Premier Financial Corp. Announces Second Quarter 2024 Results and Strategic Merger with Wesbanco, Inc.

Premier Financial Corp. (Nasdaq: PFC) (“Premier” or the “Company”) announced today 2024 second quarter results and the signing of a definitive merger agreement with Wesbanco, Inc. (Nasdaq: WSBC).

Strategic Merger

On July 26, 2024, PFC and WSBC announced the signing of a definitive merger agreement under which PFC will merge into WSBC in a stock-for-stock transaction. Under the terms of the merger agreement, shareholders of PFC will receive 0.80 shares of WSBC common stock for each share of PFC common stock. Premier Bank, a wholly owned subsidiary of PFC, will merge into Wesbanco Bank, Inc., a wholly owned subsidiary of WSBC. Based upon a closing price for WSBC as of July 25, 2024 of $34.28, the transaction is valued at approximately $987 million, or $27.42 per common share of PFC. Upon closing, PFC shareholders will own approximately 30% of the combined company. The transaction is expected to close in the first quarter of 2025, subject to the approval of shareholders of both PFC and WSBC and regulatory approvals, as well as satisfaction or waiver of other customary closing conditions. Additional information can be found in the press release announcing the merger dated July 26, 2024.

Quarterly results

Net income for the second quarter of 2024 was $16.2 million, or $0.45 per diluted common share, compared to income of $48.4 million, or $1.35 per diluted common share, for the second quarter of 2023. Second quarter 2023 results included the impact of the disposition of the Company’s insurance agency, First Insurance Group (“FIG”), for a net gain on sale after transaction costs of $32.6 million pre-tax or $0.67 per diluted common share after-tax. Excluding the impact of this transaction, second quarter 2023 earnings were $24.2 million or $0.68 per diluted common share.

Net interest income and margin

Net interest income of $49.3 million on a tax equivalent (“TE”) basis in the second quarter of 2024 was down 0.7% from $49.6 million in the first quarter of 2024 and down 8.8% from $54.1 million in the second quarter of 2023. The TE net interest margin of 2.46% in the second quarter of 2024 decreased four basis points from 2.50% in the first quarter of 2024 and 26 basis points from 2.72% in the second quarter of 2023. These results are primarily impacted by changes in deposit balances/costs and loan balances/yields.

Total deposits decreased $4.8 million during the second quarter of 2024 from the first quarter of 2024 due to an $18.7 million decrease in customer deposits offset partly by an increase of $13.9 million in brokered deposits. Total average interest-bearing deposit costs increased nine basis points to 3.10% during the second quarter of 2024 from the first quarter of 2024. This increase was primarily due to new customer acquisitions and the migration of customers from non-interest-bearing deposits into interest-bearing deposits, including higher cost time deposits, as customers continue to seek better yields. Total average customer deposit costs including non-interest bearing and excluding brokered deposits and acquisition marks were 2.33% during the month of June, representing a cumulative beta of 41% compared to the change in the monthly average effective Federal Funds rate that increased 525 basis points to 5.33% since December 2021, as reported by the Federal Reserve Economic Data. Beginning in March 2024 and through June 2024, management implemented rate reductions in certain higher-cost deposit tiers. The benefit of those actions began to be realized in June 2024 as the 2.33% average cost noted above was a decline of two basis points from the prior month.

Total loans including held-for-sale decreased $10.5 million, during the second quarter of 2024, primarily due to a $14.7 million decrease in residential loans including held-for-sale. Total average loan yields increased seven basis points to 5.26% for the second quarter of 2024. This increase was primarily due to origination of higher yielding loans and payoffs of lower yielding loans. Total average loan yields excluding PPP, balance sheet hedges and acquisition marks were 5.36% during the month of June (up seven basis points from 5.29% in March), representing a cumulative beta of 31% compared to the change in the monthly average effective Federal Funds rate for the same period.

Non-interest income

Total non-interest income in the second quarter of 2024 of $12.1 million was down 3.3% from $12.5 million in the first quarter of 2024, and down 6.5% from $12.9 million in the second quarter of 2023, excluding insurance commissions and the gain on sale of insurance agency, primarily due to fluctuations in mortgage banking income. Mortgage banking income decreased $0.3 million on a linked quarter basis and $0.9 million from second quarter 2023, primarily as a result of fluctuations in gain on sale margins and MSR valuation adjustments.

Security losses were $176 thousand in the second quarter of 2024, compared to losses of $37 thousand in the first quarter of 2024 and gains of $64 thousand in the second quarter of 2023, primarily due to valuation changes on equity securities. Service fees in the second quarter of 2024 were $7.0 million, an 8.4% increase from $6.5 million in the first quarter of 2024, but a 2.5% decrease from $7.2 million in the second quarter of 2023. This change was primarily due to fluctuations in loan fees, including commercial customer swap activity. Due to the insurance agency sale on June 30, 2023, there were no insurance commissions in the second quarter of 2024, compared to $4.1 million in the second quarter of 2023. Wealth management income of $1.8 million in the second quarter of 2024 was up slightly from $1.7 million in the first quarter of 2024 and 19.8% higher than $1.5 million in the second quarter of 2023. BOLI income of $1.2 million in the second quarter of 2024 included no claim gains, compared to $1.7 million in the first quarter of 2024, including $0.5 million of claim gains, and $1.0 million in the second quarter of 2023 with no claim gains.

Non-interest expenses

Non-interest expenses excluding transaction costs in the second quarter of 2024 were $38.2 million, a 4.4% decrease from $39.9 million in the first quarter of 2024, and a 6.6% decrease from $40.8 million in the second quarter of 2023, excluding transaction costs for the insurance agency sale. Compensation and benefits were $21.4 million in the second quarter of 2024, compared to $23.4 million in the first quarter of 2024 and $24.2 million in the second quarter of 2023. The linked quarter decrease was primarily due to lower staffing and items that occur annually in the first quarter. The year-over-year decrease was primarily due to the insurance agency sale, partially offset by costs related to higher staffing levels and higher base compensation, including 2024 annual merit adjustments. Data processing costs were $5.1 million in the second quarter of 2024, compared to $4.7 million in the first quarter of 2024 and $3.6 million in the second quarter of 2023, with the year-over-year increase primarily due to the new digital platform launched in October 2023. All other non-interest expenses decreased a net $0.1 million on a linked quarter basis due to cost saving initiatives and decreased a net $1.3 million from second quarter 2023 due to the insurance agency sale and cost saving initiatives. The core efficiency ratio for the second quarter of 2024 was 62.0% compared to 64.2% in the first quarter of 2024 and 57.5% in the second quarter of 2023. The ratio of core non-interest expenses to average assets improved to 1.78% for the second quarter of 2024 from 1.87% for the first quarter of 2024 and from 1.91% for the second quarter of 2023.

Credit quality

Non-performing assets totaled $64.6 million, or 0.74% of assets, at June 30, 2024, an increase from $39.3 million at March 31, 2024, and from $37.6 million at June 30, 2023. The increase was primarily due to one large commercial credit that was previously reported in classified loans. Loan delinquencies increased to $24.6 million, or 0.36% of loans, at June 30, 2024, from $18.3 million at March 31, 2024, and from $19.0 million at June 30, 2023. Criticized loans totaled $207.8 million, or 3.04% of loans, as of June 30, 2024, an increase from $191.5 million at March 31, 2024, and from $121.2 million at June 30, 2023.

The 2024 second quarter results include net charge-offs of $2.6 million and a total provision expense of $2.9 million, compared with net loan recoveries of $0.2 million and a total provision expense of $0.5 million for the same period in 2023. The change in provision is primarily due to higher charge-offs. The allowance for credit losses as a percentage of total loans was 1.16% at June 30, 2024, compared with 1.15% at March 31, 2024, and 1.13% at June 30, 2023.

Year to date results

Net income for the first half of 2024 was $34.0 million, or $0.95 per diluted common share, compared to income of $66.5 million, or $1.86 per diluted common share for the first half of 2023. First half 2023 results included the impact of the insurance agency sale for a net gain on sale after transaction costs of $32.6 million pre-tax or $0.67 per diluted common share after-tax. Excluding the impact of this item, first half 2023 earnings were income of $42.4 million or $1.19 per diluted common share.

Net interest income of $98.9 million on a TE basis for the first half of 2024 was down 10.4% from $110.4 million in the first half of 2023. The TE net interest margin of 2.48% in the first half of 2024 decreased 33 basis points from 2.81% in the first half of 2023. These results are positively impacted by the combination of loan growth and higher loan yields, which were 5.23% for the first half of 2024 compared to 4.76% in the first half of 2023. These results are negatively impacted by increase in the cost of funds in the first half of 2024 of 2.56%, up 84 basis points from the first half of 2023. The year-over-year increase is largely due to increasing costs of customer deposits and higher utilization of FHLB borrowings.

Total non-interest income in the first half of 2024 of $24.6 million was up 19.0% from $20.7 million in the first half of 2023, excluding insurance commissions and the gain on the sale of the insurance agency. Mortgage banking income increased $1.7 million year-over-year primarily as a result of a $1.3 million increase in gains due to better margins.

Security losses were $0.2 million in the first half of 2024 compared to $1.3 million in the first half of 2023, primarily due to valuations on equity securities. The company also sold $21 million of AFS securities for a $27 thousand gain with average yields less than FHLB borrowing rates during the first half of 2023. Service fees in the first half of 2024 were $13.5 million, a 1.1% decrease from $13.6 million in the first half of 2023, primarily due to fluctuations in loan fees including commercial customer swap activity and consumer activity for interchange and ATM/NSF charges. Due to the insurance agency sale on June 30, 2023, there were no insurance commissions in the first half of 2024, compared to $8.9 million in the first half of 2023. Wealth management income of $3.6 million in the first half of 2024 was up 17.7% from $3.0 million in the first half of 2023. BOLI income of $2.9 million in the first half of 2024 included $0.5 million of claim gains, compared to $2.4 million in the first half of 2023, including $0.4 million of claim gains.

Non-interest expenses excluding transaction costs in the first half of 2024 were $78.1 million, a 6.7% decrease from $83.6 million in the first half of 2023. Compensation and benefits were $44.7 million in the first half of 2024, compared to $49.8 million in the first half of 2023. The year-over-year decrease was primarily due to the insurance agency sale, partially offset by costs related to higher staffing levels and higher base compensation, including 2024 annual merit adjustments. FDIC premiums decreased $0.8 million on a year-over-year basis primarily due to lower rates. Data processing costs were $9.7 million in the first half of 2024, compared to $7.5 million in the first half of 2023, with the year-over-year increase primarily due to the new digital platform launched in October 2023. All other non-interest expenses decreased a net $1.9 million on a year-over-year basis due to the insurance agency sale and cost saving initiatives. The core efficiency ratio for the first half of 2024 of 63.1% increased from 59.2% in the first half of 2023 due to lower revenues partly offset by cost saving initiatives that began during the second quarter of 2023. The ratio of core non-interest expenses to average assets improved to 1.82% for the first half of 2024 from 1.98% for the first half of 2023.

The 2024 first half results include net loan charge-offs of $3.0 million and a total provision expense of $2.8 million, compared with net loan charge-offs of $2.2 million and a total provision expense of $4.2 million for the same period in 2023. The year-over-year change in provision expense is primarily due to a decrease in loans during the first half of 2024 compared to an increase in loans during the first half of 2023.

Total assets at $8.78 billion

Total assets at June 30, 2024, were $8.78 billion, compared to $8.63 billion at March 31, 2024, and $8.62 billion at June 30, 2023. Loans receivable were $6.68 billion at June 30, 2024, compared to $6.69 billion at March 31, 2024, and $6.71 billion at June 30, 2023. Securities at June 30, 2024, were $1.09 billion, compared to $1.02 billion at March 31, 2024, and $0.97 billion at June 30, 2023. All securities are either AFS or trading and are reflected at fair value on the balance sheet. Also, at June 30, 2024, goodwill and other intangible assets totaled $305.9 million compared to $306.8 million at March 31, 2024, and $309.9 million at June 30, 2023, with the decreases due to amortization of intangibles.

Total non-brokered deposits at June 30, 2024, were $6.80 billion, compared with $6.81 billion at March 31, 2024, and $6.58 billion at June 30, 2023. Brokered deposits were $382.7 million at June 30, 2024, compared to $368.8 million at March 31, 2024 and $413.2 million at June 30, 2023. FHLB borrowings increased to $393.0 million at June 30, 2024, from $253.0 million at March 31, 2024, but decreased from $455.0 million at June 30, 2023. On June 28, 2024, $50 million of deposits were received late in the day and used to paydown FHLB borrowings on July 1, 2024.

Total stockholders’ equity was $979.1 million at June 30, 2024, compared to $974.3 million at March 31, 2024, and $937.0 million at June 30, 2023, with the increases primarily due to net earnings in excess of dividends. Excluding goodwill and intangibles, tangible equity was $673.3 million at June 30, 2024, an increase from $667.5 million at March 31, 2024, and from $627.1 million at June 30, 2023.

Regulatory ratios all improved during the second quarter of 2024, including CET1 of 11.91%, Tier 1 of 12.41% and Total Capital of 14.25%. All of these ratios also exceed well-capitalized guidelines pro forma for including accumulated other comprehensive income (“AOCI”), including CET1 of 9.61%, Tier 1 of 10.10% and Total Capital of 11.95%.

Dividend to be paid August 16

The Board of Directors declared a quarterly cash dividend of $0.31 per common share payable August 16, 2024, to shareholders of record at the close of business on August 9, 2024. The dividend represents an annual dividend yield of 4.9% percent based on the Premier common stock closing price on July 25, 2024. Premier has approximately 35,839,000 common shares outstanding.

Conference call canceled

Premier will no longer host its previously planned conference call at 10:00 a.m. ET on Wednesday, July 31, 2024.

About Premier Financial Corp.

Premier Financial Corp. (Nasdaq: PFC), headquartered in Defiance, Ohio, is the holding company for Premier Bank. Premier Bank, headquartered in Youngstown, Ohio, operates 73 branches and 9 loan offices in Ohio, Michigan, Indiana and Pennsylvania and also serves clients through a team of wealth professionals dedicated to each community banking branch. For more information, visit the company’s website at PremierFinCorp.com.

Financial Statements and Highlights Follow-

Safe Harbor Statement

This document may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements may include, but are not limited to, statements regarding projections, forecasts, goals and plans of Premier Financial Corp. (“Premier”) and its management, and include statements related to the expected timing, completion and benefits of the proposed merger with WesBanco, Inc. (“WesBanco”) (the ‘Merger”), future movements of interest rates, loan or deposit production levels, future credit quality ratios, future strength in the market area, and growth projections. These statements do not describe historical or current facts and may be identified by words such as “intend,” “intent,” “believe,” “expect,” “estimate,” “target,” “plan,” “anticipate,” or similar words or phrases, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “may,” “can,” or similar verbs. There can be no assurances that the forward-looking statements included in this document will prove to be accurate. In light of the significant uncertainties in the forward-looking statements, the inclusion of such information should not be regarded as a representation by Premier or any other persons, that our objectives and plans will be achieved, including with respect to the Merger. Forward-looking statements involve numerous risks and uncertainties, any one or more of which could affect Premier’s business and financial results in future periods and could cause actual results to differ materially from plans and projections. Factors that could cause or contribute to such differences include, but are not limited to, (1) the businesses of Premier and WesBanco may not be integrated successfully or such integration may take longer to accomplish than expected, (2) the expected cost savings and any revenue synergies from the proposed Merger may not be fully realized within the expected timeframes, (3) disruption from the proposed Merger may make it more difficult to maintain relationships with customers, associates, or suppliers, (4) the required governmental approvals of the proposed Merger may not be obtained on the expected terms and schedule, (5) Premier’s shareholders and/or WesBanco’s shareholders may not approve the proposed Merger and the merger agreement, and WesBanco’s shareholders may not approve the issuance of shares of WesBanco common stock in the proposed Merger. Further information regarding additional factors that could affect the forward-looking statements can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” (in the case of Premier), “Forward-Looking Statements” (in the case of WesBanco), and “Risk Factors” in Premier’s and WesBanco’s Annual Reports on Form 10-K for the year ended December 31, 2023, and other documents subsequently filed by Premier and WesBanco with the SEC. These risks and uncertainties include other risks and uncertainties detailed from time to time in our Securities and Exchange Commission (SEC) filings, including our Annual Report on Form 10-K for the year ended December 31, 2023 and any further amendments thereto. All forward-looking statements made in this document are based on information presently available to the management of Premier and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law. As required by U.S. GAAP, Premier will evaluate the impact of subsequent events through the issuance date of its June 30, 2024, consolidated financial statements as part of its Quarterly Report on Form 10-Q to be filed with the SEC, including with respect to the Merger. Accordingly, subsequent events could occur that may cause Premier to update its critical accounting estimates and to revise its financial information from that which is contained in this news release.

Non-GAAP Reporting Measures

We believe that net income, as defined by U.S. GAAP, is the most appropriate earnings measurement. However, we consider core net interest income, core net income and core pre-tax pre-provision income to be useful supplemental measures of our operating performance. We define core net interest income as net interest income on a tax-equivalent basis excluding income from PPP loans and purchase accounting marks accretion. We define core net income as net income excluding the after-tax impacts of the insurance agency gain on sale and transaction costs. We define core pre-tax pre-provision income as pre-tax pre-provision income excluding the pre-tax impact of the insurance agency gain on sale and transaction costs. We believe that these metrics are useful supplemental measures of operating performance because investors and equity analysts may use these measures to compare the operating performance of the Company between periods or as compared to other financial institutions or other companies on a consistent basis without having to account for income from PPP loans, purchase accounting marks accretion, or the insurance agency sale. Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and ratings agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, they are utilized by the Board of Directors to evaluate management. The supplemental reporting measures do not represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other financial institutions or other companies. Please see the exhibits for reconciliations of our non-GAAP reporting measures.

Subsequent Event

As announced and further described in a separate press release jointly issued by Premier and WesBanco, Inc. today, Premier and WesBanco have entered into a merger agreement.

 
Consolidated Balance Sheets (Unaudited)
Premier Financial Corp.
 
June 30, March 31, December 31, September 30, June 30,
(in thousands)

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 
Assets
Cash and cash equivalents
Cash and amounts due from depositories

$

72,053

 

$

57,956

 

$

81,973

 

$

70,642

 

$

71,096

 

Interest-bearing deposits

 

83,598

 

 

31,725

 

 

32,783

 

 

46,855

 

 

50,631

 

 

155,651

 

 

89,681

 

 

114,756

 

 

117,497

 

 

121,727

 

 
Available-for-sale, carried at fair value

 

1,081,120

 

 

1,014,433

 

 

946,708

 

 

911,184

 

 

961,123

 

Equity securities, carried at fair value

 

5,559

 

 

5,736

 

 

5,773

 

 

5,860

 

 

6,458

 

Securities investments

 

1,086,679

 

 

1,020,169

 

 

952,481

 

 

917,044

 

 

967,581

 

 
Loans (1)

 

6,682,138

 

 

6,693,745

 

 

6,739,387

 

 

6,696,869

 

 

6,708,568

 

Allowance for credit losses - loans

 

(77,222

)

 

(76,679

)

 

(76,512

)

 

(76,513

)

 

(75,921

)

Loans, net

 

6,604,916

 

 

6,617,066

 

 

6,662,875

 

 

6,620,356

 

 

6,632,647

 

Loans held for sale

 

138,604

 

 

137,523

 

 

145,641

 

 

135,218

 

 

128,079

 

Mortgage servicing rights

 

18,140

 

 

18,628

 

 

18,696

 

 

19,642

 

 

20,160

 

Accrued interest receivable

 

35,334

 

 

34,795

 

 

33,446

 

 

34,648

 

 

30,056

 

Federal Home Loan Bank stock

 

32,189

 

 

26,075

 

 

21,760

 

 

25,049

 

 

39,887

 

Bank Owned Life Insurance

 

183,409

 

 

182,203

 

 

181,544

 

 

172,906

 

 

171,856

 

Office properties and equipment

 

55,073

 

 

57,231

 

 

56,878

 

 

55,679

 

 

55,736

 

Real estate and other assets held for sale

 

394

 

 

255

 

 

243

 

 

387

 

 

561

 

Goodwill

 

295,602

 

 

295,602

 

 

295,602

 

 

295,602

 

 

295,602

 

Core deposit and other intangibles

 

10,250

 

 

11,196

 

 

12,186

 

 

13,220

 

 

14,298

 

Other assets

 

162,452

 

 

140,630

 

 

129,841

 

 

155,628

 

 

138,021

 

Total Assets

$

8,778,693

 

$

8,631,054

 

$

8,625,949

 

$

8,562,876

 

$

8,616,211

 

 
Liabilities and Stockholders’ Equity
Non-interest-bearing deposits

$

1,438,764

 

$

1,467,161

 

$

1,591,979

 

$

1,545,595

 

$

1,573,837

 

Interest-bearing deposits

 

5,357,112

 

 

5,347,444

 

 

5,209,123

 

 

5,127,863

 

 

5,007,358

 

Brokered deposits

 

382,678

 

 

368,782

 

 

341,944

 

 

392,181

 

 

413,237

 

Total deposits

 

7,178,554

 

 

7,183,387

 

 

7,143,046

 

 

7,065,639

 

 

6,994,432

 

Advances from FHLB

 

393,000

 

 

253,000

 

 

280,000

 

 

339,000

 

 

455,000

 

Subordinated debentures

 

85,292

 

 

85,261

 

 

85,229

 

 

85,197

 

 

85,166

 

Advance payments by borrowers

 

13,391

 

 

16,861

 

 

23,277

 

 

22,781

 

 

26,045

 

Reserve for credit losses - unfunded commitments

 

3,343

 

 

3,614

 

 

4,307

 

 

4,690

 

 

5,708

 

Other liabilities

 

125,984

 

 

114,590

 

 

114,463

 

 

126,002

 

 

112,889

 

Total Liabilities

 

7,799,564

 

 

7,656,713

 

 

7,650,322

 

 

7,643,309

 

 

7,679,240

 

Stockholders’ Equity
Preferred stock

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Common stock, net

 

306

 

 

306

 

 

306

 

 

306

 

 

306

 

Additional paid-in-capital

 

689,743

 

 

689,468

 

 

690,585

 

 

690,038

 

 

689,579

 

Accumulated other comprehensive income (loss)

 

(163,038

)

 

(162,081

)

 

(153,719

)

 

(200,282

)

 

(168,721

)

Retained earnings

 

581,715

 

 

576,648

 

 

569,937

 

 

560,945

 

 

547,336

 

Treasury stock, at cost

 

(129,597

)

 

(130,000

)

 

(131,482

)

 

(131,440

)

 

(131,529

)

Total Stockholders’ Equity

 

979,129

 

 

974,341

 

 

975,627

 

 

919,567

 

 

936,971

 

Total Liabilities and Stockholders’ Equity

$

8,778,693

 

$

8,631,054

 

$

8,625,949

 

$

8,562,876

 

$

8,616,211

 

 
(1) Includes PPP loans of:

$

369

 

$

417

 

$

469

 

$

526

 

$

577

 

 
Consolidated Statements of Income (Unaudited)
Premier Financial Corp.
Three Months Ended Six Months Ended
(in thousands, except per share amounts) 6/30/24 3/31/24 12/31/23 9/30/23 6/30/23 6/30/24 6/30/23
Interest Income:
Loans

$

88,560

 

$

87,597

 

$

87,924

 

$

86,612

 

$

81,616

 

$

176,156

 

$

157,674

 

Investment securities

 

8,666

 

 

7,602

 

 

7,013

 

 

6,943

 

 

6,997

 

 

16,268

 

 

14,257

 

Interest-bearing deposits

 

638

 

 

609

 

 

740

 

 

652

 

 

641

 

 

1,247

 

 

1,085

 

FHLB stock dividends

 

606

 

 

534

 

 

621

 

 

690

 

 

905

 

 

1,141

 

 

1,299

 

Total interest income

 

98,470

 

 

96,342

 

 

96,298

 

 

94,897

 

 

90,159

 

 

194,812

 

 

174,315

 

Interest Expense:
Deposits

 

43,927

 

 

42,567

 

 

39,250

 

 

34,874

 

 

26,825

 

 

86,494

 

 

48,283

 

FHLB advances

 

4,159

 

 

3,039

 

 

3,328

 

 

4,597

 

 

8,217

 

 

7,198

 

 

13,554

 

Subordinated debentures

 

1,159

 

 

1,162

 

 

1,169

 

 

1,162

 

 

1,125

 

 

2,321

 

 

2,199

 

Notes Payable

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Total interest expense

 

49,245

 

 

46,768

 

 

43,747

 

 

40,633

 

 

36,167

 

 

96,013

 

 

64,036

 

Net interest income

 

49,225

 

 

49,574

 

 

52,551

 

 

54,264

 

 

53,992

 

 

98,799

 

 

110,279

 

Provision (benefit) for credit losses - loans

 

3,173

 

 

560

 

 

2,143

 

 

245

 

 

1,410

 

 

3,733

 

 

5,354

 

Provision (benefit) for credit losses - unfunded commitments

 

(271

)

 

(693

)

 

(382

)

 

(1,018

)

 

(870

)

 

(964

)

 

(1,108

)

Total provision (benefit) for credit losses

 

2,902

 

 

(133

)

 

1,761

 

 

(773

)

 

540

 

 

2,769

 

 

4,246

 

Net interest income after provision

 

46,323

 

 

49,707

 

 

50,790

 

 

55,037

 

 

53,452

 

 

96,030

 

 

106,033

 

Non-interest Income:
Service fees and other charges

 

7,008

 

 

6,467

 

 

6,761

 

 

6,947

 

 

7,190

 

 

13,475

 

 

13,618

 

Mortgage banking income

 

2,047

 

 

2,350

 

 

802

 

 

3,274

 

 

2,940

 

 

4,396

 

 

2,666

 

Gain (loss) on sale of non-mortgage loans

 

-

 

 

67

 

 

94

 

 

-

 

 

71

 

 

67

 

 

71

 

Gain (loss) on sale of available for sale securities

 

-

 

 

-

 

 

10

 

 

-

 

 

(7

)

 

-

 

 

27

 

Gain (loss) on equity securities

 

(176

)

 

(37

)

 

665

 

 

256

 

 

71

 

 

(213

)

 

(1,374

)

Gain on sale of insurance agency

 

-

 

 

-

 

 

-

 

 

-

 

 

36,296

 

 

-

 

 

36,296

 

Insurance commissions

 

-

 

 

-

 

 

-

 

 

-

 

 

4,131

 

 

-

 

 

8,856

 

Wealth management income

 

1,842

 

 

1,713

 

 

1,791

 

 

1,509

 

 

1,537

 

 

3,556

 

 

3,022

 

Income from Bank Owned Life Insurance

 

1,207

 

 

1,697

 

 

1,532

 

 

1,050

 

 

1,015

 

 

2,904

 

 

2,432

 

Other non-interest income

 

150

 

 

239

 

 

134

 

 

217

 

 

102

 

 

389

 

 

194

 

Total non-interest Income

 

12,078

 

 

12,496

 

 

11,789

 

 

13,253

 

 

53,346

 

 

24,574

 

 

65,808

 

Non-interest Expense:
Compensation and benefits

 

21,353

 

 

23,394

 

 

20,963

 

 

21,813

 

 

24,175

 

 

44,747

 

 

49,833

 

Occupancy

 

3,434

 

 

3,365

 

 

3,318

 

 

3,145

 

 

3,320

 

 

6,799

 

 

6,894

 

FDIC insurance premium

 

1,150

 

 

1,120

 

 

1,383

 

 

1,346

 

 

1,786

 

 

2,270

 

 

3,074

 

Financial institutions tax

 

980

 

 

1,035

 

 

761

 

 

989

 

 

961

 

 

2,015

 

 

1,813

 

Data processing

 

5,067

 

 

4,670

 

 

4,678

 

 

4,010

 

 

3,640

 

 

9,737

 

 

7,503

 

Amortization of intangibles

 

946

 

 

990

 

 

1,033

 

 

1,078

 

 

1,223

 

 

1,936

 

 

2,493

 

Other non-interest expense

 

5,228

 

 

5,326

 

 

5,757

 

 

5,671

 

 

5,738

 

 

10,554

 

 

12,024

 

Total non-interest operating expenses

 

38,158

 

 

39,900

 

 

37,893

 

 

38,052

 

 

40,843

 

 

78,058

 

 

83,634

 

Transaction costs

 

50

 

 

-

 

 

-

 

 

-

 

 

3,652

 

 

50

 

 

3,652

 

Total non-interest expenses

 

38,208

 

 

39,900

 

 

37,893

 

 

38,052

 

 

44,495

 

 

78,108

 

 

87,286

 

Income (loss) before income taxes

 

20,193

 

 

22,303

 

 

24,686

 

 

30,238

 

 

62,303

 

 

42,496

 

 

84,555

 

Income tax expense (benefit)

 

4,017

 

 

4,514

 

 

4,616

 

 

5,551

 

 

13,912

 

 

8,531

 

 

18,015

 

Net income (loss)

$

16,176

 

$

17,789

 

$

20,070

 

$

24,687

 

$

48,391

 

$

33,965

 

$

66,540

 

 
 
Earnings per common share:
Basic

$

0.45

 

$

0.50

 

$

0.56

 

$

0.69

 

$

1.35

 

$

0.95

 

$

1.86

 

Diluted

$

0.45

 

$

0.50

 

$

0.56

 

$

0.69

 

$

1.35

 

$

0.95

 

$

1.86

 

 
Average Shares Outstanding:
Basic

 

35,715

 

 

35,772

 

 

35,655

 

 

35,730

 

 

35,722

 

 

35,696

 

 

35,686

 

Diluted

 

35,793

 

 

35,771

 

 

35,772

 

 

35,794

 

 

35,800

 

 

35,789

 

 

35,750

 

   
Premier Financial Corp.  
Selected Quarterly Information  
Three Months Ended Six Months Ended
(dollars in thousands, except per share data) 6/30/24 3/31/24 12/31/23 9/30/23 6/30/23 6/30/24 6/30/23
Summary of Operations  
Tax-equivalent interest income (1)

$

98,542

 

$

96,417

 

$

96,340

 

$

94,951

 

$

90,226

 

$

194,959

 

$

174,485

 

Interest expense

 

49,245

 

 

46,768

 

 

43,747

 

 

40,633

 

 

36,167

 

 

96,013

 

 

64,036

 

Tax-equivalent net interest income (1)

 

49,297

 

 

49,649

 

 

52,593

 

 

54,318

 

 

54,059

 

 

98,946

 

 

110,449

 

Provision expense for credit losses

 

2,902

 

 

(133

)

 

1,761

 

 

(773

)

 

540

 

 

2,769

 

 

4,246

 

Non-interest income (ex securities gains/losses)

 

12,254

 

 

12,533

 

 

11,114

 

 

12,997

 

 

53,282

 

 

24,787

 

 

67,155

 

Core non-interest income (ex securities gains/losses) (2)

 

12,254

 

 

12,533

 

 

11,114

 

 

12,997

 

 

16,986

 

 

24,787

 

 

30,859

 

Non-interest expense

 

38,208

 

 

39,900

 

 

37,893

 

 

38,052

 

 

44,495

 

 

78,108

 

 

87,286

 

Core non-interest expense (2)

 

38,158

 

 

39,900

 

 

37,893

 

 

38,052

 

 

40,843

 

 

78,058

 

83,634

 
Income tax expense (benefit)

 

4,017

 

 

4,514

 

 

4,616

 

 

5,551

 

 

13,912

 

 

8,531

 

 

18,015

 

Net income (loss)

 

16,176

 

 

17,789

 

 

20,070

 

 

24,687

 

 

48,391

 

 

33,965

 

 

66,540

 

Core net income (2)

 

16,215

 

 

17,789

 

 

20,070

 

 

24,687

 

 

24,230

 

 

34,004

 

 

42,379

 

Tax equivalent adjustment (1)

 

72

 

 

75

 

 

42

 

 

54

 

 

67

 

 

147

 

 

170

 

At Period End  
Total assets

$

8,778,693

 

$

8,631,054

 

$

8,625,949

 

$

8,562,876

 

$

8,616,211

 

 
Goodwill and intangibles

 

305,852

 

 

306,798

 

 

307,788

 

 

308,822

 

 

309,900

 

 
Tangible assets (3)

 

8,472,841

 

 

8,324,256

 

 

8,318,161

 

 

8,254,054

 

 

8,306,311

 

 
Earning assets

 

7,945,986

 

 

7,832,558

 

 

7,815,540

 

 

7,744,522

 

 

7,818,825

 

 
Loans

 

6,682,138

 

 

6,693,745

 

 

6,739,387

 

 

6,696,869

 

 

6,708,568

 

 
Allowance for loan losses

 

77,222

 

 

76,679

 

 

76,512

 

 

76,513

 

 

75,921

 

 
Deposits

 

7,178,554

 

 

7,183,387

 

 

7,143,046

 

 

7,065,639

 

 

6,994,432

 

 
Stockholders’ equity

 

979,129

 

 

974,341

 

 

975,627

 

 

919,567

 

 

936,971

 

 
Stockholders’ equity / assets

 

11.15

%

 

11.29

%

 

11.31

%

 

10.74

%

 

10.87

%

 
Tangible equity (3)

 

673,277

 

 

667,543

 

 

667,839

 

 

610,745

 

 

627,071

 

 
Tangible equity / tangible assets

 

7.95

%

 

8.02

%

 

8.03

%

 

7.40

%

 

7.55

%

 
Average Balances  
Total assets

$

8,646,024

 

$

8,591,947

 

$

8,536,193

 

$

8,582,219

 

$

8,597,786

 

$

8,618,985

 

$

8,515,898

 

Earning assets

 

8,016,157

 

 

7,956,887

 

 

7,936,648

 

 

7,969,363

 

 

7,951,520

 

 

7,986,522

 

 

7,871,629

 

Loans

 

6,730,698

 

 

6,745,823

 

 

6,754,782

 

 

6,763,232

 

 

6,714,240

 

 

6,738,261

 

 

6,625,155

 

Deposits and interest-bearing liabilities

 

7,533,717

 

 

7,476,431

 

 

7,447,324

 

 

7,486,595

 

 

7,538,674

 

 

7,505,073

 

 

7,462,732

 

Deposits

 

7,119,191

 

 

7,144,343

 

 

7,098,265

 

 

7,045,827

 

 

6,799,605

 

 

7,131,767

 

 

6,816,469

 

Stockholders’ equity

 

968,451

 

 

974,560

 

 

930,835

 

 

939,456

 

 

921,441

 

 

971,505

 

 

911,569

 

Goodwill and intangibles

 

306,303

 

 

307,226

 

 

308,243

 

 

309,330

 

 

334,862

 

 

306,765

 

 

335,636

 

Tangible equity (3)

 

662,148

 

 

667,334

 

 

622,592

 

 

630,126

 

 

586,579

 

 

664,740

 

 

575,933

 

Per Common Share Data  
Earnings per share ("EPS") - Basic

$

0.45

 

$

0.50

 

$

0.56

 

$

0.69

 

$

1.35

 

$

0.95

 

$

1.86

 

EPS - Diluted

 

0.45

 

 

0.50

 

 

0.56

 

 

0.69

 

 

1.35

 

 

0.95

 

 

1.86

 

EPS - Core diluted (2)

 

0.45

 

 

0.50

 

 

0.56

 

 

0.69

 

 

0.68

 

 

0.95

 

 

1.19

 

Dividends Paid

 

0.31

 

 

0.31

 

 

0.31

 

 

0.31

 

 

0.31

 

 

0.62

 

 

0.62

 

Market Value:  
High

$

21.30

 

$

24.50

 

$

24.87

 

$

22.89

 

$

21.01

 

$

24.15

 

$

27.99

 

Low

 

18.72

 

 

18.68

 

 

15.79

 

 

15.70

 

 

13.60

 

 

18.72

 

 

13.60

 

Close

 

20.46

 

 

20.30

 

 

24.10

 

 

17.06

 

 

16.02

 

 

20.46

 

 

16.02

 

Common Book Value

 

27.32

 

 

27.20

 

 

27.31

 

 

25.74

 

 

26.23

 

 
Tangible Common Book Value (3)

 

18.79

 

 

18.64

 

 

18.69

 

 

17.09

 

 

17.55

 

 
Shares outstanding, end of period (000s)

 

35,840

 

 

35,817

 

 

35,730

 

 

35,731

 

 

35,727

 

 
Performance Ratios (annualized)  
Tax-equivalent net interest margin (1)

 

2.46

%

 

2.50

%

 

2.65

%

 

2.73

%

 

2.72

%

 

2.48

%

 

2.81

%

Return on average assets

 

0.75

%

 

0.83

%

 

0.93

%

 

1.14

%

 

2.26

%

 

0.79

%

 

1.58

%

Core return on average assets (2)

 

0.75

%

 

0.83

%

 

0.93

%

 

1.14

%

 

1.13

%

 

0.79

%

 

1.00

%

Return on average equity

 

6.72

%

 

7.34

%

 

8.55

%

 

10.43

%

 

21.06

%

 

7.03

%

 

14.72

%

Core return on average equity (2)

 

6.73

%

 

7.34

%

 

8.55

%

 

10.43

%

 

10.55

%

 

7.04

%

 

9.38

%

Return on average tangible equity

 

9.83

%

 

10.72

%

 

12.79

%

 

15.54

%

 

33.09

%

 

10.28

%

 

23.30

%

Core return on average tangible equity (2)

 

9.85

%

 

10.72

%

 

12.79

%

 

15.54

%

 

16.57

%

 

10.29

%

 

14.84

%

Efficiency ratio (4)

 

62.08

%

 

64.17

%

 

59.48

%

 

56.53

%

 

41.45

%

 

63.13

%

 

49.15

%

Core efficiency ratio (2)

 

61.99

%

 

64.17

%

 

59.48

%

 

56.53

%

 

57.49

%

 

63.09

%

 

59.19

%

Non-interest expenses / average assets

 

1.78

%

 

1.87

%

 

1.76

%

 

1.76

%

 

2.08

%

 

1.82

%

 

2.07

%

Core non-interest expenses / average assets

 

1.78

%

 

1.87

%

 

1.76

%

 

1.76

%

 

1.91

%

 

1.82

%

 

1.98

%

Effective tax rate

 

19.89

%

 

20.24

%

 

18.70

%

 

18.36

%

 

22.33

%

 

20.07

%

 

21.31

%

Core effective tax rate

 

19.90

%

 

20.24

%

 

18.70

%

 

18.36

%

 

22.33

%

 

20.08

%

 

18.36

%

Common dividend payout ratio

 

68.89

%

 

62.00

%

 

55.36

%

 

44.93

%

 

22.96

%

 

65.26

%

 

33.33

%

Core common dividend payout ratio

 

68.89

%

 

62.00

%

 

55.36

%

 

44.93

%

 

22.96

%

 

65.26

%

 

52.10

%

(1) Interest income on tax-exempt securities and loans has been adjusted to a tax-equivalent basis using the statutory federal income tax rate of 21%.  
(2) Core items exclude the impact of strategic merger and insurance agency disposition related items. See non-GAAP reconciliations.  
(3) Tangible assets = total assets less the sum of goodwill and core deposit and other intangibles. Tangible equity = total stockholders' equity less the sum of goodwill, core deposit and other intangibles, and preferred stock. Tangible common book value = tangible equity divided by shares outstanding at the end of the period.  
(4) Efficiency ratio = Non-interest expense divided by sum of tax-equivalent net interest income plus non-interest income, excluding securities gains or losses, net.  
 
Premier Financial Corp.
Yield Analysis
(dollars in thousands) Three Months Ended Six Months Ended
6/30/24 3/31/24 12/31/23 9/30/23 6/30/23 6/30/24 6/30/23
Average Balances
Interest-earning assets:
Loans receivable (1)

$

6,730,698

 

$

6,745,823

 

$

6,754,782

 

$

6,763,232

 

$

6,714,240

 

$

6,738,261

 

$

6,625,155

 

Securities

 

1,221,006

 

 

1,152,346

 

 

1,121,231

 

 

1,137,730

 

 

1,155,451

 

 

1,186,676

 

 

1,172,809

 

Interest Bearing Deposits

 

37,226

 

 

34,924

 

 

36,761

 

 

38,210

 

 

36,730

 

 

36,075

 

 

35,898

 

FHLB stock

 

27,227

 

 

23,794

 

 

23,874

 

 

30,191

 

 

45,099

 

 

25,510

 

 

37,767

 

Total interest-earning assets

 

8,016,157

 

 

7,956,887

 

 

7,936,648

 

 

7,969,363

 

 

7,951,520

 

 

7,986,522

 

 

7,871,629

 

Non-interest-earning assets

 

629,867

 

 

635,060

 

 

599,545

 

 

612,856

 

 

646,266

 

 

632,463

 

 

644,269

 

Total assets

$

8,646,024

 

$

8,591,947

 

$

8,536,193

 

$

8,582,219

 

$

8,597,786

 

$

8,618,985

 

$

8,515,898

 

Deposits and Interest-bearing Liabilities:
Interest bearing deposits

$

5,669,033

 

$

5,650,823

 

$

5,541,498

 

$

5,490,945

 

$

5,195,727

 

$

5,659,928

 

$

5,137,442

 

FHLB advances and other

 

329,253

 

 

246,846

 

 

263,848

 

 

355,576

 

 

653,923

 

 

288,049

 

 

561,133

 

Subordinated debentures

 

85,273

 

 

85,242

 

 

85,211

 

 

85,179

 

 

85,146

 

 

85,257

 

 

85,130

 

Notes payable

 

-

 

 

-

 

 

-

 

 

13

 

 

-

 

 

-

 

 

-

 

Total interest-bearing liabilities

 

6,083,559

 

 

5,982,911

 

 

5,890,557

 

 

5,931,713

 

 

5,934,796

 

 

6,033,234

 

 

5,783,705

 

Non-interest bearing deposits

 

1,450,158

 

 

1,493,520

 

 

1,556,767

 

 

1,554,882

 

 

1,603,878

 

 

1,471,839

 

 

1,679,027

 

Total including non-interest-bearing deposits

 

7,533,717

 

 

7,476,431

 

 

7,447,324

 

 

7,486,595

 

 

7,538,674

 

 

7,505,073

 

 

7,462,732

 

Other non-interest-bearing liabilities

 

143,856

 

 

140,956

 

 

158,034

 

 

156,168

 

 

137,671

 

 

142,407

 

 

141,597

 

Total liabilities

 

7,677,573

 

 

7,617,387

 

 

7,605,358

 

 

7,642,763

 

 

7,676,345

 

 

7,647,480

 

 

7,604,329

 

Stockholders' equity

 

968,451

 

 

974,560

 

 

930,835

 

 

939,456

 

 

921,441

 

 

971,505

 

 

911,569

 

Total liabilities and stockholders' equity

$

8,646,024

 

$

8,591,947

 

$

8,536,193

 

$

8,582,219

 

$

8,597,786

 

$

8,618,985

 

$

8,515,898

 

IEAs/IBLs

 

132

%

 

133

%

 

135

%

 

134

%

 

134

%

 

132

%

 

136

%

 
Interest Income/Expense
Interest-earning assets:
Loans receivable (2)

$

88,567

 

$

87,603

 

$

87,929

 

$

86,618

 

$

81,622

 

$

176,169

 

$

157,684

 

Securities (2)

 

8,731

 

 

7,671

 

 

7,050

 

 

6,991

 

 

7,058

 

 

16,402

 

 

14,417

 

Interest Bearing Deposits

 

638

 

 

609

 

 

740

 

 

652

 

 

641

 

 

1,247

 

 

1,085

 

FHLB stock

 

606

 

 

534

 

 

621

 

 

690

 

 

905

 

 

1,141

 

 

1,299

 

Total interest-earning assets

 

98,542

 

 

96,417

 

 

96,340

 

 

94,951

 

 

90,226

 

 

194,959

 

 

174,485

 

Deposits and Interest-bearing Liabilities:
Interest bearing deposits

$

43,927

 

$

42,567

 

$

39,250

 

$

34,874

 

$

26,825

 

$

86,494

 

$

48,283

 

FHLB advances and other

 

4,159

 

 

3,039

 

 

3,328

 

 

4,597

 

 

8,217

 

 

7,198

 

 

13,554

 

Subordinated debentures

 

1,159

 

 

1,162

 

 

1,169

 

 

1,162

 

 

1,125

 

 

2,321

 

 

2,199

 

Notes payable

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Total interest-bearing liabilities

 

49,245

 

 

46,768

 

 

43,747

 

 

40,633

 

 

36,167

 

 

96,013

 

 

64,036

 

Non-interest bearing deposits

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Total including non-interest-bearing deposits

 

49,245

 

 

46,768

 

 

43,747

 

 

40,633

 

 

36,167

 

 

96,013

 

 

64,036

 

Net interest income

$

49,297

 

$

49,649

 

$

52,593

 

$

54,318

 

$

54,059

 

$

98,946

 

$

110,449

 

 
Annualized Average Rates
Interest-earning assets:
Loans receivable

 

5.26

%

 

5.19

%

 

5.21

%

 

5.12

%

 

4.86

%

 

5.23

%

 

4.76

%

Securities (3)

 

2.86

%

 

2.66

%

 

2.52

%

 

2.46

%

 

2.44

%

 

2.76

%

 

2.46

%

Interest Bearing Deposits

 

6.86

%

 

6.98

%

 

8.05

%

 

6.83

%

 

6.98

%

 

6.91

%

 

6.04

%

FHLB stock

 

8.90

%

 

8.98

%

 

10.40

%

 

9.14

%

 

8.03

%

 

8.95

%

 

6.88

%

Total interest-earning assets

 

4.92

%

 

4.85

%

 

4.86

%

 

4.77

%

 

4.54

%

 

4.88

%

 

4.43

%

Deposits and Interest-bearing Liabilities:
Interest bearing deposits

 

3.10

%

 

3.01

%

 

2.83

%

 

2.54

%

 

2.07

%

 

3.06

%

 

1.88

%

FHLB advances and other

 

5.05

%

 

4.92

%

 

5.05

%

 

5.17

%

 

5.03

%

 

5.00

%

 

4.83

%

Subordinated debentures

 

5.44

%

 

5.45

%

 

5.49

%

 

5.46

%

 

5.29

%

 

5.44

%

 

5.17

%

Notes payable

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Total interest-bearing liabilities

 

3.24

%

 

3.13

%

 

2.97

%

 

2.74

%

 

2.44

%

 

3.18

%

 

2.21

%

Non-interest bearing deposits

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Total including non-interest-bearing deposits

 

2.61

%

 

2.50

%

 

2.35

%

 

2.17

%

 

1.92

%

 

2.56

%

 

1.72

%

Net interest spread

 

1.68

%

 

1.72

%

 

1.89

%

 

2.03

%

 

2.10

%

 

1.70

%

 

2.22

%

Net interest margin (4)

 

2.46

%

 

2.50

%

 

2.65

%

 

2.73

%

 

2.72

%

 

2.48

%

 

2.81

%

 
(1) Includes average PPP loans of:

$

394

 

$

442

 

$

495

 

$

553

 

$

673

 

$

418

 

$

818

 

(2) Interest on certain tax exempt loans and securities is not taxable for Federal income tax purposes. In order to compare the tax-exempt yields on these assets to taxable yields, the interest earned on these assets is adjusted to a pre-tax equivalent amount based on the marginal corporate federal income tax rate of 21%.
(3) Securities yield = annualized interest income divided by the average balance of securities, excluding average unrealized gains/losses.
(4) Net interest margin is tax equivalent net interest income divided by average interest-earning assets.
 
Premier Financial Corp.
Deposits and Liquidity
(dollars in thousands)
As of and for the Three Months Ended
6/30/24 3/31/24 12/31/23 9/30/23 6/30/23
Ending Balances
Non-interest-bearing demand deposits

$

1,438,764

 

$

1,467,161

 

$

1,591,979

 

$

1,545,595

 

$

1,573,837

 

Savings deposits

 

632,831

 

 

656,122

 

 

677,679

 

 

709,938

 

 

748,392

 

Interest-bearing demand deposits

 

530,932

 

 

553,331

 

 

565,757

 

 

580,069

 

 

594,325

 

Money market account deposits

 

1,437,688

 

 

1,426,809

 

 

1,374,526

 

 

1,279,551

 

 

1,282,721

 

Time deposits

 

1,052,934

 

 

1,051,955

 

 

998,002

 

 

925,353

 

 

904,717

 

Public funds, ICS and CDARS deposits

 

1,702,727

 

 

1,659,227

 

 

1,593,159

 

 

1,632,952

 

 

1,477,203

 

Brokered deposits

 

382,678

 

 

368,782

 

 

341,944

 

 

392,181

 

 

413,237

 

Total deposits

$

7,178,554

 

$

7,183,387

 

$

7,143,046

 

$

7,065,639

 

$

6,994,432

 

 
Average Balances
Non-interest-bearing demand deposits

$

1,450,158

 

$

1,493,520

 

$

1,556,767

 

$

1,554,882

 

$

1,603,878

 

Savings deposits

 

643,523

 

 

663,786

 

 

691,295

 

 

728,545

 

 

762,074

 

Interest-bearing demand deposits

 

546,496

 

 

547,168

 

 

557,210

 

 

575,744

 

 

603,572

 

Money market account deposits

 

1,430,619

 

 

1,411,075

 

 

1,331,623

 

 

1,278,381

 

 

1,311,177

 

Time deposits

 

1,049,566

 

 

1,025,946

 

 

959,420

 

 

912,579

 

 

872,991

 

Public funds, ICS and CDARS deposits

 

1,636,188

 

 

1,618,554

 

 

1,614,339

 

 

1,573,213

 

 

1,399,749

 

Brokered deposits

 

362,641

 

 

384,294

 

 

387,611

 

 

422,483

 

 

246,164

 

Total deposits

$

7,119,191

 

$

7,144,343

 

$

7,098,265

 

$

7,045,827

 

$

6,799,605

 

 
Average Rates
Non-interest-bearing demand deposits

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

Savings deposits

 

0.03

%

 

0.03

%

 

0.03

%

 

0.03

%

 

0.02

%

Interest-bearing demand deposits

 

0.08

%

 

0.12

%

 

0.13

%

 

0.11

%

 

0.10

%

Money market account deposits

 

2.94

%

 

2.83

%

 

2.65

%

 

2.02

%

 

1.73

%

Time deposits

 

3.80

%

 

3.55

%

 

3.15

%

 

2.68

%

 

2.27

%

Public funds, ICS and CDARS deposits

 

4.52

%

 

4.48

%

 

4.30

%

 

4.18

%

 

3.71

%

Brokered deposits

 

5.32

%

 

5.33

%

 

5.46

%

 

5.36

%

 

4.92

%

Total deposits

 

2.47

%

 

2.38

%

 

2.21

%

 

1.98

%

 

1.58

%

 
Other Deposits Data
Loans/Deposits Ratio

 

93.1

%

 

93.2

%

 

94.3

%

 

94.8

%

 

95.9

%

Uninsured deposits %

 

32.5

%

 

32.6

%

 

33.1

%

 

32.8

%

 

31.5

%

Adjusted uninsured deposits % (1)

 

17.0

%

 

17.6

%

 

18.9

%

 

17.7

%

 

17.3

%

Top 20 depositors %

 

14.4

%

 

14.0

%

 

13.9

%

 

14.1

%

 

12.4

%

Public funds %

 

18.9

%

 

18.5

%

 

17.9

%

 

18.8

%

 

17.5

%

Average account size (excluding brokered)

$

27.5

 

$

27.0

 

$

26.9

 

$

27.1

 

$

26.7

 

 
Securities Data
Held-to-maturity (HTM) at fair value

$

-

 

$

-

 

$

-

 

$

-

 

$

-

 

Available-for-sale (AFS) at fair value (2)

 

1,081,120

 

 

1,014,433

 

 

946,708

 

 

911,184

 

 

961,123

 

Equity investment at fair value (3)

 

5,559

 

 

5,736

 

 

5,773

 

 

5,860

 

 

6,458

 

Total securities at fair value

$

1,086,679

 

$

1,020,169

 

$

952,481

 

$

917,044

 

$

967,581

 

Cash+Securities/Assets

 

14.2

%

 

12.9

%

 

12.4

%

 

12.1

%

 

12.6

%

Projected AFS cash flow in next 12 months

$

115,609

 

$

89,563

 

$

69,067

 

$

66,495

 

$

64,687

 

AFS average life (years)

 

4.9

 

 

5.3

 

 

6.2

 

 

6.5

 

 

6.5

 

 
Liquidity Sources
Cash and cash equivalents

$

155,651

 

$

89,681

 

$

114,756

 

$

117,497

 

$

121,727

 

Unpledged securities at fair value

 

477,776

 

 

398,610

 

 

314,385

 

 

280,916

 

 

298,471

 

FHLB borrowing capacity

 

1,247,632

 

 

1,383,086

 

 

1,336,707

 

 

1,311,091

 

 

1,542,459

 

Brokered deposits

 

492,359

 

 

491,447

 

 

513,767

 

 

316,697

 

 

288,719

 

Bank and parent lines of credit

 

70,000

 

 

70,000

 

 

70,000

 

 

70,000

 

 

70,000

 

Federal Reserve - Discount Window and BTFP (4)

 

702,712

 

 

680,456

 

 

620,518

 

 

471,395

 

 

491,141

 

Total

$

3,146,130

 

$

3,113,280

 

$

2,970,133

 

$

2,567,596

 

$

2,812,517

 

Total liquidity to adjusted uninsured deposits ratio

 

255.7

%

 

244.7

%

 

218.3

%

 

204.0

%

 

230.5

%

 
(1) Adjusted for collateralized deposits, other insured deposits and intra-company accounts.
(2) Mark-to-market included in accumulated other comprehensive income.
(3) Mark-to-market included in net income each quarter.
(4) Includes capacity related to unpledged securities at par value in excess of fair value under Bank Term Funding Program prior to 3/31/24.
 
Premier Financial Corp.
Loans and Capital
(dollars in thousands)
6/30/24 3/31/24 12/31/23 9/30/23 6/30/23
Loan Portfolio Composition
Residential real estate

$

1,805,984

 

$

1,816,416

 

$

1,810,265

 

$

1,797,676

 

$

1,711,632

 

Residential real estate construction

 

9,649

 

 

15,009

 

 

28,794

 

 

51,637

 

 

111,708

 

Total residential loans

 

1,815,633

 

 

1,831,425

 

 

1,839,059

 

 

1,849,313

 

 

1,823,340

 

 
Commercial real estate

 

2,844,792

 

 

2,830,086

 

 

2,839,905

 

 

2,820,410

 

 

2,848,410

 

Commercial construction

 

513,652

 

 

535,294

 

 

528,563

 

 

502,502

 

 

472,328

 

Commercial excluding PPP

 

1,037,718

 

 

1,030,620

 

 

1,056,334

 

 

1,038,939

 

 

1,068,795

 

Core commercial loans (1)

 

4,396,162

 

 

4,396,000

 

 

4,424,802

 

 

4,361,851

 

 

4,389,533

 

 
Consumer direct/indirect

 

187,936

 

 

187,664

 

 

193,830

 

 

203,800

 

 

210,390

 

Home equity and improvement lines

 

268,699

 

 

265,362

 

 

267,960

 

 

269,053

 

 

272,792

 

Total consumer loans

 

456,635

 

 

453,026

 

 

461,790

 

 

472,853

 

 

483,182

 

 
Deferred loan origination fees

 

13,339

 

 

12,877

 

 

13,267

 

 

12,326

 

 

11,936

 

Core loans (1)

 

6,681,769

 

 

6,693,328

 

 

6,738,918

 

 

6,696,343

 

 

6,707,991

 

PPP loans

 

369

 

 

417

 

 

469

 

 

526

 

 

577

 

Total loans

$

6,682,138

 

$

6,693,745

 

$

6,739,387

 

$

6,696,869

 

$

6,708,568

 

 
Loans held for sale

$

138,604

 

$

137,523

 

$

145,641

 

$

135,218

 

$

128,079

 

Core residential loans (1)

 

1,954,237

 

 

1,968,948

 

 

1,984,700

 

 

1,984,531

 

 

1,951,419

 

Total loans including loans held for sale but excluding PPP

 

6,820,373

 

 

6,830,851

 

 

6,884,559

 

 

6,831,561

 

 

6,836,070

 

 
Undisbursed construction loan funds - residential

$

52,140

 

$

57,246

 

$

72,748

 

$

82,689

 

$

102,198

 

Undisbursed construction loan funds - commercial

 

123,445

 

 

151,677

 

 

208,718

 

 

284,610

 

 

353,455

 

Undisbursed construction loan funds - total

 

175,585

 

 

208,923

 

 

281,466

 

 

367,299

 

 

455,653

 

Total construction loans including undisbursed funds

$

698,886

 

$

759,226

 

$

838,823

 

$

921,438

 

$

1,039,689

 

Gross loans (2)

$

6,844,384

 

$

6,889,791

 

$

7,007,586

 

$

7,051,842

 

$

7,152,285

 

 
Fixed rate loans %

 

48.7

%

 

49.0

%

 

49.3

%

 

49.8

%

 

49.8

%

Floating rate loans %

 

16.2

%

 

16.5

%

 

15.6

%

 

15.8

%

 

15.9

%

Adjustable rate loans repricing within 1 year %

 

5.2

%

 

3.4

%

 

3.4

%

 

2.9

%

 

1.5

%

Adjustable rate loans repricing over 1 year %

 

29.9

%

 

31.1

%

 

31.7

%

 

31.5

%

 

32.8

%

 
Commercial Real Estate Loans Composition
Non owner occupied excluding office

$

1,047,892

 

$

1,026,598

 

$

1,027,801

 

$

1,023,585

 

$

1,012,400

 

Non owner occupied office

 

186,266

 

 

189,436

 

 

205,302

 

 

207,869

 

 

225,046

 

Owner occupied excluding office

 

668,327

 

 

656,825

 

 

653,849

 

 

597,303

 

 

603,650

 

Owner occupied office

 

107,555

 

 

112,706

 

 

113,679

 

 

106,761

 

 

107,240

 

Multifamily

 

642,469

 

 

652,371

 

 

642,651

 

 

627,602

 

 

633,909

 

Agriculture land

 

121,597

 

 

121,102

 

 

121,544

 

 

119,710

 

 

123,104

 

Other commercial real estate

 

70,686

 

 

71,048

 

 

75,079

 

 

137,580

 

 

143,061

 

Total commercial real estate loans

$

2,844,792

 

$

2,830,086

 

$

2,839,905

 

$

2,820,410

 

$

2,848,410

 

 
Capital Balances
Total equity

$

979,129

 

$

974,341

 

$

975,627

 

$

919,567

 

$

936,971

 

Less: Regulatory goodwill and intangibles

 

300,770

 

 

301,716

 

 

302,706

 

 

303,740

 

 

304,818

 

Less: Accumulated other comprehensive income/(loss) ("AOCI")

 

(163,038

)

 

(162,081

)

 

(153,719

)

 

(200,282

)

 

(168,721

)

Common equity tier 1 capital ("CET1")

 

841,397

 

 

834,706

 

 

826,640

 

 

816,109

 

 

800,874

 

Add: Tier 1 subordinated debt

 

35,000

 

 

35,000

 

 

35,000

 

 

35,000

 

 

35,000

 

Tier 1 capital

 

876,397

 

 

869,706

 

 

861,640

 

 

851,109

 

 

835,874

 

Add: Regulatory allowances

 

80,247

 

 

79,827

 

 

80,231

 

 

80,791

 

 

80,812

 

Add: Tier 2 subordinated debt

 

50,000

 

 

50,000

 

 

50,000

 

 

50,000

 

 

50,000

 

Total risk-based capital

$

1,006,644

 

$

999,533

 

$

991,871

 

$

981,900

 

$

966,686

 

 
Total risk-weighted assets

$

7,062,328

 

$

7,013,832

 

$

7,066,743

 

$

7,329,471

 

$

7,381,940

 

 
Capital Ratios
CET1 Ratio

 

11.91

%

 

11.90

%

 

11.70

%

 

11.13

%

 

10.85

%

CET1 Ratio including AOCI

 

9.61

%

 

9.59

%

 

9.52

%

 

8.40

%

 

8.56

%

Tier 1 Capital Ratio

 

12.41

%

 

12.40

%

 

12.19

%

 

11.61

%

 

11.32

%

Tier 1 Capital Ratio including AOCI

 

10.10

%

 

10.09

%

 

10.02

%

 

8.88

%

 

9.04

%

Total Capital Ratio

 

14.25

%

 

14.25

%

 

14.04

%

 

13.39

%

 

13.10

%

Total Capital Ratio including AOCI

 

11.95

%

 

11.94

%

 

11.86

%

 

10.66

%

 

10.81

%

 
(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
 
June 30, 2024
One to four family residential real estate

$

1,805,984

$

1,781,241

$

8,960

0.50

%

$

15,783

0.87

%

Construction

 

698,886

 

698,886

 

-

0.00

%

 

-

0.00

%

Commercial real estate

 

2,844,792

 

2,832,095

 

8,581

0.30

%

 

4,116

0.14

%

Commercial

 

1,038,087

 

998,954

 

328

0.03

%

 

38,805

3.74

%

Home equity and improvement

 

268,699

 

264,563

 

2,478

0.92

%

 

1,658

0.62

%

Consumer finance

 

187,936

 

179,842

 

4,298

2.29

%

 

3,796

2.02

%

Gross loans

$

6,844,384

$

6,755,581

$

24,645

0.36

%

$

64,158

0.94

%

 
March 31, 2024
One to four family residential real estate

$

1,816,416

$

1,797,169

$

5,834

0.32

%

$

13,413

0.74

%

Construction

 

759,226

 

759,226

 

-

0.00

%

 

-

0.00

%

Commercial real estate

 

2,830,086

 

2,821,750

 

1,083

0.04

%

 

7,253

0.26

%

Commercial

 

1,031,037

 

1,013,857

 

4,440

0.43

%

 

12,740

1.24

%

Home equity and improvement

 

265,362

 

260,683

 

2,613

0.98

%

 

2,066

0.78

%

Consumer finance

 

187,664

 

179,741

 

4,364

2.33

%

 

3,559

1.90

%

Gross loans

$

6,889,791

$

6,832,426

$

18,334

0.27

%

$

39,031

0.57

%

 
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

%

 
Loan Risk Ratings Information
(dollars in thousands) Total Balance Pass Rated Special Mention % of

Total
Classified % of

Total
 
June 30, 2024
One to four family residential real estate

$

1,796,799

$

1,781,780

$

470

0.03

%

$

14,549

0.81

%

Construction

 

698,886

 

691,386

 

7,500

1.07

%

 

-

0.00

%

Commercial real estate

 

2,842,924

 

2,747,835

 

48,238

1.70

%

 

46,851

1.65

%

Commercial

 

1,034,491

 

952,016

 

37,107

3.59

%

 

45,368

4.39

%

Home equity and improvement

 

267,300

 

265,847

 

-

0.00

%

 

1,453

0.54

%

Consumer finance

 

187,816

 

184,242

 

-

0.00

%

 

3,574

1.90

%

PCD loans

 

16,168

 

13,480

 

164

1.01

%

 

2,524

15.61

%

Gross loans

$

6,844,384

$

6,636,586

$

93,479

1.37

%

$

114,319

1.67

%

 
March 31, 2024
One to four family residential real estate

$

1,806,724

$

1,794,030

$

487

0.03

%

$

12,207

0.68

%

Construction

 

759,226

 

751,726

 

7,500

0.99

%

 

-

0.00

%

Commercial real estate

 

2,828,138

 

2,749,206

 

53,456

1.89

%

 

25,476

0.90

%

Commercial

 

1,027,101

 

945,049

 

32,487

3.16

%

 

49,565

4.83

%

Home equity and improvement

 

263,897

 

262,046

 

-

0.00

%

 

1,851

0.70

%

Consumer finance

 

187,501

 

184,214

 

-

0.00

%

 

3,287

1.75

%

PCD loans

 

17,204

 

12,006

 

2,485

14.44

%

 

2,713

15.77

%

Gross loans

$

6,889,791

$

6,698,277

$

96,415

1.40

%

$

95,099

1.38

%

 
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

%

 
 
Premier Financial Corp.
Mortgage and Credit Information
(dollars in thousands)
As of and for the Three Months Ended Six Months Ended
Mortgage Banking Summary 6/30/24 3/31/24 12/31/23 9/30/23 6/30/23 6/30/24 6/30/23
Revenue from sales and servicing of mortgage loans:
Mortgage banking gains, net

$

1,378

 

$

1,283

 

$

439

 

$

2,584

 

$

2,242

 

$

2,661

 

$

1,405

 

Mortgage loan servicing revenue (expense):
Mortgage loan servicing revenue

 

1,835

 

 

1,842

 

 

1,844

 

 

1,850

 

 

1,845

 

 

3,676

 

 

3,733

 

Amortization of mortgage servicing rights

 

(1,313

)

 

(1,238

)

 

(1,257

)

 

(1,291

)

 

(1,277

)

 

(2,551

)

 

(2,496

)

Mortgage servicing rights valuation adjustments

 

147

 

 

463

 

 

(224

)

 

131

 

 

130

 

 

610

 

 

24

 

 

669

 

 

1,067

 

 

363

 

 

690

 

 

698

 

 

1,735

 

 

1,261

 

Total revenue from sale/servicing of mortgage loans

$

2,047

 

$

2,350

 

$

802

 

$

3,274

 

$

2,940

 

$

4,396

 

$

2,666

 

 
Mortgage servicing rights:
Balance at beginning of period

$

18,921

 

$

19,452

 

$

20,174

 

$

20,823

 

$

21,447

 

$

19,452

 

$

21,858

 

Loans sold, servicing retained

 

678

 

 

707

 

 

535

 

 

642

 

 

653

 

 

1,385

 

 

1,461

 

Amortization

 

(1,313

)

 

(1,238

)

 

(1,257

)

 

(1,291

)

 

(1,277

)

 

(2,551

)

 

(2,496

)

Balance at end of period

 

18,286

 

 

18,921

 

 

19,452

 

 

20,174

 

 

20,823

 

 

18,286

 

 

20,823

 

Valuation allowance:
Balance at beginning of period

 

(293

)

 

(756

)

 

(532

)

 

(663

)

 

(793

)

 

(756

)

 

(687

)

Impairment recovery (charges)

 

147

 

 

463

 

 

(224

)

 

131

 

 

130

 

 

610

 

 

24

 

Balance at end of period

 

(146

)

 

(293

)

 

(756

)

 

(532

)

 

(663

)

 

(146

)

 

(663

)

Net carrying value at end of period

$

18,140

 

$

18,628

 

$

18,696

 

$

19,642

 

$

20,160

 

$

18,140

 

$

20,160

 

 
Allowance for credit losses - loans
Beginning allowance

$

76,679

 

$

76,512

 

$

76,513

 

$

75,921

 

$

74,273

 

$

76,512

 

$

72,816

 

Provision (benefit) for credit losses - loans

 

3,173

 

 

560

 

 

2,143

 

 

245

 

 

1,410

 

 

3,733

 

 

5,354

 

Net recoveries (charge-offs)

 

(2,630

)

 

(393

)

 

(2,144

)

 

347

 

 

238

 

 

(3,023

)

 

(2,249

)

Ending allowance

$

77,222

 

$

76,679

 

$

76,512

 

$

76,513

 

$

75,921

 

$

77,222

 

$

75,921

 

 
Total loans

$

6,682,138

 

$

6,693,745

 

$

6,739,387

 

$

6,696,869

 

$

6,708,568

 

Less: PPP loans

 

(369

)

 

(417

)

 

(469

)

 

(526

)

 

(577

)

Total loans ex PPP

$

6,681,769

 

$

6,693,328

 

$

6,738,918

 

$

6,696,343

 

$

6,707,991

 

 
Allowance for credit losses (ACL)

$

77,222

 

$

76,679

 

$

76,512

 

$

76,513

 

$

75,921

 

Add: Unaccreted purchase accounting marks

 

575

 

 

889

 

 

1,160

 

 

1,526

 

 

1,901

 

Adjusted ACL

$

77,797

 

$

77,568

 

$

77,672

 

$

78,039

 

$

77,822

 

ACL/Loans

 

1.16

%

 

1.15

%

 

1.14

%

 

1.14

%

 

1.13

%

Adjusted ACL/Loans ex PPP

 

1.16

%

 

1.16

%

 

1.15

%

 

1.17

%

 

1.16

%

 
Credit Quality
Total non-performing loans (1)

$

64,158

 

$

39,031

 

$

35,491

 

$

39,463

 

$

36,991

 

Real estate owned (REO)

 

394

 

 

255

 

 

243

 

 

387

 

 

561

 

Total non-performing assets (2)

$

64,552

 

$

39,286

 

$

35,734

 

$

39,850

 

$

37,552

 

Net charge-offs (recoveries)

 

2,630

 

 

393

 

 

2,144

 

 

(347

)

 

(238

)

 
Allowance for credit losses / non-performing assets

 

119.63

%

 

195.18

%

 

214.12

%

 

192.00

%

 

202.18

%

Allowance for credit losses / non-performing loans

 

120.36

%

 

196.46

%

 

215.58

%

 

193.89

%

 

205.24

%

Non-performing assets / loans plus REO

 

0.97

%

 

0.59

%

 

0.53

%

 

0.60

%

 

0.56

%

Non-performing assets / total assets

 

0.74

%

 

0.46

%

 

0.41

%

 

0.47

%

 

0.44

%

Net charge-offs (recoveries) / average loans

 

0.16

%

 

0.02

%

 

0.13

%

 

-0.02

%

 

-0.01

%

Net charge-offs (recoveries) / average loans LTM

 

0.07

%

 

0.03

%

 

0.06

%

 

0.04

%

 

0.14

%

 
(1) Non-performing loans consist of non-accrual loans.
(2) Non-performing assets are non-performing loans plus real estate and other assets acquired by foreclosure or deed-in-lieu thereof.
 
Premier Financial Corp.
Non-GAAP Reconciliations Three Months Ended Six Months Ended
(In thousands, except per share and ratio data) 6/30/24 3/31/24 12/31/23 9/30/23 6/30/23 6/30/24 6/30/23
Total non-interest expenses

$

38,208

 

$

39,900

 

$

37,893

 

$

38,052

 

$

44,495

 

$

78,108

 

$

87,286

 

Less: Transaction costs (pre-tax)(1)

 

50

 

 

-

 

 

-

 

 

-

 

 

3,652

 

 

50

 

 

3,652

 

Core non-interest expenses

$

38,158

 

$

39,900

 

$

37,893

 

$

38,052

 

$

40,843

 

$

78,058

 

$

83,634

 

Average total assets

$

8,646,024

 

$

8,591,947

 

$

8,536,193

 

$

8,582,219

 

$

8,597,786

 

$

8,618,985

 

$

8,515,898

 

Core non-interest expenses / average assets

 

1.78

%

 

1.87

%

 

1.76

%

 

1.76

%

 

1.91

%

 

1.82

%

 

1.98

%

 
Core non-interest expenses

$

38,158

 

$

39,900

 

$

37,893

 

$

38,052

 

$

40,843

 

$

78,058

 

$

83,634

 

Less: Insurance agency expenses

 

-

 

 

-

 

 

-

 

 

-

 

 

3,432

 

 

-

 

 

6,425

 

Core non-interest expenses excluding insurance agency

$

38,158

 

$

39,900

 

$

37,893

 

$

38,052

 

$

37,411

 

#

$

78,058

 

$

77,209

 

 
Non-interest income

$

12,078

 

$

12,496

 

$

11,789

 

$

13,253

 

$

53,346

 

$

24,574

 

$

65,808

 

Less: Gain on sale of insurance agency (pre-tax)

 

-

 

 

-

 

 

-

 

 

-

 

 

36,296

 

 

-

 

 

36,296

 

Core non-interest income

$

12,078

 

$

12,496

 

$

11,789

 

$

13,253

 

$

17,050

 

$

24,574

 

$

29,512

 

Less: Securities gains (losses)

 

(176

)

 

(37

)

 

675

 

 

256

 

 

64

 

 

(213

)

 

(1,347

)

Core non-interest income (ex securities gains/losses)

$

12,254

 

$

12,533

 

$

11,114

 

$

12,997

 

$

16,986

 

$

24,787

 

$

30,859

 

 
Tax-equivalent net interest income

$

49,297

 

$

49,649

 

$

52,593

 

$

54,318

 

$

54,059

 

$

98,946

 

$

110,449

 

Core non-interest income (ex securities gains/losses)

 

12,254

 

 

12,533

 

 

11,114

 

 

12,997

 

 

16,986

 

 

24,787

 

 

30,859

 

Total core revenues

 

61,551

 

 

62,182

 

 

63,707

 

 

67,315

 

 

71,045

 

 

123,733

 

 

141,308

 

Core non-interest expenses

$

38,158

 

$

39,900

 

$

37,893

 

$

38,052

 

$

40,843

 

$

78,058

 

$

83,634

 

Core efficiency ratio

 

61.99

%

 

64.17

%

 

59.48

%

 

56.53

%

 

57.49

%

 

63.09

%

 

59.19

%

 
Income (loss) before income taxes

$

20,193

 

$

22,303

 

$

24,686

 

$

30,238

 

$

62,303

 

$

42,496

 

$

84,555

 

Add: Provision (benefit) for credit losses

 

2,902

 

 

(133

)

 

1,761

 

 

(773

)

 

540

 

 

2,769

 

 

4,246

 

Pre-tax pre-provision income

 

23,095

 

 

22,170

 

 

26,447

 

 

29,465

 

 

62,843

 

 

45,265

 

 

88,801

 

Add: Transaction costs (pre-tax)

 

50

 

 

-

 

 

-

 

 

-

 

 

3,652

 

 

50

 

 

3,652

 

Less: Gain on sale of insurance agency (pre-tax)

 

-

 

 

-

 

 

-

 

 

-

 

 

36,296

 

 

-

 

 

36,296

 

Core pre-tax pre-provision income

$

23,145

 

$

22,170

 

$

26,447

 

$

29,465

 

$

30,199

 

$

45,315

 

$

56,157

 

Average total assets

$

8,646,024

 

$

8,591,947

 

$

8,536,193

 

$

8,582,219

 

$

8,597,786

 

$

8,618,985

 

$

8,515,898

 

Core pre-tax pre-provision return on average assets

 

1.08

%

 

1.04

%

 

1.23

%

 

1.36

%

 

1.41

%

 

1.06

%

 

1.33

%

 
Net income (loss)

$

16,176

 

$

17,789

 

$

20,070

 

$

24,687

 

$

48,391

 

$

33,965

 

$

66,540

 

Less: Gain on sale of insurance agency (pre-tax)

 

-

 

 

-

 

 

-

 

 

-

 

 

36,296

 

 

-

 

 

36,296

 

Add: Transaction costs (pre-tax)

 

50

 

 

-

 

 

-

 

 

-

 

 

3,652

 

 

50

 

 

3,652

 

Add: Tax impact of above items

 

(11

)

 

-

 

 

-

 

 

-

 

 

8,483

 

 

(11

)

 

8,483

 

Core net income

$

16,215

 

$

17,789

 

$

20,070

 

$

24,687

 

$

24,230

 

$

34,004

 

$

42,379

 

Diluted shares - Reported

 

35,793

 

 

35,771

 

 

35,772

 

 

35,794

 

 

35,800

 

 

35,789

 

 

35,750

 

Core diluted EPS

$

0.45

 

$

0.50

 

$

0.56

 

$

0.69

 

$

0.68

 

$

0.95

 

$

1.19

 

 
Average total assets

$

8,646,024

 

$

8,591,947

 

$

8,536,193

 

$

8,582,219

 

$

8,597,786

 

$

8,618,985

 

$

8,515,898

 

Core return on average assets

 

0.75

%

 

0.83

%

 

0.93

%

 

1.14

%

 

1.13

%

 

0.79

%

 

1.00

%

 
Average total equity

$

968,451

 

$

974,560

 

$

930,835

 

$

939,456

 

$

921,441

 

$

971,505

 

$

911,569

 

Core return on average equity

 

6.73

%

 

7.34

%

 

8.55

%

 

10.43

%

 

10.55

%

 

7.04

%

 

9.38

%

 
Average total tangible equity

$

662,148

 

$

667,334

 

$

622,592

 

$

630,126

 

$

586,579

 

$

664,740

 

$

575,933

 

Core return on average tangible equity

 

9.85

%

 

10.72

%

 

12.79

%

 

15.54

%

 

16.57

%

 

10.29

%

 

14.84

%

 
(1) Transaction costs for 2024 relate to the strategic merger transaction. Transaction costs for 2023 relate to the insurance agency sale.

 

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