Third Quarter 2021
Highlights
- Net income of $28.4 million, up $2.7 million (10.5%) from 2020
third quarter
- Earnings per share of $0.76, up $0.07 (10.1%) from 2020 third
quarter
- Loan growth of $64.4 million excluding PPP (up 5.1% annualized)
including $37.2 million for commercial loans (up 4.4% annualized)
during 2021 third quarter
- Net interest margin of 3.38% or 3.27% excluding PPP and marks,
up 4 and 7 basis points respectively, from second quarter 2021
- Average deposit costs down 3 basis points to 0.20% from second
quarter 2021
- Allowance to loans ratio of 1.39%, or 1.43% excluding PPP
loans, for 2021 third quarter
- Service fee income of $6.1 million, up $1.3 million (26.3%)
from 2020 third quarter
- Pre-tax pre-provision ROAA of 1.91% for 2021 third quarter
- ROA, ROE and ROTE of 1.49%, 11.03% and 16.65% for 2021 third
quarter
- Increased dividend $0.01 to $0.28 per share, up 27% year to
date
Premier Financial Corp.
(Nasdaq: PFC) (“Premier” or the “Company”) today announced 2021
third quarter results. Net income for the third quarter of 2021 was
$28.4 million, or $0.76 per diluted common share, compared to $25.7
million, or $0.69 per diluted common share, for the third quarter
of 2020. The prior year’s results include the impact of $3.7
million of acquisition-related charges for the three months ended
September 30, 2020, which had an after-tax cost of $2.9 million or
$0.08 per diluted common share. Net income for the nine months
ended September 30, 2021, was $100.7 million, or $2.70 per diluted
common share, compared to $32.2 million, or $0.91 per diluted
common share, for the nine months ended September 30, 2020. The
nine-month year-over-year comparison is substantially impacted by
the acquisition of United Community Financial Corp. (“UCFC”) on
January 31, 2020, with the prior year’s provision expense of $51.0
million that included $25.9 million related to acquisition
accounting for an after-tax cost of $20.5 million, or $0.58 per
diluted common share. The nine months of 2021 included a provision
recovery of $9.1 million, which had an after-tax benefit of $7.2
million, or $0.19 per diluted common share, and no acquisition
impact. Additionally, the prior year’s nine-month results include
the impact of $17.3 million of acquisition-related charges, which
had an after-tax cost of $14.0 million, or $0.39 per diluted common
share. Excluding the impact of the acquisition-related provision
and charges, earnings for the first nine months of 2020 were $66.8
million, or $1.88 per diluted common share.
“We are very pleased to report our second consecutive quarter of
strong loan growth at 5.1% annualized,” said Gary Small, President
and CEO of Premier. “Core commercial, residential mortgage, and
consumer each contributed over 4.4% for the period. Commercial and
consumer new business pipelines are at their highest level for the
year with businesses expressing labor constraints as more of a
concern than supply chain challenges at this point. Household
deposits remain elevated and consumer loan delinquency continues to
track at all-time lows. Clients are well positioned as we head into
the upcoming holiday season.”
Business client support efforts
As a part of the CARES Act, the Small Business Administration
created the Paycheck Protection Program (“PPP”) to provide small
businesses with loans as a direct incentive to keep their workers
on the payroll. Premier Bank actively participated in PPP for
clients and made 2,880 loans for a total of $443.3 million during
the year ended December 31, 2020. Total gross fees for these loans
equaled $14.8 million. To date, Premier Bank has recognized $14.7
million as loan interest income, including $0.9 million and $8.5
million during the three and nine months ended September 30, 2021,
respectively. Additionally, a total of $433.3 million in loans have
been extinguished to date, including $83.7 million and $376.9
million during the three and nine months ended September 30, 2021,
respectively.
Beginning in January 2021, Premier Bank participated in the
second round of PPP lending and made 2,231 loans for a total of
$193.6 million during the nine months ended September 30, 2021.
Total gross fees for these loans were $7.8 million and Premier Bank
has recognized $2.7 million and $3.2 million in loan interest
income during the three and nine months ended September 30, 2021,
respectively. Additionally, a total of $59.6 million in loans have
been extinguished to date, all during the three months ended
September 30, 2021. Total PPP loans were $143.9 million at
September 30, 2021.
Net interest income up compared to third quarter of
2020
Net interest income of $57.0 million in the third quarter of
2021 was up from $53.3 million in the third quarter of 2020. The
increase over the prior year’s third quarter was attributable to
growth in interest-earning assets, PPP fees and a 23 basis point
decrease in average costs of funds. Net interest margin was 3.38%
for the third quarter of 2021, up from 3.34% in the second quarter
of 2021, but down from 3.45% in the third quarter of 2020. Yield on
interest earning assets increased to 3.61% in the third quarter of
2021, up 2 basis points from 3.59% in the second quarter of 2021.
The improvement from second quarter to third quarter was primarily
due to $64.4 million of non-PPP loan growth (5.1% annualized).
Total cost of funds decreased 2 basis points in the third quarter
of 2021 to 0.24% from the second quarter of 2021, while the total
cost of interest-bearing liabilities decreased 4 basis points to
0.32%. The 2021 third quarter results include the impact of
acquisition marks and related accretion for the UCFC acquisition.
Interest income includes $0.6 million of accretion and interest
expense includes $0.3 million of accretion, which combined added 5
basis points of net interest margin. The third quarter results also
include the impact of PPP loans. Interest income includes $2.9
million on average balances of $219.4 million, which increased net
interest margin by 6 basis points. Excluding the impact of
acquisition marks and PPP loans, net interest margin would be 3.27%
for the third quarter of 2021 compared to 3.20% for the second
quarter of 2021 and 3.41% for the third quarter of 2020.
“Net interest margin stabilized during the quarter with 3.27%
core margin reflecting a 7 basis point improvement versus second
quarter,” said Small. “We made progress on all fronts during the
quarter with lower cost of funds, lower cost of interest bearing
deposits, and higher yields. While some additional improvement in
funding costs may contribute to net interest margin growth in the
near term, our loan portfolio growth and efficient management of
the securities portfolio will drive our net interest income
performance longer term.”
Non-interest income down from third quarter of 2020
Premier’s non-interest income in the third quarter of 2021 was
$18.3 million compared with $25.0 million in the third quarter of
2020. Total mortgage banking income decreased to $6.2 million in
the third quarter of 2021 from $12.0 million in the third quarter
of 2020. Mortgage gains decreased to $5.4 million in the third
quarter of 2021 from $13.8 million in the third quarter of 2020 but
increased from $2.7 million in the second quarter of 2021. Total
mortgage loan production has been consistently strong compared to
prior year, while gains have declined primarily due to compressed
margins and less favorable marks on the in-process portfolio. The
increase from the prior quarter was primarily due to the expected
improvement in saleable mix. Mortgage loan servicing revenue of
$1.9 million in the third quarter of 2021 was consistent with $1.9
million in the third quarter of 2020. Amortization of mortgage
servicing rights decreased to $1.8 million in the third quarter of
2021 from $2.0 million in the third quarter of 2020. Premier also
had a positive change in the valuation adjustment for mortgage
servicing assets of $0.8 million in the third quarter of 2021
compared with a negative adjustment of $1.7 million in the third
quarter of 2020. This item closely follows the trend in USTN-10,
which increased 7 basis points during the quarter to 1.52% at
September 30, 2021.
For the third quarter of 2021, service fees and other charges
were $6.1 million, up 26% from $4.8 million in the third quarter of
2020 primarily due to higher ATM and interchange related fees. This
was mostly offset by a combined $1.0 million decrease in wealth
management, insurance commissions and other income. Securities
gains were $0.3 million in the third quarter of 2021 compared to a
gain of $1.5 million in the third quarter of 2020, which included
$1.4 million from a transaction completed to offset a $1.4 million
FHLB prepayment penalty in other expenses noted below. BOLI income
increased $0.1 million from the third quarter of 2020 primarily due
to a $20 million premium purchase during the third quarter of
2021.
“Residential mortgage fee income returned to more typical levels
in the third quarter and brought our year to date performance in
line with our expectations for the year,” said Small. “Mortgage
origination activity remained strong for the quarter with a better
mix of salable production.”
Core non-interest expenses up from third quarter of
2020
Total non-interest expense was $39.0 million in the third
quarter of 2021, down from $43.6 million in the third quarter of
2020, but up from $38.4 million excluding $3.7 million of
acquisition related charges and $1.4 million FHLB prepayment
penalty. Compensation and benefits increased to $23.4 million in
the third quarter of 2021, compared to $20.2 million in the third
quarter of 2020. Occupancy expense was $3.7 million in the third
quarter of 2021, down from $4.0 million in the third quarter of
2020. Data processing cost was $3.4 million in the third quarter of
2021, down from $4.3 million in the third quarter of 2020.
Amortization of intangibles was $1.5 million in the third quarter
of 2021, down from $1.7 million in the third quarter of 2020. Other
non-interest expense was $5.2 million in the third quarter of 2021,
down from $7.1 million in the third quarter of 2020, or down from
$5.7 million excluding $1.4 million of prepayment penalties from
the early extinguishment of $30 million of fixed rate FHLB advances
that had a weighted average rate of 2.0%.
Credit quality
Non-performing assets totaled $60.1 million, or 0.81% of assets,
at September 30, 2021, an increase from $41.3 million at June 30,
2021, and an increase from $48.3 million at September 30, 2020. The
increase during the third quarter was primarily due to a single
commercial credit relationship. Accruing troubled debt restructured
loans were $6.5 million at September 30, 2021, compared with $8.5
million at September 30, 2020. Loan delinquencies increased to
$11.2 million, or 0.2% of loans, at September 30, 2021, from $9.9
million at June 30, 2021, but decreased from $20.9 million at
September 30, 2020.
The 2021 third quarter results include net loan recoveries of
$0.3 million and a total provision expense of $1.8 million compared
with net loan charge-offs of $3.3 million and a total provision
expense of $2.8 million for the same period in 2020. The allowance
for credit losses on loans as a percentage of total loans was 1.39%
at September 30, 2021, or 1.43% excluding PPP loans, compared with
1.33% at June 30, 2021, or 1.37% excluding PPP loans, and 1.63%, or
1.77% excluding PPP loans, at September 30, 2020. The continued
economic improvement after the 2020 pandemic-related downturn led
to the year-over-year decrease in the provision expense and
allowance percentages. As of September 30, 2021, Premier Bank had
no pandemic-related deferrals, down from one retail loan for
$13,000 at June 30, 2021.
“The increase in provision expense and allowance percentages
from the prior quarter was primarily due to the establishment of a
specific reserve for a single non-performing commercial credit,
partially offset by improvements in the remainder of the
portfolio,” said Paul Nungester, CFO of Premier. “We are
comfortable with an all-in reserve coverage level of 1.57%
excluding PPP loans and including unamortized purchase accounting
marks.”
Year to date results
For the nine-month period
ended September 30, 2021, net income totaled $100.7 million, or
$2.70 per diluted common share, compared to $32.2 million, or $0.91
per diluted common share for the nine months ended September 30,
2020. Results for the 2020 period included eight months of income
and expenses from UCFC compared to nine months in 2021. The
year-over-year comparison is also substantially impacted by the
prior year’s provision expense of $49.3 million, which included
$25.9 million related to acquisition accounting for an after-tax
cost of $20.5 million, or $0.58 per diluted common share. The 2021
period included a provision credit of $9.1 million, which had an
after-tax benefit of $7.2 million, or $0.19 per diluted common
share, and no acquisition impact. Additionally, the prior year’s
results include the impact of $17.3 million of acquisition-related
charges, which had an after-tax cost of $14.0 million, or $0.39 per
diluted common share. Excluding the impact of acquisition-related
provision and charges, earnings for the first nine months of 2020
were $66.8 million, or $1.88 per diluted common share.
Net interest income was $170.2
million for the first nine months of 2021 compared with $153.0
million in the first nine months of 2020. Average interest-earning
assets increased to $6.7 billion in the first nine months of 2021
compared to $5.8 billion in the first nine months of 2020. Net
interest margin for the first nine months of 2021 was 3.39%, down
15 basis points from the 3.54% margin reported in the nine-month
period ended September 30, 2020. Results include the impact of
acquisition marks and related accretion for the UCFC acquisition.
For the first nine months of 2021, interest income includes $3.2
million of accretion and interest expense includes $1.0 million of
accretion, which combined added 9 basis points of net interest
margin. The results in the first nine months of 2021 also include
the impact of PPP loans. Interest income includes $11.9 million on
average balances of $343.7 million, which increased net interest
margin by 7 basis points. Excluding the impact of acquisition marks
and PPP loans, net interest margin was 3.23% for the first nine
months of 2021 compared to 3.44% for the first nine months of
2020.
Non-interest income for the
first nine months of 2021 was $62.1 million compared to $62.0
million during the same period of 2020. Service fees and other
charges were $17.8 million for the first nine months of 2021, up
from $15.6 million during the same period of 2020. Mortgage banking
income was $18.9 million for the first nine months of 2021, down
from $22.8 million during the same period of 2020. Insurance
commissions were $12.4 million for the first nine months of 2021
compared with $12.9 million for the same period of 2020. Wealth
management income was $4.6 million for the first nine months of
2021, up from $4.4 million during the same period of 2020.
Securities gains were $3.0 million for the first nine months of
2021 compared to $1.5 million for the same period in 2020.
Approximately $2.2 million of the 2021 gain was related to the sale
of securities where the Company took advantage of pricing to
realize gains and reinvested in a mix of new securities that will
generate the higher income over the next three years. The other
$0.8 million was related to unrealized gains on our trading
securities due to the improved market for these financial
institution equities. BOLI income increased to $3.0 million in the
first nine months of 2021, including $0.3 million of claim gains,
compared to $2.5 million and no claim gains in the first nine
months of 2020. Other non-interest income for the first nine months
of 2021 was $2.4 million compared to $2.3 million in
2020.
Non-interest expense was
$116.2 million for the first nine months of 2021 compared to $123.9
million, or $105.2 million excluding acquisition-related charges
and FHLB prepayment penalties, for the same period of 2020.
Compensation and benefits expense was $66.4 million for the first
nine months of 2021 compared with $57.3 million during the same
period of 2020. Expenses also included net decreases of $1.1
million for occupancy, FDIC insurance premiums, financial
institution taxes, data processing and amortization of intangibles
and an increase of $1.7 million for other expenses.
Total assets at $7.47 billion
Total assets at September 30,
2021, were $7.47 billion compared to $7.59 billion at June 30,
2021, and $6.97 billion at September 30, 2020. Gross loans
receivable (including loans held for sale) were $5.45 billion at
September 30, 2021, compared to $5.55 billion at June 30, 2021, and
$5.68 billion at September 30, 2020. At September 30, 2021, gross
loans receivable decreased $230.5 million from a year ago due to a
$299.3 million decrease in PPP loans. Excluding PPP, loans grew
$68.8 million organically, or 1.3% from a year ago. Commercial
loans excluding PPP increased $88.2 million from September 30,
2020, to 2021, or 2.6%, despite a $23.3 million decrease in lines
of credit. Securities at September 30, 2021, were $1.26 billion
compared to $1.29 billion at June 30, 2021, and $579.2 million at
September 30, 2020. Also, at September 30, 2021, goodwill and other
intangible assets totaled $343.6 million compared to $345.1 million
at June 30, 2021, and $350.0 million at September 30, 2020, with
the decrease attributable to intangibles amortization.
Total deposits at September
30, 2021, were $6.25 billion compared with $6.29 billion at June
30, 2021, and $5.80 billion at September 30, 2020. At September 30,
2021, total deposits grew $452.9 million organically, or 7.8% from
a year ago.
Total stockholders’ equity was
$1.03 billion at September 30, 2021, compared to $1.03 billion at
June 30, 2021, and $959.0 million at September 30, 2020. The
increase in stockholders’ equity from the prior year was primarily
due to net earnings. The Company also completed the repurchase of
206,285 common shares for $6.0 million during the third quarter of
2021. At September 30, 2021, 1,628,149 common shares remained
available for repurchase under the Company’s existing
authorization.
Dividend to be paid November 19
The Board of Directors declared a quarterly cash dividend of
$0.28 per common share payable November 19, 2021, to shareholders
of record at the close of business on November 12, 2021. The
dividend represents an annual dividend of 3.44 percent based on the
Premier common stock closing price on October 27, 2021. Premier has
approximately 36,978,000 common shares outstanding.
Conference call
Premier will host a conference call at 11:00 a.m. ET on Friday,
October 29, 2021, to discuss the earnings results and business
trends. The conference call may be accessed by calling
1-877-444-1726. Internet access to the call is also available (in
listen-only mode) at the following URL:
https://services.choruscall.com/links/pfc211029.html. The 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
Defiance, Ohio, is the holding company for Premier Bank and First
Insurance Group. Premier Bank, headquartered in Youngstown, Ohio,
operates 75 branches and 12 loan offices in Ohio, Michigan,
Indiana, Pennsylvania and West Virginia (West Virginia office
operates as Home Savings Bank) and serves clients through a team of
wealth professionals dedicated to each community banking branch.
First Insurance Group is a full-service insurance agency with ten
offices in Ohio. 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. 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: impacts from the novel
coronavirus (COVID-19) pandemic on the economy, 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 U.S.
fiscal or monetary policy; uncertainty concerning or disruptions
relating to tensions surrounding the current socioeconomic
landscape; competitive factors specific to markets in which Premier
operates; increasing competition for financial products from other
financial institutions and nonbank financial technology companies;
legislative or regulatory rulemaking or actions; capital market
conditions; security breaches or unauthorized disclosure of
confidential customer or Company information; interruptions in the
effective operation of information and transaction processing
systems of Premier or Premier’s vendors and service providers;
failures or delays in integrating or adopting new technology; the
impact of the cessation of LIBOR interest rates and implementation
of a replacement rate; and 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, 2020, the Form 10-K/A filed September 28, 2021
and any further amendments thereto. All forward-looking statements
made in this presentation 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 September 30,
2021, consolidated financial statements as part of its Quarterly
Report on Form 10-Q to be filed with the SEC. 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
income and core pre-tax pre-provision income to be useful
supplemental measures of our operating performance. We define core
net income as net income excluding the after-tax impact of
acquisition related charges. We define core pre-tax pre-provision
income as pre-tax pre-provision income excluding the pre-tax impact
of acquisition related charges. 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 one-time acquisition related
charges. 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 supplemental reporting
measures.
Consolidated Balance Sheets (Unaudited)
Premier Financial Corp.
September 30,
December 31,
(in thousands)
2021
2020
Assets Cash and cash equivalents Cash and amounts due
from depository institutions
$
63,480
$
79,593
Interest-bearing deposits
51,614
79,673
115,094
159,266
Available-for sale, carried at fair value
1,250,087
736,654
Trading securities, carried at fair value
12,965
1,090
Securities investments
1,263,052
737,744
Loans
5,269,566
5,491,240
Allowance for credit losses - loans
(73,217
)
(82,079
)
Loans, net
5,196,349
5,409,161
Loans held for sale
178,490
221,616
Mortgage servicing rights
19,105
13,153
Accrued interest receivable
22,994
25,434
Federal Home Loan Bank stock
11,585
16,026
Bank Owned Life Insurance
166,866
144,784
Office properties and equipment
56,073
58,665
Real estate and other assets held for sale
261
343
Goodwill
317,948
317,948
Core deposit and other intangibles
25,612
30,337
Other assets
94,889
77,257
Total Assets
$
7,468,318
$
7,211,734
Liabilities and Stockholders’ Equity
Non-interest-bearing deposits
$
1,618,769
$
1,597,262
Interest-bearing deposits
4,629,889
4,450,579
Total deposits
6,248,658
6,047,841
Advances from FHLB and PPPLF
-
-
Notes payable and other interest-bearing liabilities
18,812
-
Subordinated debentures
84,944
84,860
Advance payments by borrowers for tax and insurance
19,495
21,748
Reserve for credit losses - unfunded commitments
5,838
5,350
Other liabilities
58,702
69,659
Total Liabilities
6,436,449
6,229,458
Stockholders’ Equity Preferred stock
-
-
Common stock, net
306
306
Additional paid-in-capital
690,783
689,390
Accumulated other comprehensive income (loss)
1,609
15,004
Retained earnings
428,518
356,414
Treasury stock, at cost
(89,347
)
(78,838
)
Total Stockholders’ Equity
1,031,869
982,276
Total Liabilities and Stockholders’ Equity
$
7,468,318
$
7,211,734
Consolidated Statements of Income (Unaudited) Premier
Financial Corp.
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in thousands, except per share amounts)
2021
2020
2021
2020
Interest Income: Loans
$
55,443
$
57,134
$
168,781
$
167,390
Investment securities
5,325
2,848
13,999
8,489
Interest-bearing deposits
33
82
142
391
FHLB stock dividends
60
95
175
861
Total interest income
60,861
60,159
183,097
177,131
Interest Expense: Deposits
3,144
6,555
10,867
21,761
FHLB advances and other
11
168
23
1,690
Subordinated debentures
671
158
2,040
610
Notes Payable
-
7
-
32
Total interest expense
3,826
6,888
12,930
24,093
Net interest income
57,035
53,271
170,167
153,038
Provision (benefit) for credit losses - loans
1,594
3,658
(9,549
)
49,312
Provision (benefit) for credit losses - unfunded commitments
226
(864
)
488
1,702
Total provision (benefit) for credit losses
1,820
2,794
(9,061
)
51,014
Net interest income after provision
55,215
50,477
179,228
102,024
Non-interest Income: Service fees and other charges
6,067
4,805
17,817
15,601
Mortgage banking income
6,175
12,047
18,865
22,763
Gain on sale of non-mortgage loans
-
-
-
234
Gain (loss) on sale of available for sale securities
233
1,466
2,218
1,464
Gain (loss) on trading securities
20
14
822
14
Insurance commissions
3,461
3,715
12,401
12,875
Wealth management income
1,321
1,458
4,644
4,351
Income from Bank Owned Life Insurance
947
841
2,975
2,460
Other non-interest income
90
654
2,391
2,251
Total Non-interest Income
18,314
25,000
62,133
62,013
Non-interest Expense: Compensation and benefits
23,355
20,172
66,399
57,331
Occupancy
3,693
3,989
11,642
11,848
FDIC insurance premium
695
1,469
2,115
2,372
Financial institutions tax
1,187
1,116
3,553
3,066
Data processing
3,387
4,289
10,103
11,135
Amortization of intangibles
1,528
1,726
4,725
4,781
Acquisition related charges
-
3,711
-
17,295
Other non-interest expense
5,200
7,091
17,686
16,028
Total Non-interest Expense
39,045
43,563
116,223
123,856
Income (loss) before income taxes
34,484
31,914
125,138
40,181
Income tax expense (benefit)
6,124
6,259
24,397
7,951
Net Income (Loss)
$
28,360
$
25,655
$
100,741
$
32,230
Earnings (loss) per common share: Basic
$
0.76
$
0.69
$
2.70
$
0.91
Diluted
$
0.76
$
0.69
$
2.70
$
0.91
Average Shares Outstanding: Basic
37,100
37,297
37,226
35,423
Diluted
37,185
37,334
37,311
35,482
Premier Financial Corp. Financial Summary and
Comparison (Unaudited) Three Months Ended Nine Months
Ended September 30, September 30, (dollars in
thousands, except per share data)
2021
2020
% change
2021
2020
% change
Summary of Operations Tax-equivalent interest income
(2)
$
61,117
$
60,418
1.2
$
183,860
$
177,898
3.4
Interest expense
3,826
6,888
(44.5
)
12,930
24,093
(46.3
)
Tax-equivalent net interest income (2)
57,291
53,530
7.0
170,930
153,805
11.1
Provision (benefit) for credit losses
1,820
2,794
(34.9
)
(9,061
)
51,014
(117.8
)
Core provision (benefit) for credit losses (4)
1,820
2,794
(34.9
)
(9,061
)
25,065
(136.2
)
Investment securities gains (losses)
253
1,480
NM
3,040
1,478
NM
Non-interest income (excluding securities gains/losses)
18,061
23,520
(23.2
)
59,093
60,535
(2.4
)
Non-interest expense
39,045
43,563
(10.4
)
116,223
123,856
(6.2
)
Core non-interest expense (4)
39,045
38,445
1.6
116,223
105,154
10.5
Income tax expense (benefit)
6,124
6,259
(2.2
)
24,397
7,951
206.8
Net income (loss)
28,360
25,655
10.5
100,741
32,230
212.6
Core net income (4)
28,360
28,587
(0.8
)
100,741
66,771
50.9
Tax equivalent adjustment (2)
256
259
(1.2
)
763
767
(0.5
)
At Period End Assets
7,468,318
6,974,953
7.1
Earning assets
6,774,307
6,340,132
6.8
Loans
5,269,566
5,470,548
(3.7
)
Allowance for credit losses - loans
73,217
88,917
(17.7
)
Deposits
6,248,658
5,795,757
7.8
Stockholders’ equity
1,031,869
959,025
7.6
Average Balances Assets
7,529,100
6,935,783
8.6
7,473,203
6,437,886
16.1
Earning assets
6,773,021
6,211,267
9.0
6,730,807
5,787,134
16.3
Loans
5,416,696
5,555,621
(2.5
)
5,513,285
5,095,167
8.2
Deposits and interest-bearing liabilities
6,422,455
5,901,652
8.8
6,384,654
5,457,179
17.0
Deposits
6,317,229
5,738,006
10.1
6,282,862
5,162,952
21.7
Stockholders’ equity
1,020,206
927,506
10.0
1,000,047
881,932
13.4
Stockholders’ equity / assets
13.55
%
13.37
%
1.3
13.38
%
13.70
%
(2.3
)
Per Common Share Data Net Income (Loss) Basic
$
0.76
$
0.69
10.1
$
2.70
$
0.91
196.7
Diluted
0.76
0.69
10.1
2.70
0.91
196.7
Core diluted (4)
0.76
0.77
(1.3
)
2.70
1.88
43.6
Dividends Paid
0.27
0.22
22.7
0.77
0.66
16.7
Market Value: High
$
32.72
$
21.24
54.0
$
35.90
$
32.05
12.0
Low
25.80
14.74
75.0
22.23
10.98
102.5
Close
31.84
15.58
104.4
31.84
15.58
104.4
Common Book Value
27.90
25.71
8.5
27.90
25.71
8.5
Tangible Common Book Value (1)
18.61
16.33
14.0
18.61
16.33
14.0
Shares outstanding, end of period (000s)
36,978
37,297
(0.9
)
36,978
37,297
(0.9
)
Performance Ratios (annualized) Tax-equivalent net interest
margin (2)
3.38
%
3.45
%
(2.0
)
3.39
%
3.54
%
(4.2
)
Return on average assets
1.49
%
1.49
%
0.3
1.80
%
0.67
%
169.0
Core return on average assets (4)
1.49
%
1.64
%
(8.9
)
1.80
%
1.39
%
30.1
Return on average equity
11.03
%
11.12
%
(0.8
)
13.47
%
4.88
%
176.0
Core return on average equity (4)
11.03
%
12.26
%
(10.1
)
13.47
%
10.11
%
33.2
Return on average tangible equity
16.65
%
17.71
%
(6.0
)
20.59
%
7.70
%
167.6
Core return on average tangible equity (4)
16.65
%
19.73
%
(15.6
)
20.59
%
15.99
%
28.8
Efficiency ratio (3)
51.82
%
56.54
%
(8.4
)
50.53
%
57.78
%
(12.6
)
Core efficiency ratio (4)
51.82
%
49.90
%
3.8
50.53
%
49.06
%
3.0
Effective tax rate
17.76
%
19.61
%
(9.4
)
19.50
%
19.79
%
(1.5
)
Dividend payout ratio (core)
35.53
%
28.57
%
24.3
28.52
%
35.11
%
(18.8
)
Note: Year-to-date 2020 results include eight months of
operations from UCFC compared to nine for comparable period in
2021. (1) Tangible common book value = total stockholders' equity
less the sum of goodwill, core deposit and other intangibles, and
preferred stock divided by shares outstanding at the end of the
period. (2) 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%. (3) Efficiency ratio = Non-interest expense
divided by sum of tax-equivalent net interest income plus
non-interest income, excluding securities gains or losses, net. (4)
Core items exclude the impact of acquisition related provision
("CECL double-dip") and other charges. See non-GAAP
reconciliations. NM Percentage change not meaningful
Premier Financial Corp. (dollars in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
Mortgage Banking Summary
2021
2020
2021
2020
Revenue from sales and servicing of mortgage loans: Mortgage
banking gains, net
$
5,353
$
13,781
$
13,663
$
30,213
Mortgage loan servicing revenue (expense): Mortgage loan servicing
revenue
1,861
1,898
5,665
5,379
Amortization of mortgage servicing rights
(1,822
)
(1,959
)
(6,119
)
(5,302
)
Mortgage servicing rights valuation adjustments
783
(1,673
)
5,656
(7,527
)
822
(1,734
)
5,202
(7,450
)
Total revenue from sale and servicing of mortgage loans
$
6,175
$
12,047
$
18,865
$
22,763
Mortgage servicing rights: Balance at beginning of period
$
21,682
$
21,034
$
21,666
$
10,801
Loans sold, servicing retained
2,103
2,463
6,415
6,292
Mortgage servicing rights acquired
-
-
-
9,747
Amortization
(1,822
)
(1,959
)
(6,119
)
(5,302
)
Carrying value before valuation allowance at end of period
21,963
21,538
21,962
21,538
Valuation allowance: Balance at beginning of period
(3,641
)
(6,388
)
(8,513
)
(534
)
Impairment recovery (charges)
783
(1,673
)
5,656
(7,527
)
Balance at end of period
(2,858
)
(8,061
)
(2,857
)
(8,061
)
Net carrying value at end of period
$
19,105
$
13,477
$
19,105
$
13,477
COVID-19 Deferrals Update 9/30/2021 6/30/2021
3/31/2021 12/31/2020 9/30/2020 6/30/2020 Commercial loan deferrals
$
-
$
-
$
32,370
$
46,038
$
434,554
$
739,632
% of commercial loans
0.0
%
0.0
%
0.8
%
1.2
%
11.4
%
19.7
%
% of total loans
0.0
%
0.0
%
0.6
%
0.8
%
7.9
%
13.5
%
Retail loan deferrals
$
-
$
13
$
3,414
$
7,412
$
48,187
$
73,266
% of retail loans
0.0
%
0.0
%
0.2
%
0.4
%
2.9
%
4.3
%
% of total loans
0.0
%
0.0
%
0.1
%
0.1
%
0.9
%
1.3
%
Total loan deferrals
$
-
$
13
$
35,784
$
53,450
$
482,741
$
812,898
% of total loans
0.0
%
0.0
%
0.7
%
1.0
%
8.8
%
14.9
%
Note: Year-to-date 2020 results include eight months of
operations from UCFC compared to nine for comparable periods in
2021.
Premier Financial Corp. Yield Analysis
Three Months Ended September 30, (dollars in thousands)
2021
2020
Average Yield Average Yield Balance Interest(1) Rate(2) Balance
Interest(1) Rate(2)
Interest-earning assets: Loans
receivable
$
5,416,696
$
55,444
4.09
%
$
5,555,621
$
57,158
4.12
%
Securities
1,273,148
5,580
1.75
%
552,458
3,083
2.23
% (3)
Interest Bearing Deposits
71,276
33
0.19
%
65,551
82
0.50
%
FHLB stock
11,901
60
2.02
%
37,637
95
1.01
%
Total interest-earning assets
6,773,021
61,117
3.61
%
6,211,267
60,418
3.89
%
Non-interest-earning assets
756,079
724,516
Total assets
$
7,529,100
$
6,935,783
Deposits and Interest-bearing liabilities: Interest bearing
deposits
$
4,649,462
$
3,144
0.27
%
$
4,285,287
$
6,555
0.61
%
FHLB advances and other
20,098
11
0.22
%
120,417
168
0.56
%
Subordinated debentures
84,924
671
3.16
%
36,613
158
1.73
%
Notes payable
204
-
0.75
%
6,616
7
0.42
%
Total interest-bearing liabilities
4,754,688
3,826
0.32
%
4,448,933
6,888
0.62
%
Non-interest bearing deposits
1,667,767
-
-
1,452,719
-
-
Total including non-interest-bearing deposits
6,422,455
3,826
0.24
%
5,901,652
6,888
0.47
%
Other non-interest-bearing liabilities
86,439
106,625
Total liabilities
6,508,894
6,008,277
Stockholders' equity
1,020,206
927,506
Total liabilities and stockholders' equity
$
7,529,100
$
6,935,783
Net interest income; interest rate spread
$
57,291
3.29
%
$
53,530
3.27
%
Net interest margin (4)
3.38
%
3.45
%
Average interest-earning assets to average interest bearing
liabilities
142
%
140
%
Nine Months Ended September 30,
2021
2020
Average Yield Average Yield Balance Interest(1) Rate(2) Balance
Interest(1) Rate(2)
Interest-earning assets: Loans
receivable
$
5,513,285
$
168,810
4.08
%
$
5,095,167
$
167,463
4.38
%
Securities
1,098,478
14,733
1.79
%
514,979
9,183
2.38
% (3)
Interest Bearing Deposits
107,381
142
0.18
%
131,384
391
0.40
%
FHLB stock
11,663
175
2.00
%
45,604
861
2.52
%
Total interest-earning assets
6,730,807
183,860
3.64
%
5,787,134
177,898
4.10
%
Non-interest-earning assets
742,396
650,752
Total assets
$
7,473,203
$
6,437,886
Deposits and Interest-bearing liabilities: Interest bearing
deposits
$
4,612,354
$
10,867
0.31
%
$
3,929,881
$
21,761
0.74
%
FHLB advances and other
16,828
23
0.18
%
249,889
1,690
0.90
%
Subordinated debentures
84,895
2,040
3.20
%
36,261
610
2.24
%
Notes payable
69
-
0.75
%
8,077
32
0.53
%
Total interest-bearing liabilities
4,714,146
12,930
0.37
%
4,224,108
24,093
0.76
%
Non-interest bearing deposits
1,670,508
-
-
1,233,071
-
-
Total including non-interest-bearing deposits
6,384,654
12,930
0.27
%
5,457,179
24,093
0.59
%
Other non-interest-bearing liabilities
88,502
98,775
Total liabilities
6,473,156
5,555,954
Stockholders' equity
1,000,047
881,932
Total liabilities and stockholders' equity
$
7,473,203
$
6,437,886
Net interest income; interest rate spread
$
170,930
3.27
%
$
153,805
3.34
%
Net interest margin (4)
3.39
%
3.54
%
Average interest-earning assets to average interest bearing
liabilities
143
%
137
%
Note: Year-to-date 2020 results include eight months of
operations from UCFC compared to nine for comparable period in
2021. (1) 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%. (2) Annualized. (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. Selected Quarterly
Information (dollars in thousands, except per share
data)
3rd Qtr 2021
2nd Qtr 2021
1st Qtr 2021
4th Qtr 2020
3rd Qtr 2020
Summary of Operations Tax-equivalent interest income (1)
$
61,117
$
61,134
$
61,609
$
61,067
$
60,418
Interest expense
3,826
4,245
4,859
5,849
6,888
Tax-equivalent net interest income (1)
57,291
56,889
56,750
55,218
53,530
Provision (benefit) for credit losses
1,820
(3,919
)
(6,963
)
(6,764
)
2,794
Core provision (benefit) for credit losses (3)
1,820
(3,919
)
(6,963
)
(6,764
)
2,794
Investment securities gains (losses)
253
661
2,126
76
1,480
Non-interest income (excluding securities gains/losses)
18,061
16,884
24,149
18,594
23,520
Non-interest expense
39,045
38,375
38,803
41,313
43,563
Core non-interest expense (3)
39,045
38,375
38,803
39,123
38,445
Income tax expense (benefit)
6,124
8,323
9,952
8,240
6,259
Net income (loss)
28,360
31,385
40,996
30,848
25,655
Core net income (3)
28,360
31,385
40,996
32,577
28,587
Tax equivalent adjustment (1)
256
270
237
251
259
At Period End Total assets
$
7,468,318
$
7,593,720
$
7,530,462
$
7,211,734
$
6,974,953
Earning assets
6,774,307
6,920,008
6,852,357
6,546,299
6,340,132
Loans
5,269,566
5,348,400
5,459,683
5,491,240
5,470,548
Allowance for loan losses
73,217
71,367
74,754
82,079
88,917
Deposits
6,248,658
6,291,459
6,351,919
6,047,841
5,795,757
Stockholders’ equity
1,031,869
1,027,703
998,186
982,276
959,025
Stockholders’ equity / assets
13.82
%
13.53
%
13.26
%
13.62
%
13.75
%
Goodwill
317,948
317,948
317,948
317,948
317,948
Average Balances Total assets
$
7,529,100
$
7,549,531
$
7,338,886
$
7,089,060
$
6,935,783
Earning assets
6,773,021
6,806,275
6,611,343
6,363,306
6,211,267
Loans
5,416,696
5,495,782
5,629,715
5,609,116
5,555,621
Deposits and interest-bearing liabilities
6,422,455
6,454,731
6,275,160
6,044,049
5,901,652
Deposits
6,317,229
6,339,673
6,190,292
5,956,550
5,738,006
Stockholders’ equity
1,020,206
1,006,757
972,653
946,223
927,506
Stockholders’ equity / assets
13.55
%
13.34
%
13.25
%
13.35
%
13.37
%
Per Common Share Data Net Income (Loss): Basic
$
0.76
$
0.84
$
1.10
$
0.83
$
0.69
Diluted
0.76
0.84
1.10
0.82
0.69
Core diluted (3)
0.76
0.84
1.10
0.87
0.77
Dividends Paid
0.27
0.26
0.24
0.22
0.22
Market Value: High
$
32.72
$
33.97
$
35.90
$
23.49
$
21.24
Low
25.80
27.76
22.23
14.90
14.74
Close
31.84
28.41
33.26
23.00
15.58
Common Book Value
27.90
27.64
26.78
26.34
25.71
Shares outstanding, end of period (000s)
36,978
37,178
37,275
37,291
37,297
Performance Ratios (annualized) Tax-equivalent net interest
margin (1)
3.38
%
3.34
%
3.43
%
3.47
%
3.47
%
Return on average assets
1.49
%
1.67
%
2.27
%
1.73
%
1.49
%
Core return on average assets (3)
1.49
%
1.67
%
2.27
%
1.83
%
1.64
%
Return on average equity
11.03
%
12.50
%
17.09
%
12.97
%
11.12
%
Core return on average equity (3)
11.03
%
12.50
%
17.09
%
13.70
%
12.26
%
Return on average tangible equity
16.65
%
19.05
%
26.60
%
20.37
%
17.71
%
Core return on average tangible equity (3)
16.65
%
19.05
%
26.60
%
21.51
%
19.73
%
Efficiency ratio (2)
51.82
%
52.02
%
47.96
%
55.97
%
56.54
%
Core efficiency ratio (3)
51.82
%
52.02
%
47.96
%
53.00
%
49.90
%
Effective tax rate
17.76
%
20.96
%
19.53
%
21.08
%
19.61
%
Common dividend payout ratio (core)
35.53
%
30.95
%
21.82
%
25.29
%
28.57
%
(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) Efficiency ratio = Non-interest expense
divided by sum of tax-equivalent net interest income plus
non-interest income, excluding securities gains or losses, net. (3)
Core items exclude the impact of acquisition related provision
("CECL double-dip") and other charges. See non-GAAP
reconciliations.
Premier Financial Corp. Selected
Quarterly Information (dollars in thousands, except per
share data)
3rd Qtr 2021 2nd Qtr 2021 1st Qtr 2021 4th Qtr
2020 3rd Qtr 2020
Loan Portfolio Composition One to four
family residential real estate
$
1,129,877
$
1,138,433
$
1,168,559
$
1,201,051
$
1,194,940
Construction
885,586
830,822
749,190
667,649
580,060
Commercial real estate
2,389,759
2,405,653
2,402,067
2,383,001
2,328,944
Commercial
952,729
1,051,972
1,172,910
1,202,353
1,263,565
Consumer finance
125,163
118,526
117,539
120,729
128,995
Home equity and improvement
264,140
261,842
257,764
272,701
281,010
Total loans
5,747,254
5,807,248
5,868,029
5,847,484
5,777,514
Less: Undisbursed loan funds
481,434
458,156
405,983
355,065
300,174
Deferred loan origination fees
(3,746
)
692
2,363
1,179
6,792
Allowance for credit losses - loans
73,217
71,367
74,754
82,079
88,917
Net Loans
$
5,196,349
$
5,277,033
$
5,384,929
$
5,409,161
$
5,381,631
Allowance for credit losses - loans Beginning
allowance
$
71,367
$
74,754
$
82,079
$
88,917
$
88,555
Provision (benefit) for credit losses - loans
1,594
(3,631
)
(7,514
)
(6,158
)
3,658
Net recoveries (charge-offs)
256
244
189
(680
)
(3,296
)
Ending allowance
$
73,217
$
71,367
$
74,754
$
82,079
$
88,917
Credit Quality Total non-performing loans (1)
$
59,865
$
41,296
$
49,298
$
51,682
$
48,360
Real estate owned (REO)
261
45
53
343
521
Total non-performing assets (2)
$
60,126
$
41,341
$
49,351
$
52,025
$
48,881
Net charge-offs (recoveries)
(256
)
(244
)
(189
)
680
3,296
Restructured loans, accruing (3)
6,503
5,939
6,068
7,173
8,499
Allowance for credit losses - loans / loans
1.39
%
1.33
%
1.37
%
1.49
%
1.63
%
Allowance for credit losses - loans / non-performing assets
121.77
%
172.63
%
151.47
%
157.77
%
181.90
%
Allowance for credit losses - loans / non-performing loans
122.30
%
172.82
%
151.64
%
158.82
%
183.90
%
Non-performing assets / loans plus REO
1.14
%
0.77
%
0.90
%
0.95
%
0.89
%
Non-performing assets / total assets
0.81
%
0.54
%
0.66
%
0.73
%
0.70
%
Net charge-offs / average loans (annualized)
-0.02
%
-0.02
%
-0.01
%
0.05
%
0.24
%
Deposit Balances Non-interest-bearing demand deposits
$
1,618,769
$
1,649,664
$
1,728,895
$
1,597,262
$
1,436,807
Interest-bearing demand deposits and money market
2,962,032
2,890,769
2,806,271
2,627,669
2,511,263
Savings deposits
786,929
777,862
761,899
700,480
674,354
Retail time deposits less than $250,000
692,224
720,317
842,624
912,006
975,658
Retail time deposits greater than $250,000
188,704
252,847
212,230
210,424
197,675
Total deposits
$
6,248,658
$
6,291,459
$
6,351,919
$
6,047,841
$
5,795,757
(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. (3)
Accruing restructured loans are loans with known credit problems
that are not contractually past due and therefore are not included
in non-performing loans.
Premier Financial Corp.
Loan Delinquency Information (dollars in thousands)
Total Balance Current 30 to 89 dayspast due
% ofTotal Non AccrualLoans % ofTotal
September 30, 2021 One to four family residential real estate
$
1,129,877
$
1,115,076
$
5,663
0.5
%
$
9,138
0.8
%
Construction
885,586
884,265
1,321
0.1
%
-
0.0
%
Commercial real estate
2,389,759
2,367,760
146
0.0
%
21,853
0.9
%
Commercial
952,729
928,321
442
0.0
%
23,966
2.5
%
Consumer finance
125,163
121,580
1,792
1.4
%
1,791
1.4
%
Home equity and improvement
264,140
259,175
1,848
0.7
%
3,117
1.2
%
Total loans
$
5,747,254
$
5,676,177
$
11,212
0.2
%
$
59,865
1.0
%
June 30, 2021 One to four family residential real estate
$
1,138,433
$
1,122,060
$
5,757
0.5
%
$
10,616
0.9
%
Construction
830,822
830,242
580
0.1
%
-
0.0
%
Commercial real estate
2,405,653
2,388,082
53
0.0
%
17,518
0.7
%
Commercial
1,051,972
1,044,265
-
0.0
%
7,707
0.7
%
Consumer finance
118,526
115,169
1,530
1.3
%
1,827
1.5
%
Home equity and improvement
261,842
256,259
1,955
0.7
%
3,628
1.4
%
Total loans
$
5,807,248
$
5,756,077
$
9,875
0.2
%
$
41,296
0.7
%
September 30, 2020 One to four family residential real
estate
$
1,194,940
$
1,173,175
$
10,562
0.9
%
$
11,203
0.9
%
Construction
580,060
578,110
1,587
0.3
%
363
0.1
%
Commercial real estate
2,328,944
2,305,223
703
0.0
%
23,018
1.0
%
Commercial
1,263,565
1,253,474
212
0.0
%
9,879
0.8
%
Consumer finance
128,995
125,260
2,682
2.1
%
1,053
0.8
%
Home equity and improvement
281,010
273,041
5,125
1.8
%
2,844
1.0
%
Total loans
$
5,777,514
$
5,708,283
$
20,871
0.4
%
$
48,360
0.8
%
Loan Risk Ratings Information (dollars in thousands)
Total Balance Pass Rated Special Mention %
ofTotal Classified % ofTotal September 30,
2021 One to four family residential real estate
$
1,117,055
$
1,107,787
$
1,315
0.1
%
$
7,953
0.7
%
Construction
885,586
866,054
19,532
2.2
%
-
0.0
%
Commercial real estate
2,379,734
2,220,881
117,068
4.9
%
41,785
1.8
%
Commercial
944,202
903,626
20,474
2.2
%
20,102
2.1
%
Consumer finance
124,525
122,956
-
0.0
%
1,569
1.3
%
Home equity and improvement
260,408
258,575
-
0.0
%
1,833
0.7
%
PCD loans
35,744
18,793
102
0.3
%
16,849
47.1
%
Total loans
$
5,747,254
$
5,498,672
$
158,491
2.8
%
$
90,091
1.6
%
June 30, 2021 One to four family residential real estate
$
1,125,097
$
1,114,219
$
1,117
0.1
%
$
9,761
0.9
%
Construction
830,822
815,429
15,393
1.9
%
-
0.0
%
Commercial real estate
2,393,591
2,217,858
132,099
5.5
%
43,634
1.8
%
Commercial
1,038,059
991,021
24,898
2.4
%
22,140
2.1
%
Consumer finance
117,764
116,137
-
0.0
%
1,627
1.4
%
Home equity and improvement
257,618
255,497
-
0.0
%
2,121
0.8
%
PCD loans
44,297
21,328
905
2.0
%
22,064
49.8
%
Total loans
$
5,807,248
$
5,531,489
$
174,412
3.0
%
$
101,347
1.7
%
September 30, 2020 One to four family residential real
estate
$
1,179,783
$
1,176,565
$
268
0.0
%
$
2,950
0.3
%
Construction
580,060
556,918
23,142
4.0
%
-
0.0
%
Commercial real estate
2,304,147
2,164,495
108,011
4.7
%
31,641
1.4
%
Commercial
1,234,158
1,200,581
24,618
2.0
%
8,959
0.7
%
Consumer finance
128,057
127,937
-
0.0
%
120
0.1
%
Home equity and improvement
276,246
275,831
-
0.0
%
415
0.2
%
PCD loans
75,063
28,866
11,443
15.2
%
34,754
46.3
%
Total loans
$
5,777,514
$
5,531,193
$
167,482
2.9
%
$
78,839
1.4
%
Premier Financial Corp. Non-GAAP
Reconciliations Nine months ended (In thousands, except
per share and ratio data)
9/30/21 9/30/20
3rd Qtr
2021 2nd Qtr 2021 1st Qtr 2021 4th Qtr 2020 3rd Qtr 2020
Acquisition related charges (pre-tax)
$
-
$
17,295
$
-
$
-
$
-
$
2,190
$
3,711
Less: Tax benefit of acquisition related charges
-
3,254
-
-
-
460
779
Acquisition related charges (after-tax)
$
-
$
14,041
$
-
$
-
$
-
$
1,730
$
2,932
Total non-interest expenses
$
116,223
$
123,856
$
39,045
$
38,375
$
38,803
$
41,313
$
43,563
Less: Acquisition related charges (pre-tax)
-
17,295
-
-
-
2,190
3,711
Less: FHLB prepayment charges(1)
-
1,407
-
-
-
-
1,407
Core non-interest expenses
$
116,223
$
105,154
$
39,045
$
38,375
$
38,803
$
39,123
$
38,445
Acquisition related provision (pre-tax)
$
-
$
25,949
$
-
$
-
$
-
$
-
$
-
Less: Tax benefit of acquisition related provision
-
5,449
-
-
-
-
-
Acquisition related provision (after-tax)
$
-
$
20,500
$
-
$
-
$
-
$
-
$
-
Provision (benefit) for credit losses
$
(9,061
)
$
51,014
$
1,820
$
(3,919
)
$
(6,963
)
$
(6,764
)
$
2,794
Less: Acquisition related provision (pre-tax)
-
25,949
-
-
-
-
-
Core provision (benefit) for credit losses
$
(9,061
)
$
25,065
$
1,820
$
(3,919
)
$
(6,963
)
$
(6,764
)
$
2,794
Non-interest income
$
62,133
$
62,013
$
18,314
$
17,545
$
26,275
$
18,669
$
25,000
Less: Securities gains (losses)
3,040
1,478
253
661
2,126
76
1,480
Non-interest income (excluding securities gains/losses)
$
59,093
$
60,535
$
18,061
$
16,884
$
24,149
$
18,593
$
23,520
Tax-equivalent net interest income
$
170,930
$
153,805
$
57,291
$
56,889
$
56,750
$
55,218
$
53,530
Non-interest income (excluding securities gains/losses)
59,093
60,535
18,061
16,884
24,149
18,593
23,520
Total revenues
230,023
214,340
75,352
73,773
80,899
73,811
77,050
Core non-interest expenses
$
116,223
$
105,154
$
39,045
$
38,375
$
38,803
$
39,123
$
38,445
Core efficiency ratio
50.53
%
49.06
%
51.82
%
52.02
%
47.96
%
53.00
%
49.90
%
Income (loss) before income taxes
$
125,138
$
40,181
$
34,484
$
39,708
$
50,948
$
39,087
$
31,914
Add: Provision (benefit) for credit losses
(9,061
)
51,014
1,820
(3,919
)
(6,963
)
(6,764
)
2,794
Pre-tax pre-provision income
116,077
91,195
36,304
35,789
43,985
32,323
34,708
Add: Acquisition related charges (pre-tax)
-
17,295
-
-
-
2,190
3,711
Core pre-tax pre-provision income
$
116,077
$
108,490
$
36,304
$
35,789
$
43,985
$
34,513
$
38,419
Average total assets
$
7,473,203
$
6,437,886
$
7,529,100
$
7,549,531
$
7,338,886
$
7,089,060
$
6,935,783
Core pre-tax pre-provision return on average assets
2.08
%
2.25
%
1.91
%
1.90
%
2.43
%
1.94
%
2.20
%
Net income (loss)
$
100,741
$
32,230
$
28,360
$
31,385
$
40,996
$
30,847
$
25,655
Add: Acquisition related provision (after-tax)
-
20,500
-
-
-
-
-
Add: Acquisition related charges (after-tax)
-
14,041
-
-
-
1,730
2,932
Core net income
$
100,741
$
66,771
$
28,360
$
31,385
$
40,996
$
32,577
$
28,587
Diluted shares - Reported
37,311
35,482
37,185
37,358
37,357
37,350
37,334
Add: Dilutive shares for core net income
-
-
-
-
-
-
-
Diluted shares - Core
37,311
35,482
37,185
37,358
37,357
37,350
37,334
Core diluted EPS
$
2.70
$
1.88
$
0.76
$
0.84
$
1.10
$
0.87
$
0.77
Average total assets
$
7,473,203
$
6,437,886
$
7,529,100
$
7,549,531
$
7,338,886
$
7,089,060
$
6,935,783
Core return on average assets
1.80
%
1.39
%
1.49
%
1.67
%
2.27
%
1.83
%
1.64
%
Average total equity
$
1,000,047
$
881,932
$
1,020,206
$
1,006,757
$
972,653
$
946,223
$
927,506
Core return on average equity
13.47
%
10.11
%
11.03
%
12.50
%
17.09
%
13.70
%
12.26
%
Average total tangible equity
$
654,072
$
557,829
$
675,875
$
660,785
$
624,996
$
602,495
$
576,457
Core return on average tangible equity
20.59
%
15.99
%
16.65
%
19.05
%
26.60
%
21.51
%
19.73
%
Note: Year-to-date results include nine months of
operations from UCFC compared to eight for comparable period in
2020. (1) Represents prepayment penalties on FHLB early
extinguishments funded by gains on securities sales that are
excluded from revenues for efficiency ratio calculation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211028006123/en/
Paul Nungester EVP and CFO 419.785.8700
PNungester@yourpremierbank.com
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