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Premier Financial Corp. (symbol: PFC) is a reputable financial holding company headquartered at 601 Clinton St, Defiance, Ohio, United States. Operating as a community banking and financial services corporation, Premier Financial Corp. delivers a comprehensive range of financial solutions through its subsidiaries.
The company’s core offerings include checking accounts, savings accounts, certificates of deposit, real estate mortgage loans, commercial loans, consumer loans, home equity loans, and trust and wealth management services. Premier Financial Corp. is dedicated to providing personalized and community-focused financial services, making it a significant player in the financial industry within its operational regions.
Recent achievements highlight the company’s continual growth and strong financial health. Premier Financial Corp. has formed strategic partnerships and launched several successful projects, further cementing its commitment to delivering exceptional financial services. The company’s robust financial condition is reflected in its proactive measures and strategic initiatives aimed at ensuring sustainable growth and shareholder value.
With a customer-centric approach, Premier Financial Corp. remains focused on enhancing its product offerings and expanding its reach. Current projects include the development of innovative banking solutions and expanding digital banking services to ensure seamless and efficient customer experiences. The company’s dedication to excellence and community engagement positions it as a trusted financial partner in the industry.
Premier Financial Corp. (Nasdaq: PFC) announced its third-quarter 2024 results, highlighting a strategic merger with Wesbanco, Inc. Earnings per share (EPS) were $0.46, or $0.54 excluding transaction costs, up $0.01 and $0.09 respectively from Q2. Net income was $16.7 million, down from $24.7 million in Q3 2023. Net interest margin increased to 2.50%, while net interest income rose 1.9% sequentially but fell 7.5% year-over-year. Non-interest income was $12.6 million, up 4.1% sequentially but down 5.1% year-over-year. Non-interest expenses excluding transaction costs were $39.1 million, a slight increase from Q2 and Q3 2023. Non-performing assets rose to $82.3 million, while loan delinquencies decreased to $17.2 million. The merger is expected to close in Q1 2025, with PFC shareholders owning 30% of the combined company. A dividend of $0.31 per share was declared, payable on November 15, 2024.
Premier Financial Corp. (Nasdaq: PFC) has announced their second quarter 2024 financial results and a strategic merger with Wesbanco, Inc. (Nasdaq: WSBC). The merger, valued at approximately $987 million, will see PFC shareholders receive 0.80 shares of WSBC common stock for each PFC share, holding 30% of the combined company upon closure in Q1 2025.
PFC reported a Q2 2024 net income of $16.2 million, or $0.45 per diluted share, down from $48.4 million, or $1.35 per diluted share, in Q2 2023. Excluding the $32.6 million gain from the sale of First Insurance Group in Q2 2023, net income for Q2 2023 was $24.2 million. Net interest income fell 8.8% YoY to $49.3 million, and non-interest income also declined 6.5% to $12.1 million.
Non-interest expenses reduced by 6.6% YoY to $38.2 million. Credit quality issues emerged with non-performing assets rising to $64.6 million, and loan delinquencies increasing to $24.6 million. PFC's total assets at June 30, 2024, were $8.78 billion.
WesBanco (NASDAQ: WSBC) and Premier Financial Corp. (NASDAQ: PFC) have announced a transformative merger, creating a regional financial institution with over $27 billion in assets. The all-stock transaction, valued at approximately $959 million, will see Premier shareholders receive 0.80 shares of WesBanco stock for each Premier share. WesBanco has also secured $200 million in capital commitments to support the merger.
Key highlights:
- Transaction valued at $26.66 per Premier share
- Expected to be 40% accretive to 2025 earnings
- Estimated tangible book value dilution of 13% at closing
- Combined entity to become the 8th largest bank in Ohio
- Merger expected to close in Q1 2025
Premier Financial Corp. (Nasdaq: PFC) announced it will release its second-quarter earnings results on July 30, 2024, after market close.
The company will also host a conference call and webcast on July 31, 2024, at 10:00 a.m. ET, where Executive Management will discuss the earnings results.
The earnings release will be available on Premier Financial's investor relations website and major financial information sites.
The conference call can be accessed by dialing 1-833-470-1428 with the Access Code: 762462 or via a webcast at https://events.q4inc.com/attendee/676401742.
The webcast will be available for replay on the company's website for one year.
For those without internet access, the earnings release can be requested via fax or mail by calling 330-742-9857.
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