10-Q 1 pfc-20240930.htm 10-Q 10-Q
--12-31falsehttp://fasb.org/us-gaap/2024#OtherAssets0000946647http://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherAssetsQ3http://fasb.org/us-gaap/2024#OtherLiabilitiesP1YP5Yhttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberhttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberhttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberhttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberhttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberhttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember0000946647pfc:PurchaseCreditDeterioratedMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:ConstructionLoansMember2022-12-310000946647pfc:PermanentConstructionLoansMember2023-12-310000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberpfc:FairValueHedgesMember2024-01-012024-09-300000946647pfc:ImpairedLoansMember2023-12-310000946647pfc:UsBankMember2023-12-310000946647us-gaap:ConsumerLoanMemberpfc:UnclassifiedMember2024-09-300000946647pfc:OtherLoanMember2023-12-310000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2024-09-300000946647us-gaap:FinancialAssetNotPastDueMember2023-12-310000946647us-gaap:RetainedEarningsMember2023-03-310000946647us-gaap:TreasuryStockCommonMember2024-07-012024-09-300000946647pfc:PurchaseCreditDeterioratedMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:CollateralizedMortgageObligationsMember2023-12-310000946647us-gaap:FairValueInputsLevel3Memberpfc:ImpairedLoansMemberus-gaap:CommercialLoanMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:FairValueInputsLevel3Member2024-09-300000946647pfc:CommercialLoanOneMemberus-gaap:ExtendedMaturityMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:FederalHomeLoanBankAdvancesMember2024-09-300000946647us-gaap:ConstructionLoansMember2024-09-300000946647us-gaap:USTreasurySecuritiesMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647us-gaap:HomeEquityMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberpfc:FairValueHedgesMember2023-12-310000946647pfc:TotalClassifiedMemberus-gaap:CommercialLoanMember2024-09-300000946647us-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300000946647us-gaap:CommercialPortfolioSegmentMember2023-12-310000946647pfc:TotalClassifiedMemberus-gaap:ResidentialRealEstateMember2024-09-300000946647us-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647us-gaap:CommonStockMember2022-12-3100009466472023-03-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000946647pfc:FirstInsuranceGroupMember2023-06-300000946647us-gaap:HomeEquityLoanMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:TreasuryStockCommonMember2023-07-012023-09-300000946647us-gaap:ResidentialPortfolioSegmentMember2022-12-310000946647us-gaap:AdditionalPaidInCapitalMember2023-06-300000946647pfc:TotalClassifiedMember2024-09-300000946647us-gaap:CollateralizedMortgageObligationsMember2024-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-012023-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647pfc:KeyLongTermEquityIncentivePlanMemberpfc:RestrictedStockAwardsRsasMember2023-01-012023-06-300000946647pfc:OtherLoanMember2024-09-300000946647us-gaap:CommonStockMember2024-01-012024-03-310000946647us-gaap:TreasuryStockCommonMember2022-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMember2024-09-300000946647pfc:ShortTermIncentivePlanMember2024-01-012024-09-300000946647pfc:TotalClassifiedMemberus-gaap:CommercialRealEstateMember2024-09-300000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000946647us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-300000946647pfc:LongTermEquityIncentivePlan2015Member2024-09-300000946647us-gaap:SubstandardMember2024-09-300000946647us-gaap:HomeEquityLoanMember2023-07-012023-09-300000946647pfc:CommercialMemberus-gaap:CommercialLoanMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:FairValueInputsLevel2Memberpfc:CashFlowAndFairValueHedgeDerivativeAssetsMember2023-12-310000946647pfc:MultiFamilyResidentialRealEstateMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300000946647pfc:PremierStatutoryTrustIMember2023-12-310000946647pfc:EquityPlan2018Member2024-09-300000946647pfc:TotalClassifiedMemberus-gaap:CommercialRealEstateMember2023-12-310000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedMortgageObligationsMember2023-12-310000946647us-gaap:AssetBackedSecuritiesMember2023-12-310000946647us-gaap:SubstandardMemberus-gaap:ResidentialRealEstateMember2024-09-300000946647pfc:ResidentialMortgageLoansMember2023-07-012023-09-300000946647us-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000946647us-gaap:CommercialRealEstateMember2023-12-310000946647pfc:TotalClassifiedMemberus-gaap:CommercialLoanMember2023-12-310000946647us-gaap:RealEstateLoanMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647us-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberpfc:ConstructionDevelopmentAndLandMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647us-gaap:FairValueInputsLevel3Memberpfc:LoansHeldForSaleAtFairValueMember2024-09-300000946647srt:MinimumMemberpfc:RealEstateHeldForSaleMember2024-01-012024-09-300000946647us-gaap:ResidentialPortfolioSegmentMember2024-07-012024-09-300000946647us-gaap:CommercialLoanMember2023-12-310000946647us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMember2024-09-300000946647pfc:TotalClassifiedMemberus-gaap:HomeEquityMember2023-12-310000946647us-gaap:SubstandardMemberus-gaap:CommercialRealEstateMember2023-12-310000946647pfc:ConstructionLoansHeldForSaleMember2024-01-012024-09-300000946647us-gaap:SubstandardMemberus-gaap:HomeEquityMember2023-12-310000946647us-gaap:FederalHomeLoanBankAdvancesMember2023-12-310000946647us-gaap:PerformanceSharesMemberpfc:ExecutiveLongTermEquityIncentivePlanMember2024-01-012024-09-300000946647us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647pfc:ResidentialMortgageLoansMember2024-07-012024-09-300000946647us-gaap:AdditionalPaidInCapitalMember2024-03-310000946647us-gaap:ConstructionLoansMember2024-09-300000946647us-gaap:TreasuryStockCommonMember2024-06-300000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberpfc:FairValueHedgesMember2023-01-012023-12-310000946647us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:FairValueHedgingMember2024-09-300000946647us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-09-300000946647us-gaap:RealEstateMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2024-09-300000946647pfc:PermanentConstructionLoansMember2024-09-300000946647us-gaap:RealEstateMemberpfc:OneFourFamilyNonOwnerOccupiedMemberus-gaap:ResidentialPortfolioSegmentMember2024-01-012024-09-300000946647us-gaap:RestrictedStockUnitsRSUMemberpfc:KeyLongTermEquityIncentivePlanMembersrt:MaximumMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMember2023-12-310000946647us-gaap:HomeEquityLoanMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000946647us-gaap:PerformanceSharesMembersrt:MaximumMember2024-09-3000009466472023-01-012023-12-310000946647us-gaap:TreasuryStockCommonMember2023-03-310000946647pfc:ResidentialMortgageLoansMember2023-12-310000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberpfc:PcdMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000946647us-gaap:RetainedEarningsMember2024-04-012024-06-300000946647pfc:PreferredAndCommonStockMember2023-12-310000946647us-gaap:ConstructionLoansMemberpfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateMember2024-01-012024-09-300000946647us-gaap:ResidentialPortfolioSegmentMember2023-06-300000946647us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:ConstructionLoansMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:MortgageBackedSecuritiesMember2023-12-310000946647us-gaap:TreasuryStockCommonMember2023-04-012023-06-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-300000946647us-gaap:CollateralPledgedMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647pfc:UnclassifiedMember2024-09-300000946647us-gaap:SubstandardMember2023-12-310000946647us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedMortgageObligationsMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000946647pfc:AppraisalsWhichUtilizeSalesComparisonNetIncomeAndCostApproachMember2023-12-310000946647us-gaap:RetainedEarningsMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-09-300000946647pfc:PremierStatutoryTrustIIMember2023-12-310000946647us-gaap:MortgageBackedSecuritiesMember2024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateMember2023-12-310000946647us-gaap:RealEstateMemberus-gaap:SpecialMentionMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647us-gaap:ResidentialPortfolioSegmentMember2024-06-300000946647us-gaap:CollateralPledgedMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-3000009466472023-01-012023-03-310000946647us-gaap:RetainedEarningsMember2023-01-012023-03-310000946647us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000946647us-gaap:SubstandardMemberus-gaap:CommercialRealEstateMember2024-09-300000946647us-gaap:ResidentialRealEstateMember2023-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberpfc:OtherLoansMember2023-12-310000946647pfc:MortgageBankingDerivativesLiabilityMember2023-12-310000946647us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:InterestRateSwapMember2024-01-012024-09-300000946647us-gaap:FederalHomeLoanBankAdvancesMember2023-12-310000946647us-gaap:EquitySecuritiesMember2024-09-300000946647pfc:AppraisalsWhichUtilizeSalesComparisonNetIncomeAndCostApproachMember2023-01-012023-12-310000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancialAssetPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:ConstructionLoansMember2024-06-300000946647us-gaap:FinancialAssetNotPastDueMember2024-09-300000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000946647us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000946647us-gaap:CommonStockMember2024-09-300000946647us-gaap:CollateralizedMortgageObligationsMember2024-09-300000946647pfc:ConstructionLoansHeldForSaleMember2023-12-310000946647us-gaap:SubstandardMemberus-gaap:CommercialLoanMember2023-12-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000946647us-gaap:FinancialAssetPastDueMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateLoanMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2023-12-310000946647pfc:PermanentConstructionLoansMember2023-07-012023-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:FixedRateResidentialMortgageMemberus-gaap:FairValueHedgingMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-3000009466472024-09-300000946647us-gaap:PerformanceSharesMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2023-01-012023-12-3100009466472024-07-012024-09-300000946647us-gaap:TreasuryStockCommonMember2024-03-310000946647us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstateMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberpfc:LoansHeldForSaleAtFairValueMember2023-12-310000946647us-gaap:CommonStockMember2024-06-300000946647us-gaap:CommonStockMember2023-12-310000946647pfc:RestrictedStockAwardsRsasMember2024-01-012024-09-300000946647us-gaap:CommonStockMember2023-01-012023-03-310000946647us-gaap:ConsumerLoanMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:ConsumerFinanceMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:CommercialRealEstateMemberpfc:OtherLoansMember2024-07-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:RestrictedStockUnitsRSUMember2023-12-310000946647us-gaap:RetainedEarningsMember2024-03-310000946647us-gaap:UnfundedLoanCommitmentMember2024-09-300000946647pfc:CommercialLoanTwoMemberus-gaap:ExtendedMaturityMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:ConstructionLoansMember2024-01-012024-09-300000946647us-gaap:ConstructionLoansMember2023-01-012023-09-300000946647pfc:ImpairedLoansMemberus-gaap:CommercialLoanMember2024-09-300000946647pfc:PurchaseCreditDeterioratedMemberus-gaap:SpecialMentionMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:CommercialPortfolioSegmentMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:HomeEquityLoanMember2023-12-310000946647pfc:RestrictedStockAwardsRsasMember2024-09-300000946647us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2023-12-310000946647us-gaap:SubstandardMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMember2024-09-300000946647us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647pfc:InterestRateSwapLiabilitiesMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:CommercialLoansOtherMemberpfc:OtherLoansMember2024-01-012024-09-3000009466472022-12-310000946647us-gaap:FairValueInputsLevel3Member2023-12-310000946647us-gaap:CommonStockMember2023-07-012023-09-300000946647us-gaap:ConstructionLoansMember2023-12-310000946647us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetPastDueMember2023-12-310000946647us-gaap:CommonStockMember2024-07-012024-09-300000946647srt:MinimumMember2024-01-012024-09-300000946647pfc:CurrentPeriodGrossChargeOffsMemberpfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647pfc:TotalClassifiedMemberus-gaap:HomeEquityMember2024-09-3000009466472023-07-012023-09-300000946647us-gaap:SpecialMentionMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647pfc:OneFourFamilyOwnerOccupiedMemberus-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2024-01-012024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetPastDueMember2024-09-300000946647srt:MinimumMemberpfc:ExecutiveLongTermEquityIncentivePlanMember2024-09-300000946647us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000946647us-gaap:CommercialPortfolioSegmentMember2022-12-310000946647us-gaap:PerformanceSharesMember2024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMember2023-12-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000946647us-gaap:HomeEquityMemberpfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMember2024-01-012024-09-300000946647pfc:InventoryAndReceivablesMember2023-12-310000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberpfc:PcdMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647pfc:ResidentialMortgageLoansMember2024-01-012024-09-300000946647us-gaap:ConsumerLoanMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000946647us-gaap:HomeEquityMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:SubstandardMemberus-gaap:ConsumerLoanMember2023-12-310000946647pfc:ConstructionLoansHeldForSaleMember2023-06-300000946647pfc:CashFlowAndFairValueHedgeDerivativeAssetsMember2023-12-310000946647us-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300000946647us-gaap:CommonStockMember2024-03-310000946647pfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-3100009466472024-06-300000946647us-gaap:FairValueInputsLevel2Memberpfc:InterestRateSwapLiabilitiesMember2024-09-300000946647pfc:RestrictedStockAwardsRsasMembersrt:MaximumMember2024-01-012024-09-300000946647us-gaap:SpecialMentionMember2023-12-310000946647pfc:AgricultureLandMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300000946647us-gaap:CumulativePreferredStockMember2023-12-310000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000946647us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000946647pfc:MortgageBankingDerivativesLiabilityMember2024-09-300000946647us-gaap:AdditionalPaidInCapitalMember2023-03-310000946647pfc:PcdMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000946647pfc:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300000946647pfc:ResidentialMortgageLoansMember2024-09-300000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2023-12-310000946647us-gaap:ResidentialPortfolioSegmentMember2023-09-300000946647us-gaap:RetainedEarningsMember2023-12-310000946647us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300000946647us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2023-12-310000946647us-gaap:PerformanceSharesMember2023-01-012023-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMember2023-12-310000946647us-gaap:PerformanceSharesMember2024-07-012024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:RealEstateLoanMember2023-12-310000946647pfc:PermanentConstructionLoansMember2023-01-012023-09-300000946647us-gaap:PerformanceSharesMember2024-01-012024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:HomeEquityLoanMember2023-09-300000946647pfc:InventoryAndReceivablesMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberpfc:MortgageBankingDerivativesLiabilityMember2023-12-310000946647us-gaap:RestrictedStockUnitsRSUMember2024-09-300000946647us-gaap:ResidentialPortfolioSegmentMember2023-07-012023-09-300000946647us-gaap:FairValueInputsLevel3Memberpfc:LoansHeldForSaleAtFairValueMember2023-12-310000946647us-gaap:HomeEquityLoanMember2022-12-310000946647us-gaap:RealEstateLoanMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMember2023-12-310000946647pfc:RangeOfMemberZeroToZeroPercentageMember2024-01-012024-09-300000946647us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMember2024-09-300000946647us-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300000946647us-gaap:RealEstateMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-300000946647pfc:CurrentPeriodGrossChargeOffsMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647pfc:AppraisalsWhichUtilizeSalesComparisonNetIncomeAndCostApproachMember2024-01-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-300000946647pfc:CurrentPeriodGrossChargeOffsMemberus-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:RetainedEarningsMember2023-06-300000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-09-300000946647pfc:CashFlowAndFairValueHedgeDerivativesLiabilitiesMember2023-12-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000946647us-gaap:RealEstateLoanMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647us-gaap:PerformanceSharesMember2023-07-012023-09-300000946647srt:MaximumMemberus-gaap:CommercialLoanMemberpfc:OtherLoansMember2024-01-012024-09-300000946647pfc:PurchaseCreditDeterioratedMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:CollateralPledgedMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647us-gaap:CommercialLoanMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberpfc:CommercialRealEstateOwnerOccupiedMember2024-01-012024-09-300000946647us-gaap:FederalReserveBankAdvancesMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMember2023-07-012023-09-300000946647us-gaap:AdditionalPaidInCapitalMember2024-09-300000946647us-gaap:HomeEquityLoanMember2024-09-300000946647us-gaap:CommercialLoanMemberpfc:OtherLoansCommercialMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647pfc:PurchaseCreditDeterioratedMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateMember2024-09-300000946647us-gaap:HomeEquityMember2023-12-310000946647us-gaap:ConstructionLoansMember2023-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000946647us-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMember2023-12-310000946647pfc:PurchaseCreditDeterioratedMemberus-gaap:SpecialMentionMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-12-310000946647pfc:ExecutiveLongTermEquityIncentivePlanMembersrt:MaximumMember2024-09-300000946647pfc:PurchaseCreditDeterioratedMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:CurrentPeriodGrossChargeOffsMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMember2024-09-300000946647us-gaap:ResidentialPortfolioSegmentMember2023-01-012023-09-300000946647us-gaap:SubstandardMemberus-gaap:ConsumerLoanMember2024-09-300000946647srt:DirectorMember2024-01-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2024-01-012024-09-300000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000946647us-gaap:ExtendedMaturityMemberus-gaap:CommercialLoanMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:ResidentialRealEstateMember2024-07-012024-09-300000946647pfc:FirstDefianceStatutoryTrustsIMember2023-12-310000946647us-gaap:SpecialMentionMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000946647pfc:InterestRateSwapAssetsMember2024-09-300000946647pfc:FirstInsuranceGroupMember2023-01-012023-06-300000946647pfc:ResidentialMortgageLoansMember2023-01-012023-09-300000946647pfc:CurrentPeriodGrossChargeOffsMemberpfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647pfc:KeyLongTermEquityIncentivePlanMemberpfc:RestrictedStockAwardsRsasMember2024-01-012024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:ConstructionLoansMember2023-07-012023-09-300000946647us-gaap:CommercialRealEstateMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:CommonStockMember2024-04-012024-06-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2023-09-300000946647us-gaap:RealEstateMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:CommonStockMember2023-04-012023-06-300000946647pfc:CommercialLoansOtherMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300000946647us-gaap:ScenarioPlanMember2024-01-012024-09-300000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2024-07-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:HomeEquityMember2024-09-300000946647pfc:RestrictedStockAwardsRsasMember2024-07-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMember2023-06-300000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2023-12-310000946647us-gaap:FairValueInputsLevel3Memberpfc:ImpairedLoansMemberus-gaap:CommercialRealEstateMember2023-12-310000946647pfc:TotalClassifiedMemberus-gaap:ResidentialRealEstateMember2023-12-310000946647us-gaap:TreasuryStockCommonMember2023-12-310000946647us-gaap:SubstandardMemberus-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpfc:PremierStatutoryTrustIMember2024-01-012024-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:FixedRateResidentialMortgageMemberus-gaap:FairValueHedgingMember2023-12-310000946647us-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000946647pfc:PurchaseCreditDeterioratedMember2023-12-310000946647us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000946647us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-09-300000946647us-gaap:HomeEquityLoanMember2024-01-012024-09-300000946647srt:MinimumMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-300000946647us-gaap:AdditionalPaidInCapitalMember2023-12-310000946647us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMember2024-09-300000946647us-gaap:TreasuryStockCommonMember2024-04-012024-06-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000946647us-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647pfc:TotalClassifiedMemberus-gaap:ConsumerLoanMember2023-12-310000946647us-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647us-gaap:ResidentialRealEstateMember2024-09-300000946647us-gaap:FairValueInputsLevel3Memberpfc:ImpairedLoansMemberus-gaap:CommercialRealEstateMember2024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateMemberus-gaap:SpecialMentionMember2023-12-310000946647us-gaap:FairValueInputsLevel1Member2024-09-300000946647pfc:UnclassifiedMember2023-12-310000946647pfc:LoansHeldForSaleAtFairValueMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:RetainedEarningsMember2023-07-012023-09-300000946647us-gaap:TreasuryStockCommonMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:RealEstateMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:InterestRateSwapMember2023-07-012023-09-300000946647us-gaap:FinancialAssetNotPastDueMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647pfc:PcdMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647pfc:PurchaseCreditDeterioratedMember2024-09-300000946647us-gaap:InterestRateSwapMember2024-07-012024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300000946647us-gaap:RetainedEarningsMember2024-06-300000946647us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647pfc:InventoryAndReceivablesMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647srt:MinimumMemberus-gaap:CommercialLoanMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:RealEstateMember2024-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647pfc:PurchaseCreditDeterioratedMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647pfc:PurchaseCreditDeterioratedMemberpfc:CurrentPeriodGrossChargeOffsMemberpfc:OtherLoansMember2024-09-300000946647pfc:PreferredAndCommonStockMember2024-09-300000946647us-gaap:AutomobilesMember2023-12-3100009466472023-04-012023-06-300000946647us-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000946647us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647us-gaap:InterestRateSwapMember2024-09-300000946647pfc:PremierStatutoryTrustIMember2024-01-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2024-09-300000946647pfc:CurrentPeriodGrossChargeOffsMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647pfc:RestrictedStockAwardsRsasMember2023-07-012023-09-300000946647pfc:RealEstateHeldForSaleMembersrt:MaximumMember2024-01-012024-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-09-300000946647us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300000946647pfc:ImpairedLoansMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:CurrentPeriodGrossChargeOffsMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:ConstructionLoansMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:TreasuryStockCommonMember2023-06-300000946647us-gaap:FairValueInputsLevel2Memberpfc:LoansHeldForSaleAtFairValueMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:FederalHomeLoanBankAdvancesMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647pfc:TotalClassifiedMemberus-gaap:ConsumerLoanMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberpfc:InterestRateSwapLiabilitiesMember2023-12-310000946647us-gaap:SubstandardMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:CommonStockMember2023-09-300000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310000946647us-gaap:CommercialLoanMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:ResidentialPortfolioSegmentMember2024-01-012024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647pfc:CurrentPeriodGrossChargeOffsMemberus-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647pfc:ConstructionLoansHeldForSaleMember2022-12-310000946647us-gaap:CommercialRealEstateMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:FinancialAssetPastDueMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647pfc:InventoryAndReceivablesMember2024-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2023-07-012023-09-300000946647us-gaap:CommercialLoanMemberpfc:OtherLoansMember2024-01-012024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-09-300000946647us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:AutomobilesMemberpfc:OtherLoansMember2023-12-310000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancialAssetPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:FinancialAssetPastDueMember2024-09-3000009466472023-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647us-gaap:SpecialMentionMember2024-09-300000946647us-gaap:CommonStockMember2023-06-300000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-01-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMember2022-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:SpecialMentionMemberpfc:OtherLoansMember2024-09-3000009466472024-01-012024-09-300000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-01-012023-12-310000946647us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300000946647us-gaap:RetainedEarningsMember2023-09-300000946647us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-09-300000946647pfc:PremierStatutoryTrustIIMember2024-09-300000946647us-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647pfc:InterestRateSwapAssetsMember2023-12-310000946647us-gaap:CommercialPortfolioSegmentMember2023-06-300000946647us-gaap:ExtendedMaturityMemberpfc:OtherLoansMember2024-01-012024-09-300000946647pfc:CurrentPeriodGrossChargeOffsMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:ConstructionLoansMember2023-12-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000946647pfc:PurchaseCreditDeterioratedMemberpfc:CurrentPeriodGrossChargeOffsMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:CommercialPortfolioSegmentMember2023-01-012023-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2022-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:AutomobilesMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647pfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-300000946647us-gaap:CumulativePreferredStockMember2024-09-300000946647us-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000946647us-gaap:FairValueInputsLevel2Memberpfc:CashFlowAndFairValueHedgeDerivativesLiabilitiesMember2024-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2024-06-300000946647us-gaap:CommercialPortfolioSegmentMember2024-06-300000946647us-gaap:EquipmentMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647pfc:FirstDefianceStatutoryTrustsIMember2024-09-300000946647pfc:ExecutiveLongTermEquityIncentivePlanMember2024-01-012024-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2023-06-300000946647us-gaap:FairValueInputsLevel2Memberpfc:MortgageBankingDerivativesLiabilityMember2024-09-300000946647pfc:FirstDefianceStatutoryTrustsIIMember2023-12-310000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberpfc:FairValueHedgesMember2024-09-300000946647us-gaap:FederalReserveBankAdvancesMember2024-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647us-gaap:ConsumerLoanMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647us-gaap:SubordinatedDebtMember2020-09-300000946647pfc:RestrictedStockAwardsRsasMember2023-12-310000946647us-gaap:SubstandardMemberus-gaap:ResidentialRealEstateMember2023-12-310000946647us-gaap:ResidentialRealEstateMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2023-12-310000946647us-gaap:CollateralPledgedMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647pfc:AppraisalsWhichUtilizeSalesComparisonNetIncomeAndCostApproachMember2024-09-300000946647pfc:ConstructionLoansHeldForSaleMember2023-09-300000946647us-gaap:RetainedEarningsMember2023-04-012023-06-300000946647us-gaap:ConsumerLoanMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000946647us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpfc:PremierStatutoryTrustIIMember2024-01-012024-09-300000946647us-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2023-12-310000946647pfc:TotalClassifiedMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647us-gaap:HomeEquityLoanMember2024-07-012024-09-300000946647pfc:RestrictedStockAwardsRsasMember2023-01-012023-09-300000946647us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-300000946647us-gaap:SpecialMentionMemberus-gaap:ResidentialRealEstateMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647pfc:ShortTermIncentivePlanMember2023-01-012023-12-3100009466472024-03-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateMemberus-gaap:SpecialMentionMember2024-09-300000946647us-gaap:SubstandardMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647pfc:WesbancoIncMember2024-07-262024-07-260000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMember2023-12-310000946647us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647us-gaap:FairValueInputsLevel3Memberpfc:ImpairedLoansMemberus-gaap:CommercialLoanMember2023-12-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000946647us-gaap:FinancialAssetPastDueMember2023-12-310000946647us-gaap:EquipmentMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:CommercialWorkingCapitalMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:EquipmentMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMember2023-09-300000946647us-gaap:FairValueInputsLevel2Memberpfc:InterestRateSwapAssetsMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberpfc:CashFlowAndFairValueHedgeDerivativesLiabilitiesMember2023-12-310000946647pfc:RangeOfMemberZeroToZeroPointZeroNineEightFourMember2023-01-012023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647pfc:PremierStatutoryTrustIIMember2024-01-012024-09-300000946647us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberpfc:InterestRateSwapAssetsMember2023-12-310000946647pfc:PurchaseCreditDeterioratedMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2023-12-310000946647pfc:PurchaseCreditDeterioratedMemberpfc:OtherLoansMember2024-09-300000946647pfc:LoansHeldForSaleAtFairValueMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647us-gaap:TreasuryStockCommonMember2023-09-300000946647us-gaap:RetainedEarningsMember2024-07-012024-09-300000946647pfc:RangeOfMemberZeroToZeroPointZeroNineEightFourMember2024-09-300000946647pfc:TotalClassifiedMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647pfc:ImpairedLoansMemberus-gaap:CommercialLoanMember2023-12-310000946647us-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647pfc:ImpairedLoansMemberus-gaap:CommercialRealEstateMember2023-12-310000946647us-gaap:FairValueInputsLevel1Member2023-12-310000946647us-gaap:CommercialRealEstateMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647pfc:FirstDefianceStatutoryTrustsIIMember2024-09-300000946647us-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-3000009466472024-01-012024-03-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:USTreasurySecuritiesMember2023-12-310000946647us-gaap:AssetBackedSecuritiesMember2024-09-300000946647us-gaap:ResidentialRealEstateMemberpfc:UnclassifiedMember2023-12-310000946647pfc:ImpairedLoansMemberus-gaap:CommercialRealEstateMember2024-09-300000946647us-gaap:AdditionalPaidInCapitalMember2022-12-310000946647us-gaap:ConstructionLoansMember2023-06-300000946647us-gaap:SpecialMentionMemberus-gaap:ResidentialRealEstateMember2024-09-300000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647us-gaap:CollateralizedMortgageObligationsMember2023-12-310000946647us-gaap:InterestRateSwapMember2023-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:RealEstateLoanMember2024-09-300000946647us-gaap:AutomobilesMember2024-09-300000946647us-gaap:HomeEquityLoanMember2023-06-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpfc:OtherLoansMember2023-12-310000946647pfc:ConstructionLoansHeldForSaleMember2023-01-012023-09-300000946647pfc:TotalClassifiedMember2023-12-310000946647pfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647us-gaap:HomeEquityLoanMember2023-01-012023-09-300000946647us-gaap:ConsumerLoanMember2023-12-310000946647us-gaap:AdditionalPaidInCapitalMember2023-09-300000946647pfc:OtherLoansCommercialOneMemberus-gaap:CommercialLoanMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMember2024-06-300000946647us-gaap:FairValueInputsLevel2Member2023-12-310000946647srt:MaximumMember2024-09-300000946647us-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647us-gaap:CollateralPledgedMember2024-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:FairValueHedgingMember2023-12-310000946647us-gaap:FinancialAssetNotPastDueMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:EquitySecuritiesMember2023-12-310000946647pfc:ConstructionLoansHeldForSaleMember2024-09-300000946647us-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2024-01-012024-09-300000946647pfc:PermanentConstructionLoansMember2024-07-012024-09-300000946647pfc:PremierStatutoryTrustIMember2024-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:CommercialRealEstateMember2024-07-012024-09-300000946647pfc:CurrentPeriodGrossChargeOffsMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647us-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647pfc:InterestRateSwapLiabilitiesMember2024-09-300000946647srt:MinimumMemberpfc:RestrictedStockAwardsRsasMember2024-01-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647pfc:ConstructionLoansHeldForSaleMember2024-07-012024-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:CommercialRealEstateMember2024-01-012024-09-300000946647pfc:PermanentConstructionLoansMember2024-01-012024-09-300000946647us-gaap:RetainedEarningsMember2024-01-012024-03-310000946647pfc:RangeOfMemberZeroToZeroPointZeroNineEightFourMember2023-12-310000946647us-gaap:CommercialLoanMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2024-09-300000946647us-gaap:InterestRateSwapMember2023-01-012023-09-3000009466472024-04-012024-06-300000946647us-gaap:FairValueInputsLevel2Member2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:CommonStockMember2023-03-310000946647us-gaap:RealEstateMemberus-gaap:SpecialMentionMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647pfc:ConstructionLoansHeldForSaleMember2023-07-012023-09-3000009466472023-12-310000946647us-gaap:SubordinatedDebtMember2020-01-012020-09-300000946647us-gaap:ConstructionLoansMember2024-07-012024-09-300000946647us-gaap:RealEstateMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-3100009466472024-10-290000946647srt:DirectorMemberpfc:RestrictedStockAwardsRsasMember2024-01-012024-09-300000946647us-gaap:AdditionalPaidInCapitalMember2024-06-300000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMemberpfc:AgricultureProductionMember2024-01-012024-09-300000946647us-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2024-09-300000946647us-gaap:SubstandardMemberus-gaap:CommercialLoanMember2024-09-300000946647us-gaap:RestrictedStockUnitsRSUMemberpfc:KeyLongTermEquityIncentivePlanMember2024-01-012024-09-300000946647pfc:ConstructionPortfolioSegmentMemberpfc:ConstructionResidentialMemberus-gaap:RealEstateMember2024-01-012024-09-300000946647us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstateMember2023-12-310000946647us-gaap:ExtendedMaturityMemberpfc:CommercialLoanThreeMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-3100009466472023-06-3000009466472023-01-012023-09-300000946647us-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:FederalHomeLoanBankBorrowingsMemberus-gaap:CashFlowHedgingMember2024-09-300000946647srt:DirectorMember2023-01-012023-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:RealEstateMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:NonperformingFinancingReceivableMember2023-12-310000946647us-gaap:RealEstateMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000946647us-gaap:CorporateBondSecuritiesMember2023-12-310000946647us-gaap:SubstandardMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:EquipmentMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647pfc:RestrictedStockAwardsRsasMemberpfc:ExecutiveLongTermEquityIncentivePlanMember2024-01-012024-09-300000946647us-gaap:CorporateBondSecuritiesMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2023-12-310000946647us-gaap:RealEstateLoanMemberus-gaap:ResidentialRealEstateMember2024-01-012024-09-300000946647pfc:UsBankMember2024-09-300000946647us-gaap:NonperformingFinancingReceivableMember2024-09-300000946647us-gaap:RetainedEarningsMember2022-12-310000946647us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:CommercialPortfolioSegmentMember2023-09-300000946647us-gaap:SubstandardMemberus-gaap:HomeEquityMember2024-09-300000946647us-gaap:SubstandardMemberus-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647us-gaap:HomeEquityLoanMember2024-06-300000946647us-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300000946647us-gaap:ConsumerPortfolioSegmentMember2024-01-012024-09-300000946647us-gaap:RestrictedStockUnitsRSUMemberpfc:KeyLongTermEquityIncentivePlanMembersrt:MinimumMember2024-09-300000946647pfc:CashFlowAndFairValueHedgeDerivativesLiabilitiesMember2024-09-300000946647us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:SpecialMentionMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2024-09-300000946647us-gaap:CommercialRealEstateMemberpfc:UnclassifiedMember2024-09-300000946647pfc:ConstructionLoansHeldForSaleMember2024-06-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647us-gaap:CollateralPledgedMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMemberpfc:ConsumerIndirectMember2024-01-012024-09-30xbrli:purepfc:Loanxbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

 

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 September 30, 2024

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 October 29, 2024, the registrant had 35,841,244 shares of common stock, $.01 par value per share, outstanding.

 

 

 

 

PREMIER FINANCIAL CORP.

 

INDEX

 

 

Page

Number

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Consolidated Condensed Financial Statements:

2

 

 

 

 

 

 

Consolidated Condensed Statements of Financial Condition (Unaudited)– September 30, 2024 and December 31, 2023

2

 

 

 

 

 

 

Consolidated Condensed Statements of Income (Unaudited) – three and nine months ended September 30, 2024 and 2023

3

 

 

 

 

 

 

Consolidated Condensed Statements of Comprehensive Income (Loss) (Unaudited) – three and nine months ended September 30, 2024 and 2023

4

 

 

 

 

 

 

Consolidated Condensed Statements of Changes in Stockholders’ Equity (Unaudited) – three and nine months ended September 30, 2024 and 2023

5

 

 

 

 

 

 

Consolidated Condensed Statements of Cash Flows (Unaudited) – nine months ended September 30, 2024 and 2023

7

 

 

 

 

 

 

Notes to Consolidated Condensed Financial Statements

8

 

 

 

 

Item 2.

 

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

46

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

64

 

 

 

 

Item 4.

 

Controls and Procedures

66

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

Item 1.

 

Legal Proceedings

66

 

 

 

 

Item 1A.

 

Risk Factors

66

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

68

 

 

 

 

Item 3.

 

Defaults upon Senior Securities

68

 

 

 

 

Item 4.

 

Mine Safety Disclosures

68

 

 

 

 

Item 5.

 

Other Information

68

 

 

 

 

Item 6.

 

Exhibits

69

 

 

 

 

 

 

Signatures

70

 

 

PART I-FINANCIAL INFORMATION

PREMIER FINANCIAL CORP.

Consolidated Condensed Statements of Financial Condition

(UNAUDITED)

(Amounts in Thousands, except share and per share data)

 

 

 

 

September 30,
2024

 

 

December 31,
2023

 

Assets

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

Cash and amounts due from depository institutions

 

$

84,573

 

 

$

81,973

 

Interest-bearing deposits

 

 

40,709

 

 

 

32,783

 

 

 

125,282

 

 

 

114,756

 

Securities available-for-sale, carried at fair value

 

 

1,196,258

 

 

 

946,708

 

Equity securities, carried at fair value

 

 

5,970

 

 

 

5,773

 

Loans held for sale, carried at fair value

 

 

121,611

 

 

 

145,641

 

Loans receivable, net of allowance for credit losses of $76,142 at September 30, 2024 and $76,512 at December 31, 2023, respectively

 

 

6,512,586

 

 

 

6,662,875

 

Mortgage servicing rights

 

 

17,650

 

 

 

18,696

 

Accrued interest receivable

 

 

34,959

 

 

 

33,446

 

Federal Home Loan Bank stock

 

 

24,315

 

 

 

21,760

 

Bank owned life insurance

 

 

184,655

 

 

 

181,544

 

Premises and equipment

 

 

54,414

 

 

 

56,878

 

Real estate and other assets held for sale

 

 

326

 

 

 

243

 

Goodwill

 

 

295,602

 

 

 

295,602

 

Core deposit and other intangibles

 

 

9,346

 

 

 

12,186

 

Other assets

 

 

146,331

 

 

 

129,841

 

Total assets

 

$

8,729,305

 

 

$

8,625,949

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Deposits

 

$

7,142,636

 

 

$

7,143,046

 

Advances from the Federal Home Loan Bank

 

 

345,000

 

 

 

280,000

 

Subordinated debentures

 

 

85,324

 

 

 

85,229

 

Advance payments by borrowers

 

 

13,358

 

 

 

23,277

 

Reserve for credit losses - unfunded commitments

 

 

3,722

 

 

 

4,307

 

Other liabilities

 

 

120,258

 

 

 

114,463

 

Total liabilities

 

 

7,710,298

 

 

 

7,650,322

 

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 35,841,430 and 35,729,593
   shares outstanding at September 30, 2024 and December 31, 2023, respectively

 

 

306

 

 

 

306

 

Additional paid-in capital

 

 

690,150

 

 

 

690,585

 

Accumulated other comprehensive loss, net of tax of $(34,331) and
    $(40,862), respectively

 

 

(129,149

)

 

 

(153,719

)

Retained earnings

 

 

587,269

 

 

 

569,937

 

Treasury stock, at cost, 7,455,830 shares at September 30, 2024 and 7,567,667
    shares at December 31, 2023

 

 

(129,569

)

 

 

(131,482

)

Total stockholders’ equity

 

 

1,019,007

 

 

 

975,627

 

Total liabilities and stockholders’ equity

 

$

8,729,305

 

 

$

8,625,949

 

See accompanying notes.

2

PREMIER FINANCIAL CORP.

Consolidated Condensed Statements of Income

(UNAUDITED)

(Amounts in Thousands, except per share data)

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

88,942

 

 

$

86,612

 

 

$

265,099

 

 

$

244,285

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

9,384

 

 

 

6,377

 

 

 

24,493

 

 

 

19,392

 

Non-taxable

 

 

594

 

 

 

566

 

 

 

1,753

 

 

 

1,809

 

Interest-bearing deposits

 

 

654

 

 

 

652

 

 

 

1,901

 

 

 

1,737

 

FHLB stock dividends

 

 

595

 

 

 

690

 

 

 

1,735

 

 

 

1,989

 

Total interest income

 

 

100,169

 

 

 

94,897

 

 

 

294,981

 

 

 

269,212

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

45,529

 

 

 

34,874

 

 

 

132,023

 

 

 

83,157

 

FHLB advances and other

 

 

3,307

 

 

 

4,597

 

 

 

10,505

 

 

 

18,150

 

Subordinated debentures

 

 

1,152

 

 

 

1,162

 

 

 

3,473

 

 

 

3,362

 

Total interest expense

 

 

49,988

 

 

 

40,633

 

 

 

146,001

 

 

 

104,669

 

Net interest income

 

 

50,181

 

 

 

54,264

 

 

 

148,980

 

 

 

164,543

 

Credit loss (benefit) expense - loans and leases

 

 

(475

)

 

 

245

 

 

 

3,258

 

 

 

5,599

 

Credit loss (benefit) expense - unfunded commitments

 

 

185

 

 

 

(1,018

)

 

 

(780

)

 

 

(2,126

)

Net interest income after credit loss expense (benefit)

 

 

50,471

 

 

 

55,037

 

 

 

146,502

 

 

 

161,070

 

Non-interest Income

 

 

 

 

 

 

 

 

 

 

 

 

Service fees and other charges

 

 

7,756

 

 

 

6,947

 

 

 

21,231

 

 

 

20,564

 

Insurance commissions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,856

 

Mortgage banking income

 

 

1,194

 

 

 

3,274

 

 

 

5,591

 

 

 

5,940

 

Gain on sale of non-mortgage loans

 

 

—

 

 

 

—

 

 

 

67

 

 

 

71

 

Gain on sale insurance agency

 

 

—

 

 

 

—

 

 

 

—

 

 

 

36,296

 

Gain on sale of securities available for sale

 

 

—

 

 

 

—

 

 

 

—

 

 

 

27

 

Gain (loss) on equity securities

 

 

410

 

 

 

256

 

 

 

197

 

 

 

(1,118

)

Wealth management income

 

 

1,878

 

 

 

1,509

 

 

 

5,433

 

 

 

4,531

 

Income from Bank Owned Life Insurance

 

 

1,245

 

 

 

1,050

 

 

 

4,149

 

 

 

3,482

 

Other non-interest income

 

 

91

 

 

 

217

 

 

 

480

 

 

 

412

 

Total non-interest income

 

 

12,574

 

 

 

13,253

 

 

 

37,148

 

 

 

79,061

 

Non-interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

21,794

 

 

 

21,813

 

 

 

66,541

 

 

 

71,646

 

Occupancy

 

 

3,462

 

 

 

3,145

 

 

 

10,261

 

 

 

10,039

 

FDIC insurance premium

 

 

1,200

 

 

 

1,346

 

 

 

3,470

 

 

 

4,420

 

Financial institutions tax

 

 

1,007

 

 

 

989

 

 

 

3,022

 

 

 

2,802

 

Data processing

 

 

5,055

 

 

 

4,010

 

 

 

14,792

 

 

 

11,513

 

Amortization of intangibles

 

 

904

 

 

 

1,078

 

 

 

2,840

 

 

 

3,571

 

Transaction costs

 

 

2,789

 

 

 

—

 

 

 

2,839

 

 

 

3,652

 

Other non-interest expense

 

 

5,704

 

 

 

5,671

 

 

 

16,259

 

 

 

17,695

 

Total non-interest expense

 

 

41,915

 

 

 

38,052

 

 

 

120,024

 

 

 

125,338

 

Income before income taxes

 

 

21,130

 

 

 

30,238

 

 

 

63,626

 

 

 

114,793

 

Income tax expense

 

 

4,465

 

 

 

5,551

 

 

 

12,996

 

 

 

23,566

 

Net income

 

$

16,665

 

 

$

24,687

 

 

$

50,630

 

 

$

91,227

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.46

 

 

$

0.69

 

 

$

1.41

 

 

$

2.55

 

Diluted

 

$

0.46

 

 

$

0.69

 

 

$

1.41

 

 

$

2.55

 

 

See accompanying notes.

3

PREMIER FINANCIAL CORP.

Consolidated Condensed Statements of Comprehensive Income (Loss)

(UNAUDITED)

(Amounts in Thousands)

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income

 

$

16,665

 

 

$

24,687

 

 

$

50,630

 

 

$

91,227

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on securities available for sale

 

 

33,484

 

 

 

(31,552

)

 

 

25,654

 

 

 

(28,443

)

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

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(27

)

Income tax effect

 

 

(7,031

)

 

 

6,626

 

 

 

(5,387

)

 

 

5,979

 

Net of tax amount

 

 

26,453

 

 

 

(24,926

)

 

 

20,267

 

 

 

(22,491

)

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on balance sheet swap

 

 

4,983

 

 

 

(11,572

)

 

 

(3,301

)

 

 

(13,468

)

Reclassification adjustment for cash flow hedge derivatives (gains) losses included in net income

 

 

4,429

 

 

 

3,525

 

 

 

8,748

 

 

 

7,985

 

Income tax effect

 

 

(1,976

)

 

 

1,412

 

 

 

(1,144

)

 

 

1,152

 

Net of tax amount

 

 

7,436

 

 

 

(6,635

)

 

 

4,303

 

 

 

(4,331

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income (loss)

 

 

33,889

 

 

 

(31,561

)

 

 

24,570

 

 

 

(26,822

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

50,554

 

 

$

(6,874

)

 

$

75,200

 

 

$

64,405

 

 

See accompanying notes.

4

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
Loss

 

 

Retained
Earnings

 

 

Treasury
Stock

 

 

Total
Stockholders'
Equity

 

Balance at January 1, 2024

 

$

—

 

 

 

35,729,593

 

 

$

306

 

 

$

690,585

 

 

$

(153,719

)

 

$

569,937

 

 

$

(131,482

)

 

$

975,627

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,789

 

 

 

 

 

 

17,789

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,362

)

 

 

 

 

 

 

 

 

(8,362

)

Deferred compensation plan

 

 

 

 

 

 

 

 

 

 

 

(13

)

 

 

 

 

 

 

 

 

13

 

 

 

—

 

Stock based compensation expenses

 

 

 

 

 

 

 

 

 

 

 

694

 

 

 

 

 

 

 

 

 

 

 

 

694

 

Vesting of incentive plans

 

 

 

 

 

37,978

 

 

 

 

 

 

(668

)

 

 

 

 

 

 

 

 

661

 

 

 

(7

)

Restricted share issuance

 

 

 

 

 

64,988

 

 

 

 

 

 

(1,130

)

 

 

 

 

 

 

 

 

1,130

 

 

 

—

 

Restricted share forfeitures

 

 

 

 

 

(15,799

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(322

)

 

 

(322

)

Common stock dividend payment ($0.31 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,078

)

 

 

 

 

 

(11,078

)

Balance at March 31, 2024

 

$

—

 

 

 

35,816,760

 

 

$

306

 

 

$

689,468

 

 

$

(162,081

)

 

$

576,648

 

 

$

(130,000

)

 

$

974,341

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,176

 

 

 

 

 

 

16,176

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(957

)

 

 

 

 

 

 

 

 

(957

)

Deferred compensation plan

 

 

 

 

 

 

 

 

 

 

 

(13

)

 

 

 

 

 

 

 

 

13

 

 

 

—

 

Stock based compensation expenses