Premier Financial Corp. - PFC STOCK NEWS

WesBanco (WSBC) and Premier Financial Corp. (PFC) announced shareholder approval for their merger agreement, with 85% of WesBanco votes and 68% of Premier votes supporting the deal. The merger, expected to close in Q1 2025 pending regulatory approvals, will create a $27 billion asset regional financial institution.

The combined entity will become the 8th largest bank in Ohio by deposit market share, with expanded presence in Indiana and operations across nine states. WesBanco currently holds $18.5 billion in total assets, with $6.1 billion in assets under management and $1.9 billion in securities account values as of September 30, 2024.

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.

Premier Financial Corp. (Nasdaq: PFC) announced its first quarter 2024 results with a net income of $17.8 million and a declared dividend of $0.31 per share. Highlights include growth in deposit and earning asset balances, reduced loans/deposits ratio, increased non-interest income, and decreased non-interest expenses. Delinquent loans and net charge-offs also declined. Regulatory capital ratios improved, with Tier 1 up 30 basis points to 12.49%. Net interest income decreased, with interest margin down to 2.50%. Total deposits and loans decreased during the quarter. Non-interest income increased by 6.0%, driven by asset management revenue and residential mortgage results. Non-interest expenses increased by 5.3%. Credit quality metrics showed an increase in non-performing assets and criticized loans. Total assets remained stable at $8.63 billion. The company declared a dividend of $0.31 per share to be paid on May 10, 2024.

Premier Financial Corp. (PFC) is set to report its first-quarter results on April 23, 2024, after the market closes. The company will host a conference call on April 24 to discuss the results, accessible via phone or web. Investors can access the earnings release on the company's website or major financial sites.

Premier Financial Corp. (PFC) declared a dividend of $0.31 per share for Q4 2023, with highlights including deposit growth of $77 million, loan growth of $43 million, and a decrease in non-performing assets by 10%. Full year 2023 saw a net income of $111.3 million, with a significant gain from the sale of an insurance agency. The company also launched a new digital banking platform in October 2023.

Premier Financial Corp. (Nasdaq: PFC) will report fourth quarter results on January 23 after the market closes. The earnings news release will be available on the company’s investor relations website and major financial information sites. Executive Management will host a conference call on January 24 to discuss the results.