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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2023
OR
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☐ |
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)
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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:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, Par Value $0.01 Per Share |
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PFC |
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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.
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Large accelerated filer |
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☒ |
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Accelerated filer |
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☐ |
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Non-accelerated filer |
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☐ |
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Smaller reporting company |
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☐ |
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Emerging growth company |
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☐ |
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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 May 1, 2023, the registrant had 35,728,266 shares of common stock, $.01 par value per share, outstanding.
Table of Contents
PREMIER FINANCIAL CORP.
INDEX
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)
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March 31, 2023 |
|
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December 31, 2022 |
|
Assets |
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|
|
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Cash and cash equivalents: |
|
|
|
|
|
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Cash and amounts due from depository institutions |
|
$ |
68,628 |
|
|
$ |
88,257 |
|
Interest-bearing deposits |
|
|
88,399 |
|
|
|
39,903 |
|
|
|
|
157,027 |
|
|
|
128,160 |
|
Securities available-for-sale, carried at fair value |
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|
998,128 |
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|
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1,040,081 |
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Equity securities, carried at fair value |
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6,387 |
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7,832 |
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Loans held for sale, carried at fair value |
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119,604 |
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115,251 |
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Loans receivable, net of allowance for credit losses of $74,273 at March 31, 2023 and $72,816 at December 31, 2022, respectively |
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|
6,501,556 |
|
|
|
6,387,804 |
|
Mortgage servicing rights |
|
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20,654 |
|
|
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21,171 |
|
Accrued interest receivable |
|
|
29,388 |
|
|
|
28,709 |
|
Federal Home Loan Bank stock |
|
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37,056 |
|
|
|
29,185 |
|
Bank owned life insurance |
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170,841 |
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170,713 |
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Premises and equipment |
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55,982 |
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55,541 |
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Real estate and other assets held for sale |
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|
393 |
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|
|
619 |
|
Goodwill |
|
|
317,988 |
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|
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317,988 |
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Core deposit and other intangibles |
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|
17,804 |
|
|
|
19,074 |
|
Other assets |
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|
129,508 |
|
|
|
133,214 |
|
Total assets |
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$ |
8,562,316 |
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|
$ |
8,455,342 |
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Liabilities and stockholders’ equity |
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Liabilities: |
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Deposits |
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$ |
6,774,031 |
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$ |
6,906,719 |
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Advances from the Federal Home Loan Bank |
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658,000 |
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428,000 |
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Subordinated debentures |
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85,123 |
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85,103 |
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Advance payments by borrowers |
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26,300 |
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34,188 |
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Reserve for credit losses - unfunded commitments |
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6,577 |
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6,816 |
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Other liabilities |
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97,835 |
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106,795 |
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Total liabilities |
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7,647,866 |
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7,567,621 |
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Stockholders’ equity: |
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|
|
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Preferred stock, $.01 par value per share: 37,000 shares authorized; no shares issued |
|
|
— |
|
|
— |
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Preferred stock, $.01 par value per share: 4,963,000 shares authorized; no shares issued |
|
— |
|
|
— |
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Common stock, $.01 par value per share: 50,000,000 shares authorized; 43,297,260 and 43,297,260 shares issued and 35,701,244 and 35,591,277 shares outstanding at March 31, 2023 and December 31, 2022, respectively |
|
|
306 |
|
|
|
306 |
|
Additional paid-in capital |
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689,807 |
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|
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691,453 |
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Accumulated other comprehensive loss, net of tax of $(40,859) and $(46,323), respectively |
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(153,709 |
) |
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(173,460 |
) |
Retained earnings |
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510,021 |
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|
502,909 |
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Treasury stock, at cost, 7,596,016 shares at March 31, 2023 and 7,705,983 shares at December 31, 2022 |
|
|
(131,975 |
) |
|
|
(133,487 |
) |
Total stockholders’ equity |
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|
914,450 |
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|
|
887,721 |
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Total liabilities and stockholders’ equity |
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$ |
8,562,316 |
|
|
$ |
8,455,342 |
|
See accompanying notes.
2
Table of Contents
PREMIER FINANCIAL CORP.
Consolidated Condensed Statements of Income
(UNAUDITED)
(Amounts in Thousands, except per share data)
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Three Months Ended March 31, |
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2023 |
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2022 |
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Interest Income |
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Loans |
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$ |
76,057 |
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$ |
55,241 |
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Investment securities: |
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Taxable |
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6,608 |
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4,610 |
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Non-taxable |
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653 |
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|
869 |
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Interest-bearing deposits |
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|
444 |
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46 |
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FHLB stock dividends |
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394 |
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59 |
|
Total interest income |
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84,156 |
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60,825 |
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Interest Expense |
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|
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Deposits |
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21,458 |
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|
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2,222 |
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FHLB advances and other |
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5,336 |
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13 |
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Subordinated debentures |
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1,075 |
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|
696 |
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Notes payable |
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— |
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— |
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Total interest expense |
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27,869 |
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2,931 |
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Net interest income |
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56,287 |
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57,894 |
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Credit loss expense (benefit) - loans and leases |
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3,944 |
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|
626 |
|
Credit loss expense (benefit) - unfunded commitments |
|
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(238 |
) |
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|
309 |
|
Net interest income after credit (benefit) loss expense |
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52,581 |
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|
|
56,959 |
|
Non-interest Income |
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|
|
|
|
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Service fees and other charges |
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6,428 |
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|
|
6,000 |
|
Insurance commissions |
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4,725 |
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4,639 |
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Mortgage banking (loss) income |
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(274 |
) |
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4,252 |
|
Gain on sale of securities available for sale |
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|
34 |
|
|
|
— |
|
Gain (loss) on equity securities |
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(1,445 |
) |
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(643 |
) |
Wealth management income |
|
|
1,485 |
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|
|
1,477 |
|
Income from Bank Owned Life Insurance |
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1,417 |
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|
|
996 |
|
Other non-interest income |
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|
92 |
|
|
|
142 |
|
Total non-interest income |
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12,462 |
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|
|
16,863 |
|
Non-interest Expense |
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|
|
|
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Compensation and benefits |
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25,658 |
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25,541 |
|
Occupancy |
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3,574 |
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|
3,700 |
|
FDIC insurance premium |
|
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1,288 |
|
|
|
593 |
|
Financial institutions tax |
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|
852 |
|
|
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1,191 |
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Data processing |
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3,863 |
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|
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3,335 |
|
Amortization of intangibles |
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1,270 |
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|
|
1,438 |
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Other non-interest expense |
|
|
6,286 |
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|
5,497 |
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Total non-interest expense |
|
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42,791 |
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41,295 |
|
Income before income taxes |
|
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22,252 |
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|
|
32,527 |
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Income tax expense |
|
|
4,103 |
|
|
|
6,170 |
|
Net income |
|
$ |
18,149 |
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$ |
26,357 |
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Earnings per common share |
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Basic |
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$ |
0.51 |
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$ |
0.73 |
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Diluted |
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$ |
0.51 |
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$ |
0.73 |
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See accompanying notes.
3
Table of Contents
PREMIER FINANCIAL CORP.
Consolidated Condensed Statements of Comprehensive Income (Loss)
(UNAUDITED)
(Amounts in Thousands)
|
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Three Months Ended March 31, |
|
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2023 |
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2022 |
|
Net income |
|
$ |
18,149 |
|
|
$ |
26,357 |
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|
|
|
|
|
|
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Other comprehensive income (loss): |
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|
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Unrealized gains (losses) on securities available for sale |
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18,399 |
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|
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(74,193 |
) |
Reclassification adjustment for securities (gains) losses included in net income |
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(34 |
) |
|
|
— |
|
Income tax effect |
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(3,857 |
) |
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15,580 |
|
Net of tax amount |
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|
14,508 |
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(58,613 |
) |
|
|
|
|
|
|
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Unrealized gain (loss) on balance sheet swap |
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8,586 |
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|
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(16,241 |
) |
Reclassification adjustment for cash flow hedge derivatives gains included in net income |
|
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(1,949 |
) |
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(793 |
) |
Income tax effect |
|
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(1,394 |
) |
|
|
3,578 |
|
Net of tax amount |
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5,243 |
|
|
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(13,456 |
) |
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|
|
|
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Total other comprehensive income (loss) |
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19,751 |
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|
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(72,069 |
) |
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|
|
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Comprehensive income (loss) |
|
$ |
37,900 |
|
|
$ |
(45,712 |
) |
See accompanying notes.
4
Table of Contents
PREMIER FINANCIAL CORP.
Consolidated Statement of Changes in Stockholders’ Equity
(UNAUDITED)
(Amounts in Thousands, except share and per share data)
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Preferred Stock |
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Common Stock Shares |
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Common Stock |
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Additional Paid-In Capital |
|
|
Accumulated Other Comprehensive Loss |
|
|
Retained Earnings |
|
|
Treasury Stock |
|
|
Total Stockholders Equity |
|
Balance at January 1, 2023 |
|
$ |
— |
|
|
|
35,591,277 |
|
|
$ |
306 |
|
|
$ |
691,453 |
|
|
$ |
(173,460 |
) |
|
$ |
502,909 |
|
|
$ |
(133,487 |
) |
|
$ |
887,721 |
|
Net income |
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|
|
|
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|
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|
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|
|
18,149 |
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|
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|
18,149 |
|
Other comprehensive income |
|
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|
|
|
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|
|
|
|
|
|
|
|
19,751 |
|
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|
|
|
|
|
19,751 |
|
Deferred compensation plan |
|
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9,196 |
|
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|
|
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|
75 |
|
|
|
|
|
|
|
|
|
(75 |
) |
|
|
— |
|
Stock based compensation expenses |
|
|
|
|
|
753 |
|
|
|
|
|
|
112 |
|
|
|
|
|
|
|
|
|
13 |
|
|
|
125 |
|
Vesting of incentive plans |
|
|
|
|
|
62,061 |
|
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(1,078 |
) |
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1,078 |
|
|
|
— |
|
Restricted share issuance |
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60,526 |
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(755 |
) |
|
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|
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|
1,051 |
|
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|
296 |
|
Restricted share forfeitures |
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(22,178 |
) |
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|
|
|
|
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(544 |
) |
|
|
(544 |
) |
Shares repurchased |
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(391 |
) |
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(11 |
) |
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(11 |
) |
Common stock dividend payment ($0.31 per share) |
|
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|
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|
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(11,037 |
) |
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|
|
|
|
(11,037 |
) |
Balance at March 31, 2023 |
|
$ |
— |
|
|
|
35,701,244 |
|
|
$ |
306 |
|
|
$ |
689,807 |
|
|
$ |
(153,709 |
) |
|
$ |
510,021 |
|
|
$ |
(131,975 |
) |
|
$ |
914,450 |
|
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|
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Preferred Stock |
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Common Stock Shares |
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Common Stock |
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Additional Paid-In Capital |
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Accumulated Other Comprehensive Loss |
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Retained Earnings |
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Treasury Stock |
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Total Stockholders Equity |
|
Balance at January 1, 2022 |
|
$ |
— |
|
|
|
36,383,613 |
|
|
$ |
|