DEFIANCE, Ohio – Premier Financial Corp. on Tuesday reported net income of $71.4 million in 2024, or $1.98 per diluted common share, compared with $111.3 million, or $3.11 per diluted common share, in 2023.

At the end of 2024, Premier’s total assets were $8.58 billion, down from $8.73 billion at the end of September and $8.63 billion at the end of 2023.

Premier reported a fourth quarter net income of $20.8 million, which was impacted by $2.1 million in transition costs for the strategic merger with WesBanco Bank Inc. 

The WestBanco merger was announced July 26, 2024, and is on track to close during the first quarter of 2025, according to an announcement by WesBanco in mid-December.

When the merger closes, Premier shareholders will receive 0.80 shares of WesBanco common stock for each share of Premier common stock. With the number of shares outstanding, Premier estimates stockholders will own about 30% of the stock in the merged company.

Excluding the merger transaction costs, Premier netted $22.6 million in fourth quarter earnings. Throughout the year, merger-related transaction costs totaled $5 million. Excluding the impact of those costs, Premier’s core earnings were $75.9 million.

Some highlights of 2024 include a 2% increase in average deposits, excluding brokered deposits, and a 1% increase in average interest-earning assets, both as compared with the end of 2023.

Additionally, Premier book value per share was $27.95, while tangible book value per share was $19.47, increases of 2.3% and 4.2%, respectively, from year-end 2023.

Fourth quarter highlights include earnings per share of $58 cents or $63 cents, excluding transaction costs, which were increases of $12 cents and $9 cents, respectively, from the third quarter.

Interest-bearing deposit costs decreased by 30 basis points from the third quarter, while net interest margin increased 13 basis points to 2.63% from the third quarter. 

Total deposits decreased $292.8 million during the fourth quarter, primarily due to a $232.7 million decrease in brokered deposits plus a $60.1 million decrease in customer deposits.

Nonperforming assets totaled $81.7 million, or 0.95%, of assets at the end of December, a decrease from $82.3 million at the end of September but an increase from $35.8 million at the end of 2023. Loan delinquencies increased to $21.2 million, or 0.32%, of loans at the end of 2024. Criticized loans totaled $263.3 million, or 3.95%, of loans.

For the full year, net interest income was $201.6 million, down 7.3% from $217.4 million for 2023. Total noninterest income in 2024 was $50.2 million, up 9.9% from $45.7 million in 2023.

Excluding transaction costs, noninterest expenses in 2024 were $154.3 million, a 3.3% decrease from $159.6 million in the full year of 2023.

The board of directors declared a quarterly cash dividend of $31 cents per common share, payable Feb. 7 to shareholders of record Jan. 31.

The entire report can be found HERE.