Premier reports strong quarter
YOUNGSTOWN — Premier Financial Corp., the holding company for Youngstown-based Premier Bank, grew its loan portfolio by $132.4 million in the first quarter, up 10 percent annualized, the company announced.
The growth included $97.4 million in commercial loans, up 11 percent annualized, according to Premier’s first quarter 2022 financial results. The loan amounts do not include Paycheck Protection Program loans made by Premier, but represent organic growth.
Deposits grew by $35.2 million, or 2.2 percent annualized and the company reported net income of $26.4 million, which is down from $41 million in the first quarter of 2021.
The first three months were “a very solid start for 2022 with excellent new business activity resulting in double digit core loan growth on an annualized basis … Consumer lending was also on the move, growing over 18 percent annualized for the quarter. We are pleased to see meaningful growth contributions from each of our nine markets,” Gary Small, president / CEO of Premier, said.
At the end of the quarter on March 31, Premier’s total assets were $7.59 billion, up year-over-year from $7.53 billion, and compared to the end of 2021, up from $7.48 billion.
Premier’s board declared a quarterly cash dividend of 30 cents per common share payable May 13 to shareholders of record on May 6.