Premier Financial Corp. has announced its full year 2024 results, including a declared dividend of $0.31 per share. The fourth quarter of 2024 saw the company achieve earnings per share of $0.58, a $0.12 increase from the third quarter of 2024. Net interest margin also increased by 13 basis points to 2.63% from the third quarter of 2024, and efficiency ratio improved to 60.4% or 57.1% excluding transaction costs, from the third quarter of 2024.
The company's average deposits, excluding brokered deposits, increased by 2% from 2023, while average interest-earning assets increased by 1% from 2023. Book value per share was reported at $27.95, representing a 2.3% increase from year-end 2023, and tangible book value per share reached $19.47, a 4.2% increase from the same period.
In terms of the strategic merger with WesBanco, Inc., during the fourth quarter of 2024, the approval of shareholders of both Premier Financial Corp. and WesBanco, Inc. was obtained. The transaction remains on track, subject to regulatory approvals and satisfaction or waiver of other customary closing conditions.
The company's net income for the fourth quarter of 2024 was $20.8 million, or $0.58 per diluted common share, compared to income of $20.1 million, or $0.56 per diluted common share, for the fourth quarter of 2023. Excluding the impact of transaction costs, fourth quarter 2024 earnings were $22.6 million or $0.63 per diluted common share.
Net interest income of $52.4 million on a tax equivalent (“TE”) basis in the fourth quarter of 2024 was up 4.2% from the third quarter of 2024 and consistent with $52.6 million in the fourth quarter of 2023. The TE net interest margin of 2.63% in the fourth quarter of 2024 increased 13 basis points from 2.50% in the third quarter of 2024.
Non-interest income in the fourth quarter of 2024 of $13.1 million was up 3.9% from the third quarter of 2024, and up 10.8% from the fourth quarter of 2023, primarily due to mortgage banking income.
The total non-interest expenses in the fourth quarter of 2024 were $37.2 million, a 5.0% decrease from the third quarter of 2024, and a 1.9% decrease from the fourth quarter of 2023.
Net income for the full year 2024 was $71.4 million, or $1.98 per diluted common share, compared to income of $111.3 million, or $3.11 per diluted common share for the full year 2023. Excluding the impact of transaction costs, 2024 core earnings were $75.9 million or $2.12 per diluted common share.
The company's total assets at December 31, 2024, were $8.58 billion, compared to $8.73 billion at September 30, 2024, and $8.63 billion at December 31, 2023.
Premier Financial Corp. declared a quarterly cash dividend of $0.31 per common share payable February 7, 2025, to shareholders of record at the close of business on January 31, 2025. As a result of these announcements, the company's shares have moved -0.0% on the market, and are now trading at a price of $25.18. If you want to know more, read the company's complete 8-K report here.
