1,573,213 |
|
|
1,399,749 |
|
|
1,232,230 |
|
|
1,235,772 |
|
|
1,204,968 |
|
||||
Brokered deposits |
|
422,483 |
|
|
246,164 |
|
|
170,085 |
|
|
103,300 |
|
|
30,804 |
|
||||
Total deposits | $ |
7,045,827 |
|
$ |
6,799,605 |
|
$ |
6,833,521 |
|
$ |
6,773,382 |
|
$ |
6,654,328 |
|
||||
Average Rates | |||||||||||||||||||
Non-interest-bearing demand deposits |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
||||
Savings deposits |
|
0.03 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
||||
Interest-bearing demand deposits |
|
0.11 |
% |
|
0.10 |
% |
|
0.07 |
% |
|
0.07 |
% |
|
0.07 |
% |
||||
Money market account deposits |
|
2.02 |
% |
|
1.73 |
% |
|
1.54 |
% |
|
0.81 |
% |
|
0.40 |
% |
||||
Time deposits |
|
2.68 |
% |
|
2.27 |
% |
|
1.83 |
% |
|
1.05 |
% |
|
0.58 |
% |
||||
Public funds, ICS and CDARS deposits |
|
4.18 |
% |
|
3.71 |
% |
|
3.32 |
% |
|
2.41 |
% |
|
1.38 |
% |
||||
Brokered deposits |
|
5.36 |
% |
|
4.92 |
% |
|
4.19 |
% |
|
3.32 |
% |
|
2.37 |
% |
||||
Total deposits |
|
1.98 |
% |
|
1.58 |
% |
|
1.26 |
% |
|
0.78 |
% |
|
0.41 |
% |
||||
Other Deposits Data | |||||||||||||||||||
Loans/Deposits Ratio |
|
94.8 |
% |
|
95.9 |
% |
|
97.1 |
% |
|
93.5 |
% |
|
92.2 |
% |
||||
Uninsured deposits % |
|
32.8 |
% |
|
31.5 |
% |
|
32.3 |
% |
|
35.3 |
% |
|
35.5 |
% |
||||
Adjusted uninsured deposits % (1) |
|
17.7 |
% |
|
17.3 |
% |
|
19.6 |
% |
|
22.2 |
% |
|
22.2 |
% |
||||
Top 20 depositors % |
|
14.1 |
% |
|
12.4 |
% |
|
12.1 |
% |
|
5.4 |
% |
|
11.3 |
% |
||||
Public funds % |
|
18.8 |
% |
|
17.5 |
% |
|
16.5 |
% |
|
14.8 |
% |
|
15.9 |
% |
||||
Average account size (excluding brokered) | $ |
27.1 |
|
$ |
26.7 |
|
$ |
27.0 |
|
$ |
27.8 |
|
$ |
27.5 |
|
||||
Securities Data | |||||||||||||||||||
Held-to-maturity (HTM) at fair value | $ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
||||
Available-for-sale (AFS) at fair value (2) |
|
911,184 |
|
|
961,123 |
|
|
998,128 |
|
|
1,040,081 |
|
|
1,063,713 |
|
||||
Equity investment at fair value (3) |
|
5,860 |
|
|
6,458 |
|
|
6,387 |
|
|
7,832 |
|
|
15,336 |
|
||||
Total securities at fair value | $ |
917,044 |
|
$ |
967,581 |
|
$ |
1,004,515 |
|
$ |
1,047,913 |
|
$ |
1,079,049 |
|
||||
Cash+Securities/Assets |
|
12.1 |
% |
|
12.6 |
% |
|
13.6 |
% |
|
13.9 |
% |
|
14.4 |
% |
||||
Projected AFS cash flow in next 12 months | $ |
66,495 |
|
$ |
64,687 |
|
$ |
73,184 |
|
$ |
73,319 |
|
$ |
76,119 |
|
||||
AFS average life (years) |
|
6.5 |
|
|
6.5 |
|
|
6.4 |
|
|
6.5 |
|
|
6.6 |
|
||||
Liquidity Sources | |||||||||||||||||||
Cash and cash equivalents | $ |
117,497 |
|
$ |
121,727 |
|
$ |
157,027 |
|
$ |
128,160 |
|
$ |
104,992 |
|
||||
Unpledged securities at fair value |
|
280,916 |
|
|
298,471 |
|
|
211,468 |
|
|
288,134 |
|
|
342,979 |
|
||||
FHLB borrowing capacity |
|
1,311,091 |
|
|
1,542,459 |
|
|
1,358,650 |
|
|
1,528,978 |
|
|
1,217,516 |
|
||||
Brokered deposits (Company policy limit of |
|
316,697 |
|
|
288,719 |
|
|
524,889 |
|
|
549,370 |
|
|
605,552 |
|
||||
Bank and parent lines of credit |
|
70,000 |
|
|
70,000 |
|
|
70,000 |
|
|
70,000 |
|
|
70,000 |
|
||||
Federal Reserve - Discount Window and BTFP (4) |
|
471,395 |
|
|
491,141 |
|
|
129,918 |
|
|
44,471 |
|
|
- |
|
||||
Total | $ |
2,567,596 |
|
$ |
2,812,517 |
|
$ |
2,451,952 |
|
$ |
2,609,113 |
|
$ |
2,341,039 |
|
||||
Total liquidity to adjusted uninsured deposits ratio |
|
204.0 |
% |
|
230.5 |
% |
|
183.2 |
% |
|
168.9 |
% |
|
155.4 |
% |
||||
(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) | ||||||||||||||||
9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 9/30/22 | ||||||||||||
Loan Portfolio Composition | ||||||||||||||||
Residential real estate | $ |
1,797,676 |
|
$ |
1,711,632 |
|
$ |
1,624,331 |
|
$ |
1,535,574 |
|
$ |
1,478,360 |
|
|
Residential real estate construction |
|
51,637 |
|
|
111,708 |
|
|
141,209 |
|
|
176,737 |
|
|
119,204 |
|
|
Total residential loans |
|
1,849,313 |
|
|
1,823,340 |
|
|
1,765,540 |
|
|
1,712,311 |
|
|
1,597,564 |
|
|
Commercial real estate |
|
2,820,410 |
|
|
2,848,410 |
|
|
2,813,441 |
|
|
2,762,311 |
|
|
2,674,078 |
|
|
Commercial construction |
|
502,502 |
|
|
472,328 |
|
|
440,510 |
|
|
428,743 |
|
|
398,044 |
|
|
Commercial excluding PPP |
|
1,038,939 |
|
|
1,068,795 |
|
|
1,060,351 |
|
|
1,054,037 |
|
|
1,041,423 |
|
|
Core commercial loans (1) |
|
4,361,851 |
|
|
4,389,533 |
|
|
4,314,302 |
|
|
4,245,091 |
|
|
4,113,545 |
|
|
Consumer direct/indirect |
|
203,800 |
|
|
210,390 |
|
|
212,299 |
|
|
213,405 |
|
|
212,790 |
|
|
Home equity and improvement lines |
|
269,053 |
|
|
272,792 |
|
|
271,676 |
|
|
277,613 |
|
|
272,367 |
|
|
Total consumer loans |
|
472,853 |
|
|
483,182 |
|
|
483,975 |
|
|
491,018 |
|
|
485,157 |
|
|
Deferred loan origination fees |
|
12,326 |
|
|
11,936 |
|
|
11,221 |
|
|
11,057 |
|
|
10,261 |
|
|
Core loans (1) |
|
6,696,343 |
|
|
6,707,991 |
|
|
6,575,038 |
|
|
6,459,477 |
|
|
6,206,527 |
|
|
PPP loans |
|
526 |
|
|
577 |
|
|
791 |
|
|
1,143 |
|
|
1,181 |
|
|
Total loans | $ |
6,696,869 |
|
$ |
6,708,568 |
|
$ |
6,575,829 |
|
$ |
6,460,620 |
|
$ |
6,207,708 |
|
|
Loans held for sale | $ |
135,218 |
|
$ |
128,079 |
|
$ |
119,631 |
|
$ |
115,251 |
|
$ |
129,142 |
|
|
Core residential loans (1) |
|
1,984,531 |
|
|
1,951,419 |
|
|
1,885,171 |
|
|
1,827,562 |
|
|
1,726,706 |
|
|
Total loans including loans held for sale but excluding PPP |
|
6,831,561 |
|
|
6,836,070 |
|
|
6,694,669 |
|
|
6,574,728 |
|
|
6,335,669 |
|
|
Undisbursed construction loan funds - residential | $ |
82,689 |
|
$ |
102,198 |
|
$ |
157,934 |
|
$ |
209,306 |
|
$ |
231,598 |
|
|
Undisbursed construction loan funds - commercial |
|
284,610 |
|
|
353,455 |
|
|
446,294 |
|
|
463,469 |
|
|
493,199 |
|
|
Undisbursed construction loan funds - total |
|
367,299 |
|
|
455,653 |
|
|
604,228 |
|
|
672,775 |
|
|
724,797 |
|
|
Total construction loans including undisbursed funds | $ |
921,438 |
|
$ |
1,039,689 |
|
$ |
1,185,947 |
|
$ |
1,278,255 |
|
$ |
1,242,045 |
|
|
Gross loans (2) | $ |
7,051,842 |
|
$ |
7,152,285 |
|
$ |
7,168,836 |
|
$ |
7,122,338 |
|
$ |
6,922,244 |
|
|
Fixed rate loans % |
|
49.8 |
% |
|
49.8 |
% |
|
49.5 |
% |
|
48.8 |
% |
|
48.7 |
% |
|
Floating rate loans % |
|
15.8 |
% |
|
15.9 |
% |
|
13.4 |
% |
|
14.3 |
% |
|
16.0 |
% |
|
Adjustable rate loans repricing within 1 year % |
|
2.9 |
% |
|
1.5 |
% |
|
2.0 |
% |
|
2.6 |
% |
|
0.8 |
% |
|
Adjustable rate loans repricing over 1 year % |
|
31.5 |
% |
|
32.8 |
% |
|
35.1 |
% |
|
34.3 |
% |
|
34.5 |
% |
|
Commercial Real Estate Loans Composition | ||||||||||||||||
Non owner occupied excluding office | $ |
1,023,585 |
|
$ |
1,012,400 |
|
$ |
947,442 |
|
$ |
934,760 |
|
$ |
905,512 |
|
|
Non owner occupied office |
|
207,869 |
|
|
225,046 |
|
|
220,668 |
|
|
222,300 |
|
|
203,565 |
|
|
Owner occupied excluding office |
|
597,303 |
|
|
603,650 |
|
|
609,203 |
|
|
578,514 |
|
|
570,662 |
|
|
Owner occupied office |
|
106,761 |
|
|
107,240 |
|
|
109,014 |
|
|
108,087 |
|
|
105,224 |
|
|
Multifamily |
|
627,602 |
|
|
633,909 |
|
|
661,996 |
|
|
660,823 |
|
|
637,701 |
|
|
Agriculture land |
|
119,710 |
|
|
123,104 |
|
|
122,384 |
|
|
125,384 |
|
|
122,416 |
|
|
Other commercial real estate |
|
137,580 |
|
|
143,061 |
|
|
142,734 |
|
|
132,443 |
|
|
128,998 |
|
|
Total commercial real estate loans | $ |
2,820,410 |
|
$ |
2,848,410 |
|
$ |
2,813,441 |
|
$ |
2,762,311 |
|
$ |
2,674,078 |
|
|
Capital Balances | ||||||||||||||||
Total equity | $ |
919,567 |
|
$ |
936,971 |
|
$ |
914,450 |
|
$ |
887,721 |
|
$ |
864,960 |
|
|
Less: Regulatory goodwill and intangibles |
|
303,740 |
|
|
304,818 |
|
|
330,711 |
|
|
331,981 |
|
|
332,839 |
|
|
Less: Accumulated other comprehensive income/(loss) ("AOCI") |
|
(200,282 |
) |
|
(168,721 |
) |
|
(153,709 |
) |
|
(173,460 |
) |
|
(181,231 |
) |
|
Common equity tier 1 capital ("CET1") |
|
816,109 |
|
|
800,874 |
|
|
737,448 |
|
|
729,200 |
|
|
713,352 |
|
|
Add: Tier 1 subordinated debt |
|
35,000 |
|
|
35,000 |
|
|
35,000 |
|
|
35,000 |
|
|
35,000 |
|
|
Tier 1 capital |
|
851,109 |
|
|
835,874 |
|
|
772,448 |
|
|
764,200 |
|
|
748,352 |
|
|
Add: Regulatory allowances |
|
80,791 |
|
|
80,812 |
|
|
80,003 |
|
|
78,780 |
|
|
76,530 |
|
|
Add: Tier 2 subordinated debt |
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
Total risk-based capital | $ |
981,900 |
|
$ |
966,686 |
|
$ |
902,451 |
|
$ |
892,980 |
|
$ |
874,882 |
|
|
Total risk-weighted assets | $ |
7,364,534 |
|
$ |
7,381,940 |
|
$ |
7,370,704 |
|
$ |
7,355,979 |
|
$ |
7,385,877 |
|
|
Capital Ratios | ||||||||||||||||
CET1 Ratio |
|
11.08 |
% |
|
10.85 |
% |
|
10.01 |
% |
|
9.91 |
% |
|
9.66 |
% |
|
CET1 Ratio including AOCI |
|
8.36 |
% |
|
8.56 |
% |
|
7.92 |
% |
|
7.55 |
% |
|
7.20 |
% |
|
Tier 1 Capital Ratio |
|
11.55 |
% |
|
11.32 |
% |
|
10.48 |
% |
|
10.39 |
% |
|
10.13 |
% |
|
Tier 1 Capital Ratio including AOCI |
|
8.84 |
% |
|
9.04 |
% |
|
8.39 |
% |
|
8.03 |
% |
|
7.68 |
% |
|
Total Capital Ratio |
|
13.33 |
% |
|
13.10 |
% |
|
12.24 |
% |
|
12.14 |
% |
|
11.85 |
% |
|
Total Capital Ratio including AOCI |
|
10.61 |
% |
|
10.81 |
% |
|
10.16 |
% |
|
9.78 |
% |
|
9.39 |
% |
|
(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 | |||||||||||
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 |
% |
|||||
June 30, 2023 | |||||||||||||||||
One to four family residential real estate | $ |
1,711,632 |
$ |
1,694,024 |
$ |
7,320 |
0.43 |
% |
$ |
10,288 |
0.60 |
% |
|||||
Construction |
|
1,039,689 |
|
1,039,404 |
|
285 |
0.03 |
% |
|
- |
0.00 |
% |
|||||
Commercial real estate |
|
2,848,410 |
|
2,833,765 |
|
596 |
0.02 |
% |
|
14,049 |
0.49 |
% |
|||||
Commercial |
|
1,069,372 |
|
1,057,057 |
|
4,290 |
0.40 |
% |
|
8,025 |
0.75 |
% |
|||||
Home equity and improvement |
|
272,792 |
|
267,617 |
|
2,945 |
1.08 |
% |
|
2,230 |
0.82 |
% |
|||||
Consumer finance |
|
210,390 |
|
204,404 |
|
3,587 |
1.70 |
% |
|
2,399 |
1.14 |
% |
|||||
Gross loans | $ |
7,152,285 |
$ |
7,096,271 |
$ |
19,023 |
0.27 |
% |
$ |
36,991 |
0.52 |
% |
|||||
September 30, 2022 | |||||||||||||||||
One to four family residential real estate | $ |
1,478,360 |
$ |
1,464,319 |
$ |
6,232 |
0.42 |
% |
$ |
7,809 |
0.53 |
% |
|||||
Construction |
|
1,242,045 |
|
1,242,045 |
|
- |
0.00 |
% |
|
- |
0.00 |
% |
|||||
Commercial real estate |
|
2,674,078 |
|
2,660,068 |
|
116 |
0.00 |
% |
|
13,894 |
0.52 |
% |
|||||
Commercial |
|
1,042,604 |
|
1,034,898 |
|
338 |
0.03 |
% |
|
7,368 |
0.71 |
% |
|||||
Home equity and improvement |
|
272,367 |
|
267,077 |
|
3,144 |
1.15 |
% |
|
2,146 |
0.79 |
% |
|||||
Consumer finance |
|
212,790 |
|
207,453 |
|
3,417 |
1.61 |
% |
|
1,920 |
0.90 |
% |
|||||
Gross loans | $ |
6,922,244 |
$ |
6,875,860 |
$ |
13,247 |
0.19 |
% |
$ |
33,137 |
0.48 |
% |
|||||
Loan Risk Ratings Information | |||||||||||||||||
(dollars in thousands) | Total Balance | Pass Rated | Special Mention | % of Total | Classified | % of Total | |||||||||||
September 30, 2023 | |||||||||||||||||
One to four family residential real estate | $ |
1,786,659 |
$ |
1,775,530 |
$ |
422 |
0.02 |
% |
$ |
10,707 |
0.60 |
% |
|||||
Construction |
|
921,438 |
|
913,605 |
|
7,833 |
0.85 |
% |
|
- |
0.00 |
% |
|||||
Commercial real estate |
|
2,819,121 |
|
2,738,398 |
|
54,523 |
1.93 |
% |
|
26,200 |
0.93 |
% |
|||||
Commercial |
|
1,034,943 |
|
982,927 |
|
31,930 |
3.09 |
% |
|
20,086 |
1.94 |
% |
|||||
Home equity and improvement |
|
267,106 |
|
265,975 |
|
- |
0.00 |
% |
|
1,131 |
0.42 |
% |
|||||
Consumer finance |
|
203,584 |
|
200,965 |
|
- |
0.00 |
% |
|
2,619 |
1.29 |
% |
|||||
PCD loans |
|
18,991 |
|
13,374 |
|
2,814 |
14.82 |
% |
|
2,803 |
14.76 |
% |
|||||
Gross loans | $ |
7,051,842 |
$ |
6,890,774 |
$ |
97,522 |
1.38 |
% |
$ |
63,546 |
0.90 |
% |
|||||
June 30, 2023 | |||||||||||||||||
One to four family residential real estate | $ |
1,700,468 |
$ |
1,689,666 |
$ |
484 |
0.03 |
% |
$ |
10,318 |
0.61 |
% |
|||||
Construction |
|
1,039,689 |
|
1,031,356 |
|
8,333 |
0.80 |
% |
|
- |
0.00 |
% |
|||||
Commercial real estate |
|
2,847,035 |
|
2,797,688 |
|
20,751 |
0.73 |
% |
|
28,596 |
1.00 |
% |
|||||
Commercial |
|
1,063,744 |
|
1,021,403 |
|
27,376 |
2.57 |
% |
|
14,965 |
1.41 |
% |
|||||
Home equity and improvement |
|
270,722 |
|
269,038 |
|
- |
0.00 |
% |
|
1,684 |
0.62 |
% |
|||||
Consumer finance |
|
210,158 |
|
207,963 |
|
- |
0.00 |
% |
|
2,195 |
1.04 |
% |
|||||
PCD loans |
|
20,469 |
|
13,981 |
|
3,786 |
18.50 |
% |
|
2,702 |
13.20 |
% |
|||||
Gross loans | $ |
7,152,285 |
$ |
7,031,095 |
$ |
60,730 |
0.85 |
% |
$ |
60,460 |
0.85 |
% |
|||||
September 30, 2022 | |||||||||||||||||
One to four family residential real estate | $ |
1,466,470 |
$ |
1,458,082 |
$ |
1,267 |
0.09 |
% |
$ |
7,121 |
0.49 |
% |
|||||
Construction |
|
1,242,045 |
|
1,240,745 |
|
1,300 |
0.10 |
% |
|
- |
0.00 |
% |
|||||
Commercial real estate |
|
2,672,451 |
|
2,584,984 |
|
65,233 |
2.44 |
% |
|
22,234 |
0.83 |
% |
|||||
Commercial |
|
1,036,441 |
|
1,009,384 |
|
20,106 |
1.94 |
% |
|
6,951 |
0.67 |
% |
|||||
Home equity and improvement |
|
269,786 |
|
268,384 |
|
- |
0.00 |
% |
|
1,402 |
0.52 |
% |
|||||
Consumer finance |
|
212,493 |
|
210,602 |
|
- |
0.00 |
% |
|
1,891 |
0.89 |
% |
|||||
PCD loans |
|
22,558 |
|
17,044 |
|
93 |
0.41 |
% |
|
5,421 |
24.03 |
% |
|||||
Gross loans | $ |
6,922,244 |
$ |
6,789,225 |
$ |
87,999 |
1.27 |
% |
$ |
45,020 |
0.65 |
% |
Premier Financial Corp. | ||||||||||||||||||||||||||||||
Mortgage and Credit Information | ||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||
As of and for the Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
Mortgage Banking Summary | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 9/30/22 | 9/30/23 | 9/30/22 | |||||||||||||||||||||||
Revenue from sales and servicing of mortgage loans: | ||||||||||||||||||||||||||||||
Mortgage banking gains, net | $ |
2,584 |
|
$ |
2,242 |
|
$ |
(837 |
) |
$ |
(1,285 |
) |
$ |
3,363 |
|
$ |
3,989 |
|
$ |
7,072 |
|
|||||||||
Mortgage loan servicing revenue (expense): | ||||||||||||||||||||||||||||||
Mortgage loan servicing revenue |
|
1,850 |
|
|
1,845 |
|
|
1,888 |
|
|
1,862 |
|
|
1,861 |
|
|
5,583 |
|
|
5,602 |
|
|||||||||
Amortization of mortgage servicing rights |
|
(1,291 |
) |
|
(1,277 |
) |
|
(1,219 |
) |
|
(1,271 |
) |
|
(1,350 |
) |
|
(3,787 |
) |
|
(4,128 |
) |
|||||||||
Mortgage servicing rights valuation adjustments |
|
131 |
|
|
130 |
|
|
(106 |
) |
|
396 |
|
|
96 |
|
|
155 |
|
|
1,624 |
|
|||||||||
|
690 |
|
|
698 |
|
|
563 |
|
|
987 |
|
|
607 |
|
|
1,951 |
|
|
3,098 |
|
||||||||||
Total revenue from sale/servicing of mortgage loans | $ |
3,274 |
|
$ |
2,940 |
|
$ |
(274 |
) |
$ |
(298 |
) |
$ |
3,970 |
|
$ |
5,940 |
|
$ |
10,170 |
|
|||||||||
Mortgage servicing rights: | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ |
20,823 |
|
$ |
21,447 |
|
$ |
21,858 |
|
$ |
21,915 |
|
$ |
21,872 |
|
$ |
21,858 |
|
$ |
22,244 |
|
|||||||||
Loans sold, servicing retained |
|
642 |
|
|
653 |
|
|
808 |
|
|
1,214 |
|
|
1,393 |
|
|
2,103 |
|
|
3,799 |
|
|||||||||
Amortization |
|
(1,291 |
) |
|
(1,277 |
) |
|
(1,219 |
) |
|
(1,271 |
) |
|
(1,350 |
) |
|
(3,787 |
) |
|
(4,128 |
) |
|||||||||
Balance at end of period |
|
20,174 |
|
|
20,823 |
|
|
21,447 |
|
|
21,858 |
|
|
21,915 |
|
|
20,174 |
|
|
21,915 |
|
|||||||||
Valuation allowance: | ||||||||||||||||||||||||||||||
Balance at beginning of period |
|
(663 |
) |
|
(793 |
) |
|
(687 |
) |
|
(1,083 |
) |
|
(1,179 |
) |
|
(687 |
) |
|
(2,707 |
) |
|||||||||
Impairment recovery (charges) |
|
131 |
|
|
130 |
|
|
(106 |
) |
|
396 |
|
|
96 |
|
|
155 |
|
|
1,624 |
|
|||||||||
Balance at end of period |
|
(532 |
) |
|
(663 |
) |
|
(793 |
) |
|
(687 |
) |
|
(1,083 |
) |
|
(532 |
) |
|
(1,083 |
) |
|||||||||
Net carrying value at end of period | $ |
19,642 |
|
$ |
20,160 |
|
$ |
20,654 |
|
$ |
21,171 |
|
$ |
20,832 |
|
$ |
19,642 |
|
$ |
20,832 |
|
|||||||||
Allowance for credit losses - loans | ||||||||||||||||||||||||||||||
Beginning allowance | $ |
75,921 |
|
$ |
74,273 |
|
$ |
72,816 |
|
$ |
70,626 |
|
$ |
67,074 |
|
$ |
72,816 |
|
$ |
66,468 |
|
|||||||||
Provision (benefit) for credit losses - loans |
|
245 |
|
|
1,410 |
|
|
3,944 |
|
|
3,020 |
|
|
3,706 |
|
|
5,599 |
|
|
9,483 |
|
|||||||||
Net recoveries (charge-offs) |
|
347 |
|
|
238 |
|
|
(2,487 |
) |
|
(830 |
) |
|
(154 |
) |
|
(1,902 |
) |
|
(5,325 |
) |
|||||||||
Ending allowance | $ |
76,513 |
|
$ |
75,921 |
|
$ |
74,273 |
|
$ |
72,816 |
|
$ |
70,626 |
|
$ |
76,513 |
|
$ |
70,626 |
|
|||||||||
Total loans | $ |
6,696,869 |
|
$ |
6,708,568 |
|
$ |
6,575,829 |
|
$ |
6,460,620 |
|
$ |
6,207,708 |
|
|||||||||||||||
Less: PPP loans |
|
(526 |
) |
|
(577 |
) |
|
(791 |
) |
|
(1,143 |
) |
|
(1,181 |
) |
|||||||||||||||
Total loans ex PPP | $ |
6,696,343 |
|
$ |
6,707,991 |
|
$ |
6,575,038 |
|
$ |
6,459,477 |
|
$ |
6,206,527 |
|
|||||||||||||||
Allowance for credit losses (ACL) | $ |
76,513 |
|
$ |
75,921 |
|
$ |
74,273 |
|
$ |
72,816 |
|
$ |
70,626 |
|
|||||||||||||||
Add: Unaccreted purchase accounting marks |
|
1,526 |