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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 March 31, 2023

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 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

 

 

Page

Number

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Consolidated Condensed Financial Statements (Unaudited):

2

 

 

 

 

 

 

Consolidated Condensed Statements of Financial Condition – March 31, 2023 and December 31, 2022

2

 

 

 

 

 

 

Consolidated Condensed Statements of Income – three months ended March 31, 2023 and 2022

3

 

 

 

 

 

 

Consolidated Condensed Statements of Comprehensive Income (Loss) – three months ended March 31, 2023 and 2022

4

 

 

 

 

 

 

Consolidated Condensed Statements of Changes in Stockholders’ Equity – three months ended March 31, 2023 and 2022

5

 

 

 

 

 

 

Consolidated Condensed Statements of Cash Flows – three months ended March 31, 2023 and 2022

6

 

 

 

 

 

 

Notes to Consolidated Condensed Financial Statements

7

 

 

 

 

Item 2.

 

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

40

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

53

 

 

 

 

Item 4.

 

Controls and Procedures

54

 

 

 

 

PART II - OTHER INFORMATION:

 

 

 

Item 1.

 

Legal Proceedings

54

 

 

 

 

Item 1A.

 

Risk Factors

55

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

55

 

 

 

 

Item 3.

 

Defaults upon Senior Securities

55

 

 

 

 

Item 4.

 

Mine Safety Disclosures

56

 

 

 

 

Item 5.

 

Other Information

56

 

 

 

 

Item 6.

 

Exhibits

56

 

 

 

 

 

 

Signatures

57

 

 


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)

 

 

 

 

March 31,
2023

 

 

December 31,
2022

 

Assets

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

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

 

 

998,128

 

 

 

1,040,081

 

Equity securities, carried at fair value

 

 

6,387

 

 

 

7,832

 

Loans held for sale, carried at fair value

 

 

119,604

 

 

 

115,251

 

Loans receivable, net of allowance for credit losses of $74,273 at March 31, 2023 and $72,816 at December 31, 2022, respectively

 

 

6,501,556

 

 

 

6,387,804

 

Mortgage servicing rights

 

 

20,654

 

 

 

21,171

 

Accrued interest receivable

 

 

29,388

 

 

 

28,709

 

Federal Home Loan Bank stock

 

 

37,056

 

 

 

29,185

 

Bank owned life insurance

 

 

170,841

 

 

 

170,713

 

Premises and equipment

 

 

55,982

 

 

 

55,541

 

Real estate and other assets held for sale

 

 

393

 

 

 

619

 

Goodwill

 

 

317,988

 

 

 

317,988

 

Core deposit and other intangibles

 

 

17,804

 

 

 

19,074

 

Other assets

 

 

129,508

 

 

 

133,214

 

Total assets

 

$

8,562,316

 

 

$

8,455,342

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Deposits

 

$

6,774,031

 

 

$

6,906,719

 

Advances from the Federal Home Loan Bank

 

 

658,000

 

 

 

428,000

 

Subordinated debentures

 

 

85,123

 

 

 

85,103

 

Advance payments by borrowers

 

 

26,300

 

 

 

34,188

 

Reserve for credit losses - unfunded commitments

 

 

6,577

 

 

 

6,816

 

Other liabilities

 

 

97,835

 

 

 

106,795

 

Total liabilities

 

 

7,647,866

 

 

 

7,567,621

 

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 35,701,244 and 35,591,277
   shares outstanding at March 31, 2023 and December 31, 2022, respectively

 

 

306

 

 

 

306

 

Additional paid-in capital

 

 

689,807

 

 

 

691,453

 

Accumulated other comprehensive loss, net of tax of $(40,859) and
    $(
46,323), respectively

 

 

(153,709

)

 

 

(173,460

)

Retained earnings

 

 

510,021

 

 

 

502,909

 

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

 

 

914,450

 

 

 

887,721

 

Total liabilities and stockholders’ equity

 

$

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)

 

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Interest Income

 

 

 

 

 

 

Loans

 

$

76,057

 

 

$

55,241

 

Investment securities:

 

 

 

 

 

 

Taxable

 

 

6,608

 

 

 

4,610

 

Non-taxable

 

 

653

 

 

 

869

 

Interest-bearing deposits

 

 

444

 

 

 

46

 

FHLB stock dividends

 

 

394

 

 

 

59

 

Total interest income

 

 

84,156

 

 

 

60,825

 

Interest Expense

 

 

 

 

 

 

Deposits

 

 

21,458

 

 

 

2,222

 

FHLB advances and other

 

 

5,336

 

 

 

13

 

Subordinated debentures

 

 

1,075

 

 

 

696

 

Notes payable

 

 

 

 

 

 

Total interest expense

 

 

27,869

 

 

 

2,931

 

Net interest income

 

 

56,287

 

 

 

57,894

 

Credit loss expense (benefit) - loans and leases

 

 

3,944

 

 

 

626

 

Credit loss expense (benefit) - unfunded commitments

 

 

(238

)

 

 

309

 

Net interest income after credit (benefit) loss expense

 

 

52,581

 

 

 

56,959

 

Non-interest Income

 

 

 

 

 

 

Service fees and other charges

 

 

6,428

 

 

 

6,000

 

Insurance commissions

 

 

4,725

 

 

 

4,639

 

Mortgage banking (loss) income

 

 

(274

)

 

 

4,252

 

Gain on sale of securities available for sale

 

 

34

 

 

 

 

Gain (loss) on equity securities

 

 

(1,445

)

 

 

(643

)

Wealth management income

 

 

1,485

 

 

 

1,477

 

Income from Bank Owned Life Insurance

 

 

1,417

 

 

 

996

 

Other non-interest income

 

 

92

 

 

 

142

 

Total non-interest income

 

 

12,462

 

 

 

16,863

 

Non-interest Expense

 

 

 

 

 

 

Compensation and benefits

 

 

25,658

 

 

 

25,541

 

Occupancy

 

 

3,574

 

 

 

3,700

 

FDIC insurance premium

 

 

1,288

 

 

 

593

 

Financial institutions tax

 

 

852

 

 

 

1,191

 

Data processing

 

 

3,863

 

 

 

3,335

 

Amortization of intangibles

 

 

1,270

 

 

 

1,438

 

Other non-interest expense

 

 

6,286

 

 

 

5,497

 

Total non-interest expense

 

 

42,791

 

 

 

41,295

 

Income before income taxes

 

 

22,252

 

 

 

32,527

 

Income tax expense

 

 

4,103

 

 

 

6,170

 

Net income

 

$

18,149

 

 

$

26,357

 

Earnings per common share

 

 

 

 

 

 

Basic

 

$

0.51

 

 

$

0.73

 

Diluted

 

$

0.51

 

 

$

0.73

 

 

 

 

See accompanying notes.

3


Table of Contents

 

PREMIER FINANCIAL CORP.

Consolidated Condensed Statements of Comprehensive Income (Loss)

(UNAUDITED)

(Amounts in Thousands)

 

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Net income

 

$

18,149

 

 

$

26,357

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

Unrealized gains (losses) on securities available for sale

 

 

18,399

 

 

 

(74,193

)

Reclassification adjustment for securities (gains) losses included in net income

 

 

(34

)

 

 

 

Income tax effect

 

 

(3,857

)

 

 

15,580

 

Net of tax amount

 

 

14,508

 

 

 

(58,613

)

 

 

 

 

 

 

Unrealized gain (loss) on balance sheet swap

 

 

8,586

 

 

 

(16,241

)

Reclassification adjustment for cash flow hedge derivatives gains included in net income

 

 

(1,949

)

 

 

(793

)

Income tax effect

 

 

(1,394

)

 

 

3,578

 

Net of tax amount

 

 

5,243

 

 

 

(13,456

)

 

 

 

 

 

 

 

Total other comprehensive income (loss)

 

 

19,751

 

 

 

(72,069

)

 

 

 

 

 

 

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)

 

 

 

 

Preferred
Stock

 

 

Common
Stock
Shares

 

 

Common
Stock

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,149

 

 

 

 

 

 

18,149

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,751

 

 

 

 

 

 

 

 

 

19,751

 

Deferred compensation plan

 

 

 

 

 

9,196

 

 

 

 

 

 

75

 

 

 

 

 

 

 

 

 

(75

)

 

 

 

Stock based compensation expenses

 

 

 

 

 

753

 

 

 

 

 

 

112

 

 

 

 

 

 

 

 

 

13

 

 

 

125

 

Vesting of incentive plans

 

 

 

 

 

62,061

 

 

 

 

 

 

(1,078

)

 

 

 

 

 

 

 

 

1,078

 

 

 

 

Restricted share issuance

 

 

 

 

 

60,526

 

 

 

 

 

 

(755

)

 

 

 

 

 

 

 

 

1,051

 

 

 

296

 

Restricted share forfeitures

 

 

 

 

 

(22,178

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(544

)

 

 

(544

)

Shares repurchased

 

 

 

 

 

(391

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11

)

 

 

(11

)

Common stock dividend payment ($0.31 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,037

)

 

 

 

 

 

(11,037

)

Balance at March 31, 2023

 

$

 

 

 

35,701,244

 

 

$

306

 

 

$

689,807

 

 

$

(153,709

)

 

$

510,021

 

 

$

(131,975

)

 

$

914,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock
Shares

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Retained
Earnings

 

 

Treasury
Stock

 

 

Total
Stockholders
Equity

 

Balance at January 1, 2022

 

$

 

 

 

36,383,613

 

 

$