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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _______________

Commission File Number: 0-26850

 

Premier Financial Corp.

(Exact Name of Registrant as Specified in its Charter)

 

 

Ohio

34-1803915

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

601 Clinton Street

Defiance, OH

43512

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (419) 785-8700

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, Par Value $0.01 Per Share

 

PFC

 

The NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

As of November 1, 2022, the registrant had 35,566,382 shares of common stock, $.01 par value per share, outstanding.

 

 

 

 


Table of Contents

 

PREMIER FINANCIAL CORP.

 

INDEX

 

 

Page

Number

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Consolidated Condensed Financial Statements (Unaudited):

2

 

 

 

 

 

 

Consolidated Condensed Statements of Financial Condition – September 30, 2022 and December 31, 2021

2

 

 

 

 

 

 

Consolidated Condensed Statements of Income – three and nine months ended September 30, 2022 and 2021

3

 

 

 

 

 

 

Consolidated Condensed Statements of Comprehensive Income (Loss) – three and nine months ended September 30, 2022 and 2021

4

 

 

 

 

 

 

Consolidated Condensed Statements of Changes in Stockholders’ Equity – three and nine months ended September 30, 2022 and 2021

5

 

 

 

 

 

 

Consolidated Condensed Statements of Cash Flows – nine months ended September 30, 2022 and 2021

7

 

 

 

 

 

 

Notes to Consolidated Condensed Financial Statements

8

 

 

 

 

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

42

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

57

 

 

 

 

Item 4.

 

Controls and Procedures

58

 

 

 

 

PART II - OTHER INFORMATION:

 

 

 

Item 1.

 

Legal Proceedings

58

 

 

 

 

Item 1A.

 

Risk Factors

59

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

59

 

 

 

 

Item 3.

 

Defaults upon Senior Securities

60

 

 

 

 

Item 4.

 

Mine Safety Disclosures

60

 

 

 

 

Item 5.

 

Other Information

60

 

 

 

 

Item 6.

 

Exhibits

60

 

 

 

 

 

 

Signatures

61

 

1


Table of Contents

 

PART I-FINANCIAL INFORMATION

PREMIER FINANCIAL CORP.

Consolidated Condensed Statements of Financial Condition

(UNAUDITED)

(Amounts in Thousands, except share and per share data)

 

 

 

 

September 30,
2022

 

 

December 31,
2021

 

Assets

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

Cash and amounts due from depository institutions

 

$

67,124

 

 

$

54,858

 

Interest-bearing deposits

 

 

37,868

 

 

 

106,708

 

 

 

 

104,992

 

 

 

161,566

 

Securities available-for-sale, carried at fair value

 

 

1,063,713

 

 

 

1,206,260

 

Equity securities, carried at fair value

 

 

15,336

 

 

 

14,097

 

Loans held for sale, carried at fair value

 

 

129,142

 

 

 

162,947

 

Loans receivable, net of allowance for credit losses of $70,626 at September 30, 2022 and $66,468 at December 31, 2021, respectively

 

 

6,137,082

 

 

 

5,229,700

 

Mortgage servicing rights

 

 

20,832

 

 

 

19,538

 

Accrued interest receivable

 

 

26,021

 

 

 

20,767

 

Federal Home Loan Bank stock

 

 

28,262

 

 

 

11,585

 

Bank owned life insurance

 

 

169,728

 

 

 

166,767

 

Premises and equipment

 

 

53,747

 

 

 

55,602

 

Real estate and other assets held for sale

 

 

416

 

 

 

171

 

Goodwill

 

 

317,948

 

 

 

317,948

 

Core deposit and other intangibles

 

 

19,972

 

 

 

24,129

 

Other assets

 

 

148,949

 

 

 

90,325

 

Total assets

 

$

8,236,140

 

 

$

7,481,402

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Deposits

 

$

6,732,505

 

 

$

6,282,051

 

Advances from the Federal Home Loan Bank

 

 

411,000

 

 

 

 

Subordinated debentures

 

 

85,071

 

 

 

84,976

 

Advance payments by borrowers

 

 

33,511

 

 

 

24,716

 

Reserve for credit losses - unfunded commitments

 

 

7,061

 

 

 

5,031

 

Other liabilities

 

 

102,032

 

 

 

61,132

 

Total liabilities

 

 

7,371,180

 

 

 

6,457,906

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $.01 par value per share: 37,000 shares authorized; no
   shares issued

 

 

 

 

 

Preferred stock, $.01 par value per share: 4,963,000 shares authorized; no
   shares issued

 

 

 

 

Common stock, $.01 par value per share: 50,000,000 shares authorized;
   
43,297,260 and 43,297,260 shares issued and 35,562,684 and 36,383,613
   shares outstanding at September 30, 2022 and December 31, 2021, respectively

 

 

306

 

 

 

306

 

Additional paid-in capital

 

 

691,578

 

 

 

691,132

 

Accumulated other comprehensive income, net of tax of $(48,175) and $(912),
   respectively

 

 

(181,231

)

 

 

(3,428

)

Retained earnings

 

 

488,305

 

 

 

443,517

 

Treasury stock, at cost, 7,734,576 shares at September 30, 2022 and 6,913,647 
    shares at December 31, 2021

 

 

(133,998

)

 

 

(108,031

)

Total stockholders’ equity

 

 

864,960

 

 

 

1,023,496

 

Total liabilities and stockholders’ equity

 

$

8,236,140

 

 

$

7,481,402

 

See accompanying notes.

2


Table of Contents

 

PREMIER FINANCIAL CORP.

Consolidated Condensed Statements of Income

(UNAUDITED)

(Amounts in Thousands, except per share data)

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

65,559

 

 

$

55,443

 

 

$

177,366

 

 

$

168,781

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

5,965

 

 

 

4,334

 

 

 

15,901

 

 

 

11,054

 

Non-taxable

 

 

849

 

 

 

991

 

 

 

2,588

 

 

 

2,945

 

Interest-bearing deposits

 

 

221

 

 

 

33

 

 

 

387

 

 

 

142

 

FHLB stock dividends

 

 

510

 

 

 

60

 

 

 

743

 

 

 

175

 

Total interest income

 

 

73,104

 

 

 

60,861

 

 

 

196,985

 

 

 

183,097

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

6,855

 

 

 

3,144

 

 

 

11,749

 

 

 

10,867

 

FHLB advances and other

 

 

2,069

 

 

 

11

 

 

 

2,609

 

 

 

23

 

Subordinated debentures

 

 

868

 

 

 

671

 

 

 

2,326

 

 

 

2,040

 

Notes payable

 

 

 

 

 

 

 

 

1

 

 

 

 

Total interest expense

 

 

9,792

 

 

 

3,826

 

 

 

16,685

 

 

 

12,930

 

Net interest income

 

 

63,312

 

 

 

57,035

 

 

 

180,300

 

 

 

170,167

 

Credit loss expense (benefit) - loans and leases

 

 

3,706

 

 

 

1,594

 

 

 

9,483

 

 

 

(9,549

)

Credit loss expense - unfunded commitments

 

 

306

 

 

 

226

 

 

 

2,030

 

 

 

488

 

Net interest income after credit (benefit) loss expense

 

 

59,300

 

 

 

55,215

 

 

 

168,787

 

 

 

179,228

 

Non-interest Income

 

 

 

 

 

 

 

 

 

 

 

 

Service fees and other charges

 

 

6,545

 

 

 

6,067

 

 

 

19,221

 

 

 

17,817

 

Insurance commissions

 

 

3,488

 

 

 

3,461

 

 

 

12,043

 

 

 

12,401

 

Mortgage banking income

 

 

3,970

 

 

 

6,175

 

 

 

10,170

 

 

 

18,865

 

Gain on sale of securities available for sale

 

 

 

 

 

233

 

 

 

 

 

 

2,218

 

Gain (loss) on equity securities

 

 

43

 

 

 

20

 

 

 

(1,760

)

 

 

822

 

Wealth management income

 

 

1,355

 

 

 

1,321

 

 

 

4,246

 

 

 

4,644

 

Income from Bank Owned Life Insurance

 

 

983

 

 

 

947

 

 

 

2,961

 

 

 

2,975

 

Other non-interest income

 

 

320

 

 

 

146

 

 

 

1,051

 

 

 

2,005

 

Total non-interest income

 

 

16,704

 

 

 

18,370

 

 

 

47,932

 

 

 

61,747

 

Non-interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

24,522

 

 

 

23,355

 

 

 

72,397

 

 

 

66,399

 

Occupancy

 

 

3,463

 

 

 

3,693

 

 

 

10,657

 

 

 

11,642

 

FDIC insurance premium

 

 

976

 

 

 

695

 

 

 

2,370

 

 

 

2,115

 

Financial institutions tax

 

 

1,050

 

 

 

1,187

 

 

 

3,315

 

 

 

3,553

 

Data processing

 

 

3,121

 

 

 

3,387

 

 

 

9,899

 

 

 

10,103

 

Amortization of intangibles

 

 

1,338

 

 

 

1,528

 

 

 

4,156

 

 

 

4,725

 

Other non-interest expense

 

 

6,629

 

 

 

5,256

 

 

 

18,689

 

 

 

17,300

 

Total non-interest expense

 

 

41,099

 

 

 

39,101

 

 

 

121,483

 

 

 

115,837

 

Income before income taxes

 

 

34,905

 

 

 

34,484

 

 

 

95,236

 

 

 

125,138

 

Income tax expense

 

 

6,710

 

 

 

6,124

 

 

 

18,324

 

 

 

24,397

 

Net income

 

$

28,195

 

 

$

28,360

 

 

$

76,912

 

 

$

100,741

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.79

 

 

$

0.76

 

 

$

2.15

 

 

$

2.70

 

Diluted

 

$

0.79

 

 

$

0.76

 

 

$

2.15

 

 

$

2.70

 

 

 

 

See accompanying notes.

3


Table of Contents

 

PREMIER FINANCIAL CORP.

Consolidated Condensed Statements of Comprehensive Income (Loss)

(UNAUDITED)

(Amounts in Thousands)

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

28,195

 

 

$

28,360

 

 

$

76,912

 

 

$

100,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (losses) gains on securities available for sale

 

 

(55,350

)

 

 

(9,042

)

 

 

(182,755

)

 

 

(