Premier Financial Corp. (NASDAQ: PFC) has announced its second-quarter 2024 results and a strategic merger with WesBanco, Inc. (NASDAQ: WSBC). The company reported net income for the second quarter of 2024 at $16.2 million, or $0.45 per diluted common share, compared to income of $48.4 million, or $1.35 per diluted common share, for the second quarter of 2023. The net interest income of $49.3 million on a tax-equivalent ("TE") basis in the second quarter of 2024 was down 0.7% from the first quarter of 2024 and down 8.8% from the second quarter of 2023.
Total non-interest income in the second quarter of 2024 was $12.1 million, down 3.3% from the first quarter of 2024 and down 6.5% from the second quarter of 2023, excluding insurance commissions and the gain on the sale of the insurance agency. Non-interest expenses, excluding transaction costs, were $38.2 million in the second quarter of 2024, a 4.4% decrease from the first quarter of 2024 and a 6.6% decrease from the second quarter of 2023, excluding transaction costs for the insurance agency sale.
The company reported net income for the first half of 2024 at $34.0 million, or $0.95 per diluted common share, compared to income of $66.5 million, or $1.86 per diluted common share for the first half of 2023. Net interest income of $98.9 million on a TE basis for the first half of 2024 was down 10.4% from $110.4 million in the first half of 2023. Total non-interest income in the first half of 2024 was $24.6 million, up 19.0% from $20.7 million in the first half of 2023, excluding insurance commissions and the gain on the sale of the insurance agency.
Total assets at June 30, 2024, were $8.78 billion, compared to $8.63 billion at March 31, 2024, and $8.62 billion at June 30, 2023. Loans receivable were $6.68 billion at June 30, 2024, compared to $6.69 billion at March 31, 2024, and $6.71 billion at June 30, 2023.
The board of directors declared a quarterly cash dividend of $0.31 per common share payable August 16, 2024, to shareholders of record at the close of business on August 9, 2024. The dividend represents an annual dividend yield of 4.9% based on the premier common stock closing price.
Premier Financial Corp. and WesBanco, Inc. announced the signing of a definitive merger agreement under which Premier will merge into WesBanco in a stock-for-stock transaction. Shareholders of Premier will receive 0.80 shares of WesBanco common stock for each share of Premier common stock. Upon closing, Premier shareholders will own approximately 30% of the combined company. The transaction is expected to close in the first quarter of 2025, subject to the approval of shareholders of both Premier and WesBanco and regulatory approvals, as well as satisfaction or waiver of other customary closing conditions. Today the company's shares have moved 2.2% to a price of $26.04. If you want to know more, read the company's complete 8-K report here.
