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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| P.F.Changs China Bistro, Inc. (MM) | NASDAQ:PFCB | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 51.47 | 0 | 01:00:00 |
From Jun 2019 to Jun 2024
Date Set for CEO Transition Buybacks Authorization Increased
Fourth Quarter 2020 Highlights
Full Year 2020 Highlights
Premier Financial Corp. (Nasdaq: PFC) (“Premier” or the “Company”) announced today 2020 fourth quarter and year-end results including solid core profitability. On a GAAP basis, net income for the fourth quarter of 2020 was $30.8 million, or $0.82 per diluted common share, compared to net income of $12.5 million, or $0.63 per diluted common share, for the fourth quarter of 2019. Net income for the year ended December 31, 2020, was $63.1 million, or $1.75 per diluted common share, compared to $49.4 million, or $2.48 per diluted common share, for the year ended December 31, 2019. The year-over-year comparisons are substantially impacted by the acquisition of United Community Financial Corp. (“UCFC”) on January 31, 2020. The current year’s results include the impact of $2.2 million and $19.5 million of acquisition-related charges for the three and twelve months ended December 31, 2020, respectively, which had after-tax costs of $1.7 million and $15.8 million, respectively, or $0.05 and $0.44 per diluted common share, respectively. The three and twelve months ended December 31, 2019, included $0.9 million and $1.4 million of acquisition-related charges, respectively, which had after-tax costs of $0.7 million and $1.1 million, respectively, or $0.03 and $0.06 per diluted common share, respectively. Additionally, the current year’s twelve month provision expense of $44.3 million 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 full year of 2019 included a provision expense of $2.9 million and no acquisition impact. Excluding the impact of the acquisition-related provision and charges, earnings for the three and twelve months ended December 31, 2020, were $32.6 million and $99.3 million, respectively, or $0.87 and $2.76 per diluted common share, respectively.
“With core earnings per share up almost 9% from last year, we are proud to announce our eighth consecutive year of record core earnings performance,” said Donald P. Hileman, CEO of Premier. “Improving credit conditions and the successful completion of integration efforts in the fourth quarter paved the way to the strong finish for the year.”
CEO transition
The Boards of Directors and Donald P. Hileman set the date for his transition from CEO of Premier Financial Corp. and Premier Bank to Executive Chairman of both Boards of Directors at March 31, 2021, consistent with plans outlined in the Agreement and Plan of Merger between the Company and UCFC, dated September 9, 2019. On April 1, 2021, Gary M. Small will become CEO and President of both Premier Financial Corp. and Premier Bank and remain a member of the Boards of Directors.
“Don’s strong leadership as CEO over the past seven years and through the UCFC merger has been instrumental in creating a strong foundation for the continued success of the company,” said Gary M. Small, President of Premier. “We’ve worked closely over the past 16 months, preparing to ensure this is a smooth transition.”
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 fourth quarter and full year results including three and eleven 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 was completed as expected.
“The fourth quarter and full-year performance reflected the benefits of our combined organization and the ability of our team to produce top-tier results in a very challenging environment,” said Small. “We are very pleased with our position as we enter 2021 and continue to implement enhancements designed to deliver a top-quality customer experience and exceptional performance.”
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 for the year ended December 31, 2020. Total gross fees for these loans totaled $14.8 million. Premier Bank recognized $3.6 million and $8.0 million as loan interest income during the three and twelve months ended December 31, 2020, respectively. During the three months ended December 31, 2020, a total of $56.4 million in loans were extinguished; and Premier Bank recognized approximately $0.8 million of accelerated fees in loan interest income.
Net interest income up compared to fourth quarter of 2019
Net interest income of $55.0 million in the fourth quarter of 2020 was up from $29.5 million in the fourth quarter of 2019. The increase over the prior year’s fourth quarter was attributable to organic growth and three months of income from UCFC compared to none in 2019. Net interest margin was 3.47% for the fourth quarter of 2020, consistent with 3.47% in the third quarter of 2020, and down from 3.80% in the fourth quarter of 2019. Yield on interest earning assets decreased to 3.84% in the fourth quarter of 2020, down seven basis points from 3.91% in the third quarter of 2020. Total cost of funds decreased eight basis points in the fourth quarter of 2020 to 0.39% from 0.47% in the third quarter of 2020 while the total cost of interest-bearing liabilities decreased 15 basis points to 0.47% from 0.62%. The 2020 fourth quarter results include the impact of acquisition marks and related accretion for the UCFC acquisition. Interest income includes $0.7 million of accretion and interest expense includes $0.6 million of accretion, which combined added 10 basis points of net interest margin. The fourth quarter results also include the impact of PPP loans. Interest income includes $3.6 million on average balances of $426.5 million, which increased net interest margin by one basis point. Excluding the impact of acquisition marks and PPP loans, net interest margin would be 3.36% for the fourth quarter of 2020 compared to 3.41% for the third quarter of 2020.
“The beginning of PPP loan forbearances and accelerated fees in the fourth quarter allowed us to stabilize net interest margin,” said Hileman. “We continue to focus our strategies on managing funding costs and excess liquidity to help mitigate the impacts to core net interest margin.”
Non-interest income up from fourth quarter of 2019
Premier’s non-interest income in the fourth quarter of 2020 was $18.7 million compared with $11.8 million in the fourth quarter of 2019. Results for the fourth quarter of 2020 included three months of income from UCFC compared to none in 2019.
Mortgage banking income increased to $5.4 million in the fourth quarter of 2020 from $2.7 million in the fourth quarter of 2019. Gains from the sale of mortgage loans increased to $6.1 million in the fourth quarter of 2020 from $2.0 million in the fourth quarter of 2019. Mortgage loan servicing revenue increased to $1.9 million in the fourth quarter of 2020 from $1.0 million in the fourth quarter of 2019. Amortization of mortgage servicing rights increased to $2.2 million in the fourth quarter of 2020 from $0.6 million in the fourth quarter of 2019. Premier had a negative change in the valuation adjustment in mortgage servicing assets of $0.5 million in the fourth quarter of 2020 compared with a positive adjustment of $0.2 million in the fourth quarter of 2019. The year-over-year change for the fourth quarter is primarily due to increased prepayment speeds in the current down rate environment.
For the fourth quarter of 2020, service fees and other charges were $5.8 million, up from $3.7 million in the fourth quarter of 2019. Commissions from the sale of insurance products were $3.9 million, up from $3.1 million in the fourth 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 fourth quarter of 2020, up from $1.0 million in the fourth quarter of 2019.
“We remain pleased with the strength of our performance in non-interest income,” said Hileman. “While down seasonally from third quarter, mortgage banking was a significant contributor to our growth with $6.1 million in gains this quarter, up from $2.0 million last year, driven by continued exceptional residential loan origination activity and excellent gain on sale margins.”
Non-interest expenses up from fourth quarter of 2019
Total non-interest expense was $41.3 million in the fourth quarter of 2020, or $39.1 million excluding $2.2 million of acquisition related charges, up from $24.7 million in the fourth quarter of 2019, or $23.8 million excluding $0.9 million of acquisition related charges. Results for the fourth quarter of 2020 included three months of expenses from UCFC compared to none in 2019. Compensation and benefits increased to $19.9 million in the fourth quarter of 2020, compared to $14.6 million in the fourth quarter of 2019. Occupancy expense was $4.5 million in the fourth quarter of 2020, up from $2.3 million in the fourth quarter of 2019. Data processing cost was $3.8 million in the fourth quarter of 2020, up from $1.8 million in the fourth quarter of 2019. Amortization of intangibles was $1.7 million in the fourth quarter of 2020, up from $0.3 million in the fourth quarter of 2019. Other non-interest expense was $7.3 million in the fourth quarter of 2020, up from $4.2 million in the fourth quarter of 2019.
FDIC insurance premiums were a $1.0 million expense in the fourth quarter of 2020, up from a $0.2 million expense in the fourth quarter of 2019. The increase in expense from prior year is largely due to the increased size of Premier Bank post-merger and the impact of PPP. Although PPP loan balances are excludable from the asset-based component, they are not excludable from the leverage ratio component because the Company did not borrow from the PPP Liquidity Facility; and any loan funds that were in deposits would also increase the asset-based component.
Credit quality
Non-performing loans totaled $52.9 million at December 31, 2020, an increase from $48.3 million at September 30, 2020, and an increase from $13.5 million at December 31, 2019, due to the UCFC merger. In addition, Premier had $0.3 million of OREO at December 31, 2020, compared to $0.1 million at December 31, 2019. Accruing troubled debt restructured loans were $6.8 million at December 31, 2020, compared with $8.4 million at December 31, 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 fourth quarter results include net loan charge-offs of $0.7 million and a total provision credit of $6.8 million compared with net loan charge-offs of $91,000 and a total provision expense of $1.1 million for the same period in 2019. The allowance for credit loss on loans as a percentage of total loans was 1.49% at December 31, 2020, or 1.61% excluding PPP loans, compared with 1.63% at September 30, 2020, or 1.77% excluding PPP loans, and 1.12% at December 31, 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 December 31, 2020, Premier Bank had pandemic-related deferrals for $46.0 million of commercial loans, down from $434.6 million at September 30, and $7.4 million of retail loans, down from $48.2 million at September 30.
“The volatility of CECL was on display this quarter as we were able to release some reserves due to improving economic forecasts,” said Paul D. Nungester, CFO of Premier. “While we continue to experience some risk migration, the pace has slowed and begun to stabilize with criticized loans down to 4.3% at year-end from 4.5% last quarter.”
Annual results
For the year ended December 31, 2020, net income totaled $63.1 million, or $1.75 per diluted common share, compared to $49.4 million, or $2.48 per diluted common share for the year ended December 31, 2019. Results for the full year 2020 included eleven 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 $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 full year 2019 included a total provision expense of $2.9 million and no acquisition impact. Additionally, the current 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. The full year 2019 included $1.4 million of acquisition-related charges, which had an after tax cost of $1.3 million, or $0.06 per diluted common share. Excluding the impact of acquisition-related provision and charges, earnings for the full year 2020 were $99.3 million, or $2.76 per diluted common share compared to $50.7 million or $2.54 per diluted share for 2019.
Net interest income was $208.0 million for 2020 compared with $115.6 million for 2019. Average interest-earning assets increased to $5.93 billion in 2020 compared to $2.97 billion for 2019. Net interest margin for 2020 was 3.52%, down 41 basis points from the 3.93% margin reported for 2019. The 2020 results include the impact of acquisition marks and related accretion for the UCFC acquisition. Interest income includes $4.4 million of accretion and interest expense includes $3.9 million of accretion, which combined added 14 basis points of net interest margin. The 2020 results also include the impact of PPP loans. Interest income includes $8.0 million on average balances of $291.3 million, which reduced net interest margin by four basis points. Excluding the impact of acquisition marks and PPP loans, net interest margin was 3.42% for 2020.
Non-interest income for 2020 was $80.7 million compared to $45.0 million for 2019. Service fees and other charges were $21.4 million for 2020, up from $14.0 million for 2019. Mortgage banking income was $28.2 million for 2020, up from $9.5 million for 2019. Insurance commissions were $16.8 million for 2020 compared with $14.1 million for 2019. Wealth management income was $6.2 million for 2020, up from $3.1 million for 2019.
Securities gains were $1.6 million in 2020, up from $24,000 in 2019. The Company early extinguished $30.0 million of fixed rate FHLB advances in the third quarter of 2020 that had a weighted average rate of 2.0% and incurred a prepayment penalty of $1.4 million recognized in other expenses. The Company sold $55.0 million of mortgage-backed securities yielding approximately 1.80% at a gain of $1.4 million. The proceeds from the sales were reinvested into securities yielding approximately 1.50% funded by overnight advances with a cost of approximately 20 basis points. The net effect of the transactions is expected to increase pretax income approximately $425,000 over the subsequent 12 months and enhance net interest margin by one basis point.
Non-interest expense was $165.2 million for 2020, or $145.7 million excluding acquisition-related charges, up from $97.1 million, or $95.7 million excluding acquisition-related charges, for the same period of 2019. Compensation and benefits expense was $77.2 million for 2020 compared with $57.2 million for 2019. Expenses also included increases in occupancy of $7.3 million, FDIC premiums of $2.9 million, data processing of $6.8 million, amortization of intangibles of $5.3 million and other expenses of $5.7 million. Additional detail regarding certain items impacting FDIC premiums and other expenses are discussed above.
Total assets at $7.21 billion
Total assets at December 31, 2020, were $7.21 billion compared to $6.97 billion at September 30, 2020, and $3.47 billion at December 31, 2019. Gross loans receivable (excluding loans held for sale) were $5.49 billion at December 31, 2020, compared to $5.47 billion at September 30, 2020, and $2.75 billion at December 31, 2019. At December 31, 2020, gross loans receivable grew $2.74 billion, or 100% from a year ago, including $2.30 billion from the UCFC merger and $0.44 billion organically, including $0.39 billion of PPP loans. Also, at December 31, 2020, goodwill and other intangible assets totaled $348.3 million compared to $350.0 million at September 30, 2020, and $103.8 million at December 31, 2019, with the increase attributable to the UCFC merger.
Total deposits at December 31, 2020, were $6.05 billion compared with $5.80 billion at September 30, 2020, and $2.87 billion at December 31, 2019. At December 31, 2020, total deposits grew $3.18 billion, or 111% from a year ago, including $2.08 billion from the UCFC merger and $1.10 billion organically.
Total stockholders’ equity was $982.3 million at December 31, 2020, compared to $959.0 million at September 30, 2020, and $426.2 million at December 31, 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.
Buybacks authorization
At December 31, 2020, 570,000 common shares remained available for repurchase under the Company’s existing repurchase program. On January 26, 2020, the Company’s Board of Directors approved an increase in the Company’s repurchase authorization to up to 2,000,000 shares of common stock, or approximately 5% of current outstanding shares.
Dividend to be paid February 19
The Board of Directors declared a quarterly cash dividend of $0.24 per common share payable February 19, 2021, to shareholders of record at the close of business on February 12, 2021. The dividend represents an annual dividend of 3.6 percent based on the Premier common stock closing price on January 25, 2021. Premier has approximately 37,299,000 common shares outstanding.
Conference call
Premier will host a conference call at 11:00 a.m. ET on Wednesday, January 27, 2021, to discuss the earnings results and business trends. The conference call may be accessed by calling 1-877-444-1726. Internet access to the call is also available (in listen-only mode) at the following URL: https://services.choruscall.com/links/pfc210127.html. The replay of the conference call will be available at www.PremierFinCorp.com until January 26, 2022, 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 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 including James & Sons Insurance in Youngstown, Ohio. For more information, visit the company’s website 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 December 31, 2020, 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)
2020
2019
Assets Cash and cash equivalents Cash and amounts due from depository institutions
$
79,593
$
46,254
Interest-bearing deposits
79,673
85,000
159,266
131,254
Available-for sale, carried at fair value
736,654
283,448
Trading securities, carried at fair value
1,090
-
Securities investments
737,744
283,448
Loans
5,491,240
2,777,564
Allowance for credit losses - loans
(82,079
)
(31,243
)
Loans, net
5,409,161
2,746,321
Loans held for sale
221,616
18,008
Mortgage servicing rights
13,153
10,267
Accrued interest receivable
25,434
10,244
Federal Home Loan Bank stock
16,026
11,915
Bank Owned Life Insurance
144,784
75,544
Office properties and equipment
58,665
39,563
Real estate and other assets held for sale
343
100
Goodwill
317,948
100,069
Core deposit and other intangibles
30,337
3,772
Other assets
77,257
38,487
Total Assets
$
7,211,734
$
3,468,992
Liabilities and Stockholders’ Equity Non-interest-bearing deposits
$
1,597,262
$
630,359
Interest-bearing deposits
4,450,579
2,239,966
Total deposits
6,047,841
2,870,325
Advances from FHLB and PPPLF
-
85,063
Notes payable and other interest-bearing liabilities
-
2,999
Subordinated debentures
84,860
36,083
Advance payments by borrowers for tax and insurance
21,748
5,491
Reserve for credit losses - unfunded commitments
5,350
571
Other liabilities
69,659
42,293
Total Liabilities
6,229,458
3,042,825
Stockholders’ Equity Preferred stock
-
-
Common stock, net
306
127
Additional paid-in-capital
689,390
161,955
Accumulated other comprehensive income (loss)
15,004
4,595
Retained earnings
356,414
329,175
Treasury stock, at cost
(78,838
)
(69,685
)
Total stockholders’ equity
982,276
426,167
Total Liabilities and Stockholders’ Equity
$
7,211,734
$
3,468,992
Consolidated Statements of Income (Unaudited) Premier Financial Corp. Three Months Ended Twelve Months Ended December 31, December 31, (in thousands, except per share amounts)
2020
2019
2020
2019
Interest Income: Loans
$
57,694
$
33,695
$
225,084
$
130,853
Investment securities
2,980
1,889
11,469
8,183
Interest-bearing deposits
44
537
435
1,395
FHLB stock dividends
98
120
958
653
Total interest income
60,816
36,241
237,946
141,084
Interest Expense: Deposits
5,158
5,999
26,918
22,613
FHLB advances and other
1
431
1,691
1,443
Subordinated debentures
690
311
1,300
1,354
Notes Payable
-
2
32
25
Total interest expense
5,849
6,743
29,941
25,435
Net interest income
54,967
29,498
208,005
115,649
Provision for credit losses - loans
(6,158
)
1,084
43,154
2,905
Provision (benefit) for credit losses - unfunded commitments
(606
)
39
1,096
(21
)
Total provision for credit losses
(6,764
)
1,123
44,250
2,884
Net interest income after provision for loan losses
61,731
28,375
163,755
112,765
Non-interest Income: Service fees and other charges
5,767
3,693
21,369
14,028
Mortgage banking income
5,436
2,683
28,199
9,483
Gain on sale of non-mortgage loans
90
11
324
226
Gain (loss) on sale of available for sale securities
-
13
1,464
24
Gain (loss) on trading securities
76
-
90
-
Insurance commissions
3,913
3,123
16,788
14,118
Wealth management income
1,808
964
6,159
3,127
Income from Bank Owned Life Insurance
845
456
3,306
2,158
Other non-interest income
734
873
2,985
1,792
Total Non-interest Income
18,669
11,816
80,684
44,956
Non-interest Expense: Compensation and benefits
19,882
14,631
77,213
57,175
Occupancy
4,471
2,277
16,320
9,027
FDIC insurance premium
983
208
3,355
484
Financial institutions tax
1,106
526
4,173
2,193
Data processing
3,752
1,763
14,886
8,055
Amortization of intangibles
1,668
281
6,449
1,120
Acquisition related charges
2,190
882
19,485
1,422
Other non-interest expense
7,261
4,153
23,289
17,608
Total Non-interest Expense
41,313
24,721
165,170
97,084
Income before income taxes
39,087
15,470
79,269
60,637
Income tax expense
8,240
2,953
16,192
11,267
Net Income
$
30,847
$
12,517
$
63,077
$
49,370
Earnings per common share: Basic
$
0.83
$
0.63
$
1.75
$
2.49
Diluted
$
0.82
$
0.63
$
1.75
$
2.48
Average Shares Outstanding: Basic
37,311
19,792
35,902
19,844
Diluted
37,350
19,895
35,949
19,931
Financial Summary and Comparison (Unaudited) Premier Financial Corp. Three Months Ended Twelve Months Ended December 31, December 31, (dollars in thousands, except per share data)
2020
2019
% change
2020
2019
% change
Summary of Operations Tax-equivalent interest income (2)$
61,067
$
36,473
67.4
%
$
238,964
$
142,051
68.2
%
Interest expense
5,849
6,743
(13.3
)
29,941
25,435
17.7
Tax-equivalent net interest income (2)
55,218
29,730
85.7
209,023
116,616
79.2
Provision for credit losses
(6,764
)
1,123
(702.3
)
44,250
2,884
1,434.3
Core provision for credit losses (4)
(6,764
)
1,123
(702.3
)
18,301
2,884
534.6
Investment securities gains (losses)
76
13
NM
1,554
24
NM
Non-interest income (excluding securities gains/losses)
18,593
11,803
57.5
79,130
44,932
76.1
Non-interest expense
41,313
24,721
67.1
165,170
97,084
70.1
Core non-interest expense (4)
39,123
23,839
64.1
144,278
95,662
50.8
Income tax expense
8,240
2,953
179.0
16,192
11,267
43.7
Net income
30,847
12,517
146.4
63,077
49,370
27.8
Core net income (4)
32,577
13,214
146.5
99,348
50,679
96.0
Tax equivalent adjustment (2)
251
232
8.2
1,018
967
5.3
At Period End Assets
7,211,734
3,468,992
107.9
Earning assets
6,546,299
3,175,564
106.1
Loans
5,491,240
2,777,564
97.7
Allowance for credit losses - loans
82,079
31,243
162.7
Deposits
6,047,841
2,870,325
110.7
Stockholders’ equity
982,276
426,167
130.5
Average Balances Assets
7,089,060
3,425,097
107.0
6,592,633
3,283,780
100.8
Earning assets
6,363,306
3,107,224
104.8
5,931,965
2,969,662
99.8
Loans
5,609,116
2,688,519
108.6
5,224,357
2,597,864
101.1
Deposits and interest-bearing liabilities
6,044,049
2,954,049
104.6
5,604,699
2,830,244
98.0
Deposits
5,956,550
2,830,043
110.5
5,362,436
2,717,224
97.3
Stockholders’ equity
946,223
420,352
125.1
898,092
406,286
121.0
Stockholders’ equity / assets
13.35
%
12.27
%
8.8
13.62
%
12.37
%
10.1
Per Common Share Data Net Income (Loss) Basic
$
0.83
$
0.63
31.1
$
1.75
$
2.49
(29.5
)
Diluted
0.82
0.63
30.9
1.75
2.48
(29.3
)
Core diluted (4)
0.87
0.66
31.8
$
2.76
2.54
8.7
Dividends
0.22
0.22
-
0.88
0.79
11.4
Market Value: High
$
23.49
$
32.39
(27.5
)
$
32.05
$
32.39
(1.0
)
Low
14.90
27.77
(46.3
)
10.98
24.12
(54.5
)
Close
23.00
31.32
(26.6
)
23.00
31.32
(26.6
)
Common Book Value
26.34
21.60
21.9
26.34
21.60
21.9
Tangible Common Book Value (1)
17.00
16.34
4.0
17.00
16.34
4.0
Shares outstanding, end of period (000s)
37,291
19,730
89.0
37,291
19,730
89.0
Performance Ratios (annualized) Tax-equivalent net interest margin (2)
3.47
%
3.80
%
(8.7
)
3.52
%
3.93
%
(10.4
)
Return on average assets
1.73
%
1.45
%
19.4
0.96
%
1.50
%
(36.2
)
Core return on average assets (4)
1.83
%
1.53
%
19.4
1.51
%
1.54
%
(2.4
)
Return on average equity
12.97
%
11.81
%
9.8
7.02
%
12.15
%
(42.2
)
Core return on average equity (4)
13.70
%
12.47
%
9.8
11.06
%
12.47
%
(11.3
)
Efficiency ratio (3)
55.97
%
59.52
%
(6.0
)
57.32
%
60.10
%
(4.6
)
Core efficiency ratio (4)
53.00
%
57.40
%
(7.7
)
50.07
%
59.22
%
(15.4
)
Effective tax rate
21.08
%
19.09
%
10.4
20.43
%
18.58
%
9.9
Dividend payout ratio (core)
25.29
%
33.33
%
(24.1
)
31.88
%
31.10
%
2.5
Note: 2020 current quarter and year-to-date results include three and eleven 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 Twelve Months Ended December 31, December 31, Mortgage Banking
2020
2019
2020
2019
Revenue from sales and servicing of mortgage loans: Gain from sale of mortgage loans
$
6,146
$
2,035
$
36,359
$
7,706
Mortgage loan servicing revenue (expense): Mortgage loan servicing revenue
1,916
978
7,296
3,820
Amortization of mortgage servicing rights
(2,174
)
(553
)
(7,477
)
(1,809
)
Mortgage servicing rights valuation adjustments
(452
)
223
(7,979
)
(234
)
(710
)
648
(8,160
)
1,777
Total revenue from sale and servicing of mortgage loans
$
5,436
$
2,683
$
28,199
$
9,483
Mortgage servicing rights: Balance at beginning of period
$
21,538
$
10,617
$
10,801
$
10,419
Loans sold, servicing retained
2,302
737
8,595
2,191
Mortgage servicing rights acquired
-
-
9,747
-
Amortization
(2,174
)
(553
)
(7,477
)
(1,809
)
Carrying value before valuation allowance at end of period
21,666
10,801
21,666
10,801
Valuation allowance: Balance at beginning of period
(8,061
)
(758
)
(534
)
(300
)
Impairment recovery (charges)
(452
)
224
(7,979
)
(234
)
Balance at end of period
(8,513
)
(534
)
(8,513
)
(534
)
Net carrying value at end of period$
13,153
$
10,267
$
13,153
$
10,267
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
35,943
Non-interest-bearing deposits
(430,921
)
Interest-bearing deposits
(1,651,669
)
(6)
Advances from Federal Home Loan Bank
(381,000
)
Other liabilities
(60,524
)
Net assets
309,564
Goodwill
217,879
Total value
$
527,443
Note: 2020 current quarter and year-to-date results include three and eleven 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 $7.1 million rate mark up on time-based deposits to be accreted against interest expense over ~2 years based on maturities. Yield Analysis Premier Financial Corp. Three Months Ended December 31, (dollars in thousands)
2020
2019
Average Yield Average Yield Balance Interest(1) Rate(2) Balance Interest(1) Rate(2) Interest-earning assets: Loans receivable$
5,609,116
$
57,715
4.12
%
$
2,688,519
$
33,716
4.98
%
Securities
632,989
3,210
2.03
%
287,172
2,100
2.96
%
(3
)
Interest Bearing Deposits
102,053
44
0.17
%
119,618
537
1.78
%
FHLB stock
19,148
98
2.05
%
11,915
120
4.00
%
Total interest-earning assets
6,363,306
61,067
3.84
%
3,107,224
36,473
4.67
%
Non-interest-earning assets
725,754
317,873
Total assets$
7,089,060
$
3,425,097
Deposits and Interest-bearing liabilities: Interest bearing deposits$
4,411,557
$
5,158
0.47
%
$
2,205,673
$
5,999
1.08
%
FHLB advances and other
2,663
1
0.15
%
85,291
431
2.00
%
Subordinated debentures
84,836
690
3.25
%
36,083
311
3.42
%
Notes payable
-
-
-
2,632
2
0.30
%
Total interest-bearing liabilities
4,499,056
5,849
0.52
%
2,329,679
6,743
1.15
%
Non-interest bearing deposits
1,544,993
-
-
624,370
-
-
Total including non-interest-bearing deposits
6,044,049
5,849
0.39
%
2,954,049
6,743
0.91
%
Other non-interest-bearing liabilities
98,788
50,696
Total liabilities
6,142,837
3,004,745
Stockholders' equity
946,223
420,352
Total liabilities and stockholders' equity$
7,089,060
$
3,425,097
Net interest income; interest rate spread$
55,218
3.32
%
$
29,730
3.52
%
Net interest margin (4)3.47
%
3.80
%
Average interest-earning assets to average interest bearing liabilities141
%
133
%
Twelve Months Ended December 31,2020
2019
Average Yield Average Yield Balance Interest(1) Rate(2) Balance Interest(1) Rate(2) Interest-earning assets: Loans receivable$
5,224,357
$
225,179
4.31
%
$
2,597,864
$
130,943
5.04
%
Securities
544,643
12,393
2.28
%
294,027
9,060
3.08
%
(3
)
Interest Bearing Deposits
124,011
435
0.35
%
65,424
1,395
2.13
%
FHLB stock
38,954
958
2.46
%
12,347
653
5.29
%
Total interest-earning assets
5,931,965
238,965
4.03
%
2,969,662
142,051
4.78
%
Non-interest-earning assets
660,668
314,118
Total assets$
6,592,633
$
3,283,780
Deposits and Interest-bearing liabilities: Interest bearing deposits$
4,050,958
$
26,918
0.66
%
$
2,122,439
$
22,613
1.07
%
FHLB advances and other
187,745
1,692
0.90
%
73,013
1,443
1.98
%
Subordinated debentures
48,471
1,300
2.68
%
36,083
1,354
3.75
%
Notes payable
6,047
32
0.53
%
3,924
25
0.64
%
Total interest-bearing liabilities
4,293,221
29,942
0.70
%
2,235,459
25,435
1.14
%
Non-interest bearing deposits
1,311,478
-
-
594,785
-
-
Total including non-interest-bearing deposits
5,604,699
29,942
0.53
%
2,830,244
25,435
0.90
%
Other non-interest-bearing liabilities
89,842
47,250
Total liabilities
5,694,541
2,877,494
Stockholders' equity
898,092
406,286
Total liabilities and stockholders' equity$
6,592,633
$
3,283,780
Net interest income; interest rate spread$
209,023
3.33
%
$
116,616
3.64
%
Net interest margin (4)3.52
%
3.93
%
Average interest-earning assets to average interest bearing liabilities138
%
133
%
Note: 2020 current quarter and year-to-date results include three and eleven 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) 4th Qtr 2020 3rd Qtr 2020 2nd Qtr 2020 1st Qtr 2020 4th Qtr 2019 Summary of Operations Tax-equivalent interest income (1)$
61,067
$
60,418
$
62,705
$
54,773
$
36,473
Interest expense
5,849
6,888
8,145
9,059
6,743
Tax-equivalent net interest income (1)
55,218
53,530
54,560
45,714
29,730
Provision for credit losses
(6,764
)
2,794
2,975
45,244
1,123
Core provision for credit losses (3)
(6,764
)
2,794
2,975
19,295
1,123
Investment securities gains (losses)
76
1,480
(2
)
-
13
Non-interest income (excluding securities gains/losses)
18,593
23,520
23,017
13,999
11,803
Non-interest expense
41,313
43,563
37,984
42,310
24,721
Core non-interest expense (3)
39,123
38,445
35,885
30,824
23,839
Income tax expense (benefit)
8,240
6,259
7,303
(5,610
)
2,953
Net income (loss)
30,847
25,655
29,057
(22,482
)
12,517
Core net income (3)
32,577
28,587
30,715
7,470
13,214
Tax equivalent adjustment (1)
251
259
256
251
232
At Period End Total assets
$
7,211,734
$
6,974,953
$
7,013,811
$
6,538,942
$
3,468,992
Earning assets
6,546,299
6,340,132
6,345,655
5,889,186
3,175,935
Loans
5,491,240
5,470,548
5,457,238
5,113,917
2,777,564
Allowance for loan losses
82,079
88,917
88,555
85,859
31,243
Deposits
6,047,841
5,795,757
5,759,843
4,994,148
2,870,325
Stockholders’ equity
982,276
959,025
940,968
916,843
426,167
Stockholders’ equity / assets
13.62
%
13.75
%
13.42
%
14.02
%
12.29
%
Goodwill
317,948
317,948
317,948
317,520
100,069
Average Balances Total assets
$
7,089,060
$
6,935,783
$
7,005,783
$
5,357,598
$
3,425,097
Earning assets
6,363,306
6,211,267
6,247,037
4,862,532
3,107,224
Loans
5,609,116
5,555,621
5,389,805
4,317,857
2,688,519
Deposits and interest-bearing liabilities
6,044,049
5,901,652
5,963,127
4,488,003
2,954,049
Deposits
5,956,550
5,738,006
5,490,986
4,240,053
2,830,043
Stockholders’ equity
946,223
927,506
932,793
787,519
420,352
Stockholders’ equity / assets
13.35
%
13.37
%
13.31
%
14.70
%
12.27
%
Per Common Share Data Net Income (Loss): Basic$
0.83
$
0.69
$
0.78
$
(0.71
)
$
0.63
Diluted
0.82
0.69
0.78
(0.71
)
0.63
Core diluted (3)
0.87
0.77
0.82
0.24
0.66
Dividends
0.22
0.22
0.22
0.22
0.22
Market Value: High
$
23.49
$
21.24
$
20.11
$
32.05
$
32.39
Low
14.90
14.74
12.95
10.98
27.77
Close
23.00
15.58
17.67
14.74
31.32
Common Book Value
26.34
25.71
25.23
24.58
21.60
Shares outstanding, end of period (000s)
37,291
37,297
37,296
37,288
19,730
Performance Ratios (annualized) Tax-equivalent net interest margin (1)
3.47
%
3.47
%
3.51
%
3.78
%
3.80
%
Return on average assets
1.73
%
1.49
%
1.67
%
-1.69
%
1.45
%
Core return on average assets (3)
1.83
%
1.64
%
1.76
%
0.56
%
1.53
%
Return on average equity
12.97
%
11.12
%
12.53
%
-11.48
%
11.81
%
Core return on average equity (3)
13.70
%
12.26
%
13.24
%
3.82
%
12.47
%
Efficiency ratio (2)
55.97
%
56.54
%
48.96
%
70.86
%
59.52
%
Core efficiency ratio (3)
53.00
%
49.90
%
46.26
%
51.62
%
57.40
%
Effective tax rate
21.08
%
19.61
%
20.09
%
19.97
%
19.09
%
Common dividend payout ratio (core)
25.29
%
28.57
%
26.83
%
91.67
%
34.92
%
Note: 2020 current quarter and year-to-date results include three and eleven 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) 4th Qtr 2020 3rd Qtr 2020 2nd Qtr 2020 1st Qtr 2020 4th Qtr 2019 Loan Portfolio Composition One to four family residential real estate$
1,201,051
$
1,194,940
$
1,226,106
$
1,265,901
$
324,773
Construction
667,649
580,060
509,548
521,442
305,305
Commercial real estate
2,383,001
2,328,944
2,266,189
2,200,266
1,506,026
Commercial
1,202,353
1,263,565
1,244,549
897,865
578,071
Consumer finance
120,729
128,995
146,139
137,679
37,649
Home equity and improvement
272,701
281,010
290,459
301,146
122,864
Total loans
5,847,484
5,777,514
5,682,990
5,324,299
2,874,688
Less: Undisbursed loan funds
355,065
300,174
221,137
206,236
94,865
Deferred loan origination fees
1,179
6,792
4,615
4,146
2,259
Allowance for credit losses - loans
82,079
88,917
88,555
85,859
31,243
Net Loans
$
5,409,161
$
5,381,631
$
5,368,683
$
5,028,058
$
2,746,321
Allowance for credit losses - loans Beginning allowance
$
88,917
$
88,555
$
85,859
$
31,243
$
30,250
CECL adoption
-
-
-
2,354
-
Acquisition related allowance/provision (non PCD)
-
-
-
25,949
-
Acquisition related allowance/goodwill (PCD)
-
-
-
7,698
-
Provision for credit losses - loans
(6,158
)
3,658
1,868
17,837
1,084
Net recoveries (charge-offs)
(680
)
(3,296
)
828
778
(91
)
Ending allowance$
82,079
$
88,917
$
88,555
$
85,859
$
31,243
Credit Quality Total non-performing loans (1)
$
51,983
$
48,322
$
39,470
$
32,692
$
13,437
Real estate owned (REO)
343
521
573
548
100
Total non-performing assets (2)
$
52,326
$
48,843
$
40,043
$
33,240
$
13,537
Net charge-offs (recoveries)
680
3,296
(828
)
(778
)
91
Restructured loans, accruing (3)
7,173
8,499
7,916
7,474
8,427
Allowance for credit losses - loans / loans
1.49
%
1.63
%
1.62
%
1.68
%
1.12
%
Allowance for credit losses - loans / non-performing assets
156.86
%
182.05
%
221.15
%
259.07
%
230.80
%
Allowance for credit losses - loans / non-performing loans
157.90
%
184.01
%
224.36
%
263.43
%
232.51
%
Non-performing assets / loans plus REO
0.95
%
0.89
%
0.73
%
0.65
%
0.49
%
Non-performing assets / total assets
0.73
%
0.70
%
0.57
%
0.51
%
0.39
%
Net charge-offs / average loans (annualized)
0.05
%
0.24
%
-0.06
%
-0.07
%
0.01
%
Deposit Balances Non-interest-bearing demand deposits$
1,597,262
$
1,436,807
$
1,454,842
$
1,041,315
$
630,359
Interest-bearing demand deposits and money market
2,627,669
2,511,263
2,361,486
2,069,723
1,198,012
Savings deposits
700,480
674,354
671,650
606,508
303,166
Retail time deposits less than $250,000
912,006
975,658
1,078,758
1,091,038
631,253
Retail time deposits greater than $250,000
210,424
197,675
193,107
185,564
107,535
Total deposits
$
6,047,841
$
5,795,757
$
5,759,843
$
4,994,148
$
2,870,325
(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, 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
%
September 30, 2020 One to four family residential real estate$
1,194,940
$
1,173,175
$
10,562
0.9
%
$
11,203
0.9
%
Construction
580,060
578,110
1,587
0.3
%
363
0.1
%
Commercial real estate
2,328,944
2,305,223
703
0.0
%
23,018
1.0
%
Commercial
1,263,565
1,253,474
212
0.0
%
9,879
0.8
%
Consumer finance
128,995
125,260
2,682
2.1
%
1,053
0.8
%
Home equity and improvement
281,010
273,041
5,125
1.8
%
2,844
1.0
%
Total loans$
5,777,514
$
5,708,283
$
20,871
0.4
%
$
48,360
0.8
%
December 31, 2019 One to four family residential real estate$
324,773
$
321,058
$
1,298
0.4
%
$
2,417
0.7
%
Construction
305,305
305,305
-
0.0
%
-
0.0
%
Commercial real estate
1,506,026
1,497,845
546
0.0
%
7,635
0.5
%
Commercial
578,071
574,593
519
0.1
%
2,959
0.5
%
Consumer finance
37,649
37,444
205
0.5
%
-
0.0
%
Home equity and improvement
122,864
121,211
1,205
1.0
%
448
0.4
%
Total loans$
2,874,688
$
2,857,456
$
3,773
0.1
%
$
13,459
0.5
%
Loan Risk Ratings Information (dollars in thousands) Total Balance Pass Rated Special Mention % ofTotal Classified % ofTotal 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
%
September 30, 2020 One to four family residential real estate$
1,182,709
$
1,179,490
$
268
0.0
%
$
2,951
0.2
%
Construction
279,886
256,743
23,143
8.3
%
-
0.0
%
Commercial real estate
2,305,320
2,165,668
108,011
4.7
%
31,641
1.4
%
Commercial
1,222,180
1,188,604
24,618
2.0
%
8,958
0.7
%
Consumer finance
129,144
129,025
-
0.0
%
119
0.1
%
Home equity and improvement
276,246
275,831
-
0.0
%
415
0.2
%
PCD loans
75,063
28,867
11,442
15.2
%
34,754
46.3
%
Total loans$
5,470,548
$
5,224,228
$
167,482
3.1
%
$
78,838
1.4
%
December 31, 2019 One to four family residential real estate$
326,144
$
322,250
$
415
0.1
%
$
3,479
1.1
%
Construction
206,721
205,076
1,645
0.8
%
-
0.0
%
Commercial real estate
1,512,359
1,462,065
27,197
1.8
%
23,097
1.5
%
Commercial
579,911
548,012
24,162
4.2
%
7,737
1.3
%
Consumer finance
37,836
37,816
-
0.0
%
20
0.1
%
Home equity and improvement
123,722
123,407
-
0.0
%
315
0.3
%
Total loans$
2,786,693
$
2,698,626
$
53,419
1.9
%
$
34,648
1.2
%
COVID-19 Update Premier Financial Corp. ($ in thousands) Deferrals Update 12/31/2020 9/30/2020 Commercial loan deferrals$
46,038
$
434,554
% of commercial loans
1.2
%
11.4
%
% of total loans
0.8
%
7.9
%
Retail loan deferrals$
7,412
$
48,187
% of retail loans
0.4
%
2.9
%
% of total loans
0.1
%
0.9
%
Total loan deferrals$
53,450
$
482,741
% of total loans
1.0
%
8.8
%
Commercial High Sensitivity Portfolio Update As of 12/31/20 As of 9/30/20 Industry % of TotalLoans % BalancesDeferred % Classifiedin Subsector % of TotalLoans % BalancesDeferred % Classifiedin Subsector Traveler Accommodation
2.8
%
15.0
%
11.6
%
2.8
%
60.7
%
3.9
%
Food Service
1.0
%
0.0
%
0.5
%
1.0
%
22.4
%
0.6
%
Sub-total
3.8
%
11.0
%
8.6
%
3.7
%
51.0
%
3.1
%
Retail Trade and CRE
9.3
%
0.2
%
1.7
%
9.4
%
17.7
%
1.3
%
Long-term Care
2.0
%
2.2
%
12.4
%
1.9
%
10.8
%
11.0
%
Arts/Entertainment/Recreation
0.4
%
0.0
%
1.9
%
0.4
%
37.8
%
2.5
%
Energy
0.1
%
0.0
%
0.0
%
0.1
%
0.0
%
0.0
%
Total
15.6
%
3.1
%
4.7
%
15.6
%
25.2
%
3.0
%
Commercial Loan Deferral Rollforward 9/30/20Balance NewDeferrals Payoffs/Changes Return toPay(1) 12/31/20Balance 4Q20Extensions Interest only 1-3 months$
12,314
$
-
$
(23
)
$
(6,854
)
$
5,437
$
5,437
Interest only 4-5 months
26,943
-
(60
)
(26,883
)
-
-
Interest only 6 months
55,196
-
17,060
(45,568
)
26,688
17,472
Deferred payment 1-90 days
57,262
824
(16,603
)
(31,079
)
10,404
-
Deferred payment 91-179 days
6,497
-
(1
)
(6,496
)
-
-
Deferred payment 180 days
276,342
-
(726
)
(272,107
)
3,509
-
Total
$
434,554
$
824
$
(353
)
$
(388,987
)
$
46,038
$
22,909
Commercial Loan Deferral Expirations Update 12/31/20Balance January
$
15,698
February
5,075
March
-
April
25,265
May
-
June
-
Total
$
46,038
(1) Represents approximately 94.2% of previously disclosed fourth quarter 2020 scheduled expirations. Non-GAAP Reconciliations Premier Financial Corp. Twelve months ended (In thousands, except per share and ratio data) 12/31/20 12/31/19 4th Qtr 2020 3rd Qtr 2020 2nd Qtr 2020 1st Qtr 2020 4th Qtr 2019 Acquisition related charges (pre-tax)
$
19,485
$
1,422
$
2,190
$
3,711
$
2,099
$
11,486
$
882
Less: Tax benefit of acquisition related charges
3,714
113
460
779
441
2,034
185
Acquisition related charges (after-tax)
$
15,771
$
1,309
$
1,730
$
2,932
$
1,658
$
9,452
$
697
Total non-interest expenses
$
165,170
$
97,084
$
41,313
$
43,563
$
37,984
$
42,310
$
24,721
Less: Acquisition related charges (pre-tax)
19,485
1,422
2,190
3,711
2,099
11,486
882
Less: FHLB prepayment charges(1)
1,407
-
-
1,407
-
-
-
Core non-interest expenses
$
144,278
$
95,662
$
39,123
$
38,445
$
35,885
$
30,824
$
23,839
Acquisition related provision (pre-tax)
$
25,949
$
-
$
-
$
-
$
-
$
25,949
$
-
Less: Tax benefit of acquisition related provision
5,449
-
-
-
-
5,449
-
Acquisition related provision (after-tax)
$
20,500
$
-
$
-
$
-
$
-
$
20,500
$
-
Provision for credit losses
$
44,250
$
2,884
$
(6,764
)
$
2,794
$
2,975
$
45,244
$
1,123
Less: Acquisition related provision (pre-tax)
25,949
-
-
-
-
25,949
-
Core provision for credit losses
$
18,301
$
2,884
$
(6,764
)
$
2,794
$
2,975
$
19,295
$
1,123
Non-interest income
$
80,684
$
44,956
$
18,669
$
25,000
$
23,015
$
13,999
$
11,816
Less: Securities gains (losses)
1,554
24
76
1,480
(2
)
-
13
Non-interest income (excluding securities gains/losses)
$
79,130
$
44,932
$
18,593
$
23,520
$
23,017
$
13,999
$
11,803
Tax-equivalent net interest income
$
209,023
$
116,616
$
55,218
$
53,530
$
54,560
$
45,714
$
29,730
Non-interest income (excluding securities gains/losses)
79,130
44,932
18,593
23,520
23,017
13,999
11,803
Total revenues
288,153
161,548
73,811
77,050
77,577
59,713
41,533
Core non-interest expenses
$
144,278
$
95,662
$
39,123
$
38,445
$
35,885
$
30,824
$
23,839
Core efficiency ratio
50.07
%
59.22
%
53.00
%
49.90
%
46.26
%
51.62
%
57.40
%
Income (loss) before income taxes$
79,269
$
60,637
$
39,087
$
31,914
$
36,360
$
(28,092
)
$
15,470
Add: Provision for credit losses
44,250
2,884
(6,764
)
2,794
2,975
45,244
1,123
Pre-tax pre-provision income
123,519
63,521
32,323
34,708
39,335
17,152
16,593
Add: Acquisition related charges (pre-tax)
19,485
1,422
2,190
3,711
2,099
11,486
882
Core pre-tax pre-provision income
$
143,004
$
64,943
$
34,513
$
38,419
$
41,434
$
28,638
$
17,475
Average total assets
$
6,592,633
$
3,283,780
$
7,089,060
$
6,935,783
$
7,005,783
$
5,357,598
$
3,425,097
Core pre-tax pre-provision return on average assets
2.17
%
1.98
%
1.94
%
2.20
%
2.38
%
2.15
%
2.02
%
Net income (loss)$
63,077
$
49,370
$
30,847
$
25,655
$
29,057
$
(22,482
)
$
12,517
Add: Acquisition related provision (after-tax)
20,500
1,309
-
-
-
20,500
-
Add: Acquisition related charges (after-tax)
15,771
-
1,730
2,932
1,658
9,452
697
Core net income
$
99,348
$
50,679
$
32,577
$
28,587
$
30,715
$
7,470
$
13,214
Diluted shares - Reported
35,949
19,931
37,350
37,334
37,324
31,642
19,895
Add: Dilutive shares for core net income
-
-
-
-
-
121
-
Diluted shares - Core
35,949
19,931
37,350
37,334
37,324
31,763
19,895
Core diluted EPS
$
2.76
$
2.54
$
0.87
$
0.77
$
0.82
$
0.24
$
0.66
Average total assets
$
6,592,633
$
3,283,780
$
7,089,060
$
6,935,783
$
7,005,783
$
5,357,598
$
3,425,097
Core return on average assets
1.51
%
1.54
%
1.83
%
1.64
%
1.76
%
0.56
%
1.53
%
Average total equity$
898,092
$
406,286
$
946,223
$
927,506
$
932,793
$
787,519
$
420,352
Core return on average equity
11.06
%
12.47
%
13.70
%
12.26
%
13.24
%
3.82
%
12.47
%
Note: 2020 current quarter and year-to-date results include three and eleven months of operations from UCFC, respectively, compared to none for comparable periods in 2019. (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/20210126006050/en/
Paul Nungester EVP and CFO 419.785.8700 PNungester@yourpremierbank.com
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