Premier Financial (PFC) Q4 2024 earnings summary

Executive summary

• Reported full year 2024 net income of $71.4M ($1.98 per diluted share); core earnings $75.9M ($2.12 per share) excluding $5.0M pre-tax merger transaction costs.

• Fourth quarter 2024 net income was $20.8M ($0.58 per share); core earnings $22.6M ($0.63 per share) excluding $2.1M pre-tax transaction costs.

• Announced strategic merger with Wesbanco, Inc.; PFC shareholders to own ~30% of combined company upon closing.

• Declared quarterly dividend of $0.31 per share, annual yield 4.93%.

Financial highlights

• Net interest income for Q4 2024 was $52.4M, up 4.2% sequentially; net interest margin increased 13 bps to 2.63%.

• Full year 2024 net interest income was $201.6M, down 7.3% year-over-year; net interest margin declined 23 bps to 2.52%.

• Non-interest income for Q4 2024 was $13.1M, up 3.9% sequentially and 10.8% year-over-year, driven by mortgage banking.

• Non-interest expenses (excluding transaction costs) for Q4 2024 were $37.2M, down 5.0% sequentially and 1.9% year-over-year.

• Book value per share at year-end was $27.95; tangible book value per share $19.47.

Outlook and guidance

• Merger with Wesbanco remains on track, pending regulatory approvals and customary closing conditions.

• Management expects continued realization of deposit cost reductions and efficiency improvements.