Income, loans grow at Premier
YOUNGSTOWN — Premier Financial Corp., the holding company for Youngstown-based Premier Bank, reported 2020 net income of $63.1 million, up from $49.4 million in 2019.
Excluding expenses related to the merger of United Community Financial Corp. of Youngstown and Defiance-based First Federal Bank of the Midwest to create Premier Bank, net income for 2020 was $99.3 million.
Loans grew $2.7 billion, including $2.3 billion as a result of the merger and deposits grew $3.2 billion, also mostly as the result of the merger. Of that $1.1 billion was organic growth, according to the company.
Total assets for the year were $7.1 billion, compared with $3.4 billion in 2019. Also, the company reported earnings of $1.75 per share, or $2.76 minus merger expenses, compared with $2.48, or $2.54 minus merger expenses.