WesBanco (WSBC) Sees Growth in Total Assets and Stockholders' Equity

By Bobby Samwell • Saturday, September 14 08:18 • Permanent Link

Premier Financial Corp. has released its audited consolidated financial statements for the year ended December 31, 2023, and the figures reveal several significant changes compared to the previous period.

In terms of the company's financial position, its total assets increased to $8,625,949, up from $8,455,342 in 2022. The significant components of this increase included a rise in securities available-for-sale, which totaled $946,708 in 2023 compared to $1,040,081 in 2022. Additionally, loans held for sale saw a notable increase to $145,641 in 2023 from $115,251 in 2022. Moreover, loans receivable, net of allowance for credit losses, grew to $6,662,875 in 2023 from $6,387,804 in 2022.

On the liabilities and stockholders' equity side, the company's total stockholders' equity rose to $975,627 in 2023, compared to $887,721 in 2022. This increase was primarily driven by a rise in retained earnings, which reached $569,937 in 2023, up from $502,909 in 2022.

Moving on to the income statement, Premier Financial Corp. reported a substantial increase in interest income, which amounted to $365,510 in 2023, compared to $277,712 in 2022. This growth was primarily attributed to higher income from loans, which totaled $332,208 in 2023, up significantly from $249,561 in 2022. Conversely, interest expense also increased to $122,407 in 2023 from $24,909 in 2022.

The company's goodwill balance totaled $295,602,000 as of December 31, 2023, and it performed a goodwill impairment test annually as of November 30, or in between annual tests if events or changes in circumstances indicated that it is more likely than not that the fair value of the reporting unit is less than the carrying amount. The impairment assessment compared the fair value of the company’s single reporting unit with its carrying amount (including goodwill).

These figures indicate a strong financial performance for Premier Financial Corp., with significant increases in total assets, stockholders' equity, and interest income compared to the previous period. The market has reacted to these announcements by moving the company's shares 2.6% to a price of $30.82. Check out the company's full 8-K submission here.

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