Premier Financial Reports Third Quarter Net Profit Growth | News, Sports, Jobs

YOUNGSTOWN – Premier Financial Corp., the Defiance-based holding company of Premier Bank, reported net income of $28.4 million for the third quarter of 2021, an increase of $2.7 million from the same quarter last year.

For the nine months ended Sept. 30, net income was $100.7 million, compared to $32.2 million in the first three quarters of 2020.

The year-on-year comparison is “significantly impacted” through the January 31 acquisition of United Community Financial Corp. (UCFC), the holding company of the former Home Savings Bank.

Premier Financial Corp. was created with the merger of UCFC and First Federal Bank of the Midwest. The bank’s head office is in Youngstown.

Additionally, loans increased by $64.4 million, excluding Paycheck Protection Program loans. The amount included $37.2 million for commercial loans during the quarter.

“We are very pleased to report our second consecutive quarter of strong loan growth at 5.1% annualized,” Premier President/CEO Gary Small said in a statement announcing the quarterly results. “Commercial, residential and consumer staples mortgages each contributed more than 4.4% for the period.

“New commercial and consumer pipelines are at their highest level for the year, with companies citing labor constraints as more of a concern than supply chain challenges at this point. remain elevated and consumer loan delinquencies continue to reach historic lows. Customers are well positioned as we head into the upcoming holiday season,” he said.

Total assets as of September 30 were $7.47 billion, compared to $7.59 billion as of June 30 and $6.97 billion as of September 30, 2020. Total deposits as of September 30 were also 6, $25 billion, down from $6.29 billion as of June 30 and $5.8 billion a year ago.

Shareholders’ equity was $1.03 billion as of September 30, compared to $1.03 billion as of June 30 and $959 million as of September 30, 2020. The increase in shareholders’ equity over the prior year was primarily due to net profit, according to Premier. The company also completed the repurchase of 206,285 common shares for $6 million during the third quarter of 2021. As of September 30, 1,628,149 common shares remained available for repurchase under the company’s existing authorization.

Dividend declared

The board of Premier Financial Corp. declared a quarterly cash dividend of 28 cents per common share payable Nov. 19 to shareholders of record at the close of business Nov. 12.

The dividend represents an annual dividend of 3.44% based on the closing price of Premier common stock on October 27. Premier has approximately 36,978,000 common shares outstanding.

Today’s breaking news and more to your inbox

Marianne R. Winn