Premier Financial Corp. Reports Decline in Q3 Earnings

Premier Financial Corp. ( (PFC) ) has released its Q3 earnings. Here is a breakdown of the information Premier Financial Corp. presented to its investors.

Premier Financial Corp. is a financial holding company based in Ohio, primarily engaged in community banking through its subsidiary, Premier Bank, and offers a range of loan and investment services. In its latest earnings report for the quarter ended September 30, 2024, the company highlighted a net income of $16.7 million, down from $24.7 million in the same period last year. Premier Financial Corp. reported total interest income of $100.2 million, showing an increase from the previous year, driven by higher interest from loans and taxable investment securities. However, this was offset by a rise in interest expenses primarily due to increased deposit costs. Net interest income after credit loss expenses stood at $50.5 million, a decrease from the previous year. Non-interest income also saw a decline, with mortgage banking income and other non-interest income reflecting lower figures compared to the previous year. The company’s total assets rose to $8.73 billion, with a notable increase in securities available-for-sale. Looking ahead, Premier Financial Corp. remains focused on its strategic merger with Wesbanco, as announced earlier, and continues to monitor its goodwill for potential impairment. The company is poised to navigate the evolving financial landscape while maintaining its commitment to providing comprehensive banking services.