Declared dividend of $0.31 per share

First Quarter 2024 Highlights

Deposit average balances up 2.6% annualized
Earning asset average balances up 1.0% annualized
Loans/Deposits ratio down 110 basis points
Non-interest income up 6.0%
Non-interest expenses down 7% from first quarter 2023 or flat excluding insurance agency expenses
Delinquent loans down 12% and net charge-offs down 11 basis points to 0.02%
All regulatory capital ratios up including Tier 1 up 30 basis points to 12.49%

Premier Financial Corp. (NASDAQ:PFC) ("Premier" or the "Company") announced today 2024 first quarter results. Net income for the first quarter of 2024 was $17.8 million, or $0.50 per diluted common share, compared to $18.1 million, or $0.51 per diluted common share, for the first quarter of 2023.

"Premier's overall financial performance for the first quarter was generally in line with our expectations," said Gary Small, President and CEO of Premier. "Many elements of the business are off to a strong start, and there are clearly areas of opportunity to focus on."

"The commercial business got off to a slow start in January and February as clients seemed to pause to evaluate interest rate expectations, macroeconomic environmental factors, etc." Small continued. "Our clients showed a preference for using their cash on hand to finance capital expenditures and larger working capital needs versus traditional borrowing habits or drawing down on lines of credit. March saw a return to more typical commercial activity for the bank, with stronger new business numbers and an expanded business pipeline."

"Our consumer households continue to manage their finances effectively," continued Small. Delinquencies declined for the quarter, net charge-off levels remain low, and average consumer deposits grew 7.5% annualized from December to March."

"Overall, we saw very positive average linked quarter deposit growth while average loan totals were flat on a linked quarter basis," Small continued. "We have projected modest loan and deposit growth for the year and remain confident in our ability to deliver on the full year growth objectives."

"Non-interest income was boosted by continued strong asset management revenue, and the residential mortgage team posted better than anticipated results," continued Small. "The ‘new build' housing market, a strength for the organization, remains active and represented approximately 50% of our origination activity during the quarter. The organization's quarterly expense run rate was favorable and we anticipate continued favorable expense performance over the course of the year."

"Credit costs were favorable for the quarter," added Small. "Net charge-offs are running lower than our initial full year assumption. A strong economy, continued low unemployment, and modest loan growth targets combined with low delinquencies and non-performing asset levels support our expectation for continued favorable credit results."

Quarterly results

Net interest income and margin

Net interest income of $49.6 million on a tax equivalent ("TE") basis in the first quarter of 2024 was down 5.6% from $52.6 million in the fourth quarter of 2023 and down 12.0% from $56.3 million in the first quarter of 2023. The TE net interest margin of 2.50% in the first quarter of 2024 decreased 15 basis points from 2.65% in the fourth quarter of 2023 and 40 basis points from 2.90% in the first quarter of 2023. These results are primarily impacted by deposit balance/cost increases and loan balance/yield decreases.

Total deposits increased 2.3% annualized, or $40.3 million, during the first quarter of 2024, due to a $13.5 million increase in customer deposits (up 0.8% annualized) and an increase of $26.8 million in brokered deposits. Total average interest-bearing deposit costs increased 18 basis points to 3.01% for the first quarter of 2024. This increase was primarily due to new customer acquisitions and the migration of customers from non-interest-bearing deposits into interest-bearing deposits, including higher cost time deposits, as customers continue to seek better yields. Total average customer deposit costs including non-interest bearing and excluding brokered deposits and acquisition marks were 2.29% during the month of March, representing a cumulative beta of 40% compared to the change in the monthly average effective Federal Funds rate that increased 525 basis points to 5.33% since December 2021, as reported by the Federal Reserve Economic Data.

Total loans including held-for-sale decreased 3.1% annualized, or $53.8 million, during the first quarter of 2024, primarily due to a $28.8 million decrease in commercial loans and a $15.8 million decrease in mortgage loans including held-for-sale. Total average loan yields decreased two basis points to 5.19% for the first quarter of 2024. This decrease was primarily due to paydowns of floating-rate commercial lines of credit and payoffs of certain higher yielding fixed-rate loans. Total average loan yields excluding PPP, balance sheet hedges and acquisition marks were 5.29% during the month of March (up 5 basis points from 5.24% in December), representing a cumulative beta of 29% compared to the change in the monthly average effective Federal Funds rate for the same period.

"Net interest income remains the most challenging profitability component we face," said Small. "For the quarter, we experienced a sharper decline than anticipated. There were three primary drivers of the decline: lower commercial non-interest-bearing deposit balances tied to increased client utilization of cash on hand, continued mix migration from lower to higher yielding deposit products, and slightly below plan average loan balances for the quarter. We anticipate recovering a good portion of commercial non-interest-bearing deposit balances as clients rebuild their liquidity, and we expect average loan balances to rebound in the near term. Regarding mix migration, we initiated actions in early March designed to lower our deposit portfolio funding costs. Results to-date have been encouraging, and the effort will be expanded. While Premier's performance will clearly benefit from future rate cuts initiated by the Federal Reserve, we are committed to managing the business issues within our control to achieve a better outcome today."

Non-interest income

Total non-interest income in the first quarter of 2024 of $12.5 million was up 6.0% from $11.8 million in the fourth quarter of 2023, and up 61.5% from $7.7 million in the first quarter of 2023, excluding insurance commissions, primarily due to fluctuations in mortgage banking and gains/losses on securities. Mortgage banking income increased $1.5 million on a linked quarter basis and $2.6 million year-over-year, primarily as a result of fluctuations in gain margins and MSR valuation adjustments.

Security losses were $37 thousand in the first quarter of 2024, compared to gains of $675 thousand in the fourth quarter of 2023 and losses of $1.4 million in the first quarter of 2023, primarily due to valuation changes on equity securities. Service fees in the first quarter of 2024 were $6.5 million, a 4.3% decrease from $6.8 million in the fourth quarter of 2023, but a 0.6% increase from $6.4 million in the first quarter of 2023. This change was primarily due to fluctuations in loan fees, including commercial customer swap activity. Due to the insurance agency sale in the second quarter of 2023, there were no insurance commissions in the first quarter of 2024, compared to $4.7 million in the first quarter of 2023. Wealth management income of $1.7 million in the first quarter of 2024 was down slightly from $1.8 million in the fourth quarter of 2023 and 15.4% higher than $1.5 million in the first quarter of 2023. BOLI income of $1.7 million in the first quarter of 2024 included $0.5 million of claim gains, compared to $1.5 million in the fourth quarter of 2023, including $0.5 million of claim gains, and $1.4 million in the first quarter of 2023, including $0.4 million of claim gains.

Non-interest expenses

Non-interest expenses in the first quarter of 2024 were $39.9 million, a 5.3% increase from $37.9 million in the fourth quarter of 2023, but a 6.8% decrease from $42.8 million in the first quarter of 2023. Compensation and benefits were $23.4 million in the first quarter of 2024, compared to $21.0 million in the fourth quarter of 2023 and $25.7 million in the first quarter of 2023. The linked quarter increase was primarily due to annual merit increases and lower deferred costs as a result of lower loan production. The year-over-year decrease was primarily due to the insurance agency sale, partially offset by costs related to higher staffing levels and higher base compensation, including 2024 annual adjustments. Data processing costs were $4.7 million in the first quarter of 2024, compared to $4.7 million in the fourth quarter of 2023 and $3.9 million in the first quarter of 2023, with the year-over-year increase primarily due to the new digital platform launched in October 2023. All other non-interest expenses decreased a net $0.4 million on a linked quarter basis due to cost saving initiatives and decreased a net $1.4 million on a year-over-year basis due to the insurance agency sale and cost saving initiatives. The efficiency ratio for the first quarter of 2024 was 64.2% compared to 59.5% in the fourth quarter of 2023 and 60.9% in the first quarter of 2023.

"Our cost containment efforts continue to be successful with first quarter expenses coming in less than expected," said Paul Nungester, CFO of Premier. "Similar to 2023, we are committed to cost saving initiatives to help alleviate on-going net interest income challenges."

Credit quality

Non-performing assets totaled $39.3 million, or 0.46% of assets, at March 31, 2024, an increase from $35.7 million at December 31, 2023, and from $34.8 million at March 31, 2023. Loan delinquencies decreased to $18.3 million, or 0.27% of loans, at March 31, 2024, from $20.9 million at December 31, 2023, but increased from $11.1 million at March 31, 2023. Criticized loans totaled $191.5 million, or 2.78% of loans, as of March 31, 2024, an increase from $186.4 million at December 31, 2023, and from $123.9 million at March 31, 2023.

The 2024 first quarter results include net charge-offs of $0.4 million and a total provision benefit of $0.1 million, compared with net loan charge-offs of $2.5 million and a total provision expense of $3.7 million for the same period in 2023. The change in provision is due to both lower charge-offs and a decrease in loans during the first quarter of 2024 compared to an increase in loans during the first quarter of 2023. The allowance for credit losses as a percentage of total loans was 1.15% at March 31, 2024, compared with 1.14% at December 31, 2023, and 1.13% at March 31, 2023.

Total assets at $8.63 billion

Total assets at March 31, 2024, were $8.63 billion, compared to $8.63 billion at December 31, 2023, and $8.56 billion at March 31, 2023. Loans receivable were $6.69 billion at March 31, 2024, compared to $6.74 billion at December 31, 2023, and $6.58 billion at March 31, 2023. Securities at March 31, 2024, were $1.02 billion, compared to $0.95 billion at December 31, 2023, and $1.00 billion at March 31, 2023. All securities are either AFS or trading and are reflected at fair value on the balance sheet. Also, at March 31, 2024, goodwill and other intangible assets totaled $306.8 million compared to $307.8 million at December 31, 2023, and $335.8 million at March 31, 2023, with the year-over-year decrease primarily due to the insurance agency sale.

Total non-brokered deposits at March 31, 2024, were $6.81 billion, compared with $6.80 billion at December 31, 2023, and $6.62 billion at March 31, 2023. At March 31, 2024, customer deposits increased $13.5 million on a linked quarter basis, or 0.8% annualized. Brokered deposits were $368.8 million at March 31, 2024, compared to $341.9 million at December 31, 2023 and $154.9 million at March 31, 2023. FHLB borrowings declined to $253.0 million at March 31, 2024, from $280.0 million at December 31, 2023, and from $658.0 million at March 31, 2023.

Total stockholders' equity was $974.3 million at March 31, 2024, compared to $975.6 million at December 31, 2023, and $914.5 million at March 31, 2023. The quarterly decrease in stockholders' equity was primarily due to a decrease in AOCI, which included $5.3 million for a negative valuation adjustment on the AFS securities portfolio, mostly offset by net earnings after dividends. The year-over-year increase was primarily due to net earnings after dividends including the impact the insurance agency sale offset partially offset by a decrease in AOCI, which included $4.6 million for negative valuation adjustments on the AFS securities portfolio. At March 31, 2024, 1,199,634 common shares remained available for repurchase under the Company's existing repurchase program.

Regulatory ratios all improved during the first quarter of 2024, including CET1 of 11.99%, Tier 1 of 12.49% and Total Capital of 14.35%. All of these ratios also exceed well-capitalized guidelines pro forma for including accumulated other comprehensive income ("AOCI"), including CET1 of 9.66%, Tier 1 of 10.16% and Total Capital of 12.03%.

"We continue to carefully manage capital levels in light of the current uncertain economic environment," said Nungester. "Tangible equity was essentially flat from prior quarter with net income offsetting dividends and a decrease in AOCI. Regulatory ratios each increased approximately 30 basis points to further enhance our capital foundation."

Dividend to be paid May 10

The Board of Directors declared a quarterly cash dividend of $0.31 per common share payable May 10, 2024, to shareholders of record at the close of business on May 3, 2024. The dividend represents an annual dividend of 6.16% percent based on the Premier common stock closing price on April 22, 2024. Premier has approximately 35,814,000 common shares outstanding.

Conference call

Premier will host a conference call at 10:00 a.m. ET on Wednesday, April 24, 2024, to discuss the earnings results and business trends. The conference call may be accessed by calling 1-833-470-1428 and using access code 477589. Internet access to the call is also available (in listen-only mode) at the following URL: https://events.q4inc.com/attendee/254838453. The webcast replay of the conference call will be available at www.PremierFinCorp.com for one year.

About Premier Financial Corp.

Premier Financial Corp. (NASDAQ:PFC), headquartered in Defiance, Ohio, is the holding company for Premier Bank. Premier Bank, headquartered in Youngstown, Ohio, operates 76 branches and 9 loan offices in Ohio, Michigan, Indiana and Pennsylvania and also serves clients through a team of wealth professionals dedicated to each community banking branch. For more information, visit the company's website at PremierFinCorp.com.

Financial Statements and Highlights Follow-

Safe Harbor Statement

This document may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements may include, but are not limited to, statements regarding projections, forecasts, goals and plans of Premier Financial Corp. and its management, future movements of interests, loan or deposit production levels, future credit quality ratios, future strength in the market area, and growth projections. These statements do not describe historical or current facts and may be identified by words such as "intend," "intent," "believe," "expect," "estimate," "target," "plan," "anticipate," or similar words or phrases, or future or conditional verbs such as "will," "would," "should," "could," "might," "may," "can," or similar verbs. There can be no assurances that the forward-looking statements included in this presentation will prove to be accurate. In light of the significant uncertainties in the forward-looking statements, the inclusion of such information should not be regarded as a representation by Premier or any other persons, that our objectives and plans will be achieved. Forward-looking statements involve numerous risks and uncertainties, any one or more of which could affect Premier's business and financial results in future periods and could cause actual results to differ materially from plans and projections. These risks and uncertainties include, but not limited to: financial markets, our customers, and our business and results of operation; disruptions in the mortgage market; risks and uncertainties inherent in general and local banking, insurance and mortgage conditions; political uncertainty; uncertainty in U.S. fiscal or monetary policy including interest rate policies of the Federal Reserve; uncertainty concerning or disruptions relating to tensions surrounding the current socioeconomic landscape; competitive factors specific to markets in which Premier and its subsidiaries operate; increasing competition for financial products from other financial institutions and nonbank financial technology companies; future interest rates and changes or volatility in interest rate levels; legislative or regulatory rulemaking or actions; capital market conditions; security breaches or unauthorized disclosure of confidential customer or Company information; interruptions in the effective operation of information and transaction processing systems of Premier or Premier's vendors and service providers; failures or delays in integrating or adopting new technology; the impact of the cessation of LIBOR interest rates and implementation of a replacement rate; and other risks and uncertainties detailed from time to time in our Securities and Exchange Commission (SEC) filings, including our Annual Report on Form 10-K for the year ended December 31, 2023 and any further amendments thereto. All forward-looking statements made in this presentation are based on information presently available to the management of Premier and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law. As required by U.S. GAAP, Premier will evaluate the impact of subsequent events through the issuance date of its March 31, 2024, consolidated financial statements as part of its Quarterly Report on Form 10-Q to be filed with the SEC. Accordingly, subsequent events could occur that may cause Premier to update its critical accounting estimates and to revise its financial information from that which is contained in this news release.

Non-GAAP Reporting Measures

We believe that net income, as defined by U.S. GAAP, is the most appropriate earnings measurement. However, we consider core net interest income, core net income and core pre-tax pre-provision income to be a useful supplemental measure of our operating performance. We define core net interest income as net interest income on a tax-equivalent basis excluding income from PPP loans and purchase accounting marks accretion. We define core net income as net income excluding the after-tax impact of the insurance agency gain on sale and related transaction costs. We define core pre-tax pre-provision income as pre-tax pre-provision income excluding the pre-tax impact of the insurance agency gain on sale and related transaction costs. We believe that these metrics are useful supplemental measures of operating performance because investors and equity analysts may use these measures to compare the operating performance of the Company between periods or as compared to other financial institutions or other companies on a consistent basis without having to account for income from PPP loans, purchase accounting marks accretion or the insurance agency sale. Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and ratings agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, they are utilized by the Board of Directors to evaluate management. The supplemental reporting measures do not represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other financial institutions or other companies. Please see the exhibits for reconciliations of our supplemental reporting measures.


Consolidated Balance Sheets (Unaudited)
Premier Financial Corp.

	March 31,			December 31,			September 30,			June 30,			March 31,
(in thousands)		2024			2023			2023			2023			2023

Assets
Cash and cash equivalents
Cash and amounts due from depositories	$	57,956		$	81,973		$	70,642		$	71,096		$	68,628
Interest-bearing deposits		31,725			32,783			46,855			50,631			88,399
		89,681			114,756			117,497			121,727			157,027

Available-for-sale, carried at fair value		1,014,433			946,708			911,184			961,123			998,128
Equity securities, carried at fair value		5,736			5,773			5,860			6,458			6,387
Securities investments		1,020,169			952,481			917,044			967,581			1,004,515

Loans (1)		6,693,745			6,739,387			6,696,869			6,708,568			6,575,829
Allowance for credit losses - loans		(76,679	)		(76,512	)		(76,513	)		(75,921	)		(74,273	)
Loans, net		6,617,066			6,662,875			6,620,356			6,632,647			6,501,556
Loans held for sale		137,523			145,641			135,218			128,079			119,604
Mortgage servicing rights		18,628			18,696			19,642			20,160			20,654
Accrued interest receivable		34,795			33,446			34,648			30,056			29,388
Federal Home Loan Bank stock		26,075			21,760			25,049			39,887			37,056
Bank Owned Life Insurance		182,203			181,544			172,906			171,856			170,841
Office properties and equipment		57,231			56,878			55,679			55,736			55,982
Real estate and other assets held for sale		255			243			387			561			393
Goodwill		295,602			295,602			295,602			295,602			317,988
Core deposit and other intangibles		11,196			12,186			13,220			14,298			17,804
Other assets		140,630			129,841			155,628			138,021			129,508
Total Assets	$	8,631,054		$	8,625,949		$	8,562,876		$	8,616,211		$	8,562,316

Liabilities and Stockholders' Equity
Non-interest-bearing deposits	$	1,467,161		$	1,591,979		$	1,545,595		$	1,573,837		$	1,649,726
Interest-bearing deposits		5,347,444			5,209,123			5,127,863			5,007,358			4,969,436
Brokered deposits		368,782			341,944			392,181			413,237			154,869
Total deposits		7,183,387			7,143,046			7,065,639			6,994,432			6,774,031
Advances from FHLB		253,000			280,000			339,000			455,000			658,000
Subordinated debentures		85,261			85,229			85,197			85,166			85,123
Advance payments by borrowers		16,861			23,277			22,781			26,045			26,300
Reserve for credit losses - unfunded commitments		3,614			4,307			4,690			5,708			6,577
Other liabilities		114,590			114,463			126,002			112,889			97,835
Total Liabilities		7,656,713			7,650,322			7,643,309			7,679,240			7,647,866
Stockholders' Equity
Preferred stock		-			-			-			-			-
Common stock, net		306			306			306			306			306
Additional paid-in-capital		689,468			690,585			690,038			689,579			689,807
Accumulated other comprehensive income (loss)		(162,081	)		(153,719	)		(200,282	)		(168,721	)		(153,709	)
Retained earnings		576,648			569,937			560,945			547,336			510,021
Treasury stock, at cost		(130,000	)		(131,482	)		(131,440	)		(131,529	)		(131,975	)
Total Stockholders' Equity		974,341			975,627			919,567			936,971			914,450
Total Liabilities and Stockholders' Equity	$	8,631,054		$	8,625,949		$	8,562,876		$	8,616,211		$	8,562,316

(1) Includes PPP loans of:	$	417		$	469		$	526		$	577		$	791


Consolidated Statements of Income (Unaudited)
Premier Financial Corp.
	Three Months Ended
(in thousands, except per share amounts)	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23
Interest Income:
Loans	$	87,597		$	87,924		$	86,612		$	81,616		$	76,057
Investment securities		7,602			7,013			6,943			6,997			7,261
Interest-bearing deposits		609			740			652			641			444
FHLB stock dividends		534			621			690			905			394
Total interest income		96,342			96,298			94,897			90,159			84,156
Interest Expense:
Deposits		42,567			39,250			34,874			26,825			21,458
FHLB advances		3,039			3,328			4,597			8,217			5,336
Subordinated debentures		1,162			1,169			1,162			1,125			1,075
Notes Payable		-			-			-			-			-
Total interest expense		46,768			43,747			40,633			36,167			27,869
Net interest income		49,574			52,551			54,264			53,992			56,287
Provision (benefit) for credit losses - loans		560			2,143			245			1,410			3,944
Provision (benefit) for credit losses - unfunded commitments		(693	)		(382	)		(1,018	)		(870	)		(238	)
Total provision (benefit) for credit losses		(133	)		1,761			(773	)		540			3,706
Net interest income after provision		49,707			50,790			55,037			53,452			52,581
Non-interest Income:
Service fees and other charges		6,467			6,761			6,947			7,190			6,428
Mortgage banking income		2,350			802			3,274			2,940			(274	)
Gain (loss) on sale of non-mortgage loans		67			94			-			71			-
Gain (loss) on sale of available for sale securities		-			10			-			(7	)		34
Gain (loss) on equity securities		(37	)		665			256			71			(1,445	)
Gain on sale of insurance agency		-			-			-			36,296			-
Insurance commissions		-			-			-			4,131			4,725
Wealth management income		1,713			1,791			1,509			1,537			1,485
Income from Bank Owned Life Insurance		1,697			1,532			1,050			1,015			1,417
Other non-interest income		239			134			217			102			92
Total Non-interest Income		12,496			11,789			13,253			53,346			12,462
Non-interest Expense:
Compensation and benefits		23,394			20,963			21,813			24,175			25,658
Occupancy		3,365			3,318			3,145			3,320			3,574
FDIC insurance premium		1,120			1,383			1,346			1,786			1,288
Financial institutions tax		1,035			761			989			961			852
Data processing		4,670			4,678			4,010			3,640			3,863
Amortization of intangibles		990			1,033			1,078			1,223			1,270
Transaction costs		-			-			-			3,652			-
Other non-interest expense		5,326			5,757			5,671			5,738			6,286
Total Non-interest Expense		39,900			37,893			38,052			44,495			42,791
Income before income taxes		22,303			24,686			30,238			62,303			22,252
Income tax expense		4,514			4,616			5,551			13,912			4,103
Net Income	$	17,789		$	20,070		$	24,687		$	48,391		$	18,149


Earnings per common share:
Basic	$	0.50		$	0.56		$	0.69		$	1.35		$	0.51
Diluted	$	0.50		$	0.56		$	0.69		$	1.35		$	0.51

Average Shares Outstanding:
Basic		35,772			35,655			35,730			35,722			35,606
Diluted		35,771			35,772			35,794			35,800			35,719


Premier Financial Corp.
Selected Quarterly Information
	Three Months Ended
(dollars in thousands, except per share data)	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23
Summary of Operations
Tax-equivalent interest income (1)	$	96,417		$	96,340		$	94,951		$	90,226		$	84,260
Interest expense		46,768			43,747			40,633			36,167			27,869
Tax-equivalent net interest income (1)		49,649			52,593			54,318			54,059			56,391
Provision expense for credit losses		(133	)		1,761			(773	)		540			3,706
Non-interest income (ex securities gains/losses)		12,533			11,114			12,997			53,282			13,873
Core non-interest income (ex securities gains/losses) (2)		12,533			11,114			12,997			16,986			13,873
Non-interest expense		39,900			37,893			38,052			44,495			42,791
Core non-interest expense (2)		39,900			37,893			38,052			40,843			42,791
Income tax expense		4,514			4,616			5,551			13,912			4,103
Net income		17,789			20,070			24,687			48,391			18,149
Core net income (2)		17,789			20,070			24,687			24,230			18,149
Tax equivalent adjustment (1)		75			42			54			67			104
At Period End
Total assets	$	8,631,054		$	8,625,949		$	8,562,876		$	8,616,211		$	8,562,316
Goodwill and intangibles		306,798			307,788			308,822			309,900			335,792
Tangible assets (3)		8,324,256			8,318,161			8,254,054			8,306,311			8,226,524
Earning assets		7,832,558			7,815,540			7,744,522			7,818,825			7,751,130
Loans		6,693,745			6,739,387			6,696,869			6,708,568			6,575,829
Allowance for loan losses		76,679			76,512			76,513			75,921			74,273
Deposits		7,183,387			7,143,046			7,065,639			6,994,432			6,774,031
Stockholders' equity		974,341			975,627			919,567			936,971			914,450
Stockholders' equity / assets		11.29	%		11.31	%		10.74	%		10.87	%		10.68	%
Tangible equity (3)		667,543			667,839			610,745			627,071			578,658
Tangible equity / tangible assets		8.02	%		8.03	%		7.40	%		7.55	%		7.03	%
Average Balances
Total assets	$	8,591,947		$	8,536,193		$	8,582,219		$	8,597,786		$	8,433,100
Earning assets		7,956,887			7,936,648			7,969,363			7,951,520			7,783,850
Loans		6,745,823			6,754,782			6,763,232			6,714,240			6,535,080
Deposits and interest-bearing liabilities		7,476,431			7,447,324			7,486,595			7,538,674			7,385,946
Deposits		7,144,343			7,098,265			7,045,827			6,799,605			6,833,521
Stockholders' equity		974,560			930,835			939,456			921,441			901,587
Goodwill and intangibles		307,226			308,243			309,330			334,862			336,418
Tangible equity (3)		667,334			622,592			630,126			586,579			565,169
Per Common Share Data
Earnings per share ("EPS") - Basic	$	0.50		$	0.56		$	0.69		$	1.35		$	0.51
EPS - Diluted		0.50			0.56			0.69			1.35			0.51
EPS - Core diluted (2)		0.50			0.56			0.69			0.68			0.51
Dividends Paid		0.31			0.31			0.31			0.31			0.31
Market Value:
High	$	24.50		$	24.87		$	22.89		$	21.01		$	27.80
Low		18.68			15.79			15.70			13.60			20.39
Close		20.30			24.10			17.06			16.02			20.73
Common Book Value		27.20			27.31			25.74			26.23			25.61
Tangible Common Book Value (3)		18.64			18.69			17.09			17.55			16.21
Shares outstanding, end of period (000s)		35,817			35,730			35,731			35,727			35,701
Performance Ratios (annualized)
Tax-equivalent net interest margin (1)		2.50	%		2.65	%		2.73	%		2.72	%		2.90	%
Return on average assets		0.83	%		0.93	%		1.14	%		2.26	%		0.86	%
Core return on average assets (2)		0.83	%		0.93	%		1.14	%		1.13	%		0.86	%
Return on average equity		7.34	%		8.55	%		10.43	%		21.06	%		8.07	%
Core return on average equity (2)		7.34	%		8.55	%		10.43	%		10.55	%		8.07	%
Return on average tangible equity		10.72	%		12.79	%		15.54	%		33.09	%		12.88	%
Core return on average tangible equity (2)		10.72	%		12.79	%		15.54	%		16.57	%		10.51	%
Efficiency ratio (4)		64.17	%		59.48	%		56.53	%		41.45	%		60.90	%
Core efficiency ratio (2)		64.17	%		59.48	%		56.53	%		57.49	%		60.90	%
Non-interest expenses / average assets		1.87	%		1.76	%		1.76	%		2.08	%		2.06	%
Core non-interest expenses / average assets		1.87	%		1.76	%		1.76	%		1.91	%		2.06	%
Effective tax rate		20.24	%		18.70	%		18.36	%		22.33	%		18.44	%
Common dividend payout ratio		62.00	%		55.36	%		44.93	%		22.96	%		60.78	%

(1) Interest income on tax-exempt securities and loans has been adjusted to a tax-equivalent basis using the statutory federal income tax rate of 21%.
(2) Core items exclude the impact of insurance agency disposition related items. See non-GAAP reconciliations.
(3) Tangible assets = total assets less the sum of goodwill and core deposit and other intangibles. Tangible equity = total stockholders' equity less the sum of goodwill, core deposit and other intangibles, and preferred stock. Tangible common book value = tangible equity divided by shares outstanding at the end of the period.
(4) Efficiency ratio = Non-interest expense divided by sum of tax-equivalent net interest income plus non-interest income, excluding securities gains or losses, net.


Premier Financial Corp.
Yield Analysis
(dollars in thousands)	Three Months Ended
	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23
Average Balances
Interest-earning assets:
Loans receivable (1)	$	6,745,823		$	6,754,782		$	6,763,232		$	6,714,240		$	6,535,080
Securities		1,152,346			1,121,231			1,137,730			1,155,451			1,190,359
Interest Bearing Deposits		34,924			36,761			38,210			36,730			35,056
FHLB stock		23,794			23,874			30,191			45,099			30,353
Total interest-earning assets		7,956,887			7,936,648			7,969,363			7,951,520			7,790,848
Non-interest-earning assets		635,060			599,545			612,856			646,266			642,252
Total assets	$	8,591,947		$	8,536,193		$	8,582,219		$	8,597,786		$	8,433,100
Deposits and Interest-bearing Liabilities:
Interest bearing deposits	$	5,650,823		$	5,541,498		$	5,490,945		$	5,195,727		$	5,078,510
FHLB advances and other		246,846			263,848			355,576			653,923			467,311
Subordinated debentures		85,242			85,211			85,179			85,146			85,114
Notes payable		-			-			13			-			-
Total interest-bearing liabilities		5,982,911			5,890,557			5,931,713			5,934,796			5,630,935
Non-interest bearing deposits		1,493,520			1,556,767			1,554,882			1,603,878			1,755,011
Total including non-interest-bearing deposits		7,476,431			7,447,324			7,486,595			7,538,674			7,385,946
Other non-interest-bearing liabilities		140,956			158,034			156,168			137,671			145,567
Total liabilities		7,617,387			7,605,358			7,642,763			7,676,345			7,531,513
Stockholders' equity		974,560			930,835			939,456			921,441			901,587
Total liabilities and stockholders' equity	$	8,591,947		$	8,536,193		$	8,582,219		$	8,597,786		$	8,433,100
IEAs/IBLs		133	%		135	%		134	%		134	%		138	%

Interest Income/Expense
Interest-earning assets:
Loans receivable (2)	$	87,603		$	87,929		$	86,618		$	81,622		$	76,063
Securities (2)		7,671			7,050			6,991			7,058			7,359
Interest Bearing Deposits		609			740			652			641			444
FHLB stock		534			621			690			905			394
Total interest-earning assets		96,417			96,340			94,951			90,226			84,260
Deposits and Interest-bearing Liabilities:
Interest bearing deposits	$	42,567		$	39,250		$	34,874		$	26,825		$	21,458
FHLB advances and other		3,039			3,328			4,597			8,217			5,336
Subordinated debentures		1,162			1,169			1,162			1,125			1,075
Notes payable		-			-			-			-			-

Premier Financial Corp. Announces First Quarter 2024 Results