Premier Third Quarter Income down $8 million
YOUNGSTOWN – During a third quarter when Premier Financial Corp. announced a strategic merger with Wesbanco Inc., Premier’s net income was $16.7 million, down from $24.7 million a year ago.
Net income for the first nine months of 2024 was $50.6 million or $1.41 per diluted common share, compared to $91.2 million or $2.55 per diluted common share for the first nine months of 2023.
Total assets as of Sept. 30, 2024 were $8.73 billion compared to $8.78 billion as of June 30, 2024 and $8.56 billion at this point in 2023.
The merger, which will lead to shareholders of PFC stock receiving .80 shares of Wesbanco common stock, is expected to be completed about the first quarter of 2025.
The third quarter net income for 2024 was impacted by $2.8 million related to the transaction costs of the strategic merger.
Other highlights of the third quarter included:
- A net interest income on a tax equivalent basis of $50.3 million, up 1.9% from the second quarter of 2024 and down 7.5% from the third quarter of 2023.
- Total loans decreased $110.4 million primarily due to the $87.2 million decrease in commercial loans. Total deposits decreased $35.9 million from the second quarter, due to $95.3 million decreased in brokered deposits.
- Total non-interest income was $12.6 million, up 4.1% from the second quarter, but down 5.1% from a year ago.
- Non-interest expenses were $39.1 million, excluding the transaction costs. That was a 2.5% increase from the second quarter of 2024 and a 2.8% increase from a year ago.
- Non-performing assets totaled $82.3 million, an increase from $64.6 million at the end of June and $39.9 million at this time in 2023. Loan delinquencies decreased to $17.2 million.
The complete third quarter report can be found here.
Copyright 2024 The Business Journal, Youngstown, Ohio.
