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Mar 31, 2022
Premier Financial Q1 2022 Earnings Report
Premier Financial Corp. announced first quarter results, which included strong loan growth.
Key Takeaways
Premier Financial Corp. reported a net income of $26.4 million for Q1 2022, with significant loan growth of $132.4 million excluding PPP loans. The company saw deposit growth and improved asset quality, but experienced a decrease in non-interest income compared to the previous year.
Loan growth of $132.4 million excluding PPP (up 10.1% annualized) including $97.4 million for commercial loans (up 11.0% annualized).
Deposit growth of $35.2 million (up 2.2% annualized).
Net interest income (tax equivalent) of $58.1 million or $53.7 million excluding PPP and marks, up 2.4% and 7.5%, respectively, from 2021 first quarter.
Asset quality improved with non-performing assets down to 0.63% of assets, classifieds down to 1.0% of loans and delinquencies down to 0.1% of loans.
Revenue by Segment
Forward Guidance
Premier Financial Corp. is well-positioned to capitalize on opportunities in 2022 and beyond, driven by expansion of residential lending team and robust application activity.
Positive Outlook
- Expansion of residential lending team into the Ann Arbor market.
- Anticipated positive effects from revenue-producing initiatives.
- Stronger than anticipated residential mortgage results given the volatile rate environment.
- Robust application activity in Q1.
- Well positioned to make the most of the opportunities for 2022 and beyond
Challenges Ahead
- Volatile rate environment.
- Gain on sale was under pressure as anticipated.
- Year-over-year increase in compensation and benefits due to higher staffing levels.
- Continued higher healthcare benefit costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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