Loading...
•
Jun 30, 2022
Premier Financial Q2 2022 Earnings Report
Announced strong second quarter results with substantial loan and deposit growth.
Key Takeaways
Premier Financial Corp. reported a net income of $22.4 million, or $0.63 per diluted common share, for the second quarter of 2022. This compares to $31.4 million, or $0.84 per diluted common share, for the second quarter of 2021. The results reflect strong loan and deposit growth, offset by increased provision for credit losses, lower PPP interest income, and securities losses.
Loan growth of $494.1 million (up 35.7% annualized) including $314.8 million for commercial loans excluding PPP (up 34.5% annualized) and $139.2 million for residential loans including held for sale (up 37.8% annualized)
Deposit growth of $199.1 million (up 12.6% annualized) including $53.4 million of non-interest-bearing (up 12.3% annualized)
Net interest income (tax equivalent) of $59.3 million or $58.5 million excluding PPP and marks, up 2.1% and 8.8%, respectively, from 2022 first quarter
Asset quality improved with non-performing loans down 26.6% and classified loans down 19.0% from 2022 first quarter
Forward Guidance
The rising rate environment is having a predictably favorable effect on net interest income. Margin improvement combined with outstanding loan growth make a powerful combination overcoming the unfavorable effects of a flat to inverted yield curve. The favorable interest income trend is serving to offset the negative effect the current rate environment has created for the residential mortgage business. While the mortgage origination activity has performed well during the first half of the year, the combination of rising rates, interest rate volatility, and general market uncertainty continues to put pressure on gain on sale fee income and is expected to continue through the remainder of the year.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...