Premier reports strong loan, deposit growth

YOUNGSTOWN — Premier Financial Corp, the holding company of Youngstown-based Premier Bank, reported stronger than anticipated loan and deposit growth in the fourth quarter, according to the company’s latest financial results.

The growth was $239 million, up 15.1 percent annualized, including $131.5 million from commercial loans, $100.9 million from residential loans and $5.9 million from consumer / home equity loans compared to the third quarter.

Deposits grew $100.4 million, up 6 percent annualized, and the company reported flat net income of $25.3 million from the previous quarter.

Full year loan growth exceeded 20 percent with customer deposits up 7.7 percent. Tax equivalent net interest income growth was $29 million, up 14 percent.

“The growth reflects the strength of our client base and the markets in which we operate,” said Gary Small, president / CEO for Premier.

Premier reported net income of $102.2 million for the year compared to $126.1 million for 2021.

The company closed 2022 with $8.4 billion in assets, up from $8.2 billion at the end of the third quarter and $7.4 billion at the end of 2021. Also, the company reported $6.4 billion in gross loans, up from $6.21 billion at Sept. 30 and $5.3 billion for 2021.

At the end of the year, gross loans increased $1.16 billion compared to 2021, despite a $57.8 million decrease in Paycheck Protection Program loans. Excluding PPP, loans grew $1.2 billion organically, or 23.3 percent from a year ago. Commercial loans excluding PPP increased by $694.7 million, or 19.6 percent, for the year.

Premier’s board also announced a 31 cent dividend on common shares payable Feb. 17 to shareholders of record at the close of business Feb. 10.

The amount represents an annual dividend of 4.5 percent based on the Premier common stock closing price on Jan. 23. Premier has approximately 35,602,000 common shares outstanding.



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