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Share Name | Share Symbol | Market | Type |
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P.F.Changs China Bistro, Inc. (MM) | NASDAQ:PFCB | NASDAQ | Common Stock |
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Second Quarter 2020 Highlights
Premier Financial Corp. (NASDAQ: PFC) (“Premier” or the “Company”) announced today second quarter results including solid core profitability and a 15.8% increase in its year-over-year dividend. On a GAAP basis, net income for the second quarter of 2020 was $29.1 million, or $0.78 per diluted common share, compared to income of $12.2 million, or $0.61 per diluted common share, for the second quarter of 2019. Net income for the six months ended June 30, 2020, was $6.6 million, or $0.19 per diluted common share, compared to $23.7 million, or $1.19 per diluted common share, for the six months ended June 30, 2019. The six months’ year-over-year comparison is substantially impacted by the acquisition of United Community Financial Corp. (“UCFC”) with the current year’s provision expense of $48.2 million, which included $25.9 million related to acquisition accounting for an after-tax cost of $20.5 million, or $0.59 per diluted common share. The first half of 2019 included a provision expense of $495,000, which had an after-tax cost of $391,000, or $0.02 per diluted common share, and no acquisition impact. Additionally, the current year’s six month results include the impact of $13.6 million of acquisition-related charges, which had an after-tax cost of $11.1 million, or $0.32 per diluted common share. Excluding the impact of the acquisition-related provision and charges, earnings for the first half of 2020 were $38.2 million, or $1.11 per diluted common share.
“Strong non-interest income performance and operating efficiency led to record quarterly results for the second quarter,” said Donald P. Hileman, CEO of Premier. “We are very pleased by our ability to generate solid profitability for our shareholders while supporting the communities we serve. We happily participated in the PPP program while also conducting loan deferrals for both commercial and retail customers to help them during this difficult and uncertain time.”
Integration update
As previously announced, on January 31, 2020, the Company completed the strategic merger of equals with UCFC under which UCFC merged into Premier in a stock-for-stock transaction. The year-over-year comparison of Company results is substantially impacted by the UCFC merger, with 2020 second quarter and year-to-date results including three and five months of operations from UCFC, respectively, compared to none for the comparable periods in 2019. In June, the Company launched its newly designed logo and brand identity for Premier Financial Corp. and Premier Bank. The new tagline “Powered by People” honors the longstanding commitment both organizations have to their customers, communities and employees. In July, Premier Bank successfully completed its core systems conversion. The integration of teams, systems and processes for the combined organization is occurring as expected.
“We achieved a significant milestone with the successful completion of our core systems conversion on July 13, 2020,” said Gary M. Small, President of Premier. “We are very proud of the hard work and dedication exhibited by the Premier team to help us accomplish our integration goals especially during a pandemic. It truly shows how we are ‘Powered by People’.”
Business Client Support Efforts
As a part of the CARES Act, the Small Business Administration (“SBA”) 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 the PPP program for clients and made 2,758 loans for a total of $434 million as of June 30, 2020. Total gross fees for these loans totaled $14.5 million. We recognized $823,000 as loan interest income during the second quarter.
Net interest income up compared to second quarter of 2019
Net interest income of $54.3 million in the second quarter of 2020 was up from $29.0 million in the second quarter of 2019. The increase over the prior year’s second quarter was attributable to organic growth and three months of income from UCFC compared to none in 2019. Net interest margin was 3.51% for the second quarter of 2020, down from 3.78% in the first quarter of 2020, and down from 4.03% in the second quarter of 2019. Yield on interest earning assets decreased to 4.04% in the second quarter of 2020, down 50 basis points from 4.54% in the first quarter of 2020. Total cost of funds decreased 26 basis points in the second quarter of 2020 to 0.55% from 0.81% in the first quarter of 2020 while the total cost of interest-bearing liabilities decreased 29 basis points to 0.72% from 1.01%. The 2020 second quarter results include the impact of acquisition marks and related accretion for the UCFC acquisition. Interest income includes $2.2 million of accretion and interest expense includes $1.5 million of accretion, which combined added 24 basis points of net interest margin. The second quarter results also include the impact of PPP loans. Interest income includes $1.6 million on average balances of $298.2 million, which reduced net interest margin by six basis points. Excluding the impact of acquisition marks and PPP loans, net interest margin would be 3.34% for the second quarter of 2020 compared to 3.68% for first quarter of 2020 excluding the impact of acquisition marks.
“We are pleased with the continued growth of net interest income despite the margin compression,” said Hileman. “The PPP loans drove loan growth in the quarter and represented a significant effort by the team. While the low-yielding nature of these assets reduce margin, we recognize the needs of our clients and communities and are glad to have been able to provide support through this program.”
Non-interest income up from second quarter of 2019
Premier’s non-interest income in the second quarter of 2020 was $23.0 million compared with $10.5 million in the second quarter of 2019. Results for the second quarter of 2020 included three months of income from UCFC compared to none in 2019.
Mortgage banking income increased to $9.9 million in the second quarter of 2020 from $2.1 million in the second quarter of 2019. Gains from the sale of mortgage loans increased to $11.5 million in the second quarter of 2020 from $1.8 million in the second quarter of 2019. Saleable originations were $305.7 million in the second quarter of 2020 compared to $66.4 million in the second quarter of 2019. Mortgage loan servicing revenue increased to $1.9 million in the second quarter of 2020 from $0.9 million in the second quarter of 2019. Amortization of mortgage servicing rights increased to $2.2 million in the second quarter of 2020 from $0.4 million in the second quarter of 2019. Premier had a negative change in the valuation adjustment in mortgage servicing assets of $1.4 million in the second quarter of 2020 compared with a negative adjustment of $0.2 million in the second quarter of 2019. The year-over-year change for the second quarter is primarily due to increased prepay speeds in the current down rate environment.
For the second quarter of 2020, service fees and other charges were $5.6 million, up from $3.3 million in the second quarter of 2019. Commissions from the sale of insurance products were $4.0 million, up from $3.6 million in the second quarter of 2019. Beginning with the second quarter of 2020, Premier began to report wealth management income, which represents trust income plus income for brokerage and financial advisory services that were previously reported in other non-interest income. Prior period amounts have been restated for consistency. Wealth management income was $1.8 million in the second quarter of 2020, up from $0.7 million in the second quarter of 2019.
“Each of our non-interest income business lines positively contributed to profitability and earnings,” said Hileman. “Mortgage banking was especially strong, including $11.5 million of gains on sale. These results helped emphasize the value of our diverse revenue sources and the ability to hedge against net interest margin compression.”
Non-interest expenses up from second quarter of 2019
Total non-interest expense was $38.0 million in the second quarter of 2020, or $35.9 million excluding $2.1 million of acquisition related charges, up from $24.2 million in the second quarter of 2019. Results for the second quarter of 2020 included three months of expenses from UCFC compared to none in 2019. Compensation and benefits increased to $19.6 million in the second quarter of 2020, compared to $14.4 million in the second quarter of 2019. Occupancy expense was $4.1 million in the second quarter of 2020, up from $2.3 million in the second quarter of 2019. Data processing cost was $3.8 million in the second quarter of 2020, up from $2.3 million in the second quarter of 2019. Amortization of intangibles was $1.8 million in the second quarter of 2020, up from $0.3 million in the second quarter of 2019. Other non-interest expense was $5.0 million in the second quarter of 2020, up from $4.3 million in the second quarter of 2019.
Credit quality
Non-performing loans totaled $39.5 million at June 30, 2020, an increase from $32.6 million at March 31, 2020, and an increase from $15.3 million at June 30, 2019, due to the UCFC merger. In addition, Premier had $0.5 million of OREO at June 30, 2020, compared to none at June 30, 2019. Accruing troubled debt restructured loans were $7.9 million at June 30, 2020, compared with $10.3 million at June 30, 2019.
On January 1, 2020, Premier adopted the Current Expected Credit Loss model of accounting for credit losses. This new GAAP model, which replaces the former incurred loss model, requires entities to estimate credit losses over the life of an asset or off-balance sheet exposure. Beginning with the second quarter of 2020, Premier began to report total provision for credit losses inclusive of amounts related to off-balance sheet unfunded commitments, which were previously reported in other non-interest expenses. Prior period amounts have been restated for consistency.
The 2020 second quarter results include net loan recoveries of $828,000 and a total provision expense of $1.9 million compared with net loan recoveries of $488,000 and a total provision expense of $197,000 for the same period in 2019. The allowance for credit loss on loans as a percentage of total loans was 1.62% at June 30, 2020, or 1.76% excluding PPP loans, compared with 1.68% at March 31, 2020, and 1.10% at June 30, 2019. The year-over-year increase in the provision expense and allowance percentage is primarily attributable to the impact of the economic deterioration that began in the first quarter of 2020 as a result of the COVID-19 pandemic. As of June 30, 2020, Premier Bank had issued pandemic related deferrals for $740 million of commercial loans and $73 million of retail loans.
“We continued to build our reserves during this time of economic downturn,” said Paul D. Nungester, CFO of Premier. “Including the purchase accounting marks from the UCFC acquisition, our coverage ratio of allowance to loans is 2.05%, excluding PPP loans. Coupled with our solid capital levels, we believe this puts us in a position of strength during the current uncertain credit cycle.”
Year-To-Date Results
For the six-month period ended June 30, 2020, net income totaled $6.6 million, or $0.19 per diluted common share, compared to $23.7 million, or $1.19 per diluted common share for the six months ended June 30, 2019. Results for the first half of 2020 included five months of income and expenses from UCFC compared to none in 2019. The year-over-year comparison is also substantially impacted by the current year’s provision expense of $48.2 million, which included $25.9 million related to acquisition accounting for an after-tax cost of $20.5 million, or $0.59 per diluted common share. The first half of 2019 included a provision expense of $495,000, which had an after-tax cost of $391,000, or $0.02 per diluted common share, and no acquisition impact. Additionally, the current year’s results include the impact of $13.6 million of acquisition-related charges, which had an after-tax cost of $11.1 million, or $0.32 per diluted common share. Excluding the impact of acquisition-related provision and charges, earnings for the first half of 2020 were $38.2 million, or $1.11 per diluted common share.
Net interest income was $99.8 million for the first six months of 2020 compared with $57.3 million in the first six months of 2019. Average interest-earning assets increased to $5.56 billion in the first six months of 2020 compared to $2.89 billion in the first six months of 2019. Net interest margin for the first six months of 2020 was 3.63%, down 40 basis points from the 4.03% margin reported in the six-month period ended June 30, 2019. The 2020 results include the impact of acquisition marks and related accretion for the UCFC acquisition. Interest income includes $2.5 million of accretion and interest expense includes $2.5 million of accretion, which combined added 18 basis points of net interest margin. The second quarter results also include the impact of PPP loans. Interest income includes $1.6 million on average balances of $149.1 million, which reduced net interest margin by three basis points. Excluding the impact of acquisition marks and PPP loans, net interest margin was 3.48% for the first half of 2020.
Non-interest income for the first six months of 2020 was $37.0 million compared to $21.3 million during the same period of 2019. Service fees and other charges were $10.8 million for the first six months of 2020, up from $6.3 million during the same period of 2019. Mortgage banking income was $10.7 million for the first six months of 2020, up from $4.0 million during the same period of 2019. Insurance commissions were $9.2 million for the first six months of 2020 compared with $7.7 million for the same period of 2019. Wealth management income was $2.9 million for the first six months of 2020, up from $1.4 million during the same period of 2019.
Non-interest expense was $80.3 million for the first six months of 2020, or $66.7 million excluding acquisition-related charges, up from $49.1 million for the same period of 2019. Compensation and benefits expense was $37.2 million for the first six months of 2020 compared with $28.5 million during the same period of 2019. Expenses also included increases in occupancy of $3.3 million, data processing of $2.3 million and amortization of intangibles of $2.5 million.
Total assets at $7.01 billion
Total assets at June 30, 2020, were $7.01 billion compared to $6.54 billion at March 31, 2020, and $3.28 billion at June 30, 2019. Gross loans receivable (excluding loans held for sale) were $5.46 billion at June 30, 2020, compared to $5.11 billion at March 31, 2020, and $2.62 billion at June 30, 2019. At June 30, 2020, gross loans receivable grew $2.83 billion, or 108% from a year ago, including $2.30 billion from the UCFC merger and $533 million organically, including $434 million of PPP loans. Also, at June 30, 2020, goodwill and other intangible assets totaled $351.7 million compared to $353.1 million at March 31, 2020, and $102.4 million at June 30, 2019, with the increase attributable to the UCFC merger.
Total deposits at June 30, 2020, were $5.76 billion compared with $4.99 billion at March 31, 2020, and $2.68 billion at June 30, 2019. At June 30, 2020, total deposits grew $3.08 billion, or 115% from a year ago, including $2.08 billion from the UCFC merger and $997 million organically.
Total stockholders’ equity was $941.0 million at June 30, 2020, compared to $916.8 million at March 31, 2020, and $407.2 million at June 30, 2019. The increase in stockholders’ equity from the prior year was due to net earnings and the UCFC merger, offset partially by the Company’s repurchase of 430,000 common shares for $10.1 million during the first quarter of 2020. At June 30, 2020, 570,000 common shares remained available for repurchase under the Company’s existing repurchase program.
Dividend to be paid August 21
The Board of Directors declared a quarterly cash dividend of $0.22 per common share payable August 21, 2020, to shareholders of record at the close of business on August 14, 2020. The dividend represents an annual dividend of 5.42 percent based on the Premier common stock closing price on July 27, 2020. Premier has approximately 37,296,613 common shares outstanding.
Conference call
Premier Financial Corp. will host a conference call at 8:30 a.m. ET on Wednesday, July 29, 2020, 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/pfc200729.html. The replay of the conference call will be available at www.PremierFinCorp.com until July 28, 2021, at 9:00 a.m. ET.
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 78 branches, 12 loan offices and 2 wealth offices in Ohio, Michigan, Indiana, Pennsylvania and West Virginia (West Virginia office operates as “Home Savings Bank”). First Insurance Group is a full-service insurance agency with ten offices in Ohio including James & Sons Insurance in Youngstown, Ohio. For more information, visit the company’s websites at PremierFinCorp.com.
Financial Statements and Highlights Follow-
Safe Harbor Statement
This news release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21 B of the Securities Exchange Act of 1934, as amended. Those statements may include, but are not limited to, all statements regarding intent, beliefs, expectations, projections, forecasts and plans of Premier Financial Corp. and its management, and specifically include statements regarding: changes in economic conditions; the nature, extent and timing of governmental actions and reforms; future movements of interest rates; the ability to benefit from a changing interest rate environment; the production levels of mortgage loan generation; the ability to continue to grow loans and deposits; the ability to sustain credit quality ratios at current or improved levels; continued strength in the market area for Premier Bank; the ability to sell real estate owned properties; and the ability to grow in existing and adjacent markets. These forward-looking statements involve numerous risks and uncertainties, including: impacts from the novel coronavirus (COVID-19) pandemic on our business, operations, customers and capital position; higher default rates on loans made to our customers related to COVID-19 and its impact on our customers’ operations and financial condition; the impact of COVID-19 on local, national and global economic conditions; unexpected changes in interest rates or disruptions in the mortgage market related to COVID-19 or responses to the health crisis; the effects of various governmental responses to the COVID-19 pandemic; those inherent in general and local banking, insurance and mortgage conditions; competitive factors specific to markets in which Premier Financial Corp. and its subsidiaries operate; future interest rate levels; legislative and regulatory decisions or capital market conditions; and other risks and uncertainties detailed from time to time in our Securities and Exchange Commission (SEC) filings, including in our Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. One or more of these factors have affected or could in the future affect Premier’s business and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore, there can be no assurances that the forward-looking statements included in this news release will prove to be accurate. In light of the significant uncertainties in the forward-looking statements included herein, 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. All forward-looking statements made in this news release are based on information presently available to the management of Premier and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law. As required by U.S. GAAP, Premier will evaluate the impact of subsequent events through the issuance date of its June 30, 2020, 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.June 30,
December 31,
(in thousands)2020
2019
Assets Cash and cash equivalents Cash and amounts due from depository institutions$
78,213
$
46,254
Interest-bearing deposits
114,468
85,000
192,681
131,254
Securities available-for sale, carried at fair value
567,527
283,448
Loans
5,457,238
2,777,564
Allowance for credit losses - loans
(88,555
)
(31,243
)
Loans, net
5,368,683
2,746,321
Loans held for sale
160,467
18,008
Mortgage servicing rights
14,646
10,267
Accrued interest receivable
23,694
10,244
Federal Home Loan Bank stock
45,955
11,915
Bank Owned Life Insurance
143,097
75,544
Office properties and equipment
59,533
39,563
Real estate and other assets held for sale
573
100
Goodwill
317,948
100,069
Core deposit and other intangibles
33,731
3,772
Other assets
85,276
38,487
Total Assets
$
7,013,811
$
3,468,992
Liabilities and Stockholders’ Equity Non-interest-bearing deposits
$
1,454,842
$
630,359
Interest-bearing deposits
4,305,001
2,239,966
Total deposits
5,759,843
2,870,325
Advances from FHLB and PPPLF
139,327
85,063
Notes payable and other interest-bearing liabilities
6,948
2,999
Subordinated debentures
36,083
36,083
Advance payments by borrowers for tax and insurance
31,470
5,491
Reserve for credit losses - unfunded commitments
6,819
571
Other liabilities
92,353
42,293
Total Liabilities
6,072,843
3,042,825
Stockholders’ Equity Preferred stock
-
-
Common stock, net
306
127
Additional paid-in-capital
688,574
161,955
Accumulated other comprehensive income (loss)
14,564
4,595
Retained earnings
316,321
329,175
Treasury stock, at cost
(78,797
)
(69,685
)
Total stockholders’ equity
940,968
426,167
Total Liabilities and Stockholders’ Equity
$
7,013,811
$
3,468,992
Consolidated Statements of Income (Unaudited) Premier Financial Corp.
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands, except per share amounts)2020
2019
2020
2019
Interest Income: Loans$
58,796
$
32,660
$
110,256
$
63,874
Investment securities
2,923
2,138
5,641
4,343
Interest-bearing deposits
79
260
309
545
FHLB stock dividends
651
183
766
398
Total interest income
62,449
35,241
116,972
69,160
Interest Expense: Deposits
7,435
5,581
15,206
10,586
FHLB advances and other
516
304
1,523
580
Subordinated debentures
179
350
452
714
Notes Payable
15
17
24
21
Total interest expense
8,145
6,252
17,205
11,901
Net interest income
54,304
28,989
99,767
57,259
Provision for credit losses - loans
1,868
282
45,655
494
Provision (benefit) for credit losses - unfunded commitments
1,107
(85
)
2,565
1
Total provision for credit losses
2,975
197
48,220
495
Net interest income after provision for loan losses
51,329
28,792
51,547
56,764
Non-interest Income: Service fees and other charges
5,614
3,301
10,797
6,308
Mortgage banking income
9,868
2,137
10,716
3,978
Gain on sale of non-mortgage loans
-
21
234
110
Gain (loss) on sale of securities
(2
)
-
(2
)
-
Insurance commissions
4,005
3,616
9,160
7,731
Wealth management income
1,802
660
2,893
1,358
Income from Bank Owned Life Insurance
838
527
1,619
919
Other non-interest income
890
224
1,597
895
Total Non-interest Income
23,015
10,486
37,014
21,299
Non-interest Expense: Compensation and benefits
19,575
14,398
37,160
28,483
Occupancy
4,128
2,304
7,859
4,545
FDIC insurance premium
411
258
903
531
Financial institutions tax
1,116
556
1,950
1,112
Data processing
3,805
2,267
6,845
4,564
Amortization of intangibles
1,809
276
3,054
575
Acquisition related charges
2,099
-
13,585
-
Other non-interest expense
5,041
4,261
8,937
9,290
Total Non-interest Expense
37,984
24,320
80,293
49,100
Income before income taxes
36,360
14,958
8,268
28,963
Income tax expense
7,303
2,759
1,693
5,282
Net Income$
29,057
$
12,199
$
6,575
$
23,681
Earnings per common share: Basic$
0.78
$
0.62
$
0.19
$
1.19
Diluted$
0.78
$
0.61
$
0.19
$
1.19
Average Shares Outstanding: Basic
37,290
19,780
34,484
19,897
Diluted
37,324
19,860
34,545
19,976
Financial Summary and Comparison (Unaudited) Premier Financial Corp.Three Months Ended
Six Months Ended
June 30,
June 30,
(dollars in thousands, except per share data)2020
2019
% change
2020
2019
% change
Summary of Operations Tax-equivalent interest income (2)$
62,705
$
35,490
76.7
%
$
117,480
$
69,656
68.7
%
Interest expense
8,145
6,252
30.3
17,205
11,901
44.6
Tax-equivalent net interest income (2)
54,560
29,238
86.6
100,275
57,755
73.6
Provision for credit losses
2,975
282
955.0
48,220
494
9,661.1
Core provision for credit losses (4)
2,975
197
1,410.2
22,270
495
4,399.0
Investment securities gains (losses)
(2
)
-
NM
(2
)
-
NM
Non-interest income (excluding securities gains/losses)
23,017
10,486
119.5
37,016
21,299
73.8
Non-interest expense
37,984
24,235
56.7
80,293
49,100
63.5
Core non-interest expense (4)
35,885
24,320
47.6
66,709
49,100
35.9
Income tax expense
7,303
2,759
164.7
1,693
5,282
(67.9
)
Net income
29,057
12,199
138.2
6,575
23,681
(72.2
)
Core net income (4)
30,715
12,199
151.8
38,185
23,681
61.2
Tax equivalent adjustment (2)
256
249
2.8
508
496
2.4
At Period End Assets
7,013,811
3,277,552
114.0
Earning assets
6,345,655
2,980,243
112.9
Loans
5,457,238
2,624,219
108.0
Allowance for credit losses - loans
88,555
28,934
206.1
Deposits
5,759,843
2,680,637
114.9
Stockholders’ equity
940,968
407,216
131.1
Average Balances Assets
7,005,783
3,223,997
117.3
6,185,668
3,203,504
93.1
Earning assets
6,247,037
2,912,278
114.5
5,559,542
2,892,695
92.2
Loans
5,389,805
2,561,341
110.4
4,862,410
2,539,312
91.5
Deposits and interest-bearing liabilities
5,963,127
2,781,216
114.4
5,232,503
2,761,921
89.5
Deposits
5,490,986
2,678,060
105.0
4,872,267
2,660,109
83.2
Stockholders’ equity
932,793
398,612
134.0
858,894
396,875
116.4
Stockholders’ equity / assets
13.31
%
12.36
%
7.7
13.89
%
12.39
%
12.1
Per Common Share Data Net Income (Loss) Basic
$
0.78
$
0.62
25.8
$
0.19
$
1.19
(84.0
)
Diluted
0.78
0.61
27.9
0.19
1.19
(84.0
)
Core diluted (4)
0.82
0.61
34.4
$
1.06
$
1.19
(10.9
)
Dividends
0.22
0.19
15.8
0.44
0.38
15.8
Market Value: High
$
20.11
$
30.44
(33.9
)
$
31.95
$
31.30
2.1
Low
12.95
26.59
(51.3
)
11.50
24.12
(52.3
)
Close
17.67
28.57
(38.2
)
17.67
28.57
(38.2
)
Common Book Value
25.23
20.65
22.2
25.23
20.65
22.2
Tangible Common Book Value (1)
15.80
15.46
2.2
15.80
15.46
2.2
Shares outstanding, end of period (000s)
37,296
19,723
89.1
37,296
19,723
89.1
Performance Ratios (annualized) Tax-equivalent net interest margin (2)
3.51
%
4.03
%
(12.9
)
3.63
%
4.03
%
(10.0
)
Return on average assets
1.67
%
1.52
%
9.7
0.21
%
1.49
%
(85.7
)
Core return on average assets (4)
1.76
%
1.52
%
16.2
1.24
%
1.49
%
(16.7
)
Return on average equity
12.53
%
12.28
%
2.0
1.54
%
12.03
%
(87.2
)
Core return on average equity (4)
13.24
%
12.28
%
7.9
8.94
%
12.03
%
(25.7
)
Efficiency ratio (3)
48.96
%
61.01
%
(19.7
)
58.48
%
62.11
%
(5.8
)
Core efficiency ratio (4)
46.26
%
61.22
%
(24.4
)
48.59
%
62.11
%
(21.8
)
Effective tax rate
20.09
%
18.44
%
8.9
20.48
%
18.24
%
12.3
Dividend payout ratio (core)
26.83
%
30.65
%
(12.5
)
41.51
%
31.93
%
30.0
Note: 2020 current quarter and year-to-date results include three and five months of operations from UCFC, respectively, compared to none for comparable periods in 2019. (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
Six Months Ended
June 30,
June 30,
Mortgage Banking2020
2019
2020
2019
Revenue from sales and servicing of mortgage loans: Gain from sale of mortgage loans$
11,530
$
1,775
$
16,432
$
3,076
Mortgage loan servicing revenue (expense): Mortgage loan servicing revenue
1,888
943
3,482
1,882
Amortization of mortgage servicing rights
(2,181
)
(391
)
(3,344
)
(677
)
Mortgage servicing rights valuation adjustments
(1,369
)
(190
)
(5,854
)
(303
)
(1,662
)
362
(5,716
)
902
Total revenue from sale and servicing of mortgage loans
$
9,868
$
2,137
$
10,716
$
3,978
Mortgage servicing rights: Balance at beginning of period
$
20,761
$
10,411
$
10,801
$
10,419
Loans sold, servicing retained
2,454
438
3,830
716
Mortgage servicing rights acquired
-
-
9,747
-
Amortization
(2,181
)
(391
)
(3,344
)
(677
)
Carrying value before valuation allowance at end of period
21,034
10,458
21,034
10,458
Valuation allowance: Balance at beginning of period
(5,019
)
(413
)
(534
)
(300
)
Impairment recovery (charges)
(1,369
)
(190
)
(5,854
)
(303
)
Balance at end of period
(6,388
)
(603
)
(6,388
)
(603
)
Net carrying value at end of period$
14,646
$
9,855
$
14,646
$
9,855
Goodwill and Purchase Price Accounting Deal Value: Shares issued (000s)
17,926
1/31/20 Price
$
29.39
Stock value
526,850
Fair value of options exchanged
461
Cash in lieu of fractional shares
132
Total value
$
527,443
Allocation: Cash and cash equivalents
$
52,580
Securities available-for sale
262,753
(1)
Net loans, including loans held for sale and allowance
2,340,701
(2)
Federal Home Loan Bank stock
12,753
Office properties and equipment
20,253
(3)
Core deposit and other intangibles
33,014
(4)
Bank Owned Life Insurance
65,934
Mortgage servicing rights
9,747
(5)
Other assets
35,423
Non-interest-bearing deposits
(430,921
)
Interest-bearing deposits
(1,651,669
)
(6)Advances from Federal Home Loan Bank
(381,000
)
Other liabilities
(60,004
)
Net assets
309,564
Goodwill
217,879
Total value
$
527,443
Note: 2020 current quarter and year-to-date results include three and five months of operations from UCFC, respectively, compared to none for comparable periods in 2019. (1) Includes $13.8 million of accumulated losses to be amortized against interest income over ~7 years. (2) Includes $27.2 million non-PCD credit mark down to be accreted into interest income over ~5 years, $8.8 million total rate mark up to be amortized against interest income over ~5 years, $19.1 million elimination of allowance and $7.7 million PCD credit mark addition to allowance. (3) Includes $2.1 million mark down that reduces future depreciation. (4) Includes $29.3 million of core deposit intangible to be amortized to expense using sum-of-the-years digits over 10 years and $3.7 million of insurance/trust/wealth intangibles to be amortized to expense over ~10 years. (5) Includes $3.0 million mark up to be amortized against mortgage banking income over ~8.5 years. (6) Includes $7.1 million rate mark up on time-based deposits to be accreted against interest expense over ~2 years based on maturities. Yield Analysis Premier Financial Corp.
Three Months Ended June 30,
(dollars in thousands)
2020
2019
Average
Yield
Average
Yield
Balance
Interest(1)
Rate(2)
Balance
Interest(1)
Rate(2)
Interest-earning assets: Loans receivable$
5,389,805
$
58,819
4.39
%
$
2,561,341
$
32,683
5.12
%
Securities
523,360
3,156
2.43
%
(3)
296,926
2,364
3.19
%
(3)
Interest Bearing Deposits
260,586
79
0.12
%
41,934
260
2.49
%
FHLB stock
73,286
651
3.57
%
12,077
183
6.08
%
Total interest-earning assets
6,247,037
62,705
4.04
%
2,912,278
35,490
4.89
%
Non-interest-earning assets
758,746
311,719
Total assets$
7,005,783
$
3,223,997
Deposits and Interest-bearing liabilities: Interest bearing deposits$
4,144,699
$
7,435
0.72
%
$
2,093,751
$
5,581
1.07
%
FHLB advances and other
420,784
516
0.49
%
62,466
304
1.95
%
Subordinated debentures
36,083
179
2.00
%
36,083
350
3.89
%
Notes payable
15,274
15
0.39
%
4,607
17
1.48
%
Total interest-bearing liabilities
4,616,840
8,145
0.71
%
2,196,907
6,252
1.14
%
Non-interest bearing deposits
1,346,287
-
-
584,309
-
-
Total including non-interest-bearing deposits
5,963,127
8,145
0.55
%
2,781,216
6,252
0.90
%
Other non-interest-bearing liabilities
109,863
44,169
Total liabilities
6,072,990
2,825,385
Stockholders' equity
932,793
398,612
Total liabilities and stockholders' equity$
7,005,783
$
3,223,997
Net interest income; interest rate spread$
54,560
3.33
%
$
29,238
3.75
%
Net interest margin (4)3.51
%
4.03
%
Average interest-earning assets to average interest bearing liabilities135
%
133
%
Six Months Ended June 30,
2020
2019
Average
Yield
Average
Yield
Balance
Interest(1)
Rate(2)
Balance
Interest(1)
Rate(2)
Interest-earning assets: Loans receivable$
4,862,410
$
110,304
4.55
%
$
2,539,312
$
63,921
5.08
%
Securities
482,839
6,100
2.54
%
(3)
297,261
4,792
3.25
%
(3)
Interest Bearing Deposits
164,662
309
0.38
%
43,343
545
2.54
%
FHLB stock
49,631
766
3.10
%
12,779
398
6.28
%
Total interest-earning assets
5,559,542
117,479
4.24
%
2,892,695
69,656
4.86
%
Non-interest-earning assets
626,126
310,809
Total assets$
6,185,668
$
3,203,504
Deposits and Interest-bearing liabilities: Interest bearing deposits$
3,750,226
$
15,206
0.81
%
$
2,077,387
$
10,586
1.03
%
FHLB advances and other
315,337
1,523
0.97
%
60,710
580
1.93
%
Subordinated debentures
36,083
452
2.51
%
36,083
714
3.99
%
Notes payable
8,816
24
0.55
%
5,019
21
0.84
%
Total interest-bearing liabilities
4,110,462
17,205
0.84
%
2,179,199
11,901
1.10
%
Non-interest bearing deposits
1,122,041
-
-
582,722
-
-
Total including non-interest-bearing deposits
5,232,503
17,205
0.66
%
2,761,921
11,901
0.87
%
Other non-interest-bearing liabilities
94,271
44,708
Total liabilities
5,326,774
2,806,629
Stockholders' equity
858,894
396,875
Total liabilities and stockholders' equity$
6,185,668
$
3,203,504
Net interest income; interest rate spread$
100,274
3.40
%
$
57,755
3.76
%
Net interest margin (4)3.63
%
4.03
%
Average interest-earning assets to average interest bearing liabilities135
%
133
%
Note: 2020 current quarter and year-to-date results include three and five months of operations from UCFC, respectively, compared to none for comparable periods in 2019. (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. Selected Quarterly Information Premier Financial Corp. (dollars in thousands, except per share data)2nd Qtr 2020
1st Qtr 2020
4th Qtr 2019
3rd Qtr 2019
2nd Qtr 2019
Summary of Operations Tax-equivalent interest income (1)$
62,705
$
54,773
$
36,473
$
35,922
$
35,490
Interest expense
8,145
9,059
6,743
6,791
6,252
Tax-equivalent net interest income (1)
54,560
45,714
29,730
29,131
29,238
Provision for credit losses
2,975
45,244
1,123
1,266
197
Core provision for credit losses (3)
2,975
19,295
1,123
1,266
197
Investment securities gains (losses)
(2
)
-
13
11
-
Non-interest income (excluding securities gains/losses)
23,017
13,999
11,803
11,831
10,486
Non-interest expense
37,984
42,310
24,721
23,264
24,320
Core non-interest expense (3)
35,885
30,824
23,839
22,724
24,320
Income tax expense (benefit)
7,303
(5,610
)
2,953
3,033
2,759
Net income (loss)
29,057
(22,482
)
12,517
13,171
12,199
Core net income (3)
30,715
7,470
13,214
13,598
12,199
Tax equivalent adjustment (1)
256
251
232
239
249
At Period End Total assets
$
7,013,811
$
6,538,942
$
3,468,992
$
3,350,724
$
3,277,552
Earning assets
6,345,655
5,889,186
3,175,935
3,045,659
2,980,243
Loans
5,457,238
5,113,917
2,777,564
2,665,300
2,624,219
Allowance for loan losses
88,555
85,859
31,243
30,250
28,934
Deposits
5,759,843
4,994,148
2,870,325
2,760,615
2,680,637
Stockholders’ equity
940,968
916,843
426,167
418,046
407,216
Stockholders’ equity / assets
13.42
%
14.02
%
12.29
%
12.48
%
12.42
%
Goodwill
317,948
317,520
100,069
100,069
98,569
Average Balances Total assets
$
7,005,783
$
5,357,598
$
3,425,097
$
3,303,013
$
3,223,997
Earning assets
6,247,037
4,862,532
3,107,224
2,985,498
2,912,278
Loans
5,389,805
4,317,857
2,688,519
2,624,314
2,561,341
Deposits and interest-bearing liabilities
5,963,127
4,488,003
2,954,049
2,843,079
2,781,216
Deposits
5,490,986
4,240,053
2,830,043
2,718,632
2,678,060
Stockholders’ equity
932,793
787,519
420,352
411,041
398,612
Stockholders’ equity / assets
13.31
%
14.70
%
12.27
%
12.44
%
12.36
%
Per Common Share Data Net Income (Loss): Basic$
0.78
$
(0.71
)
$
0.63
$
0.67
$
0.62
Diluted
0.78
(0.71
)
0.63
0.66
0.61
Core diluted (3)
0.82
0.24
0.66
0.68
0.61
Dividends
0.22
0.22
0.22
0.19
0.19
Market Value: High
$
20.11
$
32.05
$
32.39
$
29.44
$
30.44
Low
12.95
10.98
27.77
25.50
26.59
Close
17.67
14.74
31.32
28.97
28.57
Common Book Value
25.23
24.58
21.60
21.19
20.65
Shares outstanding, end of period (000s)
37,296
37,288
19,730
19,729
19,723
Performance Ratios (annualized) Tax-equivalent net interest margin (1)
3.51
%
3.78
%
3.80
%
3.88
%
4.03
%
Return on average assets
1.67
%
-1.69
%
1.45
%
1.58
%
1.52
%
Core return on average assets (3)
1.76
%
0.56
%
1.53
%
1.63
%
1.52
%
Return on average equity
12.53
%
-11.48
%
11.81
%
12.71
%
12.28
%
Core return on average equity (3)
13.24
%
3.82
%
12.47
%
13.12
%
12.28
%
Efficiency ratio (2)
48.96
%
70.86
%
59.52
%
56.79
%
61.22
%
Core efficiency ratio (3)
46.26
%
51.62
%
57.40
%
55.48
%
61.22
%
Effective tax rate
20.09
%
19.97
%
19.09
%
18.72
%
18.44
%
Common dividend payout ratio (core)
26.83
%
91.67
%
34.92
%
28.36
%
30.65
%
Note: 2020 current quarter and year-to-date results include three and five months of operations from UCFC, respectively, compared to none for comparable periods in 2019. (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. Selected Quarterly Information Premier Financial Corp. (dollars in thousands, except per share data)2nd Qtr 2020
1st Qtr 2020
4th Qtr 2019
3rd Qtr 2019
2nd Qtr 2019
Loan Portfolio Composition One to four family residential real estate$
1,226,106
$
1,265,901
$
324,773
$
330,369
$
322,123
Construction
509,548
521,442
305,305
308,061
335,847
Commercial real estate
2,266,189
2,200,266
1,506,026
1,430,919
1,411,463
Commercial
1,244,549
897,865
578,071
537,806
530,528
Consumer finance
146,139
137,679
37,649
36,644
35,350
Home equity and improvement
290,459
301,146
122,864
123,871
125,860
Total loans
5,682,990
5,324,299
2,874,688
2,767,670
2,761,171
Less: Undisbursed loan funds
221,137
206,236
94,865
100,260
134,794
Deferred loan origination fees
4,615
4,146
2,259
2,110
2,158
Allowance for credit losses - loans
88,555
85,859
31,243
30,250
28,934
Net Loans
$
5,368,683
$
5,028,058
$
2,746,321
$
2,635,050
$
2,595,285
Allowance for credit losses - loans Beginning allowance
$
85,859
$
31,243
$
30,250
$
28,934
$
28,164
CECL adoption
-
2,354
-
-
-
Acquisition related allowance/provision (non PCD)
-
25,949
-
-
-
Acquisition related allowance/goodwill (PCD)
-
7,698
-
-
-
Provision for credit losses - loans
1,868
17,837
1,084
1,327
282
Net recoveries (charge-offs)
828
778
(91
)
(11
)
488
Ending allowance
$
88,555
$
85,859
$
31,243
$
30,250
$
28,934
Credit Quality Total non-performing loans (1)
$
39,470
$
32,593
$
13,437
$
14,677
$
15,334
Real estate owned (REO)
573
548
100
-
-
Total non-performing assets (2)
$
40,043
$
33,141
$
13,559
$
14,677
$
15,334
Net charge-offs (recoveries)
(828
)
(778
)
91
11
(488
)
Restructured loans, accruing (3)
7,916
7,474
8,427
10,334
10,308
Allowance for credit losses - loans / loans
1.62
%
1.68
%
1.12
%
1.13
%
1.10
%
Allowance for credit losses - loans / non-performing assets
221.15
%
259.07
%
230.42
%
206.10
%
188.69
%
Allowance for credit losses - loans / non-performing loans
224.36
%
263.43
%
232.51
%
206.10
%
188.69
%
Non-performing assets / loans plus REO
0.73
%
0.65
%
0.49
%
0.55
%
0.58
%
Non-performing assets / total assets
0.57
%
0.51
%
0.39
%
0.44
%
0.47
%
Net charge-offs / average loans (annualized)
-0.06
%
-0.07
%
0.01
%
0.00
%
-0.08
%
Deposit Balances Non-interest-bearing demand deposits$
1,454,842
$
1,041,315
$
630,359
$
604,129
$
584,735
Interest-bearing demand deposits and money market
2,361,486
2,069,723
1,198,012
1,124,208
1,088,694
Savings deposits
671,650
606,508
303,166
294,594
304,051
Retail time deposits less than $250,000
1,078,758
1,091,038
631,253
634,737
610,345
Retail time deposits greater than $250,000
193,107
185,564
107,535
102,947
92,812
Total deposits
$
5,759,843
$
4,994,148
$
2,870,325
$
2,760,615
$
2,680,637
(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. Loan Delinquency Information Premier Financial Corp. (dollars in thousands)
Total Balance
Current
30 to 89 days
past due
% of
Total
Non Accrual
Loans
% of
Total
June 30, 2020 One to four family residential real estate$
1,226,106
$
1,213,482
$
6,056
0.5
%
$
6,568
0.5
%
Construction
509,548
509,548
-
0.0
%
-
0.0
%
Commercial real estate
2,266,189
2,244,412
1,040
0.0
%
20,737
0.9
%
Commercial
1,244,549
1,233,703
680
0.1
%
10,166
0.8
%
Consumer finance
146,139
144,555
988
0.7
%
596
0.4
%
Home equity and improvement
290,459
285,858
2,237
0.8
%
2,364
0.8
%
Total loans$
5,682,990
$
5,631,558
$
11,001
0.2
%
$
40,431
0.7
%
March 31, 2020 One to four family residential real estate$
1,265,901
$
1,253,304
$
5,890
0.5
%
$
6,707
0.5
%
Construction
521,442
521,442
-
0.0
%
-
0.0
%
Commercial real estate
2,200,266
2,180,660
220
0.0
%
19,386
0.9
%
Commercial
897,865
893,605
299
0.0
%
3,961
0.4
%
Consumer finance
137,679
135,727
712
0.5
%
1,240
0.9
%
Home equity and improvement
301,146
296,330
3,517
1.2
%
1,299
0.4
%
Total loans$
5,324,299
$
5,281,068
$
10,638
0.2
%
$
32,593
0.6
%
June 30, 2019 One to four family residential real estate$
322,123
$
317,671
$
1,258
0.4
%
$
3,194
1.0
%
Construction
335,847
335,847
-
0.0
%
-
0.0
%
Commercial real estate
1,411,463
1,403,096
134
0.0
%
8,233
0.6
%
Commercial
530,528
527,023
168
0.0
%
3,337
0.6
%
Consumer finance
35,350
35,099
231
0.7
%
20
0.1
%
Home equity and improvement
125,860
124,215
1,095
0.9
%
550
0.4
%
Total loans$
2,761,171
$
2,742,951
$
2,886
0.1
%
$
15,334
0.6
%
Non-GAAP Reconciliations Premier Financial Corp. (In thousands, except per share and ratio data)2nd Qtr 2020
1st Qtr 2020
4th Qtr 2019
3rd Qtr 2019
2nd Qtr 2019
1st Qtr 2019
Acquisition related charges (pre-tax)$
2,099
$
11,486
$
882
$
540
$
-
$
-
Less: Tax benefit of acquisition related charges
441
2,034
185
113
-
-
Acquisition related charges (after-tax)
$
1,658
$
9,452
$
697
$
427
$
-
$
-
Total non-interest expenses
$
37,984
$
42,310
$
24,721
$
23,264
$
24,320
$
24,780
Less: Acquisition related charges (pre-tax)
2,099
11,486
882
540
-
-
Core non-interest expenses
$
35,885
$
30,824
$
23,839
$
22,724
$
24,320
$
24,780
Acquisition related provision (pre-tax)
$
-
$
25,949
$
-
$
-
$
-
$
-
Less: Tax benefit of acquisition related provision
-
5,449
-
-
-
-
Acquisition related provision (after-tax)
$
-
$
20,500
$
-
$
-
$
-
$
-
Provision for credit losses
$
2,975
$
45,244
$
1,123
$
1,266
$
197
$
298
Less: Acquisition related provision (pre-tax)
-
25,949
-
-
-
-
Core provision for credit losses
$
2,975
$
19,295
$
1,123
$
1,266
$
197
$
298
Tax-equivalent net interest income
$
54,560
$
45,714
$
29,730
$
29,131
$
29,238
$
28,517
Non-interest income (excluding securities gains/losses)
23,017
13,999
11,803
11,831
10,486
10,813
Total revenues
77,577
59,713
41,533
40,962
39,724
39,330
Core non-interest expenses
$
35,885
$
30,824
$
23,839
$
22,724
$
24,320
$
24,780
Core efficiency ratio
46.26
%
51.62
%
57.40
%
55.48
%
61.22
%
63.01
%
Income (loss) before income taxes$
36,360
$
(28,092
)
$
15,470
$
16,204
$
14,958
$
14,005
Add: Provision for credit losses
2,975
45,244
1,123
1,266
197
298
Pre-tax pre-provision income
39,335
17,152
16,593
17,470
15,155
14,303
Add: Acquisition related charges (pre-tax)
2,099
11,486
882
540
-
-
Core pre-tax pre-provision income
$
41,434
$
28,638
$
17,475
$
18,010
$
15,155
$
14,303
Average total assets
$
7,005,783
$
5,357,598
$
3,425,097
$
3,303,013
$
3,223,997
$
3,183,012
Core pre-tax pre-provision return on average assets
2.38
%
2.15
%
2.02
%
2.16
%
1.89
%
1.82
%
Net income (loss)$
29,057
$
(22,482
)
$
12,517
$
13,171
$
12,199
$
11,482
Add: Acquisition related provision (after-tax)
-
20,500
-
-
-
-
Add: Acquisition related charges (after-tax)
1,658
9,452
697
427
-
-
Core net income
$
30,715
$
7,470
$
13,214
$
13,598
$
12,199
$
11,482
Diluted shares - Reported
37,324
31,642
19,895
19,875
19,860
20,095
Add: Dilutive shares for core net income
-
121
-
-
-
-
Diluted shares - Core
37,324
31,763
19,895
19,875
19,860
20,095
Core diluted EPS
$
0.82
$
0.24
$
0.66
$
0.68
$
0.61
$
0.57
Average total assets
$
7,005,783
$
5,357,598
$
3,425,097
$
3,303,013
$
3,223,997
$
3,183,012
Core return on average assets
1.76
%
0.56
%
1.53
%
1.63
%
1.52
%
1.46
%
Average total equity$
932,793
$
787,519
$
420,352
$
411,041
$
398,612
$
395,138
Core return on average equity
13.24
%
3.82
%
12.47
%
13.12
%
12.28
%
11.78
%
Note: 2020 current quarter and year-to-date results include three and five months of operations from UCFC, respectively, compared to none for comparable periods in 2019.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005992/en/
Paul Nungester EVP and CFO 419.785.8700 PNungester@first-fed.com
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