YOUNGSTOWN – Premier Financial Corp., the holding company of Defiance-based Premier Bank, reported net income of $ 28.4 million for the third quarter of 2021, an increase of $ 2.7 million from the same quarter of last year.
For the nine months ended September 30, net income was $ 100.7 million, compared to $ 32.2 million in the first three quarters of 2020.
The comparison from one year to the next is “Significantly impacted” through the acquisition on January 31 of United Community Financial Corp. (UCFC), the holding company of the former Home Savings Bank.
Premier Financial Corp. was created by the merger of UCFC and the First Federal Bank of the Midwest. The bank’s headquarters are in Youngstown.
In addition, loans increased by $ 64.4 million, excluding Paycheck Protection Program loans. The amount included $ 37.2 million for commercial loans during the quarter.
“We are very pleased to report our second consecutive quarter of strong loan growth of 5.1% on an annualized basis. “ Premier Gary Small said in a statement announcing quarterly results. “Commercial, residential and consumer staples mortgages each contributed over 4.4% for the period.
“New commercial and consumer business pipelines are at their highest for the year, with companies voicing workforce constraints as more of a concern than supply chain challenges at this point. Household deposits remain high and consumer loan delinquencies continue to sit at historically low levels. Customers are well positioned as we head into the next holiday season, “ he said.
Total assets as of September 30 were $ 7.47 billion, compared to $ 7.59 billion as of June 30 and $ 6.97 billion as of September 30, 2020. Total deposits as of September 30 were also at $ 6.25 billion, up from $ 6.29 billion on June 30 and $ 5.8 billion a year ago.
Equity stood at $ 1.03 billion as at September 30, compared to $ 1.03 billion as at June 30 and $ 959 million as at September 30, 2020. The increase in equity over the previous year is mainly due to net income, according to Premier. The company also completed the repurchase of 206,285 common shares for $ 6 million during the third quarter of 2021. As of September 30, 1,628,149 common shares were still available for repurchase under the company’s existing authorization.
The board of directors of Premier Financial Corp. declared a quarterly cash dividend of 28 cents per common share payable November 19 to shareholders of record at the close of business on November 12.
The dividend represents an annual dividend of 3.44% based on the closing price of Premier common stock on October 27. Premier has approximately 36,978,000 common shares outstanding.