Core Viewpoint - PetroFrontier Corp. is facing significant delays in filing its annual financial statements, leading to a management cease trade order and a failure-to-file cease trade order from the Alberta Securities Commission, resulting in a halt of trading of its common shares on the TSX Venture Exchange [1][2]. Group 1: Company Updates - The Alberta Securities Commission issued a management cease trade order to PetroFrontier due to delays in filing its annual financial statements for the year ended December 31, 2024 [1]. - A failure-to-file cease trade order was issued on July 17, 2025, which has halted the trading of the company's common shares [1]. - The delays in filing are attributed to the receipt of financial and other required information from the general partner of the company's limited partnership investment, affecting the external auditor's ability to complete the audit [1]. Group 2: Financial Reporting - The company's interim financial statements for the three months ended March 31, 2025, will only be filed after the annual financial statements are submitted [2]. - The board of directors and management are actively working to meet the obligations related to the filing of both the annual and interim financial statements [2]. Group 3: Company Profile - PetroFrontier is a junior energy company focused on developing two Mannville heavy oil plays located in the Cold Lake and Wabasca areas of Alberta [3].

Credit Losses and Loan Performance - As of December 31, 2024, Premier's allowance for credit losses totaled $75.7 million, a slight decrease from $76.5 million at December 31, 2023[55] - The provision for credit losses for 2024 was $3.89 million, down from $7.74 million in 2023, primarily due to lower volume[57] - Total charge-offs for 2024 amounted to $5.96 million, compared to $6.76 million in 2023, indicating a decrease in loan losses[56] - The allowance for credit losses to total loans ratio at the end of 2024 was 1.17%, slightly up from 1.14% in 2023[56] - Net charge-offs for the year represented 0.10% of average loans, an increase from 0.06% in 2023[56] - The allowance for credit losses to total non-performing loans ratio was 93.45% at the end of 2024, down from 215.58% in 2023[56] Deposits and Funding - Premier had $54.7 million in brokered deposits as of December 31, 2024, compared to $341.9 million in 2023[62] - The bank had $507.0 million in advances outstanding from the FHLB at December 31, 2024, up from $280.0 million in 2023[64] - Premier's total deposits increased to $7.1 billion in 2024, with an average rate of 2.41% compared to 1.77% in 2023[63] Employment and Dividends - The company employed 938 individuals as of December 31, 2024, with 94.7% being full-time employees[69] - The Bank paid $60 million in dividends in 2024 and $26.5 million in dividends in 2023, with an additional cash contribution of $29.8 million from Premier in 2023[94] - Premier's ability to pay dividends is primarily dependent on receiving dividends from its subsidiaries, and the Federal Reserve may require Premier to retain capital for further investment in the Bank[95] Regulatory Environment - The FDIC insures deposit accounts of the Bank up to a maximum amount of $250,000 per separately insured depositor[96] - The Bank's primary federal regulator is the FDIC, and it is also subject to regulations from the Ohio Division of Financial Institutions[72] - Premier became a financial holding company in 2020, allowing it to engage in a wider variety of financial activities[73] - The Basel III Capital Rules require a minimum common equity tier 1 (CET1) capital ratio of 4.5%, a minimum tier 1 capital ratio of 6.0%, and a minimum total capital ratio of 8.0%[85] - As of December 31, 2024, the Bank met the capital ratio requirements to be deemed "well-capitalized" according to regulatory guidelines[92] - The Economic Growth, Regulatory Relief and Consumer Protection Act eased regulations for bank holding companies with consolidated assets of less than $100 billion, including Premier[82] - The Federal Reserve has the authority to impose limitations on the activities of financial holding companies if they fail to meet capital requirements[78] Deposit Insurance and Risk Management - The FDIC set a Designated Reserve Ratio (DRR) target of 2.0% for the Deposit Insurance Fund (DIF) to withstand future crises[98] - As of June 30, 2020, the DRR declined below the statutory minimum of 1.35% due to extraordinary growth in insured deposits[98] - The FDIC projected in June 2022 that the DRR was at risk of not reaching the statutory minimum of 1.35% by the September 30, 2028 deadline[98] - An amended restoration plan was approved, proposing a uniform increase in initial base deposit insurance assessment rates by two basis points, effective January 1, 2023[98] Community Reinvestment and Compliance - The CRA requires banks to meet the credit needs of their entire community, including low- and moderate-income neighborhoods, with a satisfactory rating received by the Bank[109] - The final rule issued on October 24, 2023, aims to strengthen CRA regulations, with applicability starting January 1, 2026[109] - The Volcker Rule exempts community banks with total consolidated assets of $10 billion or less from certain trading restrictions[111] - The Bank has established policies to comply with the Patriot Act, which requires enhanced due diligence and identification procedures for new accounts[110] Interest Rate Risk Management - The Company monitors interest rate risk quarterly through simulation analysis, assessing the impact of a 100 basis point shift in interest rates on net interest income[292] - As of December 31, 2024, the sensitivity of net interest income to a +400 basis point change in interest rates is projected to decrease by 7.1% compared to a decrease of 9.9% as of December 31, 2023[294] - The estimated change in economic value of equity (EVE) for a +400 basis point increase in rates is a decrease of 30.3% as of December 31, 2024, compared to a decrease of 30.7% for the previous year[296] - For a -100 basis point change in interest rates, the projected increase in net interest income is 2.1% for December 31, 2024, down from 2.5% for December 31, 2023[294] - The EVE analysis indicates a 5.5% increase for a -100 basis point change in rates as of December 31, 2024, compared to 7.1% for the previous year[296] - The company utilizes a dynamic model for deposit beta assumptions, which incorporates historical experience and market rates[295] - The analysis of net interest income sensitivity shows a decrease in both rising and falling rate environments compared to the previous year, primarily due to changes in re-pricing expectations on deposits[293] - The company’s simulation scenarios for interest rate changes remain within Board mandated guidelines as of December 31, 2024[294] - The EVE analysis incorporates key assumptions such as asset prepayments and loan and deposit volumes, which can significantly impact modeled results[295] - The company assumes a static balance sheet for simulation analysis, with new asset and liability pricing based on recent production results[295] - The results of the interest rate risk evaluation highlight potential discrepancies in asset and liability reactions to market interest rate changes[296]

Company Overview - Premier Financial (PFC) currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), suggesting a favorable outlook for investors [3] Performance Metrics - Over the past week, PFC shares have increased by 8.59%, significantly outperforming the Zacks Banks - Northeast industry, which rose by only 0.5% [5] - In a longer time frame, PFC's monthly price change is 9.23%, compared to the industry's 1.11% [5] - For the past quarter, PFC shares have risen by 11.99%, and over the last year, they have increased by 26.32%, while the S&P 500 has only moved 4.45% and 25.58%, respectively [6] Trading Volume - PFC's average 20-day trading volume is 178,546 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, one earnings estimate for PFC has increased, while none have decreased, leading to a consensus estimate rise from $2.15 to $2.19 [9] - For the next fiscal year, one estimate has moved upwards with no downward revisions during the same period [9] Conclusion - Considering the strong performance metrics and positive earnings outlook, PFC is positioned as a 2 (Buy) stock with a Momentum Score of A, making it a potential candidate for near-term investment [11]

Core Viewpoint - Premier Financial (PFC) reported quarterly earnings of $0.63 per share, exceeding the Zacks Consensus Estimate of $0.51 per share, and showing an increase from $0.56 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was 23.53%, with the company previously expected to post earnings of $0.51 per share but actually producing $0.54, resulting in a surprise of 5.88% [2] - Premier Financial's revenues for the quarter ended December 2024 were $65.35 million, surpassing the Zacks Consensus Estimate by 2.11%, compared to $64.34 million in the same quarter last year [3] Market Performance - Since the beginning of the year, Premier Financial shares have decreased by approximately 1.7%, while the S&P 500 has gained 2% [4] - The current Zacks Rank for Premier Financial is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [7] Future Outlook - The consensus EPS estimate for the upcoming quarter is $0.50 on revenues of $64 million, and for the current fiscal year, it is $2.15 on revenues of $263 million [8] - The outlook for the industry, specifically the Banks - Northeast sector, is currently in the top 25% of over 250 Zacks industries, suggesting a favorable environment for performance [9]

[Overview and Strategic Developments](index=1&type=section&id=Overview%20and%20Strategic%20Developments) This section details Premier Financial Corp.'s strategic merger with Wesbanco and its recent dividend declaration [Strategic Merger with Wesbanco, Inc.](index=1&type=section&id=Strategic%20Merger%20with%20Wesbanco%2C%20Inc.) Premier Financial Corp. announced an all-stock merger with Wesbanco, Inc., pending regulatory approvals after shareholder consent - PFC will merge with WSBC in a stock-for-stock transaction, with PFC shareholders receiving **0.80 WSBC shares** for each PFC share[2](index=2&type=chunk) - Upon closing, PFC shareholders will own approximately **30%** of the combined entity[2](index=2&type=chunk) - Shareholder approval from both companies was obtained in **Q4 2024**; the merger is pending regulatory approval[2](index=2&type=chunk) [Dividend Declaration](index=1&type=section&id=Dividend%20Declaration) The Board declared a quarterly cash dividend of $0.31 per common share, payable February 7, 2025 Dividend Information | Metric | Value | | :--- | :--- | | Quarterly Dividend per Share | $0.31 | | Payable Date | February 7, 2025 | | Record Date | January 31, 2025 | | Annual Dividend Yield | 4.93% (as of Jan 20, 2025) | [Financial Performance](index=1&type=section&id=Financial%20Performance) This section provides an overview of Premier Financial Corp.'s financial results for the fourth quarter and full year 2024 [Fourth Quarter 2024 Highlights](index=1&type=section&id=Fourth%20Quarter%202024%20Highlights) Q4 2024 saw improved earnings per share and net interest margin, driven by lower deposit costs and efficiency gains Q4 2024 Key Metrics vs. Q3 2024 | Metric | Q4 2024 Value | Change from Q3 2024 | | :--- | :--- | :--- | | EPS (GAAP) | $0.58 | +$0.12 | | EPS (Excluding transaction costs) | $0.63 | +$0.09 | | Net Interest Margin | 2.63% | +13 bps | | Interest-Bearing Deposit Costs | 2.85% | -30 bps | | Efficiency Ratio (GAAP) | 60.4% | -6.8% (Improvement) | Q4 2024 vs Q4 2023 Earnings | Metric | Q4 2024 | Q4 2023 | | :--- | :--- | :--- | | Net Income | $20.8 million | $20.1 million | | Diluted EPS | $0.58 | $0.56 | | Net Income (Core) | $22.6 million | N/A | | Diluted EPS (Core) | $0.63 | N/A | [Full Year 2024 Highlights](index=1&type=section&id=Full%20Year%202024%20Highlights) Full year 2024 net income decreased due to a prior-year asset sale, but core earnings remained strong with improved tangible book value Full Year 2024 vs 2023 Performance | Metric | Full Year 2024 | Full Year 2023 | | :--- | :--- | :--- | | Net Income | $71.4 million | $111.3 million | | Diluted EPS | $1.98 | $3.11 | | Core Net Income | $75.9 million | $87.1 million | | Core Diluted EPS | $2.12 | $2.44 | - Average deposits (excluding brokered) increased by **2%** from 2023[3](index=3&type=chunk) - Book value per share increased by **2.3%** to **$27.95**, and tangible book value per share increased by **4.2%** to **$19.47** from year-end 2023[3](index=3&type=chunk) [Net Interest Income and Margin](index=4&type=section&id=Full%20Year%20Net%20Interest%20Income%20and%20Margin) Full-year 2024 tax-equivalent net interest income decreased by 7.3%, with margin contraction due to rising cost of funds Full Year Net Interest Income & Margin | Metric | Full Year 2024 | Full Year 2023 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income (TE) | $201.6 million | $217.4 million | -7.3% | | Net Interest Margin (TE) | 2.52% | 2.75% | -23 bps | | Average Loan Yield | 5.26% | 4.96% | +30 bps | | Cost of Funds | 2.43% | 1.87% | +56 bps | [Non-interest Income](index=4&type=section&id=Full%20Year%20Non-interest%20Income) Full-year 2024 non-interest income, excluding a prior-year sale, grew 9.9%, driven by wealth management and service fees - Excluding the 2023 insurance agency sale, non-interest income increased **9.9%** year-over-year to **$50.2 million**[17](index=17&type=chunk) - Wealth management income grew **17.5%** to **$7.4 million**[18](index=18&type=chunk) - Service fees increased **5.2%** to **$28.8 million**, driven by commercial swap activity and consumer interchange/NSF charges[18](index=18&type=chunk) [Non-interest Expenses](index=4&type=section&id=Full%20Year%20Non-interest%20Expenses) Full-year 2024 core non-interest expenses decreased by 3.3%, but the core efficiency ratio worsened due to revenue decline Full Year Non-interest Expenses | Metric | Full Year 2024 | Full Year 2023 | Change | | :--- | :--- | :--- | :--- | | Core Non-interest Expenses | $154.3 million | $159.6 million | -3.3% | | Compensation & Benefits | $86.3 million | $92.6 million | -6.8% | | Data Processing Costs | $19.9 million | $16.2 million | +22.8% | | Core Efficiency Ratio | 61.4% | 58.6% | +2.8% (Worsened) | [Provision for Credit Losses](index=4&type=section&id=Full%20Year%20Provision%20for%20Credit%20Losses) Full-year 2024 provision for credit losses decreased significantly to $2.5 million due to lower loan balances Full Year Credit Loss Provision | Metric | Full Year 2024 | Full Year 2023 | | :--- | :--- | :--- | | Total Provision Expense | $2.5 million | $5.2 million | | Net Loan Charge-offs | $4.7 million | $4.0 million | [Detailed Fourth Quarter 2024 Analysis](index=2&type=section&id=Detailed%20Fourth%20Quarter%202024%20Analysis) Q4 2024 showed sequential improvements in net interest income and efficiency, but credit quality metrics worsened year-over-year [Net Interest Income and Margin](index=2&type=section&id=Q4%20Net%20Interest%20Income%20and%20Margin) Q4 2024 tax-equivalent net interest income increased sequentially, driven by a 13 basis point margin expansion from lower deposit costs Q4 2024 Net Interest Income & Margin | Metric | Q4 2024 | Q3 2024 | Q4 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income (TE) | $52.4 million | $50.3 million | $52.6 million | | Net Interest Margin (TE) | 2.63% | 2.50% | 2.65% | - The margin increase was driven by management's implementation of rate reductions in certain deposit tiers and lower wholesale funding costs[7](index=7&type=chunk) - Total loans decreased by **$115.7 million** during the quarter, mainly from a **$67.7 million** decrease in commercial loans[6](index=6&type=chunk) [Non-interest Income](index=2&type=section&id=Q4%20Non-interest%20Income) Q4 2024 total non-interest income increased to $13.1 million, primarily driven by growth in mortgage banking income Q4 2024 Non-interest Income Breakdown | Income Source | Q4 2024 | Q3 2024 | Q4 2023 | | :--- | :--- | :--- | :--- | | Total Non-interest Income | $13.1 million | $12.6 million | $11.8 million | | Mortgage Banking Income | $1.8 million (approx) | $1.2 million | $0.8 million | | Service Fees | $7.5 million | $7.8 million | $6.8 million | | Wealth Management Income | $2.0 million | $1.9 million | $1.8 million | [Non-interest Expenses](index=3&type=section&id=Q4%20Non-interest%20Expenses) Q4 2024 core non-interest expenses decreased by 5.0% to $37.2 million, improving the core efficiency ratio to 57.1% Q4 2024 Non-interest Expense Breakdown | Expense Category | Q4 2024 | Q3 2024 | Q4 2023 | | :--- | :--- | :--- | :--- | | Total Non-interest Expenses | $39.3 million | $41.9 million | $37.9 million | | Transaction Costs | $2.1 million | $2.8 million | $0 million | | Core Non-interest Expenses | $37.2 million | $39.1 million | $37.9 million | | Compensation and Benefits | $19.8 million | $21.8 million | $21.0 million | - The core efficiency ratio improved to **57.1%** in Q4 2024, compared to **62.7%** in Q3 2024 and **59.5%** in Q4 2023[11](index=11&type=chunk) [Credit Quality](index=3&type=section&id=Q4%20Credit%20Quality) Credit quality metrics as of Q4 2024 showed increased non-performing assets and criticized loans year-over-year Credit Quality Indicators (as of Dec 31, 2024) | Metric | Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | Non-performing Assets | $81.7 million | $82.3 million | $35.7 million | | NPA / Total Assets | 0.95% | N/A | 0.41% | | Criticized Loans | $263.3 million | $245.7 million | $186.4 million | | Allowance / Total Loans | 1.17% | 1.16% | 1.14% | - Q4 2024 included net charge-offs of **$1.1 million** and a provision expense of only **$11 thousand**, compared to **$2.1 million** in charge-offs and a **$1.8 million** provision in Q4 2023[13](index=13&type=chunk) [Financial Position](index=5&type=section&id=Financial%20Position) This section analyzes Premier Financial Corp.'s balance sheet, stockholders' equity, and regulatory capital ratios as of year-end 2024 [Balance Sheet Analysis](index=5&type=section&id=Balance%20Sheet%20Analysis) As of December 31, 2024, total assets and loans decreased, while brokered deposits were significantly reduced and FHLB borrowings increased Key Balance Sheet Items (as of Dec 31, 2024) | Balance Sheet Item | Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | Total Assets | $8.58 billion | $8.73 billion | $8.63 billion | | Loans Receivable | $6.48 billion | $6.59 billion | $6.74 billion | | Securities | $1.16 billion | $1.20 billion | $0.95 billion | | Brokered Deposits | $54.7 million | $287.4 million | $341.9 million | | FHLB Borrowings | $507.0 million | $345.0 million | $280.0 million | [Stockholders' Equity and Capital Ratios](index=5&type=section&id=Stockholders%27%20Equity%20and%20Capital%20Ratios) Year-end 2024 stockholders' equity remained strong, with improved tangible book value and capital ratios significantly exceeding guidelines Stockholders' Equity (as of Dec 31, 2024) | Equity Metric | Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | Total Stockholders' Equity | $1.00 billion | $1.02 billion | $0.98 billion | | Tangible Equity | $697.7 million | $714.1 million | $667.8 million | Regulatory Capital Ratios (as of Dec 31, 2024) | Ratio | Value | Well-Capitalized Guideline | | :--- | :--- | :--- | | CET1 Ratio | 12.63% | >6.5% | | Tier 1 Capital Ratio | 13.14% | >8.0% | | Total Capital Ratio | 15.02% | >10.0% | [Financial Statements and Supplementary Data](index=6&type=section&id=Financial%20Statements%20and%20Supplementary%20Data) This section provides detailed consolidated financial statements, key quarterly performance data, and supplementary analyses of yields, deposits, loans, credit quality, and non-GAAP reconciliations [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets provide a detailed quarterly snapshot of assets, liabilities, and equity from December 2023 to December 2024 Consolidated Balance Sheet Highlights (in thousands) | (in thousands) | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Total Loans, net | $6,400,939 | $6,662,875 | | Total Assets | $8,581,575 | $8,625,949 | | **Liabilities & Equity** | | | | Total Deposits | $6,849,799 | $7,143,046 | | Total Liabilities | $7,579,762 | $7,650,322 | | Total Stockholders' Equity | $1,001,813 | $975,627 | [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) This statement details the company's revenues, expenses, and profitability for Q4 and full-year 2024, compared to 2023 Consolidated Income Statement Highlights (in thousands) | (in thousands) | Year Ended 12/31/24 | Year Ended 12/31/23 | | :--- | :--- | :--- | | Net Interest Income | $201,269 | $217,093 | | Total Provision for Credit Losses | $2,489 | $5,234 | | Total Non-interest Income | $50,211 | $90,849 | | Total Non-interest Expenses | $159,314 | $163,231 | | Net Income | $71,404 | $111,295 | | Diluted EPS | $1.98 | $3.11 | [Selected Quarterly Information](index=11&type=section&id=Selected%20Quarterly%20Information) This section summarizes key financial data and performance ratios quarterly for the past five quarters and full years 2023-2024 Key Performance Ratios (Annualized) | Ratio | Q4 2024 | Q3 2024 | Q4 2023 | Full Year 2024 | Full Year 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | | Tax-equivalent net interest margin | 2.63% | 2.50% | 2.65% | 2.52% | 2.75% | | Return on average assets | 0.96% | 0.76% | 0.93% | 0.83% | 1.30% | | Return on average equity | 8.15% | 6.64% | 8.55% | 7.22% | 12.05% | | Core efficiency ratio | 57.09% | 62.68% | 59.48% | 61.43% | 58.60% | [Yield Analysis](index=14&type=section&id=Yield%20Analysis) This section analyzes average balances and annualized yields of interest-earning assets and liabilities, detailing net interest margin drivers Annualized Average Rates | Category | Q4 2024 | Q3 2024 | Q4 2023 | Full Year 2024 | Full Year 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total interest-earning assets | 4.91% | 4.99% | 4.86% | 4.92% | 4.62% | | Total interest-bearing liabilities | 3.03% | 3.26% | 2.97% | 3.16% | 2.54% | | Net interest spread | 1.88% | 1.73% | 1.89% | 1.76% | 2.08% | | Net interest margin | 2.63% | 2.50% | 2.65% | 2.52% | 2.75% | [Deposits and Liquidity](index=17&type=section&id=Deposits%20and%20Liquidity) This section details deposit composition and liquidity, showing $3.1 billion in available liquidity as of December 31, 2024 Deposit Composition (Ending Balances, in thousands) | Deposit Type | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Non-interest-bearing | $1,475,513 | $1,591,979 | | Interest-bearing | $5,319,598 | $5,209,123 | | Brokered deposits | $54,688 | $341,944 | | **Total deposits** | **$6,849,799** | **$7,143,046** | Liquidity Sources (as of Dec 31, 2024, in thousands) | Source | Amount | | :--- | :--- | | Cash and cash equivalents | $121,489 | | Unpledged securities at fair value | $565,124 | | FHLB borrowing capacity | $900,370 | | Brokered deposits | $800,926 | | Federal Reserve (Discount Window, etc.) | $645,265 | | **Total** | **$3,103,174** | [Loans and Capital](index=19&type=section&id=Loans%20and%20Capital) This section details the $6.48 billion loan portfolio composition and regulatory capital structure, including a 12.63% CET1 ratio Loan Portfolio Composition (as of Dec 31, 2024, in thousands) | Loan Category | Balance | | :--- | :--- | | Residential real estate | $1,767,513 | | Commercial real estate | $2,895,356 | | Commercial construction | $388,620 | | Commercial excluding PPP | $957,344 | | Consumer loans | $454,040 | | **Total loans** | **$6,476,627** | Capital Ratios (as of Dec 31, 2024) | Ratio | Value | | :--- | :--- | | CET1 Ratio | 12.63% | | Tier 1 Capital Ratio | 13.14% | | Total Capital Ratio | 15.02% | [Credit Quality Information](index=21&type=section&id=Credit%20Quality%20Information) This section provides detailed tables on loan delinquency, non-accrual loans, and criticized loan risk ratings as of Q4 2024 Loan Delinquency (as of Dec 31, 2024) | Status | Balance (in thousands) | % of Gross Loans | | :--- | :--- | :--- | | 30 to 89 days past due | $21,198 | 0.32% | | Non-Accrual | $80,995 | 1.21% | Loan Risk Ratings (as of Dec 31, 2024) | Rating | Balance (in thousands) | % of Gross Loans | | :--- | :--- | :--- | | Special Mention | $133,997 | 2.01% | | Classified | $129,297 | 1.94% | Non-Performing Assets & Ratios (as of Dec 31, 2024) | Metric | Value | | :--- | :--- | | Total non-performing assets | $81,732 thousand | | Non-performing assets / total assets | 0.95% | | Allowance for credit losses / non-performing loans | 93.45% | [Mortgage and Credit Information](index=23&type=section&id=Mortgage%20and%20Credit%20Information) This section details Q4 2024 mortgage banking revenue and the allowance for credit losses, which stood at $75.7 million Mortgage Banking Summary (Q4 2024, in thousands) | Metric | Value | | :--- | :--- | | Mortgage banking gains, net | $1,203 | | Revenue from servicing, net | $568 | | **Total revenue from sale/servicing** | **$1,771** | Allowance for Credit Losses (ACL) Roll-forward (Q4 2024, in thousands) | Item | Amount | | :--- | :--- | | Beginning allowance (Oct 1, 2024) | $76,142 | | Provision for credit losses | $632 | | Net charge-offs | ($1,086) | | **Ending allowance (Dec 31, 2024)** | **$75,688** | [Non-GAAP Reconciliations](index=25&type=section&id=Non-GAAP%20Reconciliations) This section reconciles non-GAAP financial measures like core net income and efficiency ratio to their GAAP equivalents Reconciliation of Net Income to Core Net Income (in thousands) | (in thousands) | Q4 2024 | Full Year 2024 | | :--- | :--- | :--- | | Net income (GAAP) | $20,774 | $71,404 | | Add: Transaction costs (pre-tax) | $2,129 | $4,969 | | Less: Tax impact of adjustments | ($340) | ($516) | | **Core net income (Non-GAAP)** | **$22,563** | **$75,857** | Reconciliation of Efficiency Ratio to Core Efficiency Ratio | Ratio | Q4 2024 | Full Year 2024 | | :--- | :--- | :--- | | Efficiency Ratio (GAAP) | 60.36% | 63.41% | | **Core Efficiency Ratio (Non-GAAP)** | **57.09%** | **61.43%** |

Core Insights - 2iG Solutions, Inc. has successfully implemented its PFC Insight solution at Johnson & Johnson Preferred Financing, enhancing data analytics and AI reporting capabilities for premium finance companies [1][2] - The PFC Insight solution addresses the inefficiencies faced by premium finance companies in acquiring actionable intelligence from their core systems, which often provide basic reports lacking in-depth analysis [1] - The solution integrates seamlessly with existing systems like Vertafore's FinancePro™, allowing users to generate custom reports using plain language, thus improving operational efficiency [2][3] Company Overview - 2iG Solutions specializes in artificial intelligence and data-driven technologies, offering SaaS-based solutions that provide business intelligence through analytics and dynamic dashboards [3] - The company aims to simplify the reporting process for premium finance companies, managing general agents, and insurance carriers, thereby freeing up IT resources from developing custom reports [3]

Core Insights - Premier Financial (PFC) reported a revenue of $62.76 million for the quarter ended September 2024, reflecting a year-over-year decline of 7.1% [1] - The earnings per share (EPS) for the same period was $0.54, down from $0.69 a year ago, with a surprise of +5.88% compared to the consensus estimate of $0.51 [1] - The reported revenue was a surprise of -2.78% against the Zacks Consensus Estimate of $64.55 million [1] Financial Metrics - Tax-equivalent net interest margin stood at 2.5%, matching the average estimate based on two analysts [1] - The efficiency ratio was reported at 67.2%, higher than the two-analyst average estimate of 60% [1] - Total non-interest income was $12.57 million, slightly above the average estimate of $12.55 million [1] - Tax-equivalent net interest income was $50.26 million, below the two-analyst average estimate of $51.50 million [1] Stock Performance - Shares of Premier Financial have returned +0.7% over the past month, compared to the Zacks S&P 500 composite's +2.8% change [2] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [2]

Group 1: Earnings Performance - Premier Financial reported quarterly earnings of $0.54 per share, exceeding the Zacks Consensus Estimate of $0.51 per share, but down from $0.69 per share a year ago, indicating a 21.74% year-over-year decline [1] - The earnings surprise for the quarter was 5.88%, while the previous quarter saw a negative surprise of -10% [1] - The company posted revenues of $62.76 million for the quarter, missing the Zacks Consensus Estimate by 2.78% and down from $67.52 million year-over-year, marking a decline of 13.06% [1] Group 2: Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.52 on revenues of $65.2 million, and for the current fiscal year, it is $1.98 on revenues of $254 million [4] - The estimate revisions trend for Premier Financial is currently favorable, resulting in a Zacks Rank 2 (Buy), suggesting the stock is expected to outperform the market in the near future [4] Group 3: Industry Context - The Banks - Northeast industry, to which Premier Financial belongs, is currently ranked in the top 21% of over 250 Zacks industries, indicating a strong performance potential [5] - Another company in the same industry, Midland States Bancorp, is expected to report quarterly earnings of $0.63 per share, reflecting a year-over-year decline of 19.2%, with revenues anticipated to be $72.9 million, down 5.1% from the previous year [5]

[Third Quarter 2024 Results](index=1&type=section&id=Third%20Quarter%202024%20Results) [Third Quarter Highlights](index=1&type=section&id=Third%20Quarter%20Highlights) Premier Financial Corp. reported Q3 2024 EPS of $0.46 ($0.54 adjusted), announced a strategic merger, and improved average deposits and net interest margin Q3 2024 Key Performance Indicators | Metric | Q3 2024 Value | Change from Q2 2024 | | :--- | :--- | :--- | | **Earnings Per Share (EPS)** | $0.46 | +$0.01 | | **EPS (Excluding Transaction Costs)** | $0.54 | +$0.09 | | **Net Interest Margin** | 2.50% | +4 bps | | **Book Value Per Share** | $28.43 | +16% annualized | | **Tangible Book Value Per Share** | $19.92 | +24% annualized | | **Quarterly Dividend** | $0.31 | - | - Average deposits, excluding brokered deposits, saw a **5% annualized increase** from the second quarter of 2024[1](index=1&type=chunk) [Strategic Merger with Wesbanco, Inc.](index=1&type=section&id=Strategic%20merger) Premier Financial Corp. entered an all-stock merger agreement with Wesbanco, with PFC shareholders receiving 0.80 WSBC shares per PFC share, pending Q1 2025 close - PFC will merge with WSBC in a stock-for-stock transaction[2](index=2&type=chunk) - PFC shareholders will receive **0.80 shares of WSBC common stock** for each PFC share[2](index=2&type=chunk) - The transaction is expected to close in **Q1 2025**, subject to shareholder and regulatory approvals[2](index=2&type=chunk) [Quarterly Financial Results](index=1&type=section&id=Quarterly%20results) Q3 2024 net income was $16.7 million ($0.46 diluted EPS), a decrease from Q3 2023, primarily due to $2.8 million in pre-tax merger transaction costs Q3 2024 vs. Q3 2023 Performance | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | **Net Income** | $16.7 million | $24.7 million | | **Diluted EPS** | $0.46 | $0.69 | | **Transaction Costs (Pre-tax)** | $2.8 million | - | | **Adjusted Net Income** | $19.3 million | $24.7 million | | **Adjusted Diluted EPS** | $0.54 | $0.69 | [Year-to-Date Financial Results](index=3&type=section&id=Year%20to%20date%20results) Year-to-date 2024 net income was $50.6 million ($1.41 per share), a decrease from 2023, impacted by merger costs in 2024 and an insurance agency sale gain in 2023 Nine Months Ended Sept 30 - Performance Summary | Metric | 2024 | 2023 | | :--- | :--- | :--- | | **Net Income** | $50.6 million | $91.2 million | | **Diluted EPS** | $1.41 | $2.55 | | **Core Net Income** | $53.3 million | $67.1 million | | **Core Diluted EPS** | $1.49 | $1.87 | - 2024 results were impacted by **$2.8 million** in pre-tax merger transaction costs[10](index=10&type=chunk) - 2023 results included a **$32.6 million** pre-tax net gain from the sale of the insurance agency[10](index=10&type=chunk)[11](index=11&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) [Net Interest Income and Margin](index=2&type=section&id=Net%20interest%20income%20and%20margin) Q3 2024 tax-equivalent net interest income was $50.3 million, with net interest margin improving to 2.50% sequentially due to lower funding costs, but down year-over-year Net Interest Income and Margin Analysis | Metric | Q3 2024 | Q2 2024 | Q3 2023 | | :--- | :--- | :--- | :--- | | **Net Interest Income (TE)** | $50.3M | $49.3M | $54.3M | | **Net Interest Margin (TE)** | 2.50% | 2.46% | 2.73% | - The linked-quarter increase in NIM was driven by a decrease in total cost of funds, as deposit rate reductions implemented from March to September 2024 began to show benefits[4](index=4&type=chunk) - Total loans decreased by **$110.4 million** during Q3, mainly from an **$87.2 million** drop in commercial loans, while average loan yields increased by **7 basis points to 5.33%**[4](index=4&type=chunk) [Non-interest Income](index=2&type=section&id=Non-interest%20income) Q3 2024 total non-interest income was $12.6 million, increasing sequentially due to equity gains but decreasing year-over-year from lower mortgage banking income, despite robust service fee growth Non-Interest Income Breakdown (Q3 2024) | Category | Q3 2024 | Q2 2024 | Q3 2023 | | :--- | :--- | :--- | :--- | | **Total Non-interest Income** | $12.6M | $12.1M | $13.3M | | **Service fees** | $7.8M | $7.0M | $6.9M | | **Mortgage banking income** | $1.2M | $2.0M | $3.3M | | **Security gains (losses)** | $410k | ($176k) | $256k | | **Wealth management income** | $1.9M | $1.8M | $1.5M | - The year-over-year decline was primarily due to a **$2.1 million** decrease in mortgage banking income, impacted by fluctuations in gain on sale margins and MSR valuation adjustments[5](index=5&type=chunk) [Non-interest Expenses](index=3&type=section&id=Non-interest%20expenses) Excluding merger costs, Q3 2024 non-interest expenses were $39.1 million, increasing due to higher data processing costs from a new digital platform, resulting in a core efficiency ratio of 62.7% Non-Interest Expense Breakdown (Q3 2024, Core) | Category | Q3 2024 | Q2 2024 | Q3 2023 | | :--- | :--- | :--- | :--- | | **Core Non-interest Expenses** | $39.1M | $38.2M | $38.1M | | **Compensation and benefits** | $21.8M | $21.4M | $21.8M | | **Data processing costs** | $5.1M | $5.1M | $4.0M | | **Core Efficiency Ratio** | 62.7% | 62.0% | 56.5% | - The year-over-year increase in expenses was mainly due to the new digital platform launched in October 2023[8](index=8&type=chunk) [Credit Quality](index=3&type=section&id=Credit%20quality) Q3 2024 credit quality deteriorated with non-performing assets increasing to $82.3 million (0.94% of assets) due to multifamily relationships, and criticized loans rising, despite stable ACL Credit Quality Indicators | Metric | Sept 30, 2024 | June 30, 2024 | Sept 30, 2023 | | :--- | :--- | :--- | :--- | | **Non-performing Assets** | $82.3M | $64.6M | $39.9M | | **NPA / Total Assets** | 0.94% | 0.74% | 0.47% | | **Criticized Loans** | $245.7M | $207.8M | $161.1M | | **Loan Delinquencies** | $17.2M | $24.6M | $17.2M | | **ACL / Total Loans** | 1.16% | 1.16% | 1.14% | - The linked-quarter increase in non-performing assets was primarily attributed to two multifamily commercial relationships[9](index=9&type=chunk) - The third quarter included net charge-offs of **$0.6 million** and a provision benefit of **$0.3 million**, with the change in provision mainly due to lower loan balances[9](index=9&type=chunk) [Balance Sheet and Capital](index=5&type=section&id=Balance%20Sheet%20and%20Capital) [Balance Sheet Summary](index=5&type=section&id=Total%20assets%20at%20%248.73%20billion) As of September 30, 2024, total assets were $8.73 billion, with loans at $6.59 billion, non-brokered deposits growing to $6.86 billion, and stockholders' equity increasing to $1.02 billion Key Balance Sheet Items (as of Sept 30, 2024) | Balance Sheet Item | Sept 30, 2024 | June 30, 2024 | Sept 30, 2023 | | :--- | :--- | :--- | :--- | | **Total Assets** | $8.73B | $8.78B | $8.56B | | **Loans Receivable** | $6.59B | $6.68B | $6.70B | | **Total Non-brokered Deposits** | $6.86B | $6.80B | $6.67B | | **Total Stockholders' Equity** | $1.02B | $0.98B | $0.92B | | **Tangible Equity** | $714.1M | $673.3M | $610.7M | [Capital Ratios and Dividend](index=5&type=section&id=Capital%20Ratios%20and%20Dividend) The company's regulatory capital ratios improved in Q3 2024, remaining well above 'well-capitalized' guidelines with CET1 at 12.17%, and a quarterly cash dividend of $0.31 per share was declared Regulatory Capital Ratios (Q3 2024) | Ratio | Q3 2024 Value | | :--- | :--- | | **CET1 Ratio** | 12.17% | | **Tier 1 Capital Ratio** | 12.67% | | **Total Capital Ratio** | 14.53% | - A quarterly cash dividend of **$0.31 per common share** was declared, payable on November 15, 2024[15](index=15&type=chunk) [Financial Statements and Supplementary Data](index=6&type=section&id=Financial%20Statements%20and%20Supplementary%20Data) [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) This section presents the unaudited consolidated balance sheets as of September 30, 2024, detailing assets, liabilities, and stockholders' equity with comparative data Consolidated Balance Sheet Highlights (in thousands) | (in thousands) | September 30, 2024 | June 30, 2024 | September 30, 2023 | | :--- | :--- | :--- | :--- | | **Total Assets** | $8,729,305 | $8,778,693 | $8,562,876 | | Loans, net | $6,512,586 | $6,604,916 | $6,620,356 | | Securities investments | $1,202,228 | $1,086,679 | $917,044 | | **Total Liabilities** | $7,710,298 | $7,799,564 | $7,643,309 | | Total deposits | $7,142,636 | $7,178,554 | $7,065,639 | | **Total Stockholders' Equity** | $1,019,007 | $979,129 | $919,567 | [Consolidated Statements of Income](index=10&type=section&id=Consolidated%20Statements%20of%20Income) This section presents the unaudited consolidated statements of income for the three and nine months ended September 30, 2024, detailing interest and non-interest income and expenses Consolidated Income Statement Highlights (in thousands) | (in thousands) | Three Months Ended 9/30/24 | Three Months Ended 9/30/23 | Nine Months Ended 9/30/24 | Nine Months Ended 9/30/23 | | :--- | :--- | :--- | :--- | :--- | | **Net interest income** | $50,181 | $54,264 | $148,980 | $164,543 | | **Total non-interest Income** | $12,574 | $13,253 | $37,148 | $79,061 | | **Total non-interest expenses** | $41,915 | $38,052 | $120,024 | $125,338 | | **Net income (loss)** | $16,665 | $24,687 | $50,630 | $91,227 | [Loans and Capital](index=24&type=section&id=Loans%20and%20Capital) This section details the loan portfolio composition, primarily commercial and residential real estate, and regulatory capital balances as of September 30, 2024, showing levels well above requirements Loan Portfolio Composition (Sept 30, 2024, in thousands) | Loan Category | Balance | | :--- | :--- | | Residential real estate | $1,806,389 | | Commercial real estate | $2,853,115 | | Commercial excluding PPP | $969,493 | | Consumer loans | $456,226 | | **Total loans** | **$6,588,728** | Capital Ratios (Sept 30, 2024) | Ratio | Value | | :--- | :--- | | CET1 Ratio | 12.17% | | Tier 1 Capital Ratio | 12.67% | | Total Capital Ratio | 14.53% | [Loan Delinquency and Credit Risk](index=27&type=section&id=Loan%20Delinquency%20and%20Credit%20Risk) This section provides detailed tables on loan delinquency and risk ratings, showing gross loans 30-89 days past due at 0.25% and criticized loans totaling $245.7 million as of September 30, 2024 Loan Delinquency Summary (Sept 30, 2024) | Status | % of Gross Loans | | :--- | :--- | | 30 to 89 days past due | 0.25% | | Non Accrual Loans | 1.21% | Loan Risk Rating Summary (Sept 30, 2024) | Risk Category | Balance (in thousands) | % of Gross Loans | | :--- | :--- | :--- | | Special Mention | $125,409 | 1.85% | | Classified | $120,246 | 1.77% |

Core Insights - Navitas Semiconductor is introducing 'IntelliWeave', a new digital control technique aimed at enhancing power supply efficiency for AI data centers at the IEEE Energy Conversion Congress and Expo [1][3] - The demand for energy-efficient solutions is increasing due to the growing energy needs of AI and cloud applications, making power consumption reduction a priority for data center operators [1] Group 1: IntelliWeave Technology - IntelliWeave's digital control achieves the highest system efficiencies with features like precision current sharing, ultra-fast dynamic response, and minimal phase error [2] - The patented dual-loop and dual-feed-forward interleaving control enables absolute zero voltage switching (ZVS) across the full-load range, maximizing efficiency [2] - The digital control for Critical Conduction Mode (CRM) interleaving Power Factor Control (PFC) results in a 30% reduction in power losses compared to existing Continuous Conduction Mode (CCM) solutions [2] Group 2: Performance Metrics - A 500 kHz GaN-based interleaving 3.2 kW CRM PFC power supply unit (PSU) has demonstrated a peak efficiency of 99.3%, including EMI filter loss [2] Group 3: Event Details - The IEEE ECCE 2024 event will take place in Phoenix, Arizona from October 20th to 24th, featuring technical sessions and discussions on energy conversion advancements [3] - Tao Wei, Director at Navitas, will present on the novel digital control for a GaN-based CRM interleaved TP PFC on October 21st [3] Group 4: Company Overview - Navitas Semiconductor, founded in 2014, is a pure-play next-generation power-semiconductor company with a focus on GaNFast™ and GeneSiC™ technologies [3] - The company has over 250 patents issued or pending and offers the industry's first 20-year GaNFast warranty, being the first semiconductor company to achieve CarbonNeutral® certification [3]