Premier Financial Corp. Reports ‘Solid Start for 2022’

DEFIANCE, Ohio – Premier Financial Corp. today announced net income for the first quarter of 2022 was $26.4 million, or 73 cents per diluted common share, compared to $41.0 million, or $1.10, for the first quarter of 2021.

The year-over-year comparison is primarily impacted by fluctuations in the provision for credit losses, mortgage banking income and securities gains/losses, the bank holding company said.

Premier is the holding company for Premier Bank and First Insurance, both based in Youngstown.

Gary Small, president and CEO, characterized the results as “a very solid start for 2022 with excellent new business activity resulting in double digit core loan growth on an annualized basis. Core commercial growth totaled 11% for the quarter and was the second consecutive quarter of core commercial growth in excess of 10%. Consumer lending was also on the move growing over 18% annualized for the quarter. We were pleased to see meaningful growth contributions from each of our nine markets,” he said.

First quarter highlights, according to the earnings report, are:

  • Loan growth of $132.4 million excluding PPP (up 10.1% annualized) including $97.4 million for commercial loans (up 11.0% annualized).
  • Deposit growth of $35.2 million (up 2.2% annualized).
  • Net interest income (tax equivalent) of $58.1 million or $53.7 million excluding PPP and marks, up 2.4% and 7.5%, respectively, from 2021 first quarter.
  • Asset quality improved with non-performing assets down to 0.63% of assets, classifieds down to 1.0% of loans and delinquencies down to 0.1% of loans.
  • Service fee income of $6.0 million, up $0.5 million or 9.7% from 2021 first quarter.
  • Completed 0.8 million shares of buybacks for $24.2 million.
  • Declared dividend of $0.30 per share, up 15.4% from prior year comparable period.

“Residential mortgage results for the quarter were stronger than anticipated given the volatile rate environment,” said Small. “Application activity remained robust in Q1 and gain on sale was under pressure as anticipated but offset by additional contributions coming from the expansion of our residential lending team. We added 14 new lenders during the quarter including an expansion into the Ann Arbor market. We are well positioned to make the most of the opportunities for 2022 and beyond.”

Total assets were $7.59 billion March 31, compared to $7.48 billion Dec. 31 and $7.53 billion March 31, 2021.

Total deposits were $6.32 billion at the end of the first quarter compared with $6.28 billion Dec. 31 and $6.35 billion March 31, 2021.

Published by The Business Journal, Youngstown, Ohio.