Increases Quarterly Dividend
Increases Buyback Authorization
Fourth Quarter 2021
Highlights
- Loan growth of $112 million excluding PPP (up 9% annualized)
including $88 million for commercial loans (up 10% annualized)
during 2021 fourth quarter
- Net interest margin of 3.41%, up 3 basis points from third
quarter 2021
- Average deposit costs down 4 basis points to 0.16% from third
quarter 2021
- Asset quality improved with non-performing assets down to 0.64%
of assets and classifieds down to 1.2% of loans
- Allowance to loans ratio of 1.26%, or 1.27% excluding PPP
loans, for 2021 fourth quarter
- Service fee income of $6.4 million, up $0.6 million (10%) from
2020 fourth quarter
- Increased dividend 7% to $0.30 per share
Full Year 2021
Highlights
- Net income of $126.1 million compared to $63.1 million (or
$99.3 million excluding merger-related expenses) for 2020
- Earnings per share of $3.39 compared to $1.75 (or $2.76
excluding merger-related expenses) for 2020
- Loan growth of $133 million excluding PPP (up 2.6%) including
$106 million for commercial loans (up 3.1%) during 2021
- Deposit growth of $234 million (up 3.9%) for 2021
- Pre-tax pre-provision ROAA of 2.00% compared to 1.87% (or 2.17%
excluding merger-related expenses) for 2020
- ROA, ROE and ROTE of 1.68%, 12.49% and 18.99% for
2021
Premier Financial Corp.
(Nasdaq: PFC) (“Premier” or the “Company”) today announced 2021
fourth quarter and full year results. Net income for the fourth
quarter of 2021 was $25.3 million, or $0.69 per diluted common
share, compared to $30.8 million, or $0.82 per diluted common
share, for the fourth quarter of 2020. The prior year’s results
include the impact of $2.2 million of acquisition-related charges
for the three months ended December 31, 2020, which had an
after-tax cost of $1.7 million, or $0.05 per diluted common share.
Net income for the year ended December 31, 2021, was $126.1
million, or $3.39 per diluted common share, compared to $63.1
million, or $1.75 per diluted common share, for the year ended
December 31, 2020. The 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 $44.3 million that included $25.9 million related to
acquisition accounting for an after-tax cost of $20.5 million, or
$0.57 per diluted common share. 2021 included a provision recovery
of $7.1 million, which had an after-tax benefit of $5.6 million, or
$0.15 per diluted common share, and no acquisition impact.
Additionally, the prior year’s results include the impact of $19.5
million of acquisition-related charges, which had an after-tax cost
of $15.8 million, or $0.44 per diluted common share. Excluding the
impact of the acquisition-related provision and charges, earnings
for 2020 were $99.3 million, or $2.76 per diluted common
share.
“Strong loan growth continues to be the theme as we close out a
successful 2021,” said Gary Small, President and CEO of Premier.
“PPP adjusted growth for the fourth quarter totaled 8.7% on an
annualized basis. And similar to the third quarter, each loan
category grew with commercial lending leading the way at 10.3%.
Premier’s core loan growth for the second half of 2021 totaled 7.0%
on an annualized basis. When combined with the strong fundamentals
in margin management and continued solid residential origination
and fee income activity, we are entering 2022 with a great deal of
momentum.”
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 $27,000 and $8.4 million
during the three and twelve months ended December 31, 2021,
respectively. Additionally, a total of $435.8 million in loans have
been extinguished to date, including $2.4 million and $379.3
million during the three and twelve months ended December 31, 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 year ended December 31, 2021. Total gross
fees for these loans were $7.8 million, and Premier Bank has
recognized $3.0 million and $6.2 million in loan interest income
during the three and twelve months ended December 31, 2021,
respectively. Additionally, a total of $82.6 million and $142.2
million in loans have been extinguished during the three and twelve
months ended December 31, 2021, respectively. Total PPP loans were
$58.9 million at December 31, 2021.
Quarterly results
Strong loan growth
Gross loans receivable were $5.30 billion at December 31, 2021,
compared to $5.27 billion at September 30, 2021. Gross loans
receivable increased $26.6 million on a linked quarter basis
despite an $85.0 million decrease in PPP loans. Excluding PPP,
loans grew $111.6 million organically, or 8.7% annualized.
Commercial loans excluding PPP increased $88.5 million from
September 30, 2021, or 10.3% annualized.
Net interest income up compared to fourth quarter of 2020
Net interest income of $57.2 million in the fourth quarter of
2021 was up from $55.0 million in the fourth quarter of 2020. The
increase over the prior year was attributable to loan growth, PPP
fees, and an 18 basis point decrease in average cost of funds. Net
interest margin was 3.41% for the fourth quarter of 2021, up from
3.38% in the third quarter of 2021, but down from 3.47% in the
fourth quarter of 2020. Yield on interest-earning assets was 3.61%
in the fourth quarter of 2021, consistent with 3.61% in the third
quarter of 2021. Loan yields increased 2 basis points to 4.11% in
the fourth quarter of 2021 from 4.09% in the third quarter of 2021.
The improvement from third quarter to fourth quarter was primarily
due to $112 million of non-PPP loan growth (9% annualized). Total
cost of funds decreased 3 basis points in the fourth quarter of
2021 to 0.21% from the third quarter of 2021, while the total cost
of interest-bearing liabilities decreased 4 basis points to 0.28%.
The 2021 fourth quarter results include the impact of acquisition
marks and related accretion for the UCFC acquisition. Interest
income includes $1.3 million of accretion and interest expense
includes $0.3 million of accretion, which combined added 9 basis
points of net interest margin. The fourth quarter results also
include the impact of PPP loans. Interest income includes $2.7
million on average balances of $101.8 million, which increased net
interest margin by 11 basis points. Excluding the impact of
acquisition marks and PPP loans, net interest margin would be 3.21%
for the fourth quarter of 2021 compared to 3.27% for the third
quarter of 2021 and 3.36% for the fourth quarter of 2020.
Non-interest income down from fourth quarter of 2020
Premier’s non-interest income in the fourth quarter of 2021 was
$17.8 million, compared with $18.7 million in the fourth quarter of
2020. Total mortgage banking income decreased to $3.1 million in
the fourth quarter of 2021 from $5.4 million in the fourth quarter
of 2020. Mortgage gains decreased to $2.8 million in the fourth
quarter of 2021 from $6.1 million in the fourth quarter of 2020.
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. Mortgage loan servicing revenue of $1.9 million in the
fourth quarter of 2021 was consistent with $1.9 million in the
fourth quarter of 2020. Amortization of mortgage servicing rights
decreased to $1.8 million in the fourth quarter of 2021 from $2.2
million in the fourth quarter of 2020. Premier also had a positive
change in the valuation adjustment for mortgage servicing assets of
$151,000 in the fourth quarter of 2021 compared with a negative
adjustment of $0.5 million in the fourth quarter of 2020. This item
closely follows the trend in USTN-10, which was flat during the
quarter at 1.52% on December 31, 2021.
For the fourth quarter of 2021, service fees and other charges
were $6.4 million, up 10% from $5.8 million in the fourth quarter
of 2020 primarily due to higher ATM and interchange related fees.
BOLI income increased $1.3 million from the fourth quarter of 2020,
primarily due to a $20 million premium purchase during the third
quarter of 2021 and $1.1 million of claim gains compared with no
claim gains in the fourth quarter of 2020. This was mostly offset
by a combined $1.3 million decrease in wealth management, insurance
commissions, and other income. Securities gains were $1.1 million
in the fourth quarter of 2021 compared to a gain of $76 thousand in
the fourth quarter of 2020 due to increased valuations in our
trading securities portfolio.
“Residential mortgage new business volume experienced a more
traditional seasonal softening in the fourth quarter combined with
lower gain on sale margins in a very competitive market,” said
Small. “For the year as a whole, origination volume was only
slightly less than the record pace of 2020. As we look forward, we
expect margins to trend back to normal levels as the industry
addresses excess capacity and see upside in mortgage servicing
rights valuations given the current interest rate forecast.”
Non-interest expenses up from fourth quarter of 2020
Total non-interest expense was $41.7 million in the fourth
quarter of 2021, up from $41.3 million in the fourth quarter of
2020 and up from $39.1 million excluding $2.2 million of
acquisition related charges. Compensation and benefits increased to
$24.2 million in the fourth quarter of 2021, compared to $19.9
million in the fourth quarter of 2020. Occupancy expense was $3.9
million in the fourth quarter of 2021, down from $4.5 million in
the fourth quarter of 2020. Data processing cost was $3.4 million
in the fourth quarter of 2021, down from $3.8 million in the fourth
quarter of 2020. Amortization of intangibles was $1.5 million in
the fourth quarter of 2021, down from $1.7 million in the fourth
quarter of 2020. Other non-interest expense was $7.4 million in the
fourth quarter of 2021, mostly consistent with $7.3 million in the
fourth quarter of 2020. Total expenses for the fourth quarter of
2021 include one-time costs related to executive office realignment
and operational enhancement projects of approximately $2 million.
In addition, healthcare costs were elevated due to the on-going
COVID environment.
“Our expense run rate for the fourth quarter ran higher than
normal as we executed a number of initiatives geared to improve
performance in 2022 and beyond,” said Small. “We remain, as always,
very focused on expense management even as we expand revenue
efforts around the organization.”
Credit quality
Non-performing assets totaled $48.2 million, or 0.64% of assets,
at December 31, 2021, a decrease from $60.1 million at September
30, 2021, and from $52.3 million at December 31, 2020. Accruing
troubled debt restructured loans were $7.8 million at December 31,
2021, compared with $7.2 million at December 31, 2020. Loan
delinquencies increased to $12.3 million, or 0.2% of loans, at
December 31, 2021, from $11.2 million at September 30, 2021, and
from $18.5 million at December 31, 2020. Classified loans totaled
$69.5 million, or 1.2% of loans, as of December 31, 2021, a
decrease from $90.1 million at September 30, 2021, and from $90.4
million at December 30, 2020.
The 2021 fourth quarter results include net loan charge-offs of
$9.6 million and a total provision expense of $2.0 million,
compared with net loan charge-offs of $0.7 million and a total
provision credit of $6.8 million for the same period in 2020. The
increase in charge-offs and provision expense were primarily due to
a single commercial credit relationship that was placed on
non-accrual in the third quarter of 2021. Total charge-offs for
2021 were $8.9 million, or 0.16% of average loans, compared to $2.4
million, or 0.05% of average loans, in 2020. The allowance for
credit losses as a percentage of total loans excluding PPP was
1.27% at December 31, 2021, compared with 1.43% at September 30,
2021, and 1.61% at December 31, 2020. The continued economic
improvement after the 2020 pandemic-related downturn has led to the
year-over-year decrease in the allowance percentages. As of
December 31, 2021, Premier Bank had no pandemic-related
deferrals.
“We are pleased with this quarter’s improvement in asset
quality, which includes 20% reductions in both non-performing
assets and classified loans,” said Paul Nungester, CFO of Premier.
“Our allowance coverage of 1.27% excluding PPP, or 1.37% including
unamortized purchase accounting marks, is approaching pre-pandemic
levels.”
“The fourth quarter charge-off activity reflects our commitment
to address issues quickly and thoroughly with the goal of
maintaining a conservative balance sheet,” said Small. “Our leading
credit indicators remain very strong and I remain very confident in
the quality of our overall portfolio.”
Annual results
For the year ended December
31, 2021, net income totaled $126.1 million, or $3.39 per diluted
common share, compared to $63.1 million, or $1.75 per diluted
common share, for the year ended December 31, 2020. Results for the
2020 period included eleven months of income and expenses from
UCFC, compared to twelve months in 2021. The year-over-year
comparison is also substantially impacted by the prior year’s
provision expense of $44.3 million, which included $25.9 million
related to acquisition accounting for an after-tax cost of $20.5
million, or $0.57 per diluted common share. The 2021 period
included a provision credit of $7.1 million, which had an after-tax
benefit of $5.6 million, or $0.15 per diluted common share, and no
acquisition impact. Additionally, the prior year’s results include
the impact of $19.5 million of acquisition-related charges, which
had an after-tax cost of $15.8 million, or $0.44 per diluted common
share. Excluding the impact of acquisition-related provision and
charges, earnings for 2020 were $99.3 million, or $2.76 per diluted
common share.
Net interest income was $227.4
million for 2021, compared with $208.0 million in 2020. Average
interest-earning assets increased to $6.7 billion in 2021, compared
to $5.9 billion in 2020. Net interest margin for 2021 was 3.39%,
down 13 basis points from the 3.52% margin in 2020. Results include
the impact of acquisition marks and related accretion for the UCFC
acquisition. For 2021, interest income includes $4.6 million of
accretion and interest expense includes $1.3 million of accretion,
which combined added 8 basis points of net interest margin. The
results for 2021 also include the impact of PPP loans. Interest
income includes $14.6 million on average balances of $282.7
million, which increased net interest margin by 7 basis points.
Excluding the impact of acquisition marks and PPP loans, net
interest margin was 3.24% for 2021, compared to 3.42% for
2020.
Non-interest income for 2021
was $80.0 million, compared to $80.7 million in 2020. Service fees
and other charges were $24.2 million for 2021, up from $21.4
million during 2020. Mortgage banking income was $21.9 million for
2021, down from $28.2 million during 2020. Insurance commissions
were $15.8 million for 2021, compared with $16.8 million for 2020.
Wealth management income was $6.0 million for 2021, down from $6.2
million during 2020. Securities gains were $4.2 million for 2021,
compared to $1.6 million for 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 higher income over
the next three years. The other $2.0 million is related to
unrealized gains on our trading securities due to the improved
market for these financial institution equities. BOLI income
increased to $5.1 million in 2021, including $1.4 million of claim
gains, compared to $3.3 million and no claim gains in 2020. Other
non-interest income for 2021 was $2.8 million, compared to $3.0
million in 2020.
Non-interest expense was
$158.0 million for 2021, compared to $165.2 million, or $145.7
million excluding acquisition-related charges, for 2020.
Compensation and benefits expense was $90.6 million for 2021,
compared with $77.2 million during the same period of 2020.
Expenses also included net decreases of $2.9 million for occupancy,
FDIC insurance premiums, financial institution taxes, data
processing and amortization of intangibles and an increase of $1.8
million for other expenses. Total expenses for 2021 were impacted
by the fourth quarter items discussed above.
Total assets at $7.48 billion
Total assets at December 31,
2021, were $7.48 billion, compared to $7.47 billion at September
30, 2021, and $7.21 billion at December 31, 2020. Gross loans
receivable were $5.30 billion at December 31, 2021, compared to
$5.27 billion at September 30, 2021, and $5.49 billion at December
31, 2020. At December 31, 2021, gross loans receivable decreased
$195.1 million from a year ago due to a $328.0 million decrease in
PPP loans. Excluding PPP, loans grew $132.9 million organically, or
2.6% from a year ago. Commercial loans excluding PPP increased
$106.1 million from December 31, 2020, to 2021, or 3.1%. Securities
at December 31, 2021, were $1.22 billion, compared to $1.26 billion
at September 30, 2021, and $737.7 million at December 31, 2020.
Also, at December 31, 2021, goodwill and other intangible assets
totaled $342.1 million compared to $343.6 million at September 30,
2021, and $348.3 million at December 31, 2020, with the decrease
attributable to intangibles amortization.
Total deposits at December 31,
2021, were $6.28 billion, compared with $6.25 billion at September
30, 2021, and $6.05 billion at December 31, 2020. At December 31,
2021, total deposits grew $234.2 million organically, or 3.9% from
a year ago.
Total stockholders’ equity was
$1.02 billion at December 31, 2021, compared to $1.03 billion at
September 30, 2021, and $982.3 million at December 31, 2020. The
increase in stockholders’ equity from the prior year was primarily
due to net earnings. The Company also completed the repurchase of
595,285 common shares for $18.8 million during the fourth quarter
of 2021 and 967,136 common shares for $29.6 million during the year
ended December 31, 2021.
Buybacks authorization
At December 31, 2021,
1,032,864 common shares remained available for repurchase under the
Company’s existing repurchase program. On January 25, 2021, the
Company’s Board of Directors approved an increase in the Company’s
repurchase authorization to 2,000,000 shares of common stock, or
approximately 5.5% of current outstanding shares.
Dividend to be paid February 18
The Board of Directors declared a quarterly cash dividend of
$0.30 per common share payable February 18, 2022, to shareholders
of record at the close of business on February 11, 2022. The
dividend represents an annual dividend of 4.01 percent based on the
Premier common stock closing price on January 24, 2022. Premier has
approximately 36,318,000 common shares outstanding.
Conference call
Premier will host a conference call at 11:00 a.m. ET on
Wednesday, January 26, 2022, to discuss the earnings results and
business trends. The conference call may be accessed by calling
1-844-200-6205. Internet access to the call is also available (in
listen-only mode) at the following URL:
https://events.q4inc.com/attendee/417140500. 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 December 31,
2021, consolidated financial statements as part of its Annual
Report on Form 10-K 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.
December 31,
December 31,
(in thousands)
2021
2020
Assets Cash and cash equivalents
Cash and amounts due from depository institutions
$
54,858
$
79,593
Interest-bearing deposits
106,708
79,673
161,566
159,266
Available-for sale, carried at fair value
1,206,260
736,654
Trading securities, carried at fair value
14,097
1,090
Securities investments
1,220,357
737,744
Loans
5,296,168
5,491,240
Allowance for credit losses - loans
(66,468
)
(82,079
)
Loans, net
5,229,700
5,409,161
Loans held for sale
162,947
221,616
Mortgage servicing rights
19,538
13,153
Accrued interest receivable
20,767
25,434
Federal Home Loan Bank stock
11,585
16,026
Bank Owned Life Insurance
166,767
144,784
Office properties and equipment
55,602
58,665
Real estate and other assets held for sale
171
343
Goodwill
317,948
317,948
Core deposit and other intangibles
24,129
30,337
Other assets
90,325
77,257
Total Assets
$
7,481,402
$
7,211,734
Liabilities and Stockholders’ Equity
Non-interest-bearing deposits
$
1,724,772
$
1,597,262
Interest-bearing deposits
4,557,279
4,450,579
Total deposits
6,282,051
6,047,841
Advances from FHLB
-
-
Notes payable and other interest-bearing liabilities
-
-
Subordinated debentures
84,976
84,860
Advance payments by borrowers for tax and insurance
24,716
21,748
Reserve for credit losses - unfunded commitments
5,031
5,350
Other liabilities
61,132
69,659
Total Liabilities
6,457,906
6,229,458
Stockholders’ Equity Preferred stock
-
-
Common stock, net
306
306
Additional paid-in-capital
691,132
689,390
Accumulated other comprehensive income (loss)
(3,428
)
15,004
Retained earnings
443,517
356,414
Treasury stock, at cost
(108,031
)
(78,838
)
Total Stockholders’ Equity
1,023,496
982,276
Total Liabilities and Stockholders’ Equity
$
7,481,402
$
7,211,734
Consolidated Statements of Income (Unaudited) Premier
Financial Corp.
Three Months Ended
Twelve Months Ended
December
31,
December
31,
(in thousands, except per share amounts)
2021
2020
2021
2020
Interest Income: Loans
$
55,007
$
57,694
$
223,787
$
225,084
Investment securities
5,369
2,980
19,369
11,469
Interest-bearing deposits
56
44
198
435
FHLB stock dividends
58
98
233
958
Total interest income
60,490
60,816
243,587
237,946
Interest Expense: Deposits
2,615
5,158
13,482
26,918
FHLB advances and other
-
1
23
1,691
Subordinated debentures
673
690
2,713
1,300
Notes Payable
-
-
-
32
Total interest expense
3,288
5,849
16,218
29,941
Net interest income
57,202
54,967
227,369
208,005
Provision (benefit) for credit losses - loans
2,816
(6,158
)
(6,733
)
43,154
Provision (benefit) for credit losses - unfunded commitments
(807
)
(606
)
(319
)
1,096
Total provision (benefit) for credit losses
2,009
(6,764
)
(7,052
)
44,250
Net interest income after provision
55,193
61,731
234,421
163,755
Non-interest Income: Service fees and other charges
6,351
5,767
24,168
21,369
Mortgage banking income
3,060
5,436
21,925
28,199
Gain on sale of non-mortgage loans
-
90
-
324
Gain (loss) on sale of available for sale securities
-
-
2,218
1,464
Gain (loss) on trading securities
1,132
76
1,954
90
Insurance commissions
3,379
3,913
15,780
16,788
Wealth management income
1,383
1,808
6,027
6,159
Income from Bank Owned Life Insurance
2,145
845
5,121
3,306
Other non-interest income
374
734
2,764
2,985
Total Non-interest Income
17,824
18,669
79,957
80,684
Non-interest Expense: Compensation and benefits
24,247
19,882
90,646
77,213
Occupancy
3,859
4,471
15,501
16,320
FDIC insurance premium
781
983
2,896
3,355
Financial institutions tax
526
1,106
4,079
4,173
Data processing
3,447
3,752
13,550
14,886
Amortization of intangibles
1,483
1,668
6,208
6,449
Acquisition related charges
-
2,190
-
19,485
Other non-interest expense
7,390
7,261
25,075
23,289
Total Non-interest Expense
41,733
41,313
157,955
165,170
Income (loss) before income taxes
31,284
39,087
156,423
79,269
Income tax expense (benefit)
5,974
8,240
30,372
16,192
Net Income (Loss)
$
25,310
$
30,847
$
126,051
$
63,077
Earnings (loss) per common share:
Basic
$
0.69
$
0.83
$
3.39
$
1.75
Diluted
$
0.69
$
0.82
$
3.39
$
1.75
Average Shares Outstanding: Basic
36,740
37,311
37,109
35,902
Diluted
36,848
37,350
37,200
35,949
Premier Financial Corp. Financial Summary and Comparison
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
(dollars in thousands, except per share data)
2021
2020
% change
2021
2020
% change
Summary of Operations
Tax-equivalent interest
income (2)
$
60,740
$
61,067
(0.5
)
$
244,600
$
238,965
2.4
Interest expense
3,288
5,849
(43.8
)
16,218
29,942
(45.8
)
Tax-equivalent net interest income (2)
57,452
55,218
4.0
228,382
209,023
9.3
Provision (benefit) for credit losses
2,009
(6,764
)
(129.7
)
(7,052
)
44,250
(115.9
)
Core provision (benefit) for credit losses (4)
2,009
(6,764
)
(129.7
)
(7,052
)
18,301
(138.5
)
Investment securities gains (losses)
1,132
76
NM
4,172
1,554
NM
Non-interest income (excluding securities gains/losses)
16,692
18,593
(10.2
)
75,785
79,130
(4.2
)
Non-interest expense
41,733
41,313
1.0
157,955
165,170
(4.4
)
Core non-interest expense (4)
41,733
39,123
6.7
157,955
144,278
9.5
Income tax expense (benefit)
5,974
8,240
(27.5
)
30,372
16,192
87.6
Net income (loss)
25,310
30,847
(17.9
)
126,051
63,077
99.8
Core net income (4)
25,310
32,577
(22.3
)
126,051
99,348
26.9
Tax equivalent adjustment (2)
250
251
(0.4
)
1,013
1,019
(0.6
)
At Period End Assets
7,481,402
7,211,734
3.7
Earning assets
6,797,765
6,546,299
3.8
Loans
5,296,168
5,491,240
(3.6
)
Allowance for credit losses - loans
66,468
82,079
(19.0
)
Deposits
6,282,051
6,047,841
3.9
Stockholders’ equity
1,023,496
982,276
4.2
Average Balances
Assets
7,510,397
7,089,060
5.9
7,482,578
6,592,633
13.5
Earning assets
6,736,250
6,363,306
5.9
6,732,178
5,931,965
13.5
Loans
5,356,113
5,609,116
(4.5
)
5,473,668
5,224,357
4.8
Deposits and interest-bearing liabilities
6,386,341
6,044,049
5.7
6,385,080
5,604,699
13.9
Deposits
6,301,384
5,956,550
5.8
6,287,531
5,362,436
17.3
Stockholders’ equity
1,035,717
946,223
9.5
1,009,037
898,092
12.4
Stockholders’ equity / assets
13.79
%
13.35
%
3.3
13.49
%
13.62
%
(1.0
)
Per Common Share Data Net
Income (Loss) Basic
$
0.69
$
0.83
(16.9
)
$
3.39
$
1.75
93.7
Diluted
0.69
0.82
(15.9
)
3.39
1.75
93.7
Core diluted (4)
0.69
0.87
(20.7
)
3.39
2.76
22.8
Dividends Paid
0.28
0.22
27.3
1.05
0.88
19.3
Market Value: High
$
34.00
$
23.49
44.7
$
35.90
$
32.05
12.0
Low
28.75
14.90
93.0
22.23
10.98
102.5
Close
30.91
23.00
34.4
30.91
23.00
34.4
Common Book Value
28.13
26.34
6.8
28.13
26.34
6.8
Tangible Common Book Value (1)
18.73
17.00
10.2
18.73
17.00
10.2
Shares outstanding, end of period (000s)
36,384
37,291
(2.4
)
36,384
37,291
(2.4
)
Performance Ratios (annualized)
Tax-equivalent net interest margin (2)
3.41
%
3.47
%
(1.7
)
3.39
%
3.52
%
(3.7
)
Return on average assets
1.34
%
1.73
%
(22.7
)
1.68
%
0.96
%
75.5
Core return on average assets (4)
1.34
%
1.83
%
(26.9
)
1.68
%
1.51
%
11.8
Return on average equity
9.70
%
12.97
%
(25.2
)
12.49
%
7.02
%
78.0
Core return on average equity (4)
9.70
%
13.70
%
(29.2
)
12.49
%
11.06
%
12.9
Return on average tangible equity
14.49
%
20.37
%
(28.8
)
18.99
%
7.00
%
171.1
Core return on average tangible equity (4)
14.49
%
21.51
%
(32.6
)
18.99
%
11.06
%
71.6
Efficiency ratio (3)
56.29
%
55.97
%
0.6
51.93
%
57.32
%
(9.4
)
Core efficiency ratio (4)
56.29
%
53.00
%
6.2
51.93
%
50.07
%
3.7
Effective tax rate
19.10
%
21.08
%
(9.4
)
19.42
%
20.43
%
(5.0
)
Dividend payout ratio (core)
40.58
%
25.29
%
60.5
30.97
%
31.88
%
(2.9
)
Note: Year-to-date 2020
results include eleven months of operations from UCFC compared to
twelve 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
Twelve Months Ended
December 31,
December 31,
Mortgage Banking Summary
2021
2020
2021
2020
Revenue from sales and servicing of mortgage loans:
Mortgage banking gains, net
$
2,774
$
6,146
$
16,437
$
36,359
Mortgage loan servicing revenue (expense):
Mortgage loan servicing revenue
1,909
1,916
7,574
7,296
Amortization of mortgage servicing rights
(1,774
)
(2,174
)
(7,892
)
(7,477
)
Mortgage servicing rights valuation adjustments
151
(452
)
5,806
(7,979
)
286
(710
)
5,488
(8,160
)
Total revenue from sale and servicing of mortgage loans
$
3,060
$
5,436
$
21,925
$
28,199
Mortgage
servicing rights: Balance
at beginning of period
$
21,963
$
21,538
$
21,666
$
10,801
Loans sold, servicing retained
2,056
2,302
8,471
8,595
Mortgage servicing rights acquired
-
-
-
9,747
Amortization
(1,774
)
(2,174
)
(7,892
)
(7,477
)
Carrying value before valuation allowance at end of period
22,245
21,666
22,245
21,666
Valuation allowance:
Balance at beginning of period
(2,858
)
(8,061
)
(8,513
)
(534
)
Impairment recovery (charges)
151
(452
)
5,806
(7,979
)
Balance at end of period
(2,707
)
(8,513
)
(2,707
)
(8,513
)
Net carrying value at end of period
$
19,538
$
13,153
$
19,538
$
13,153
COVID-19
Deferrals Update 12/31/2021 9/30/2021
6/30/2021 3/31/2021 12/31/2020 9/30/2020
Commercial loan deferrals
$
-
$
-
$
-
$
32,370
$
46,038
$
434,554
% of commercial loans
0.0
%
0.0
%
0.0
%
0.8
%
1.2
%
11.4
%
% of total loans
0.0
%
0.0
%
0.0
%
0.6
%
0.8
%
7.9
%
Retail loan deferrals
$
-
$
-
$
13
$
3,414
$
7,412
$
48,187
% of retail loans
0.0
%
0.0
%
0.0
%
0.2
%
0.4
%
2.9
%
% of total loans
0.0
%
0.0
%
0.0
%
0.1
%
0.1
%
0.9
%
Total loan deferrals
$
-
$
-
$
13
$
35,784
$
53,450
$
482,741
% of total loans
0.0
%
0.0
%
0.0
%
0.7
%
1.0
%
8.8
%
Note: Year-to-date 2020 results include eleven months of
operations from UCFC compared to twelve for comparable period in
2021.
Premier Financial Corp. Yield Analysis
Three Months Ended December 31, (dollars in
thousands)
2021
2020
Average Yield Average Yield Balance Interest(1)
Rate(2) Balance Interest(1) Rate(2)
Interest-earning assets:
Loans receivable
$
5,356,113
$
55,013
4.11
%
$
5,609,116
$
57,715
4.12
%
Securities
1,245,096
5,612
1.80
%
632,989
3,210
2.03
%
(3)
Interest Bearing Deposits
123,456
56
0.18
%
102,053
44
0.17
%
FHLB stock
11,585
59
2.04
%
19,148
98
2.05
%
Total interest-earning assets
6,736,250
60,740
3.61
%
6,363,306
61,067
3.84
%
Non-interest-earning assets
774,147
725,754
Total assets
$
7,510,397
$
7,089,060
Deposits and Interest-bearing liabilities: Interest
bearing deposits
$
4,609,064
$
2,615
0.23
%
$
4,411,557
$
5,158
0.47
%
FHLB advances and other
-
-
0.00
%
2,663
1
0.15
%
Subordinated debentures
84,957
673
3.17
%
84,836
690
3.25
%
Notes payable
-
-
-
-
-
-
Total interest-bearing liabilities
4,694,021
3,288
0.28
%
4,499,056
5,849
0.52
%
Non-interest bearing deposits
1,692,320
-
-
1,544,993
-
-
Total including non-interest-bearing deposits
6,386,341
3,288
0.21
%
6,044,049
5,849
0.39
%
Other non-interest-bearing liabilities
88,339
98,788
Total liabilities
6,474,680
6,142,837
Stockholders' equity
1,035,717
946,223
Total liabilities and stockholders' equity
$
7,510,397
$
7,089,060
Net interest income; interest rate spread
$
57,452
3.33
%
$
55,218
3.32
%
Net interest margin (4)
3.41
%
3.47
%
Average interest-earning assets to average interest bearing
liabilities
144
%
141
%
Twelve Months Ended December 31,
2021
2020
Average Yield Average Yield Balance Interest(1)
Rate(2) Balance Interest(1) Rate(2)
Interest-earning assets:
Loans receivable
$
5,473,668
$
223,823
4.09
%
$
5,224,357
$
225,179
4.31
%
Securities
1,135,434
20,346
1.79
%
544,643
12,393
2.28
%
(3)
Interest Bearing Deposits
111,433
198
0.18
%
124,011
435
0.35
%
FHLB stock
11,643
233
2.00
%
38,954
958
2.46
%
Total interest-earning assets
6,732,178
244,600
3.63
%
5,931,965
238,965
4.03
%
Non-interest-earning assets
750,400
660,668
Total assets
$
7,482,578
$
6,592,633
Deposits and Interest-bearing liabilities: Interest
bearing deposits
$
4,611,525
$
13,482
0.29
%
$
4,050,958
$
26,918
0.66
%
FHLB advances and other
12,586
23
0.18
%
187,745
1,692
0.90
%
Subordinated debentures
84,911
2,713
3.20
%
48,471
1,300
2.68
%
Notes payable
52
-
0.75
%
6,047
32
0.53
%
Total interest-bearing liabilities
4,709,074
16,218
0.34
%
4,293,221
29,942
0.70
%
Non-interest bearing deposits
1,676,006
-
-
1,311,478
-
-
Total including non-interest-bearing deposits
6,385,080
16,218
0.25
%
5,604,699
29,942
0.53
%
Other non-interest-bearing liabilities
88,461
89,842
Total liabilities
6,473,541
5,694,541
Stockholders' equity
1,009,037
898,092
Total liabilities and stockholders' equity
$
7,482,578
$
6,592,633
Net interest income; interest rate spread
$
228,382
3.29
%
$
209,023
3.33
%
Net interest margin (4)
3.39
%
3.52
%
Average interest-earning assets to average interest bearing
liabilities
143
%
138
%
Note: Year-to-date 2020 results include eleven months
of operations from UCFC compared to twelve 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)
4th Qtr 2021
3rd Qtr 2021
2nd Qtr 2021
1st Qtr 2021
4th Qtr 2020
Summary of Operations
Tax-equivalent interest income (1)
$
60,740
$
61,117
$
61,134
$
61,609
$
61,067
Interest expense
3,288
3,826
4,245
4,859
5,849
Tax-equivalent net interest income (1)
57,452
57,291
56,889
56,750
55,218
Provision (benefit) for credit losses
2,009
1,820
(3,919
)
(6,963
)
(6,764
)
Core provision (benefit) for credit losses (3)
2,009
1,820
(3,919
)
(6,963
)
(6,764
)
Investment securities gains (losses)
1,132
253
661
2,126
76
Non-interest income (excluding securities gains/losses)
16,692
18,061
16,884
24,149
18,594
Non-interest expense
41,733
39,045
38,375
38,803
41,313
Core non-interest expense (3)
41,733
39,045
38,375
38,803
39,123
Income tax expense (benefit)
5,974
6,124
8,323
9,952
8,240
Net income (loss)
25,310
28,360
31,385
40,996
30,848
Core net income (3)
25,310
28,360
31,385
40,996
32,577
Tax equivalent adjustment (1)
250
256
270
237
251
At Period End Total
assets
$
7,481,402
$
7,468,318
$
7,593,720
$
7,530,462
$
7,211,734
Earning assets
6,797,765
6,774,307
6,920,008
6,852,357
6,546,299
Loans
5,296,168
5,269,566
5,348,400
5,459,683
5,491,240
Allowance for loan losses
66,468
73,217
71,367
74,754
82,079
Deposits
6,282,051
6,248,658
6,291,459
6,351,919
6,047,841
Stockholders’ equity
1,023,496
1,031,869
1,027,703
998,186
982,276
Stockholders’ equity / assets
13.68
%
13.82
%
13.53
%
13.26
%
13.62
%
Goodwill
317,948
317,948
317,948
317,948
317,948
Average Balances Total
assets
$
7,510,397
$
7,529,100
$
7,549,531
$
7,338,886
$
7,089,060
Earning assets
6,736,250
6,773,021
6,806,275
6,611,343
6,363,306
Loans
5,356,113
5,416,696
5,495,782
5,629,715
5,609,116
Deposits and interest-bearing liabilities
6,386,341
6,422,455
6,454,731
6,275,160
6,044,049
Deposits
6,301,384
6,317,229
6,339,673
6,190,292
5,956,550
Stockholders’ equity
1,035,717
1,020,206
1,006,757
972,653
946,223
Stockholders’ equity / assets
13.79
%
13.55
%
13.34
%
13.25
%
13.35
%
Per Common Share Data Net
Income (Loss): Basic
$
0.69
$
0.76
$
0.84
$
1.10
$
0.83
Diluted
0.69
0.76
0.84
1.10
0.82
Core diluted (3)
0.69
0.76
0.84
1.10
0.87
Dividends Paid
0.28
0.27
0.26
0.24
0.22
Market Value: High
$
34.00
$
32.72
$
33.97
$
35.90
$
23.49
Low
28.75
25.80
27.76
22.23
14.90
Close
30.91
31.84
28.41
33.26
23.00
Common Book Value
28.13
27.90
27.64
26.78
26.34
Shares outstanding, end of period (000s)
36,384
36,978
37,178
37,275
37,291
Performance Ratios (annualized)
Tax-equivalent net interest margin (1)
3.41
%
3.38
%
3.34
%
3.43
%
3.47
%
Return on average assets
1.34
%
1.49
%
1.67
%
2.27
%
1.73
%
Core return on average assets (3)
1.34
%
1.49
%
1.67
%
2.27
%
1.83
%
Return on average equity
9.70
%
11.03
%
12.50
%
17.09
%
12.97
%
Core return on average equity (3)
9.70
%
11.03
%
12.50
%
17.09
%
13.70
%
Return on average tangible equity
14.49
%
16.65
%
19.05
%
26.60
%
20.37
%
Core return on average tangible equity (3)
14.49
%
16.65
%
19.05
%
26.60
%
21.51
%
Efficiency ratio (2)
56.29
%
51.82
%
52.02
%
47.96
%
55.97
%
Core efficiency ratio (3)
56.29
%
51.82
%
52.02
%
47.96
%
53.00
%
Effective tax rate
19.10
%
17.76
%
20.96
%
19.53
%
21.08
%
Common dividend payout ratio (core)
40.58
%
35.53
%
30.95
%
21.82
%
25.29
%
(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)
4th Qtr 2021
3rd Qtr 2021
2nd Qtr 2021
1st Qtr 2021
4th Qtr 2020
Loan Portfolio Composition One to four family
residential real estate
$
1,167,466
$
1,129,877
$
1,138,433
$
1,168,559
$
1,201,051
Construction
862,815
885,586
830,822
749,190
667,649
Commercial real estate
2,450,349
2,389,759
2,405,653
2,402,067
2,383,001
Commercial
895,638
952,729
1,051,972
1,172,910
1,202,353
Consumer finance
126,417
125,163
118,526
117,539
120,729
Home equity and improvement
264,354
264,140
261,842
257,764
272,701
Total loans
5,767,039
5,747,254
5,807,248
5,868,029
5,847,484
Less: Undisbursed loan funds
477,890
481,434
458,156
405,983
355,065
Deferred loan origination fees
(7,019
)
(3,746
)
692
2,363
1,179
Allowance for credit losses - loans
66,468
73,217
71,367
74,754
82,079
Net Loans
$
5,229,700
$
5,196,349
$
5,277,033
$
5,384,929
$
5,409,161
Allowance for credit losses - loans
Beginning allowance
$
73,217
$
71,367
$
74,754
$
82,079
$
88,917
Provision (benefit) for credit losses - loans
2,816
1,594
(3,631
)
(7,514
)
(6,158
)
Net recoveries (charge-offs)
(9,565
)
256
244
189
(680
)
Ending allowance
$
66,468
$
73,217
$
71,367
$
74,754
$
82,079
Credit Quality Total non-performing
loans (1)
$
48,014
$
59,865
$
41,296
$
49,298
$
51,682
Real estate owned (REO)
171
261
45
53
343
Total non-performing assets (2)
$
48,185
$
60,126
$
41,341
$
49,351
$
52,025
Net charge-offs (recoveries)
9,565
(256
)
(244
)
(189
)
680
Restructured loans, accruing (3)
7,768
6,503
5,939
6,068
7,173
Allowance for credit losses - loans / loans
1.26
%
1.39
%
1.33
%
1.37
%
1.49
%
Allowance for credit losses - loans / non-performing assets
137.94
%
121.77
%
172.63
%
151.47
%
157.77
%
Allowance for credit losses - loans / non-performing loans
138.43
%
122.30
%
172.82
%
151.64
%
158.82
%
Non-performing assets / loans plus REO
0.91
%
1.14
%
0.77
%
0.90
%
0.95
%
Non-performing assets / total assets
0.64
%
0.81
%
0.54
%
0.66
%
0.73
%
Net charge-offs / average loans (annualized)
0.71
%
-0.02
%
-0.02
%
-0.01
%
0.05
%
Net charge-offs / average loans LTM
0.16
%
0.00
%
0.06
%
0.05
%
0.05
%
Deposit Balances Non-interest-bearing
demand deposits
$
1,724,772
$
1,618,769
$
1,649,664
$
1,728,895
$
1,597,262
Interest-bearing demand deposits and money market
2,952,705
2,962,032
2,890,769
2,806,271
2,627,669
Savings deposits
804,451
786,929
777,862
761,899
700,480
Retail time deposits less than $250
636,477
692,224
720,317
842,624
912,006
Retail time deposits greater than $250
163,646
188,704
252,847
212,230
210,424
Total deposits
$
6,282,051
$
6,248,658
$
6,291,459
$
6,351,919
$
6,047,841
(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
December 31, 2021
One to four family residential real estate
$
1,167,466
$
1,149,333
$
6,212
0.5
%
$
11,921
1.0
%
Construction
862,815
861,326
1,489
0.2
%
-
0.0
%
Commercial real estate
2,450,349
2,435,491
15
0.0
%
14,843
0.6
%
Commercial
895,638
879,521
76
0.0
%
16,041
1.8
%
Consumer finance
126,417
122,361
2,023
1.6
%
2,033
1.6
%
Home equity and improvement
264,354
258,661
2,517
1.0
%
3,176
1.2
%
Total loans
$
5,767,039
$
5,706,693
$
12,332
0.2
%
$
48,014
0.8
%
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
%
December 31, 2020
One to four family
residential real estate
$
1,201,051
$
1,178,876
$
8,318
0.7
%
$
13,857
1.2
%
Construction
667,649
664,248
2,294
0.3
%
1,107
0.2
%
Commercial real estate
2,383,001
2,359,299
993
0.0
%
22,709
1.0
%
Commercial
1,202,353
1,192,949
9
0.0
%
9,395
0.8
%
Consumer finance
120,729
116,632
2,248
1.9
%
1,849
1.5
%
Home equity and improvement
272,701
265,023
4,612
1.7
%
3,066
1.1
%
Total loans
$
5,847,484
$
5,777,027
$
18,474
0.3
%
$
51,983
0.9
%
Loan Risk
Ratings Information (dollars in thousands)
Total
Balance Pass Rated Special Mention
% ofTotal Classified %
ofTotal
December 31, 2021 One to
four family residential real estate
$
1,154,070
$
1,142,688
$
1,316
0.1
%
$
10,066
0.9
%
Construction
862,815
843,293
19,522
2.3
%
-
0.0
%
Commercial real estate
2,444,471
2,321,654
93,676
3.8
%
29,141
1.2
%
Commercial
886,472
857,905
14,815
1.7
%
13,752
1.6
%
Consumer finance
125,926
124,073
-
0.0
%
1,853
1.5
%
Home equity and improvement
260,948
258,914
-
0.0
%
2,034
0.8
%
PCD loans
32,337
19,547
101
0.3
%
12,689
39.2
%
Total loans
$
5,767,039
$
5,568,074
$
129,430
2.2
%
$
69,535
1.2
%
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
%
December 31, 2020
One to four family
residential real estate
$
1,186,262
$
1,183,104
$
796
0.1
%
$
2,362
0.2
%
Construction
667,649
647,906
19,743
3.0
%
-
0.0
%
Commercial real estate
2,359,713
2,202,167
111,213
4.7
%
46,333
2.0
%
Commercial
1,174,545
1,143,715
23,713
2.0
%
7,117
0.6
%
Consumer finance
119,841
119,736
-
0.0
%
105
0.1
%
Home equity and improvement
268,311
267,872
-
0.0
%
439
0.2
%
PCD loans
71,163
33,311
3,832
5.4
%
34,020
47.8
%
Total loans
$
5,847,484
$
5,597,811
$
159,297
2.7
%
$
90,376
1.5
%
Premier Financial Corp. Non-GAAP Reconciliations
Twelve months ended
(In thousands, except per share and ratio data)
12/31/21 12/31/20
4th Qtr 2021
3rd Qtr 2021 2nd Qtr 2021 1st Qtr 2021 4th Qtr
2020 Acquisition related charges (pre-tax)
$
-
$
19,485
$
-
$
-
$
-
$
-
$
2,190
Less: Tax benefit of acquisition related charges
-
3,714
-
-
-
-
460
Acquisition related charges (after-tax)
$
-
$
15,771
$
-
$
-
$
-
$
-
$
1,730
Total
non-interest expenses
$
157,955
$
165,170
$
41,733
$
39,045
$
38,375
$
38,803
$
41,313
Less: Acquisition related charges (pre-tax)
-
19,485
-
-
-
-
2,190
Less: FHLB prepayment charges(1)
-
1,407
-
-
-
-
-
Core non-interest expenses
$
157,955
$
144,278
$
41,733
$
39,045
$
38,375
$
38,803
$
39,123
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
$
(7,052
)
$
44,250
$
2,009
$
1,820
$
(3,919
)
$
(6,963
)
$
(6,764
)
Less: Acquisition related provision (pre-tax)
-
25,949
-
-
-
-
-
Core provision (benefit) for credit losses
$
(7,052
)
$
18,301
$
2,009
$
1,820
$
(3,919
)
$
(6,963
)
$
(6,764
)
Non-interest income
$
79,957
$
80,684
$
17,824
$
18,314
$
17,545
$
26,275
$
18,669
Less: Securities gains (losses)
4,172
1,554
1,132
253
661
2,126
76
Non-interest income (excluding securities gains/losses)
$
75,785
$
79,130
$
16,692
$
18,061
$
16,884
$
24,149
$
18,593
Tax-equivalent net interest income
$
228,382
$
209,023
$
57,452
$
57,291
$
56,889
$
56,750
$
55,218
Non-interest income (excluding securities gains/losses)
75,785
79,130
16,692
18,061
16,884
24,149
18,593
Total revenues
304,167
288,153
74,144
75,352
73,773
80,899
73,811
Core non-interest expenses
$
157,955
$
144,278
$
41,733
$
39,045
$
38,375
$
38,803
$
39,123
Core efficiency ratio
51.93
%
50.07
%
56.29
%
51.82
%
52.02
%
47.96
%
53.00
%
Income
(loss) before income taxes
$
156,423
$
79,269
$
31,284
$
34,484
$
39,708
$
50,948
$
39,087
Add: Provision (benefit) for credit losses
(7,052
)
44,250
2,009
1,820
(3,919
)
(6,963
)
(6,764
)
Pre-tax pre-provision income
149,371
123,519
33,293
36,304
35,789
43,985
32,323
Add: Acquisition related charges (pre-tax)
-
19,485
-
-
-
-
2,190
Core pre-tax pre-provision income
$
149,371
$
143,004
$
33,293
$
36,304
$
35,789
$
43,985
$
34,513
Average total assets
$
7,482,578
$
6,592,633
$
7,510,397
$
7,529,100
$
7,549,531
$
7,338,886
$
7,089,060
Core pre-tax pre-provision return on average assets
2.00
%
2.17
%
1.76
%
1.91
%
1.90
%
2.43
%
1.94
%
Net income
(loss)
$
126,051
$
63,077
$
25,310
$
28,360
$
31,385
$
40,996
$
30,847
Add: Acquisition related provision (after-tax)
-
20,500
-
-
-
-
-
Add: Acquisition related charges (after-tax)
-
15,771
-
-
-
-
1,730
Core net income
$
126,051
$
99,348
$
25,310
$
28,360
$
31,385
$
40,996
$
32,577
Diluted
shares - Reported
37,200
35,949
36,848
37,185
37,358
37,357
37,350
Add: Dilutive shares for core net income
-
-
-
-
-
-
-
Diluted shares - Core
37,200
35,949
36,848
37,185
37,358
37,357
37,350
Core diluted EPS
$
3.39
$
2.76
$
0.69
$
0.76
$
0.84
$
1.10
$
0.87
Average
total assets
$
7,482,578
$
6,592,633
$
7,510,397
$
7,529,100
$
7,549,531
$
7,338,886
$
7,089,060
Core return on average assets
1.68
%
1.51
%
1.34
%
1.49
%
1.67
%
2.27
%
1.83
%
Average
total equity
$
1,009,037
$
898,092
$
1,035,717
$
1,020,206
$
1,006,757
$
972,653
$
946,223
Core return on average equity
12.49
%
11.06
%
9.70
%
11.03
%
12.50
%
17.09
%
13.70
%
Average
total tangible equity
$
663,850
$
898,092
$
692,864
$
675,875
$
660,785
$
624,996
$
602,495
Core return on average tangible equity
18.99
%
11.06
%
14.49
%
16.65
%
19.05
%
26.60
%
21.51
%
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/20220125006006/en/
Paul Nungester EVP and CFO 419.785.8700
PNungester@yourpremierbank.com
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