Premier Reports Net Income of $24.7M for Q3
DEFIANCE, Ohio – Premier Financial Corp. on Tuesday reported a net income of $24.7 million in the third quarter of 2023, or 69 cents per diluted common share.
The net income compares with $48.4 million, or $1.35 per diluted common share, or core $24.2 million, or 68 cents per diluted common share – excluding the insurance agency sale – for the second quarter of 2023.
“I am pleased to announce Premier’s continued improvement in net income, net interest income and net interest margin performance for the third quarter,” said Gary Small, president and CEO of Premier. “Average annualized loan growth for the quarter totaled 2.9%, consistent with our focus on serving existing client needs while remaining very selective in the pursuit of new relationships. Continued success in attracting customer deposits will translate into higher loan growth as we enter 2024.”
Other third-quarter highlights cited by Premier include:
- Net interest margin increased 1 basis point to 2.73% from the prior quarter.
- Deposit growth of $71 million (up 4.1% annualized), including $92 million for core customer deposits excluding brokered (up 5.6% annualized).
- Expenses down 14.5%, or 6.8%, excluding transaction costs, and core efficiency ratio improved by 96 basis points from the prior quarter.
- Loan delinquencies down 9.5% from the prior quarter, and two consecutive quarters of net recoveries.
- Regulatory capital ratios improved by 23 basis points from the prior quarter, including common equity tier 1 (CET1) ratio up to 11.08%.
- Declared dividend of 31 cents per share, up 3.3% from the same period a year ago.
- Launched a new digital banking platform to improve clients’ banking experience in October.
Published by The Business Journal, Youngstown, Ohio.