Completes sale of insurance agency for $36 million gain

Strengthens capital, liquidity and interest rate asset sensitivity

Second Quarter 2023 Highlights

Completed sale of insurance agency at a significant gain that strengthens capital without diluting future earnings
Executed hedges to improve asset-sensitivity and provide protection against additional rate increases
CET1 ratio increased 80 basis points to 10.81% and tangible equity ratio increased 52 basis points to 7.55% from the prior quarter
Loan growth of $132.7 million (up 8.1% annualized), including $75.2 million for commercial loans excluding PPP (up 7.0% annualized)
Declared dividend of $0.31 per share, up 3.3% from prior year comparable period

Premier Financial Corp. (NASDAQ:PFC) ("Premier" or the "Company") announced today 2023 second quarter results, including net income of $48.4 million or $1.35 per diluted common share, compared to $22.4 million, or $0.63 per diluted common share, for the second quarter of 2022. Second quarter 2023 results include the impact of the disposition of the Company's insurance agency, First Insurance Group ("FIG"), for a net gain on sale after transaction costs of $32.6 million pre-tax or $0.67 per diluted share after-tax. Excluding the impact of this transaction, second quarter 2023 earnings would be $0.68 per diluted share.

"Premier's second quarter performance reflected the expected increase in quarterly co

Premier Financial Corp. Announces Second Quarter 2023 Results