10-Q 1 pfc-20220331.htm 10-Q 10-Q
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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, 2022

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 2, 2022, the registrant had 35,538,460 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, 2022 and December 31, 2021

2

 

 

 

 

 

 

Consolidated Condensed Statements of Income Three months ended March 31, 2022 and 2021

3

 

 

 

 

 

 

Consolidated Condensed Statements of Comprehensive Income – Three months ended March 31, 2022 and 2021

4

 

 

 

 

 

 

Consolidated Condensed Statements of Changes in Stockholders’ Equity – Three months ended March 31, 2022 and 2021

5

 

 

 

 

 

 

Consolidated Condensed Statements of Cash Flows – Three months ended March 31, 2022 and 2021

6

 

 

 

 

 

 

Notes to Consolidated Condensed Financial Statements

7

 

 

 

 

Item 2.

 

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

39

 

 

 

 

Item 3

 

Quantitative and Qualitative Disclosures about Market Risk

52

 

 

 

 

Item 4

 

Controls and Procedures

53

 

 

 

 

PART II - OTHER INFORMATION:

 

 

 

Item 1

 

Legal Proceedings

54

 

 

 

 

Item 1A.

 

Risk Factors

54

 

 

 

 

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

54

 

 

 

 

Item 3

 

Defaults upon Senior Securities

54

 

 

 

 

Item 4

 

Mine Safety Disclosures

55

 

 

 

 

Item 5

 

Other Information

55

 

 

 

 

Item 6

 

Exhibits

56

 

 

 

 

 

 

Signatures

56

 

1


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,
2022

 

 

December 31,
2021

 

Assets

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

Cash and amounts due from depository institutions

 

$

62,083

 

 

$

54,858

 

Interest-bearing deposits

 

 

91,683

 

 

 

106,708

 

 

 

 

153,766

 

 

 

161,566

 

Securities available-for-sale, carried at fair value

 

 

1,219,365

 

 

 

1,206,260

 

Equity securities, carried at fair value

 

 

13,454

 

 

 

14,097

 

Loans held for sale, carried at fair value

 

 

153,498

 

 

 

162,947

 

Loans receivable, net of allowance for credit losses of $67,195 at March 31, 2022 and $66,468 at December 31, 2021, respectively

 

 

5,321,136

 

 

 

5,229,700

 

Mortgage servicing rights

 

 

20,715

 

 

 

19,538

 

Accrued interest receivable

 

 

21,765

 

 

 

20,767

 

Federal Home Loan Bank stock

 

 

15,332

 

 

 

11,585

 

Bank owned life insurance

 

 

167,763

 

 

 

166,767

 

Premises and equipment

 

 

54,684

 

 

 

55,602

 

Real estate and other assets held for sale

 

 

253

 

 

 

171

 

Goodwill

 

 

317,948

 

 

 

317,948

 

Core deposit and other intangibles

 

 

22,691

 

 

 

24,129

 

Other assets

 

 

108,510

 

 

 

90,325

 

Total assets

 

$

7,590,880

 

 

$

7,481,402

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Deposits

 

$

6,317,235

 

 

$

6,282,051

 

Advances from the Federal Home Loan Bank

 

 

150,000

 

 

 

 

Subordinated debentures

 

 

85,008

 

 

 

84,976

 

Advance payments by borrowers

 

 

20,332

 

 

 

24,716

 

Reserve for credit losses - unfunded commitments

 

 

5,340

 

 

 

5,031

 

Other liabilities

 

 

69,669

 

 

 

61,132

 

Total liabilities

 

 

6,647,584

 

 

 

6,457,906

 

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 35,620,578 and 36,383,613
   shares outstanding at March 31, 2022 and December 31, 2021, respectively

 

 

306

 

 

 

306

 

Additional paid-in capital

 

 

691,350

 

 

 

691,132

 

Accumulated other comprehensive income, net of tax of $(20,069) and $(912),
   respectively

 

 

(75,497

)

 

 

(3,428

)

Retained earnings

 

 

459,087

 

 

 

443,517

 

Treasury stock, at cost, 7,676,682 shares at March 31, 2022 and 6,913,647 
    shares at December 31, 2021

 

 

(131,950

)

 

 

(108,031

)

Total stockholders’ equity

 

 

943,296

 

 

 

1,023,496

 

Total liabilities and stockholders’ equity

 

$

7,590,880

 

 

$

7,481,402

 

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,

 

 

 

2022

 

 

2021

 

Interest Income

 

 

 

 

 

 

Loans

 

$

55,241

 

 

$

57,565

 

Investment securities:

 

 

 

 

 

 

Taxable

 

 

4,610

 

 

 

2,782

 

Non-taxable

 

 

869

 

 

 

900

 

Interest-bearing deposits

 

 

46

 

 

 

66

 

FHLB stock dividends

 

 

59

 

 

 

59

 

Total interest income

 

 

60,825

 

 

 

61,372

 

Interest Expense

 

 

 

 

 

 

Deposits

 

 

2,222

 

 

 

4,164

 

FHLB advances and other

 

 

13

 

 

 

 

Subordinated debentures

 

 

696

 

 

 

695

 

Total interest expense

 

 

2,931

 

 

 

4,859

 

Net interest income

 

 

57,894

 

 

 

56,513

 

Credit loss expense (benefit) - loans and leases

 

 

626

 

 

 

(7,514

)

Credit loss expense - unfunded commitments

 

 

309

 

 

 

551

 

Net interest income after credit (benefit) loss expense

 

 

56,959

 

 

 

63,476

 

Non-interest Income

 

 

 

 

 

 

Service fees and other charges

 

 

6,000

 

 

 

5,469

 

Insurance commissions

 

 

4,639

 

 

 

4,882

 

Mortgage banking income

 

 

4,252

 

 

 

10,533

 

Gain on sale of securities available for sale

 

 

 

 

 

516

 

Gain (loss) on equity securities

 

 

(643

)

 

 

1,610

 

Wealth management income

 

 

1,477

 

 

 

1,757

 

Income from Bank Owned Life Insurance

 

 

996

 

 

 

1,168

 

Other non-interest income

 

 

150

 

 

 

340

 

Total non-interest income

 

 

16,871

 

 

 

26,275

 

Non-interest Expense

 

 

 

 

 

 

Compensation and benefits

 

 

25,541

 

 

 

21,997

 

Occupancy

 

 

3,700

 

 

 

4,112

 

FDIC insurance premium

 

 

593

 

 

 

898

 

Financial institutions tax

 

 

1,191

 

 

 

1,190

 

Data processing

 

 

3,335

 

 

 

3,382

 

Amortization of intangibles

 

 

1,438

 

 

 

1,623

 

Other non-interest expense

 

 

5,505

 

 

 

5,601

 

Total non-interest expense

 

 

41,303

 

 

 

38,803

 

Income before income taxes

 

 

32,527

 

 

 

50,948

 

Income tax expense

 

 

6,170

 

 

 

9,952

 

Net income

 

$

26,357

 

 

$

40,996

 

Earnings per common share

 

 

 

 

 

 

Basic

 

$

0.73

 

 

$

1.10

 

Diluted

 

$

0.73

 

 

$

1.10

 

 

 

 

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,

 

 

 

2022

 

 

2021

 

Net income

 

$

26,357

 

 

$

40,996

 

 

 

 

 

 

 

 

Other comprehensive (loss) income:

 

 

 

 

 

 

Unrealized (losses) gains on securities available for sale

 

 

(74,193

)

 

 

(19,112

)

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

 

 

 

 

 

(516

)

Income tax effect

 

 

15,580

 

 

 

4,122

 

Net of tax amount

 

 

(58,613

)

 

 

(15,506

)

 

 

 

 

 

 

 

Unrealized gain (loss) on balance sheet swap

 

 

(16,241

)

 

 

 

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

 

 

(793

)

 

 

 

Income tax effect

 

 

3,578

 

 

 

 

Net of tax amount

 

 

(13,456

)

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income (loss)

 

 

(72,069

)

 

 

(15,506

)

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$

(45,712

)

 

$

25,490

 

 

 

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
Income

 

 

Retained
Earnings

 

 

Treasury
Stock

 

 

Total
Stockholders
Equity

 

Balance at January 1, 2022

 

$

 

 

 

36,383,613

 

 

$

306

 

 

$

691,132

 

 

$

(3,428

)

 

$

443,517

 

 

$

(108,031

)

 

$

1,023,496

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,357

 

 

 

 

 

 

26,357

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(72,069

)

 

 

 

 

 

 

 

 

(72,069

)

Deferred compensation plan

 

 

 

 

 

9,933

 

 

 

 

 

 

(14

)

 

 

 

 

 

 

 

 

14

 

 

 

 

Vesting of incentive plans

 

 

 

 

 

5,660

 

 

 

 

 

 

760

 

 

 

 

 

 

 

 

 

246

 

 

 

1,006

 

Restricted share issuance

 

 

 

 

 

19,936

 

 

 

 

 

 

(597

)

 

 

 

 

 

 

 

 

351

 

 

 

(246

)

Restricted share forfeitures

 

 

 

 

 

(5,398

)

 

 

 

 

 

69

 

 

 

 

 

 

 

 

 

(285

)

 

 

(216

)

Shares repurchased

 

 

 

 

 

(793,166

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24,245

)

 

 

(24,245

)

Common stock dividend payment ($0.30 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,787

)

 

 

 

 

 

(10,787

)

Balance at March 31, 2022

 

$

 

 

 

35,620,578

 

 

$

306

 

 

$

691,350

 

 

$

(75,497

)

 

$

459,087

 

 

$

(131,950

)

 

$

943,296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock
Shares

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Other
Comprehensive
Income

 

 

Retained
Earnings

 

 

Treasury
Stock

 

 

Total
Stockholders
Equity

 

Balance at January 1, 2021

 

$

 

 

 

37,291,480

 

 

$

306

 

 

$

689,390

 

 

$

15,004

 

 

$

356,414

 

 

$

(78,838

)

 

$

982,276

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,996

 

 

 

 

 

 

40,996

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,506

)

 

 

 

 

 

 

 

 

(15,506

)

Deferred compensation plan