Premier Financial Corp. reported a net income of $17.8 million, or $0.50 per diluted common share, for the first quarter of 2024, compared to $18.1 million, or $0.51 per diluted common share, for the first quarter of 2023. The company saw positive average linked quarter deposit growth, while average loan totals were flat. Non-interest income was boosted by asset management revenue, and the residential mortgage team performed well. Credit costs were favorable for the quarter, with net charge-offs running lower than the initial full-year assumption.
Deposit average balances increased by 2.6% annualized.
Non-interest income was up 6.0%.
Delinquent loans decreased by 12% and net charge-offs were down 11 basis points to 0.02%.
All regulatory capital ratios increased, including Tier 1, which rose 30 basis points to 12.49%.
Premier Financial anticipates modest loan and deposit growth for the year and remains confident in its ability to deliver on the full-year growth objectives. The organization anticipates continued favorable expense performance over the course of the year. A strong economy, continued low unemployment, and modest loan growth targets combined with low delinquencies and non-performing asset levels support the expectation for continued favorable credit results.
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