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![PREMIER FINANCIAL CORP [PFC] reports annual net loss of $111.3 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FPFC.png&w=1200&q=75)
PREMIER FINANCIAL CORP [PFC] has reported a net loss of $111.3 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $365.5 million
Based in DEFIANCE, Ohio, PREMIER FINANCIAL CORP operates in the FINANCE sector.
The consolidated statements of income for the fiscal year ending December 31, 2023, show a significant increase in various financial metrics compared to the previous fiscal years.
In terms of interest income, total interest income for the period amounted to $365.51 million, representing a substantial increase from $277.71 million in the previous year and $243.59 million in the year before that. This increase was mainly driven by higher interest income from loans, investment securities, and interest-bearing deposits.
On the other hand, interest expenses also increased, with total interest expenses for the period reaching $148.42 million, compared to $34.79 million in the previous year and $16.22 million in the year before that. Despite the higher expenses, the net interest income for the current period was $217.09 million, slightly lower than the $242.92 million reported in the previous year but higher than the $227.37 million from two years ago.
The provision for credit losses also showed improvements, with a decrease in credit loss expenses for loans and leases, resulting in a net interest income after provision for credit losses of $211.86 million for the current period, compared to $228.63 million in the previous year and $234.42 million two years ago.
Non-interest income saw a significant increase, totaling $90.85 million for the current period compared to $62.16 million in the previous year and $79.33 million two years ago. This increase was driven by higher service fees, insurance commissions, and gain on the sale of non-mortgage loans and securities.
Non-interest expenses also increased, with total non-interest expenses reaching $163.23 million for the current period compared to $164.51 million in the previous year and $157.32 million two years ago.
Overall, the income before income taxes for the current period was $139.48 million, higher than the $126.28 million reported in the previous year but lower than the $156.42 million from two years ago. After accounting for federal income taxes, the net income for the current period was $111.30 million, an increase from $102.19 million in the previous year but a decrease from $126.05 million two years ago.
Earnings per common share for the current period were recorded at $3.11 for both basic and diluted, showing an improvement from $2.86 and $2.85, respectively, in the previous year and remaining consistent with $3.39 in the year before that.
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