Form 8-K - Current report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 25, 2023

Premier Financial Corp.

(Exact name of Registrant as Specified in Its Charter)


Ohio	0-26850	34-1803915
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

601 Clinton Street
Defiance, Ohio		43512
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 419 785-8700

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $0.01 Per Share	PFC	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 25, 2023, Premier Financial Corp. (“Premier”) issued a press release regarding its earnings for the quarter ended June 30, 2023. A copy of the press release is attached as Exhibit 99.1.

The information set forth in this Current Report on Form 8-K (including the information in Exhibits 99.1 attached hereto) is being furnished to the Securities and Exchange Commission and is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under the Exchange Act. Such information will not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
Number

Description
 

99.1
 
104

Press Release, dated July 25, 2023
 
Cover Page Interactive Data File (Embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			Premier Financial Corp.

Date:	July 25, 2023	By:	/s/ Gary M. Small
			Gary M. Small, President and CEO

Exhibit 99.1

Contact:
Paul Nungester

EVP and CFO 419.785.8700

PNungester@yourpremierbank.com

FOR IMMEDIATE RELEASE

PREMIER FINANCIAL CORP. ANNOUNCES SECOND QUARTER 2023 RESULTS

Completes sale of insurance agency for $36 million gain

Strengthens capital, liquidity and interest rate asset sensitivity

Second Quarter 2023 Highlights

•

Completed sale of insurance agency at a significant gain that strengthens capital without diluting future earnings

•

Executed hedges to improve asset-sensitivity and provide protection against additional rate increases

•

CET1 ratio increased 80 basis points to 10.81% and tangible equity ratio increased 52 basis points to 7.55% from the prior quarter

•

Loan growth of $132.7 million (up 8.1% annualized), including $75.2 million for commercial loans excluding PPP (up 7.0% annualized)

•

Declared dividend of $0.31 per share, up 3.3% from prior year comparable period

DEFIANCE, OHIO (July 25, 2023) – Premier Financial Corp. (Nasdaq: PFC) (“Premier” or the “Company”) announced today 2023 second quarter results, including net income of $48.4 million or $1.35 per diluted common share, compared to $22.4 million, or $0.63 per diluted common share, for the second quarter of 2022. Second quarter 2023 results include the impact of the disposition of the Company’s insurance agency, First Insurance Group (“FIG”), for a net gain on sale after transaction costs of $32.6 million pre-tax or $0.67 per diluted share after-tax. Excluding the impact of this transaction, second quarter 2023 earnings would be $0.68 per diluted share.

“Premier’s second quarter performance reflected the expected increase in quarterly core earnings to $0.68 per share,” said Gary Small, President and CEO of Premier. “The improvement was driven by multiple factors. Strong loan growth resulting from selective new business loan origination, coupled with a strong funding pace of prior year construction commitments. C&I commitments totaled 49% of second quarter commercial loan origination activity. Total deposits grew $220 million, or 3.3%, for the quarter. Customer deposit balance movement stabilized, down just $38 million, or 0.6%.”

“Core non-interest income revenue grew 9.4% versus second quarter 2022, and core expenses fell 4.6% versus first quarter 2023 reflecting the progress made associated with the cost reduction initiative announced last quarter. Margin continued to decline but at a more moderate pace. Hedging activity was initiated in June that will both add to near term net interest income and protect the organization against the unfavorable impacts of future Fed Fund rate increases. Our consumer customers continue to exhibit active spending habits and credit portfolio indicators remain very favorable. The commercial loan portfolio continues to perform well with no unfavorable trends or early indicators of stress,” added Small.

“The sale of the insurance agency delivered positive outcomes for all stakeholders,” Small continued. “The combination of FIG and Risk Strategies brings new opportunities for the FIG team; our joint bank/agency clients will benefit from a broader product offering and expanded agency capabilities; and the Premier shareholders benefit from a tremendous capital boost with the transaction increasing tangible book value by $1.37 per share. As we look forward, the organization is focused on moderate balance sheet growth, continued non-interest revenue improvement (adjusting for FIG), and strong expense management. Deposit mix will continue to be a challenge although our beta management techniques continue to evolve.”

Insurance agency sale

As previously announced, on June 30, 2023 the Company completed the sale of FIG to Risk Strategies Corporation. The disposition generated a gain on sale of $36.3 million before transaction costs of $3.7 million. The transaction strengthened capital by increasing equity $24.2 million (24 basis points and $0.68 per share) and tangible equity by $48.8 million (54 basis points and $1.37 per share), which included the recovery of goodwill and intangibles of $24.7 million at June 30, 2023. Utilization of sale proceeds will improve net interest income that effectively offsets pre-tax earnings previously generated from the insurance agency assuming paydown of borrowings and will become accretive to earnings upon deployment into higher yielding loans.

Addressing interest rate sensitivity

During June 2023, the Company completed a series of balance sheet hedges to improve asset-sensitivity and provide protection against additional rate increases. In total, the Company executed $500 million notional of pay-fixed/receive-variable interest rate swaps with half 2-year and half 3-year in duration. The average pay rate for these swaps is approximately 4.12%. Based on rates as of June 30, 2023, these swaps are expected to generate approximately $4.7 million of annualized pre-tax net interest income. The full quarter benefit of these swaps will begin to be realized in the third quarter, and the positive impact will increase as SOFR increases. Each 25 basis point increase in SOFR is expected to generate an additional $625 thousand of annualized pre-tax net interest income, including the impact of the new swaps and the prior $250 million notional receive-fixed/pay-variable swap.

Quarterly results

Capital, deposits and liquidity

Capital improved significantly during the second quarter of 2023. Total equity increased $22.5 million, or 2.5%, including the positive impact of the insurance agency sale offset by a $15.0 million detriment in accumulated other comprehensive income (“AOCI”), primarily due to a negative valuation adjustment on the available-for-sale (“AFS”) securities portfolio. Tangible equity increased $48.4 million, or 8.4%, and the tangible equity ratio increased 52 basis points to 7.55%, or 9.58% excluding AOCI. Regulatory ratios also improved during the second quarter of 2023, including CET1 of 10.81%, Tier 1 of 11.28% and Total Capital of 13.05%, each up 80 basis points. All of these ratios also exceed well-capitalized guidelines pro forma for AOCI, including CET1 of 8.53%, Tier 1 of 9.00% and Total Capital of 10.77%.

Total deposits increased 3.3%, or $220.4 million, during the second quarter of 2023, due to a $258.4 million increase in brokered deposits offset partly by a net decrease of $38.0 million in customer deposits. Total average interest-bearing deposit costs increased 38 basis points to 2.07% for the second quarter of 2023. This increase was primarily due to brokered deposits and the migration of customers from non-interest bearing deposits into interest-bearing deposits, including higher cost time deposits, as customers sought to obtain yield. Average interest-bearing deposit costs excluding brokered deposits and acquisition marks were 2.08% during the month of June, representing a cumulative beta of 37% compared to the change in the monthly average effective Federal Funds rate that increased 500 basis points to 5.08% since December 2021, as reported by the Federal Reserve Economic Data.

Uninsured deposits at June 30, 2023 were 31.5% of total deposits, or 17.3% adjusting for collateralized deposits, other insured deposits and internal company accounts. The Company successfully established eligibility for the Federal Reserve Borrower-In-Custody Collateral Program, which increased borrowing capacity by more than $300 million during the second quarter. Total quantifiable liquidity sources totaled $2.8 billion, or 230.5% of adjusted uninsured deposits, and were comprised of the following at June 30, 2023:

•

$121.7 million of cash and cash equivalents with a 5.15% Federal Reserve rate;

•

$298.5 million of unpledged securities with an average yield of 3.02%;

•

$1.5 billion of FHLB borrowing capacity with an overnight borrowing rate of 5.17%;

•

$288.7 million of brokered deposits based on a Company policy limit of 10% of deposits, with market pricing dependent on brokers and duration;

•

$70.0 million of unused lines of credit with an average borrowing rate of 6.08%; and

•

$491.1 million of borrowing capacity at the Federal Reserve with an average rate of 5.31%.

Additional liquidity sources include deposit growth, cash earnings in excess of dividends, loan repayments/participations/sales, and securities cash flows, which are estimated to be $64.7 million over the next 12 months.

Net interest income and margin

Net interest income of $54.1 million on a tax equivalent (“TE”) basis in the second quarter of 2023 was down 4.1% from $56.4 million in the first quarter of 2023 and 8.9% from $59.3 million in the second quarter of 2022. The TE net interest margin of 2.72% in the second quarter of 2023 decreased 18 basis points from 2.90% in the first quarter of 2023 and 64 basis points from 3.36% in the second quarter of 2022. Results for all periods include the impact of PPP as well as acquisition marks and related accretion. Second quarter 2023 includes $168 thousand of accretion in interest income, $212 thousand of accretion in interest expense, and $5 thousand of interest income on average balances of $673 thousand for PPP.

Excluding the impact of acquisition marks accretion and PPP loans, core net interest income was $53.7 million, down 4.2% from $56.0 million in the first quarter of 2023 and 8.2% from $58.5 million in the second quarter of 2022. Additionally, the core net interest margin was 2.70% for the second quarter of 2023, down 18 basis points from 2.88% for the first quarter of 2023 and 62 basis points from 3.32% for the second quarter of 2022. These results are positively impacted by the combination of loan growth and higher loan yields, which were 4.86% for the second quarter of 2023 compared to 4.66% in the first quarter of 2023 and 3.99% in the second quarter of 2022. Excluding the impact of PPP, balance sheet hedges and acquisition marks accretion, loan yields were 5.01% in June 2023 for an increase of 129 basis points since December 2021, which represents a cumulative beta of 25% compared to the change in the monthly average effective Federal Funds rate for the same period.

The cost of funds in the second quarter of 2023 was 1.92%, up 41 basis points from the first quarter of 2023 and up 168 basis points from the second quarter of 2022. The year-over-year increase is largely due to utilization of higher cost FHLB borrowings in support of loan growth in excess of deposit growth during 2022. The linked quarter increase is due to higher rates on FHLB borrowings and higher average deposit costs discussed above. Excluding the impact of balance sheet hedges and acquisition marks accretion, cost of funds were 2.05% in June 2023 for an increase of 184 basis points since December 2021, which represents a cumulative beta of 37% compared to the change in the monthly average effective Federal Funds rate for the same period.

“The second quarter 2023 individual monthly margin results were much more stable than those experienced in fourth quarter 2022 and first quarter 2023, which were in constant decline,” said Small. “This reflects less ‘early mover’ activity affecting our deposit book combined with less active Fed Fund rate movement during the quarter. While we expect to continue to see deposit mix movement in the book, the second quarter represents a trend in the right direction.”

Non-interest income

Excluding the $36.3 million gain on the sale of the insurance agency, total non-interest income in the second quarter of 2023 of $17.1 million was up 36.8% from $12.5 million in the first quarter of 2023 and 18.7% from $14.4 million in the second quarter of 2022, primarily due to fluctuations in mortgage banking and gains/losses on securities. Mortgage banking income increased $3.2 million on a linked quarter basis and $1.0 million year-over-year as a result of increased gains primarily from increases

in hedge valuations. While mortgage pipeline hedges effectively net out over the life of the loans, individual periods can be volatile as market rates and prices change.

Security gains were $64 thousand in the second quarter of 2023, primarily due to increased valuations on equity securities. This compares to a loss of $1.4 million in the first quarter of 2023 and to $1.2 million of losses each from decreased valuations on equity securities. The company also sold $5 million of AFS securities for a $7 thousand loss with average yields less than FHLB borrowing rates during the second quarter of 2023. Service fees in the second quarter of 2023 were $7.2 million, an 11.9% increase from $6.4 million in the first quarter of 2023 and a 7.7% increase from $6.7 million in the second quarter of 2022,primarily due to fluctuations in loan fees including commercial customer swap activity. Insurance commissions were $4.1 million in the second quarter of 2023 down from $4.7 million in the first quarter of 2023 and $4.3 million in the second quarter of 2022 with the linked quarter decrease primarily due to $0.9 million of contingent commissions that only occur in the first quarter. Wealth management income of $1.5 million in the second quarter of 2023 was consistent with $1.5 million in the first quarter of 2023 and up from $1.4 million in the second quarter of 2022. BOLI income of $1.0 million in the second quarter of 2023 decreased from $1.4 million in the first quarter of 2023 and was flat from $1.0 million in the second quarter of 2022, with $0.4 million of claim gains in the first quarter of 2023 compared to none in the second quarter periods.

“Consumer deposit related fees and wealth management income for the current quarter exceed second quarter 2022 results by 7.7% and 8.7%, respectively,” said Small “As previously mentioned, our consumer client activity remains robust and the current equity and fixed income markets bode well for the asset management function over the remainder of the year.”

Non-interest expenses

Excluding transaction costs for the insurance agency sale, non-interest expenses in the second quarter of 2023 were $40.8 million, a 4.6% decrease from $42.8 million in the first quarter of 2023 but a 4.5% increase from $39.1 million in the second quarter of 2022. Compensation and benefits were $24.2 million in the second quarter of 2023, compared to $25.7 million in the first quarter of 2023 and $22.3 million in the second quarter of 2022. The linked quarter decrease was primarily due to cost saving initiatives that began during the second quarter of 2023. The year-over-year increase was primarily due to costs related to higher staffing levels for our 2022 growth initiatives and higher base compensation, including 2022 mid-year adjustments and 2023 annual adjustments. Other expenses decreased $0.5 million on a linked quarter basis due to cost saving initiatives, and all other non-interest expenses increased a net $83 thousand on a linked quarter basis. FDIC premiums increased $1.0 million on a year-over-year basis due to higher rates and our 2022 growth initiatives and all other non-interest expenses decreased a net $1.1 million on a year-over-year basis due to cost saving initiatives. The efficiency ratio (excluding transaction costs and the FIG gain on sale) for the second quarter of 2023 of 57.5% improved from 60.9% in the first quarter of 2023 due to cost saving initiatives but worsened from 52.2% in the second quarter of 2022 due to lower revenues.

“Executing on our cost saving initiatives helped drive an almost 5% decrease in expenses excluding transaction costs and a 3.4% improvement to our core efficiency ratio from the prior quarter,” said Paul Nungester, CFO of Premier. “We currently estimate full year core expenses to be $158 million, down $5 million from our prior estimate of $163 million, including $6 million due to the sale of our insurance agency offset by $1 million of other costs including higher FDIC premiums.”

Credit quality

Non-performing assets totaled $37.6 million, or 0.44% of assets, at June 30, 2023, an increase from $34.8 million at March 31, 2023, and from $35.2 million at June 30, 2022. Loan delinquencies increased to $19.0 million, or 0.27% of loans, at June 30, 2023, from $11.1 million at March 31, 2023, and from $11.2 million at June 30, 2022. Classified loans totaled $60.5 million, or 0.85% of loans, as of June 30, 2023, an increase from $44.9 million at March 31, 2023, and from $48.8 million at June 30, 2022.

The 2023 second quarter results include net recoveries of $0.2 million and a total provision expense of $0.5 million, compared with net loan charge-offs of $5.3 million and a total provision expense of $6.6 million for the same period in 2022. The prior year charge-offs were primarily due to the student loan servicer credit that had been previously fully reserved. The allowance for credit losses as a percentage of total loans was 1.13% at June 30, 2023, compared with 1.13% at March 31, 2023, and 1.14% at June 30, 2022. The allowance for credit losses as a percentage of total loans excluding PPP and including unaccreted acquisition marks was 1.16% at June 30, 2023, compared with 1.16% at March 31, 2023, and 1.21% at June 30, 2022. The continued economic improvement following the 2020 pandemic-related downturn has resulted in a year-over-year decrease in the allowance percentages.

Year to date results

For the six-month period ended June 30, 2023, net income totaled $66.5 million, or $1.86 per diluted common share, compared to $48.7 million, or $1.36 per diluted common share for the six months ended June 30, 2022. 2023 results include the impact of the insurance agency sale for a net gain on sale after transaction costs of $32.6 million pre-tax or $0.67 per diluted share after-tax. Excluding the impact of this item, first half 2023 earnings were $1.19 per diluted share.

Net interest income of $110.4 million on a TE basis for the first half of 2023 was down 6.0% from $117.4 million in the first half of 2022. The TE net interest margin of 2.81% in the first half of 2023 decreased 59 basis points from 3.40% in the first half of 2022. Results for all periods include the impact of PPP as well as acquisition marks and related accretion. First half 2023 includes $333 thousand of accretion in interest income, $433 thousand of accretion in interest expense, and $11 thousand of interest income on average balances of $818 thousand for PPP. Excluding the impact of acquisition marks accretion and PPP loans, core net interest income was $109.7 million, down 2.3% from $112.2 million in the first half of 2022. Additionally, the core net interest margin was 2.79% for the first half of 2023, down 47 basis points from 3.26% for the first half of 2022. These results are positively impacted by the combination of loan growth and higher loan yields, which were 4.76% for the first half of 2023 compared to 4.05% in the first half of 2022. The cost of funds in the first half of

2023 was 1.72%, up 151 basis points from the first half of 2022. The year-over-year increase is largely due to utilization of higher cost FHLB borrowings in support of loan growth in excess of deposit growth during 2022.

Excluding the $36.3 million gain on the sale of the insurance agency, total non-interest income in the first half of 2023 of $29.5 million was down 5.5% from $31.2 million in the first half of 2022. Mortgage banking income decreased $3.5 million year-over-year as a result of a $2.3 million decrease in gains primarily from lower production and margin as well as a $24 thousand MSR valuation gain in the second quarter of 2023 compared to a $1.5 million gain in the first half of 2022.

Security losses were $1.3 million in the first half of 2023, primarily due to decreased valuations on equity securities. This compares to a loss of $1.8 million from decreased valuations on equity securities in the first half of 2022. The company also sold $21 million of AFS securities for a $27 thousand gain with average yields less than FHLB borrowing rates during the first half of 2023. Service fees in the first half of 2023 were $13.6 million, a 7.4% increase from $12.7 million in the first half of 2022, primarily due to fluctuations in loan fees including commercial customer swap activity and consumer activity for interchange and ATM/NSF charges. Insurance commissions were $8.9 million in the first half of 2023 down slightly from $9.0 million in the first half of 2022 due to $0.9 million of contingent commissions in 2023 compared to $1.1 million in 2022. Wealth management income of $3.0 million in the first half of 2023 was up slightly from $2.9 million in the first half of 2022. BOLI income of $2.4 million in the first half of 2023 increased from $2.0 million in the first half of 2022 with $0.4 million of claim gains in the first half of 2023 compared to none in the first half of 2022.

Excluding transaction costs for the insurance agency sale, non-interest expenses in the first half of 2023 were $83.6 million, a 4.0% increase from $80.4 million in the first half of 2022. Compensation and benefits were $49.8 million in the first half of 2023, compared to $47.9 million in the first half of 2022. The year-over-year increase was primarily due to costs related to higher staffing levels for our 2022 growth initiatives and higher base compensation, including 2022 mid-year adjustments and 2023 annual adjustments, offset partly by cost saving initiatives that began during the second quarter of 2023. FDIC premiums increased $1.7 million on a year-over-year basis primarily due to higher rates and our 2022 growth initiatives. All other non-interest expenses decreased a net $0.4 million on a year-over-year basis. The efficiency ratio (excluding transaction costs and the FIG gain on sale) for the first half of 2023 of 59.2% worsened from 53.4% in the first half of 2022 due to lower revenues partly offset by cost saving initiatives that began during the second quarter of 2023.

The 2023 first half results include net loan charge-offs of $2.2 million and a total provision expense of $4.2 million, compared with net loan charge-offs of $5.2 million and a total provision expense of $7.5 million for the same period in 2022. The provision expense for both years is primarily due to relative loan growth.

Total assets at $8.62 billion

Total assets at June 30, 2023, were $8.62 billion, compared to $8.56 billion at March 31, 2023, and $8.01 billion at June 30, 2022. Loans receivable were $6.71 billion at June 30, 2023, compared to $6.58 billion at March 31, 2023, and $5.90 billion at June 30, 2022. At June 30, 2023, loans receivable increased $132.7 million on a linked quarter basis, or 8.1% annualized. Commercial loans excluding PPP increased by $75.2 million from March 31, 2023, or 7.0% annualized. Securities at June 30, 2023, were $0.97 billion, compared to $1.00 billion at March 31, 2023, and $1.15 billion at June 30, 2022. All securities are either AFS or trading and are reflected at fair value on the balance sheet. Also, at June 30, 2023, goodwill and other intangible assets totaled $309.9 million compared to $335.8 million at March 31, 2023, and $339.3 million at June 30, 2022, with the decreases attributable to intangibles amortization and the FIG sale.

Total non-brokered deposits at June 30, 2023, were $6.58 billion, compared with $6.62 billion at March 31, 2023, and $6.52 billion at June 30, 2022. At June 30, 2023, customer deposits increased $64.9 million on a year-over-year basis, or 1.0%. Brokered deposits were $413.2 million at June 30, 2023, compared to $154.9 million at March 31, 2023 and none at June 30, 2022.

Total stockholders’ equity was $937.0 million at June 30, 2023, compared to $914.5 million at March 31, 2023, and $901.1 million at June 30, 2022. The quarterly increase in stockholders’ equity was primarily due to net earnings after dividends including the impact of the insurance agency sale partly offset by a decrease in AOCI, which was primarily related to $12.1 million for a negative valuation adjustment on the AFS securities portfolio. The year-over-year increase was primarily due to net earnings after dividends including the impact the insurance agency sale offset partly by a decrease in AOCI, which was primarily related to $35.1 million of negative valuation adjustments on the AFS securities portfolio. At June 30, 2023, 1,199,634 common shares remained available for repurchase under the Company’s existing repurchase program.

Dividend to be paid August 11

The Board of Directors declared a quarterly cash dividend of $0.31 per common share payable August 11, 2023, to shareholders of record at the close of business on August 4, 2023. The dividend represents an annual dividend of 6.5 percent based on the Premier common stock closing price on July 24, 2023. Premier has approximately 35,730,000 common shares outstanding.

Conference call

Premier will host a conference call at 11:00 a.m. ET on Wednesday, July 26, 2023, to discuss the earnings results and business trends. The conference call may be accessed by calling 1-833-470-1428 and using access code 374150. Internet access to the call is also available (in listen-only mode) at the following URL: https://events.q4inc.com/attendee/827280709.The webcast replay of the conference call will be available at www.PremierFinCorp.com for one year.

About Premier Financial Corp.

Premier Financial Corp. (Nasdaq: PFC), headquartered in Defiance, Ohio, is the holding company for Premier Bank. Premier Bank, headquartered in Youngstown, Ohio, operates 75 branches and 9 loan offices in Ohio, Michigan, Indiana and Pennsylvania and also serves clients through a team of wealth

professionals dedicated to each community banking branch. For more information, visit the company’s website at PremierFinCorp.com.

Financial Statements and Highlights Follow-

Safe Harbor Statement

This document may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements may include, but are not limited to, statements regarding projections, forecasts, goals and plans of Premier Financial Corp. and its management, future movements of interests, loan or deposit production levels, future credit quality ratios, future strength in the market area, and growth projections. These statements do not describe historical or current facts and may be identified by words such as “intend,” “intent,” “believe,” “expect,” “estimate,” “target,” “plan,” “anticipate,” or similar words or phrases, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “may,” “can,” or similar verbs. There can be no assurances that the forward-looking statements included in this presentation will prove to be accurate. In light of the significant uncertainties in the forward-looking statements, the inclusion of such information should not be regarded as a representation by Premier or any other persons, that our objectives and plans will be achieved. Forward-looking statements involve numerous risks and uncertainties, any one or more of which could affect Premier’s business and financial results in future periods and could cause actual results to differ materially from plans and projections. These risks and uncertainties include, but not limited to: financial markets, our customers, and our business and results of operation; changes in interest rates; disruptions in the mortgage market; risks and uncertainties inherent in general and local banking, insurance and mortgage conditions; political uncertainty; uncertainty in U.S. fiscal or monetary policy; uncertainty concerning or disruptions relating to tensions surrounding the current socioeconomic landscape; competitive factors specific to markets in which Premier and its subsidiaries operate; increasing competition for financial products from other financial institutions and nonbank financial technology companies; future interest rate levels; legislative or regulatory rulemaking or actions; capital market conditions; security breaches or unauthorized disclosure of confidential customer or Company information; interruptions in the effective operation of information and transaction processing systems of Premier or Premier’s vendors and service providers; failures or delays in integrating or adopting new technology; the impact of the cessation of LIBOR interest rates and implementation of a replacement rate; and other risks and uncertainties detailed from time to time in our Securities and Exchange Commission (SEC) filings, including our Annual Report on Form 10-K for the year ended December 31, 2022 and any further amendments thereto. All forward-looking statements made in this presentation are based on information presently available to the management of Premier and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law. As required by U.S. GAAP, Premier will evaluate the impact of subsequent events through the issuance date of its June 30, 2023, consolidated financial statements as part of its Quarterly Report on Form 10-Q to be filed with the SEC. Accordingly, subsequent events could occur that may cause Premier to update its critical accounting estimates and to revise its financial information from that which is contained in this news release.

Non-GAAP Reporting Measures

We believe that net income, as defined by U.S. GAAP, is the most appropriate earnings measurement. However, we consider core net interest income, core net income and core pre-tax pre-provision income to be a useful supplemental measure of our operating performance. We define core net interest income as net interest income on a tax-equivalent basis excluding income from PPP loans and purchase accounting marks accretion. We define core net income as net income excluding the after-tax impact of the insurance agency gain on sale and related transaction costs. We define core pre-tax pre-provision income as pre-tax pre-provision income excluding the pre-tax impact of the insurance agency gain on sale and related transaction costs. We believe that these metrics are useful supplemental measures of operating performance because investors and equity analysts may use these measures to compare the operating performance of the Company between periods or as compared to other financial institutions or other companies on a consistent basis without having to account for income from PPP loans, purchase accounting marks accretion or the insurance agency sale. Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and ratings agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, they are utilized by the Board of Directors to evaluate management. The supplemental reporting measures do not represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other financial institutions or other companies. Please see the exhibits for reconciliations of our supplemental reporting measures.k financial technology companies; future interest rate levels; legislative or regulatory rulemaking or actions; capital market conditions; security breaches or unauthorized disclosure of confidential customer or Company information; interruptions in the effective operation of information and transaction processing systems of Premier or Premier’s vendors and service providers; failures or delays in integrating or adopting new technology; the impact of the cessation of LIBOR interest rates and implementation of a replacement rate; and other risks and uncertainties detailed from time to time in our Securities and Exchange Commission (SEC) filings, including our Annual Report on Form 10-K for the year ended December 31, 2022 and any further amendments thereto. All forward-looking statements made in this presentation are based on information presently available to the management of Premier and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law. As required by U.S. GAAP, Premier will evaluate the impact of subsequent events through the issuance date of its June 30, 2023, consolidated financial statements as part of its Quarterly Report on Form 10-Q to be filed with the SEC. Accordingly, subsequent events could occur that may cause Premier to update its critical accounting estimates and to revise its financial information from that which is contained in this news release.

Non-GAAP Reporting Measures


Consolidated Balance Sheets (Unaudited)
Premier Financial Corp.

	June 30,			March 31,			December 31,			September 30,			June 30,
(in thousands)		2023			2023			2022			2022			2022

Assets
Cash and cash equivalents
Cash and amounts due from depositories	$	71,096		$	68,628		$	88,257		$	67,124		$	62,080
Interest-bearing deposits		50,631			88,399			39,903			37,868			72,314
		121,727			157,027			128,160			104,992			134,394

Available-for-sale, carried at fair value		961,123			998,128			1,040,081			1,063,713			1,140,466
Equity securities, carried at fair value		6,458			6,387			7,832			15,336			13,293
Securities investments		967,581			1,004,515			1,047,913			1,079,049			1,153,759

Loans (1)		6,708,568			6,575,829			6,460,620			6,207,708			5,890,823
Allowance for credit losses - loans		(75,921	)		(74,273	)		(72,816	)		(70,626	)		(67,074	)
Loans, net		6,632,647			6,501,556			6,387,804			6,137,082			5,823,749
Loans held for sale		128,079			119,604			115,251			129,142			145,092
Mortgage servicing rights		20,160			20,654			21,171			20,832			20,693
Accrued interest receivable		30,056			29,388			28,709			26,021			22,533
Federal Home Loan Bank stock		39,887			37,056			29,185			28,262			23,991
Bank Owned Life Insurance		171,856			170,841			170,713			169,728			168,746
Office properties and equipment		55,736			55,982			55,541			53,747			54,060
Real estate and other assets held for sale		561			393			619			416			462
Goodwill		295,602			317,988			317,988			317,948			317,948
Core deposit and other intangibles		14,298			17,804			19,074			19,972			21,311
Other assets		138,021			129,508			133,214			148,949			123,886
Total Assets	$	8,616,211		$	8,562,316		$	8,455,342		$	8,236,140		$	8,010,624

Liabilities and Stockholders’ Equity
Non-interest-bearing deposits	$	1,573,837		$	1,649,726		$	1,869,509		$	1,826,511		$	1,786,516
Interest-bearing deposits		5,007,358			4,969,436			4,893,502			4,836,113			4,729,828
Brokered deposits		413,237			154,869			143,708			69,881			-
Total deposits		6,994,432			6,774,031			6,906,719			6,732,505			6,516,344
Advances from FHLB		455,000			658,000			428,000			411,000			380,000
Subordinated debentures		85,166			85,123			85,103			85,071			85,039
Advance payments by borrowers		26,045			26,300			34,188			33,511			40,344
Reserve for credit losses - unfunded commitments		5,708			6,577			6,816			7,061			6,755
Other liabilities		112,889			97,835			106,795			102,032			80,995
Total Liabilities		7,679,240			7,647,866			7,567,621			7,371,180			7,109,477
Stockholders’ Equity
Preferred stock		-			-			-			-			-
Common stock, net		306			306			306			306			306
Additional paid-in-capital		689,579			689,807			691,453			691,578			690,905
Accumulated other comprehensive income (loss)		(168,721	)		(153,709	)		(173,460	)		(181,231	)		(126,754	)
Retained earnings		547,336			510,021			502,909			488,305			470,779


Treasury stock, at cost		(131,529	)		(131,975	)		(133,487	)		(133,998	)		(134,089	)
Total Stockholders’ Equity		936,971			914,450			887,721			864,960			901,147
Total Liabilities and Stockholders’ Equity	$	8,616,211		$	8,562,316		$	8,455,342		$	8,236,140		$	8,010,624

(1) Includes PPP loans of:	$	577		$	791		$	1,143		$	1,181		$	4,561


Consolidated Statements of Income (Unaudited)
Premier Financial Corp.
	Three Months Ended														Six Months Ended
(in thousands, except per share amounts)	6/30/23			3/31/23			12/31/22			9/30/22		6/30/22			6/30/23			6/30/22
Interest Income:
Loans	$	81,616		$	76,057		$	72,194		$	65,559	$	56,567		$	157,674		$	111,808
Investment securities		6,997			7,261			7,605			6,814		6,197			14,257			11,676
Interest-bearing deposits		641			444			444			221		120			1,085			166
FHLB stock dividends		905			394			482			510		174			1,299			233
Total interest income		90,159			84,156			80,725			73,104		63,058			174,315			123,883
Interest Expense:
Deposits		26,825			21,458			13,161			6,855		2,671			48,283			4,893
FHLB advances		8,217			5,336			3,941			2,069		527			13,554			540
Subordinated debentures		1,125			1,075			1,000			868		763			2,199			1,459
Notes Payable		-			-			4			-		1			-			1
Total interest expense		36,167			27,869			18,106			9,792		3,962			64,036			6,893
Net interest income		53,992			56,287			62,619			63,312		59,096			110,279			116,990
Provision (benefit) for credit losses - loans		1,410			3,944			3,020			3,706		5,151			5,354			5,777
Provision (benefit) for credit losses - unfunded commitments		(870	)		(238	)		(246	)		306		1,415			(1,108	)		1,724
Total provision (benefit) for credit losses		540			3,706			2,774			4,012		6,566			4,246			7,501
Net interest income after provision		53,452			52,581			59,845			59,300		52,530			106,033			109,489
Non-interest Income:
Service fees and other charges		7,190			6,428			6,632			6,545		6,676			13,618			12,676
Mortgage banking income		2,940			(274	)		(299	)		3,970		1,948			2,666			6,200
Gain (loss) on sale of non-mortgage loans		71			-			-			-		-			71			-
Gain on sale of insurance agency		36,296			-			-			-		-			36,296			-
Gain (loss) on sale of available for sale securities		(7	)		34			1			-		-			27			-
Gain (loss) on equity securities		71			(1,445	)		1,209			43		(1,161	)		(1,374	)		(1,804	)
Insurance commissions		4,131			4,725			3,576			3,488		4,334			8,856			8,973
Wealth management income		1,537			1,485			1,582			1,355		1,414			3,022			2,891
Income from Bank Owned Life Insurance		1,015			1,417			984			983		983			2,432			1,979
Other non-interest income		102			92			543			320		171			194			313
Total Non-interest Income		53,346			12,462			14,228			16,704		14,365			65,808			31,228
Non-interest Expense:
Compensation and benefits		24,175			25,658			24,999			24,522		22,334			49,833			47,875
Occupancy		3,320			3,574			3,383			3,463		3,494			6,894			7,194
FDIC insurance premium		1,786			1,288			1,276			976		802			3,074			1,395
Financial institutions tax		961			852			795			1,050		1,074			1,813			2,265
Data processing		3,640			3,863			3,882			3,121		3,442			7,503			6,777
Amortization of intangibles		1,223			1,270			1,293			1,338		1,380			2,493			2,818
Transaction costs		3,652			-			-			-		-			3,652			-
Other non-interest expense		5,738			6,286			7,400			6,629		6,563			12,024			12,060
Total Non-interest Expense		44,495			42,791			43,028			41,099		39,089			87,286			80,384
Income before income taxes		62,303			22,252			31,045			34,905		27,806			84,555			60,333
Income tax expense		13,912			4,103			5,770			6,710		5,446			18,015			11,616


Net Income	$	48,391	$	18,149	$	25,275	$	28,195	$	22,360	$	66,540	$	48,717


Earnings per common share:
Basic	$	1.35	$	0.51	$	0.71	$	0.79	$	0.63	$	1.86	$	1.36
Diluted	$	1.35	$	0.51	$	0.71	$	0.79	$	0.63	$	1.86	$	1.36

Average Shares Outstanding:
Basic		35,722		35,606		35,589		35,582		35,560		35,686		35,768
Diluted		35,800		35,719		35,790		35,704		35,682		35,750		35,880


Premier Financial Corp.
Selected Quarterly Information
	Three Months Ended															Six Months Ended
(dollars in thousands, except per share data)	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23		6/30/22
Summary of Operations
Tax-equivalent interest income (1)	$	90,226		$	84,260		$	80,889		$	73,301		$	63,283		$	174,485	$	124,336
Interest expense		36,167			27,869			18,106			9,792			3,962			64,036		6,893
Tax-equivalent net interest income (1)		54,059			56,391			62,783			63,509			59,321			110,449		117,443
Provision expense for credit losses		540			3,706			2,774			4,012			6,566			4,246		7,501
Non-interest income (ex securities gains/losses)		53,282			13,873			13,018			16,661			15,526			67,155		33,032
Core non-interest income (ex securities gains/losses) (2)		16,986			13,873			13,018			16,661			15,526			30,859		33,032
Non-interest expense		44,495			42,791			43,028			41,099			39,089			87,286		80,384
Core non-interest expense (2)		40,843			42,791			43,028			41,099			39,089
Income tax expense		13,912			4,103			5,770			6,710			5,446			18,015		11,616
Net income		48,391			18,149			25,275			28,195			22,360			66,540		48,717
Core net income (2)		24,230			18,149			25,275			28,195			22,360			42,379		48,717
Tax equivalent adjustment (1)		67			104			164			197			225			170		453
At Period End
Total assets	$	8,616,211		$	8,562,316		$	8,455,342		$	8,236,140		$	8,010,624
Goodwill and intangibles		309,900			335,792			337,062			337,920			339,259
Tangible assets (3)		8,306,311			8,226,524			8,118,280			7,898,220			7,671,365
Earning assets		7,818,825			7,751,130			7,620,056			7,411,403			7,218,905
Loans		6,708,568			6,575,829			6,460,620			6,207,708			5,890,823
Allowance for loan losses		75,921			74,273			72,816			70,626			67,074
Deposits		6,994,432			6,774,031			6,906,719			6,732,505			6,516,344
Stockholders’ equity		936,971			914,450			887,721			864,960			901,147
Stockholders’ equity / assets		10.87	%		10.68	%		10.50	%		10.50	%		11.25	%
Tangible equity (3)		627,071			578,658			550,659			527,040			561,888
Tangible equity / tangible assets		7.55	%		7.03	%		6.78	%		6.67	%		7.32	%
Average Balances
Total assets	$	8,597,786		$	8,433,100		$	8,304,462		$	8,161,389		$	7,742,550		$	8,515,898	$	7,626,888
Earning assets		7,951,520			7,783,850			7,653,648			7,477,795			7,051,661			7,871,629		6,904,082
Loans		6,714,240			6,535,080			6,359,564			6,120,324			5,667,853			6,625,155		5,526,127
Deposits and interest-bearing liabilities		7,538,674			7,385,946			7,278,531			7,116,910			6,706,250			7,462,732		6,561,669
Deposits		6,799,605			6,833,521			6,773,382			6,654,328			6,385,857			6,816,469		6,350,235
Stockholders’ equity		921,441			901,587			875,287			912,224			921,847			911,569		961,873
Goodwill and intangibles		334,862			336,418			337,207			338,583			339,932			335,636		340,639


Tangible equity (3)		586,579			565,169			538,080			573,641			581,915			575,933			621,234
Per Common Share Data
Earnings per share ("EPS") - Basic	$	1.35		$	0.51		$	0.71		$	0.79		$	0.63		$	1.86		$	1.36
EPS - Diluted		1.35			0.51			0.71			0.79			0.63			1.86			1.36
EPS - Core diluted (2)		0.68			0.51			0.71			0.79			0.63			1.19			1.36
Dividends Paid		0.31			0.31			0.30			0.30			0.30			0.62			0.60
Market Value:
High	$	21.01		$	27.80		$	30.51		$	29.36		$	30.13		$	27.99		$	32.52
Low		13.60			20.39			26.11			24.67			25.31			13.60			25.31
Close		16.02			20.73			26.97			25.70			25.35			16.02			30.91
Common Book Value		26.23			25.61			24.94			24.32			25.35
Tangible Common Book Value (3)		17.55			16.21			15.47			14.82			15.80
Shares outstanding, end of period (000s)		35,727			35,701			35,591			35,563			35,555
Performance Ratios (annualized)
Tax-equivalent net interest margin (1)		2.72	%		2.90	%		3.28	%		3.40	%		3.36	%		2.81	%		3.40	%
Return on average assets		2.26	%		0.86	%		1.21	%		1.37	%		1.16	%		1.58	%		1.29	%
Core return on average assets (2)		1.13	%		0.86	%		1.22	%		1.39	%		1.16	%		1.00	%		1.29	%
Return on average equity		21.06	%		8.07	%		11.46	%		12.26	%		9.73	%		14.72	%		10.21	%
Core return on average equity (2)		10.55	%		8.07	%		11.58	%		12.40	%		9.73	%		9.38	%		10.21	%
Return on average tangible equity		33.09	%		12.88	%		18.64	%		19.50	%		15.41	%		23.30	%		15.81	%
Core return on average tangible equity (2)		16.57	%		10.51	%		14.64	%		16.33	%		12.95	%		14.84	%		15.81	%
Efficiency ratio (4)		41.45	%		60.90	%		56.76	%		51.26	%		52.23	%		49.15	%		53.42	%
Core efficiency ratio (2)		57.49	%		60.90	%		56.76	%		51.26	%		52.23	%		59.19	%		53.42	%
Effective tax rate		22.33	%		18.44	%		18.59	%		19.22	%		19.59	%		21.31	%		19.25	%
Common dividend payout ratio		22.96	%		60.78	%		42.25	%		37.97	%		47.62	%		33.33	%		44.12	%
(1) Interest income on tax-exempt securities and loans has been adjusted to a tax-equivalent basis using the statutory federal income tax rate of 21%.
(2) Core items exclude the impact of insurance agency disposition related items. See non-GAAP reconciliations.
(3) Tangible assets = total assets less the sum of goodwill and core deposit and other intangibles. Tangible equity = total stockholders' equity less the sum of goodwill, core deposit and other intangibles, and preferred stock. Tangible common book value = tangible equity divided by shares outstanding at the end of the period.
(4) Efficiency ratio = Non-interest expense divided by sum of tax-equivalent net interest income plus non-interest income, excluding securities gains or losses, net.


Premier Financial Corp.
Yield Analysis
(dollars in thousands)	Three Months Ended																Six Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22				6/30/23			6/30/22
Average Balances
Interest-earning assets:
Loans receivable (1)	$	6,714,240		$	6,535,080		$	6,359,564		$	6,120,324		$	5,667,853			$	6,625,155		$	5,526,127
Securities		1,155,451			1,190,359			1,236,511			1,262,435			1,288,636				1,172,809			1,269,677
Interest Bearing Deposits		36,730			35,056			29,884			68,530			76,401				35,898			92,987
FHLB stock		45,099			30,353			28,386			27,414			19,334				37,767			15,667
Total interest-earning assets		7,951,520			7,790,848			7,654,345			7,478,703			7,052,224		-		7,871,629			6,904,458
Non-interest-earning assets		646,266			642,252			650,117			682,686			690,326		-		644,269			722,430
Total assets	$	8,597,786		$	8,433,100		$	8,304,462		$	8,161,389		$	7,742,550			$	8,515,898		$	7,626,888
Deposits and Interest-bearing Liabilities:
Interest bearing deposits	$	5,195,727		$	5,078,510		$	4,901,412		$	4,846,419		$	4,614,223			$	5,137,442		$	4,607,549
FHLB advances and other		653,923			467,311			419,761			377,533			234,945				561,133			126,215
Subordinated debentures		85,146			85,114			85,084			85,049			85,020				85,130			85,004
Notes payable		-			-			304			-			428				-			215
Total interest-bearing liabilities		5,934,796			5,630,935			5,406,561			5,309,001			4,934,616				5,783,705			4,818,983
Non-interest bearing deposits		1,603,878			1,755,011			1,871,970			1,807,909			1,771,634				1,679,027			1,742,686
Total including non-interest-bearing deposits		7,538,674			7,385,946			7,278,531			7,116,910			6,706,250				7,462,732			6,561,669
Other non-interest-bearing liabilities		137,671			145,567			150,644			132,255			114,453				141,597			103,346
Total liabilities		7,676,345			7,531,513			7,429,175			7,249,165			6,820,703				7,604,329			6,665,015
Stockholders' equity		921,441			901,587			875,287			912,224			921,847				911,569			961,873
Total liabilities and stockholders' equity	$	8,597,786		$	8,433,100		$	8,304,462		$	8,161,389		$	7,742,550			$	8,515,898		$	7,626,888
IEAs/IBLs		134	%		138	%		142	%		141	%		143	%			136	%		143	%

Interest Income/Expense
Interest-earning assets:
Loans receivable (2)	$	81,622		$	76,063		$	72,201		$	65,564		$	56,573			$	157,684		$	111,821
Securities (2)		7,058			7,359			7,762			7,006			6,416				14,417			12,116
Interest Bearing Deposits		641			444			444			221			120				1,085			233
FHLB stock		905			394			482			510			174				1,299			166
Total interest-earning assets		90,226			84,260			80,889			73,301			63,283				174,485			124,336


Deposits and Interest-bearing Liabilities:
Interest bearing deposits	$	26,825		$	21,458		$	13,161		$	6,855		$	2,671		$	48,283		$	4,893
FHLB advances and other		8,217			5,336			3,941			2,069			527			13,554			540
Subordinated debentures		1,125			1,075			1,001			868			763			2,199			1,459
Notes payable		-			-			3			-			1			-			1
Total interest-bearing liabilities		36,167			27,869			18,106			9,792			3,962			64,036			6,893
Non-interest bearing deposits		-			-			-			-			-			-			-
Total including non-interest-bearing deposits		36,167			27,869			18,106			9,792			3,962			64,036			6,893
Net interest income	$	54,059		$	56,391		$	62,783		$	63,509		$	59,321		$	110,449		$	117,443
Less: PPP income		(5	)		(6	)		(6	)		(26	)		(160	)		(11	)		(3,801	)
Less: Acquisition marks accretion		(380	)		(387	)		(554	)		(608	)		(706	)		(766	)		(1,443	)
Core net interest income	$	53,674		$	55,998		$	62,223		$	62,875		$	58,455		$	109,672		$	112,199

Annualized Average Rates
Interest-earning assets:
Loans receivable		4.86	%		4.66	%		4.54	%		4.29	%		3.99	%		4.76	%		4.05	%
Securities (3)		2.44	%		2.47	%		2.51	%		2.22	%		1.99	%		2.46	%		1.91	%
Interest Bearing Deposits		6.98	%		5.07	%		5.94	%		1.29	%		0.63	%		6.04	%		0.50	%
FHLB stock		8.03	%		5.19	%		6.79	%		7.44	%		3.60	%		6.88	%		2.12	%
Total interest-earning assets		4.54	%		4.33	%		4.23	%		3.92	%		3.59	%		4.43	%		3.60	%
Deposits and Interest-bearing Liabilities:
Interest bearing deposits		2.07	%		1.69	%		1.07	%		0.57	%		0.23	%		1.88	%		0.21	%
FHLB advances and other		5.03	%		4.57	%		3.76	%		2.19	%		0.90	%		4.83	%		0.86	%
Subordinated debentures		5.29	%		5.05	%		4.71	%		4.08	%		3.59	%		5.17	%		3.43	%
Notes payable	-			-				3.95	%	-				0.93	%	-				0.93	%
Total interest-bearing liabilities		2.44	%		1.98	%		1.34	%		0.74	%		0.32	%		2.21	%		0.29	%
Non-interest bearing deposits	-			-			-			-			-			-			-
Total including non-interest-bearing deposits		1.92	%		1.51	%		1.00	%		0.55	%		0.24	%		1.72	%		0.21	%
Net interest spread		2.10	%		2.35	%		2.89	%		3.18	%		3.27	%		2.22	%		3.31	%
Net interest margin (4)		2.72	%		2.90	%		3.28	%		3.40	%		3.36	%		2.81	%		3.40	%
Core net interest margin (4)		2.70	%		2.88	%		3.25	%		3.36	%		3.32	%		2.79	%		3.26	%



(1) Includes average PPP loans of:	$	673	$	965	$	1,160	$	1,889	$	12,966	$	818	$	22,855
(2) Interest on certain tax exempt loans and securities is not taxable for Federal income tax purposes. In order to compare the tax-exempt yields on these assets to taxable yields, the interest earned on these assets is adjusted to a pre-tax equivalent amount based on the marginal corporate federal income tax rate of 21%.
(3) Securities yield = annualized interest income divided by the average balance of securities, excluding average unrealized gains/losses.
(4) Net interest margin is tax equivalent net interest income divided by average interest-earning assets. Core net interest margin represents net interest margin excluding PPP and acquisition marks accretion.


Premier Financial Corp.
Deposits and Liquidity
(dollars in thousands)
	As of and for the Three Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22
Ending Balances
Non-interest-bearing demand deposits	$	1,573,837		$	1,649,726		$	1,869,509		$	1,826,511		$	1,786,516
Savings deposits		748,392			775,186			797,376			817,853			830,048
Interest-bearing demand deposits		594,325			646,329			653,960			665,974			662,337
Money market account deposits		1,282,721			1,342,451			1,493,729			1,463,600			1,511,990
Time deposits		904,717			856,720			768,678			630,077			587,918
Public funds, ICS and CDARS deposits		1,477,203			1,348,750			1,179,759			1,258,610			1,137,536
Brokered deposits		413,237			154,869			143,708			69,881			-
Total deposits	$	6,994,432		$	6,774,031		$	6,906,719		$	6,732,505		$	6,516,344

Average Balances
Non-interest-bearing demand deposits	$	1,603,878		$	1,755,011		$	1,871,970		$	1,807,909		$	1,771,634
Savings deposits		762,074			782,215			806,653			825,673			833,323
Interest-bearing demand deposits		603,572			637,423			651,685			681,247			681,798
Money market account deposits		1,311,177			1,430,905			1,418,549			1,493,019			1,498,218
Time deposits		872,991			825,652			685,453			610,708			597,613
Public funds, ICS and CDARS deposits		1,399,749			1,232,230			1,235,772			1,204,968			1,003,271
Brokered deposits		246,164			170,085			103,300			30,804			-
Total deposits	$	6,799,605		$	6,833,521		$	6,773,382		$	6,654,328		$	6,385,857

Average Rates
Non-interest-bearing demand deposits		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Savings deposits		0.02	%		0.02	%		0.02	%		0.02	%		0.02	%
Interest-bearing demand deposits		0.10	%		0.07	%		0.07	%		0.07	%		0.05	%
Money market account deposits		1.73	%		1.54	%		0.81	%		0.40	%		0.18	%
Time deposits		2.27	%		1.83	%		1.05	%		0.58	%		0.45	%
Public funds, ICS and CDARS deposits		3.71	%		3.32	%		2.41	%		1.38	%		0.48	%
Brokered deposits		4.92	%		4.19	%		3.32	%		2.37	%	-
Total deposits		1.58	%		1.26	%		0.78	%		0.41	%		0.17	%

Other Deposits Data
Loans/Deposits Ratio		95.9	%		97.1	%		93.5	%		92.2	%		90.4	%
Uninsured deposits %		31.5	%		32.3	%		35.3	%		35.5	%		34.2	%
Adjusted uninsured deposits % (1)		17.3	%		19.6	%		22.2	%		22.2	%		22.0	%
Top 20 depositors %		12.4	%		12.1	%		5.4	%		11.3	%		10.0	%
Public funds %		17.5	%		16.5	%		14.8	%		15.9	%		14.1	%
Average account size (excluding brokered)	$	26.7		$	27.0		$	27.8		$	27.5		$	26.9

Securities Data
Held-to-maturity (HTM) at fair value	$	-		$	-		$	-		$	-		$	-
Available-for-sale (AFS) at fair value (2)		961,123			998,128			1,040,081			1,063,713			1,140,466
Equity investment at fair value (3)		6,458			6,387			7,832			15,336			13,293
Total securities at fair value	$	967,581		$	1,004,515		$	1,047,913		$	1,079,049		$	1,153,759
Cash+Securities/Assets		12.6	%		13.6	%		13.9	%		14.4	%		16.1	%


Projected AFS cash flow in next 12 months	$	64,687		$	73,184		$	73,319		$	76,119		$	74,558
AFS average life (years)		6.5			6.4			6.5			6.6			6.8

Liquidity Sources
Cash and cash equivalents	$	121,727		$	157,027		$	128,160		$	104,992		$	134,394
Unpledged securities at fair value		298,471			211,468			288,134			342,979			572,892
FHLB borrowing capacity		1,542,459			1,358,650			1,528,978			1,217,516			1,044,477
Brokered deposits (Company policy limit of 10%)		288,719			524,889			549,370			605,552			654,380
Bank and parent lines of credit		70,000			70,000			70,000			70,000			45,000
Federal Reserve - Discount Window and BTFP (4)		491,141			129,918			44,471			-			-
Total	$	2,812,517		$	2,451,952		$	2,609,113		$	2,341,039		$	2,451,143
Total liquidity to adjusted uninsured deposits ratio		230.5	%		183.2	%		168.9	%		155.4	%		169.0	%

(1) Adjusted for collateralized deposits, other insured deposits and intra-company accounts.
(2) Mark-to-market included in accumulated other comprehensive income.
(3) Mark-to-market included in net income each quarter.
(4) Includes borrowing capacity related to unpledged securities at par value in excess of fair value under Bank Term Funding Program.


Premier Financial Corp.
Loans and Capital
(dollars in thousands)
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22
Loan Portfolio Composition
Residential real estate	$	1,711,632		$	1,624,331		$	1,535,574		$	1,478,360		$	1,382,202
Residential real estate construction		111,708			141,209			176,737			119,204			85,256
Total residential loans		1,823,340			1,765,540			1,712,311			1,597,564			1,467,458

Commercial real estate		2,848,410			2,813,441			2,762,311			2,674,078			2,655,730
Commercial construction		472,328			440,510			428,743			398,044			319,590
Commercial excluding PPP		1,068,795			1,060,351			1,054,037			1,041,423			987,242
Core commercial loans (1)		4,389,533			4,314,302			4,245,091			4,113,545			3,962,562

Consumer direct/indirect		210,390			212,299			213,405			212,790			180,539
Home equity and improvement lines		272,792			271,676			277,613			272,367			266,144
Total consumer loans		483,182			483,975			491,018			485,157			446,683

Deferred loan origination fees		11,936			11,221			11,057			10,261			9,559
Core loans (1)		6,707,991			6,575,038			6,459,477			6,206,527			5,886,262
PPP loans		577			791			1,143			1,181			4,561
Total loans	$	6,708,568		$	6,575,829		$	6,460,620		$	6,207,708		$	5,890,823

Loans held for sale	$	128,079		$	119,631		$	115,251		$	129,142		$	145,092
Core residential loans (1)		1,951,419			1,885,171			1,827,562			1,726,706			1,612,550
Total loans including loans held for sale but excluding PPP		6,836,070			6,694,669			6,574,728			6,335,669			6,031,354

Undisbursed construction loan funds - residential	$	102,198		$	157,934		$	209,306		$	231,598		$	239,748
Undisbursed construction loan funds - commercial		353,455			446,294			463,469			493,199			449,101
Undisbursed construction loan funds - total		455,653			604,228			672,775			724,797			688,849
Total construction loans including undisbursed funds	$	1,039,689		$	1,185,947		$	1,278,255		$	1,242,045		$	1,093,695
Gross loans (2)	$	7,152,285		$	7,168,836		$	7,122,338		$	6,922,244		$	6,570,113

Fixed rate loans %		49.8	%		49.5	%		48.8	%		48.7	%		47.4	%
Floating rate loans %		15.9	%		13.4	%		14.3	%		16.0	%		18.3	%
Adjustable rate loans repricing within 1 year %		1.5	%		2.0	%		2.6	%		0.8	%		2.5	%
Adjustable rate loans repricing over 1 year %		32.8	%		35.1	%		34.3	%		34.5	%		31.8	%

Commercial Real Estate Loans Composition
Non owner occupied excluding office	$	1,012,400		$	947,442		$	934,760		$	905,512		$	899,129
Non owner occupied office		225,046			220,668			222,300			203,565			210,164
Owner occupied excluding office		603,650			609,203			578,514			570,662			556,482
Owner occupied office		107,240			109,014			108,087			105,224			104,968
Multifamily		633,909			661,996			660,823			637,701			634,782
Agriculture land		123,104			122,384			125,384			122,416			120,633
Other commercial real estate		143,061			142,734			132,443			128,998			129,572
Total commercial real estate loans	$	2,848,410		$	2,813,441		$	2,762,311		$	2,674,078		$	2,655,730



Capital Balances
Total equity	$	936,971		$	914,450		$	887,721		$	864,960		$	901,147
Less: Regulatory goodwill and intangibles		304,818			330,711			331,981			332,839			334,177
Less: Accumulated other comprehensive income/(loss) ("AOCI")		(168,721	)		(153,709	)		(173,460	)		(181,231	)		(126,754	)
Common equity tier 1 capital ("CET1")		800,874			737,448			729,200			713,352			693,724
Add: Tier 1 subordinated debt		35,000			35,000			35,000			35,000			35,000
Tier 1 capital		835,874			772,448			764,200			748,352			728,724
Add: Regulatory allowances		80,812			80,003			78,780			76,530			72,648
Add: Tier 2 subordinated debt		50,000			50,000			50,000			50,000			50,000
Total risk-based capital	$	966,686		$	902,451		$	892,980		$	874,882		$	851,372

Total risk-weighted assets	$	7,409,304		$	7,370,704		$	7,355,979		$	7,385,877		$	7,095,366

Capital Ratios
CET1 Ratio		10.81	%		10.01	%		9.91	%		9.66	%		9.78	%
CET1 Ratio including AOCI		8.53	%		7.92	%		7.55	%		7.20	%		7.99	%
Tier 1 Capital Ratio		11.28	%		10.48	%		10.39	%		10.13	%		10.27	%
Tier 1 Capital Ratio including AOCI		9.00	%		8.39	%		8.03	%		7.68	%		8.48	%
Total Capital Ratio		13.05	%		12.24	%		12.14	%		11.85	%		12.00	%
Total Capital Ratio including AOCI		10.77	%		10.16	%		9.78	%		9.39	%		10.21	%

(1) Core loans represents total loans excluding undisbursed loan funds, deferred loan origination fees and PPP loans. Core commercial loans represents total commercial real estate, commercial and commercial construction excluding commercial undisbursed loan funds, deferred loan origination fees and PPP loans. Core residential loans represents total loans held for sale, one to four family residential real estate and residential construction excluding residential undisbursed loan funds and deferred loan origination fees.
(2) Gross loans represent total loans including undisbursed construction funds but excluding deferred loan origination fees.


Premier Financial Corp.
Loan Delinquency Information
(dollars in thousands)	Total Balance		Current		30 to 89 days past due		% of Total			Non Accrual Loans		% of Total

June 30, 2023
One to four family residential real estate	$	1,711,632	$	1,694,024	$	7,320		0.43	%	$	10,288		0.60	%
Construction		1,039,689		1,039,404		285		0.03	%		-		0.00	%
Commercial real estate		2,848,410		2,833,765		596		0.02	%		14,049		0.49	%
Commercial		1,069,372		1,057,057		4,290		0.40	%		8,025		0.75	%
Home equity and improvement		272,792		267,617		2,945		1.08	%		2,230		0.82	%
Consumer finance		210,390		204,404		3,587		1.70	%		2,399		1.14	%
Gross loans	$	7,152,285	$	7,096,271	$	19,023		0.27	%	$	36,991		0.52	%

March 31, 2023
One to four family residential real estate	$	1,624,331	$	1,611,658	$	4,514		0.28	%	$	8,159		0.50	%
Construction		1,185,947		1,185,803		144		0.01	%		-		0.00	%
Commercial real estate		2,813,441		2,799,007		88		0.00	%		14,346		0.51	%
Commercial		1,061,142		1,053,681		471		0.04	%		6,990		0.66	%
Home equity and improvement		271,676		266,931		2,404		0.88	%		2,341		0.86	%
Consumer finance		212,299		206,247		3,511		1.65	%		2,541		1.20	%
Gross loans	$	7,168,836	$	7,123,327	$	11,132		0.16	%	$	34,377		0.48	%

June 30, 2022
One to four family residential real estate	$	1,382,202	$	1,367,037	$	7,176		0.52	%	$	7,989		0.58	%
Construction		1,093,695		1,093,695		-		0.00	%		-		0.00	%
Commercial real estate		2,655,730		2,641,216		1		0.00	%		14,513		0.55	%
Commercial		991,803		984,065		-		0.00	%		7,738		0.78	%
Home equity and improvement		266,144		261,576		1,943		0.73	%		2,625		0.99	%
Consumer finance		180,539		176,608		2,061		1.14	%		1,870		1.04	%
Total loans	$	6,570,113	$	6,524,197	$	11,181		0.17	%	$	34,735		0.53	%

Loan Risk Ratings Information
(dollars in thousands)	Total Balance		Pass Rated		Special Mention		% of Total			Classified		% of Total

June 30, 2023
One to four family residential real estate	$	1,700,468	$	1,689,666	$	484		0.03	%	$	10,318		0.61	%
Construction		1,039,689		1,031,356		8,333		0.80	%		-		0.00	%
Commercial real estate		2,847,035		2,797,688		20,751		0.73	%		28,596		1.00	%
Commercial		1,063,744		1,021,403		27,376		2.57	%		14,965		1.41	%
Home equity and improvement		270,722		269,038		-		0.00	%		1,684		0.62	%
Consumer finance		210,158		207,963		-		0.00	%		2,195		1.04	%
PCD loans		20,469		13,981		3,786		18.50	%		2,702		13.20	%


Gross loans	$	7,152,285	$	7,031,095	$	60,730	0.85	%	$	60,460	0.85	%

March 31, 2023
One to four family residential real estate	$	1,612,999	$	1,604,694	$	493	0.03	%	$	7,812	0.48	%
Construction		1,185,947		1,185,947		-	0.00	%		-	0.00	%
Commercial real estate		2,811,999		2,748,598		41,677	1.48	%		21,724	0.77	%
Commercial		1,055,829		1,015,416		33,090	3.13	%		7,323	0.69	%
Home equity and improvement		269,455		267,588		-	0.00	%		1,867	0.69	%
Consumer finance		212,043		209,566		-	0.00	%		2,477	1.17	%
PCD loans		20,564		13,177		3,683	17.91	%		3,704	18.01	%
Gross loans	$	7,168,836	$	7,044,986	$	78,943	1.10	%	$	44,907	0.63	%

June 30, 2022
One to four family residential real estate	$	1,370,167	$	1,361,875	$	1,244	0.09	%	$	7,048	0.51	%
Construction		1,093,695		1,093,695		-	0.00	%		-	0.00	%
Commercial real estate		2,654,003		2,551,971		77,224	2.91	%		24,808	0.93	%
Commercial		984,972		956,229		21,428	2.18	%		7,315	0.74	%
Home equity and improvement		263,330		261,530		-	0.00	%		1,800	0.68	%
Consumer finance		180,183		178,346		-	0.00	%		1,837	1.02	%
PCD loans		23,763		17,632		95	0.40	%		6,036	25.40	%
Total loans	$	6,570,113	$	6,421,278	$	99,991	1.52	%	$	48,844	0.74	%


Premier Financial Corp.
Mortgage and Credit Information
(dollars in thousands)
	As of and for the Three Months Ended															Six Months Ended
Mortgage Banking Summary	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23			6/30/22
Revenue from sales and servicing of mortgage loans:
Mortgage banking gains, net	$	2,242		$	(837	)	$	(1,285	)	$	3,363		$	1,166		$	1,405		$	3,710
Mortgage loan servicing revenue (expense):
Mortgage loan servicing revenue		1,845			1,888			1,862			1,861			1,862			3,733			3,741
Amortization of mortgage servicing rights		(1,277	)		(1,219	)		(1,271	)		(1,350	)		(1,375	)		(2,496	)		(2,778	)
Mortgage servicing rights valuation adjustments		130			(106	)		396			96			295			24			1,527
		698			563			987			607			782			1,261			2,490
Total revenue from sale/servicing of mortgage loans	$	2,940		$	(274	)	$	(298	)	$	3,970		$	1,948		$	2,666		$	6,200

Mortgage servicing rights:
Balance at beginning of period	$	21,447		$	21,858		$	21,915		$	21,872		$	22,189		$	21,858		$	22,244
Loans sold, servicing retained		653			808			1,214			1,393			1,059			1,461			2,407
Amortization		(1,277	)		(1,219	)		(1,271	)		(1,350	)		(1,375	)		(2,496	)		(2,778	)
Balance at end of period		20,823			21,447			21,858			21,915			21,873			20,823			21,873
Valuation allowance:
Balance at beginning of period		(793	)		(687	)		(1,083	)		(1,179	)		(1,474	)		(687	)		(2,707	)
Impairment recovery (charges)		130			(106	)		396			96			295			24			1,527
Balance at end of period		(663	)		(793	)		(687	)		(1,083	)		(1,179	)		(663	)		(1,180	)
Net carrying value at end of period	$	20,160		$	20,654		$	21,171		$	20,832		$	20,693		$	20,160		$	20,693

Allowance for credit losses - loans
Beginning allowance	$	74,273		$	72,816		$	70,626		$	67,074		$	67,195		$	72,816		$	66,468
Provision (benefit) for credit losses - loans		1,410			3,944			3,020			3,706			5,151			5,354			5,777
Net recoveries (charge-offs)		238			(2,487	)		(830	)		(154	)		(5,272	)		(2,249	)		(5,171	)
Ending allowance	$	75,921		$	74,273		$	72,816		$	70,626		$	67,074		$	75,921		$	67,074

Total loans	$	6,708,568		$	6,575,829		$	6,460,620		$	6,207,708		$	5,890,823
Less: PPP loans		(577	)		(791	)		(1,143	)		(1,181	)		(4,561	)
Total loans ex PPP	$	6,707,991		$	6,575,038		$	6,459,477		$	6,206,527		$	5,886,262

Allowance for credit losses (ACL)	$	75,921		$	74,273		$	72,816		$	70,626		$	67,074
Add: Unaccreted purchase accounting marks		1,901			2,301			2,706			3,291			3,924
Adjusted ACL	$	77,822		$	76,574		$	75,522		$	73,917		$	70,998
ACL/Loans		1.13	%		1.13	%		1.13	%		1.14	%		1.14	%
Adjusted ACL/Loans ex PPP		1.16	%		1.16	%		1.17	%		1.19	%		1.21	%


Credit Quality
Total non-performing loans (1)	$	36,991		$	34,377		$	33,822		$	33,137		$	34,735
Real estate owned (REO)		561			393			619			416			462
Total non-performing assets (2)	$	37,552		$	34,770		$	34,441		$	33,553		$	35,197
Net charge-offs (recoveries)		(238	)		2,487			830			154			5,272

Allowance for credit losses / non-performing assets		202.18	%		213.61	%		211.42	%		210.49	%		190.57	%
Allowance for credit losses / non-performing loans		205.24	%		216.05	%		215.29	%		213.13	%		193.10	%
Non-performing assets / loans plus REO		0.56	%		0.53	%		0.53	%		0.54	%		0.60	%
Non-performing assets / total assets		0.44	%		0.41	%		0.41	%		0.41	%		0.44	%
Net charge-offs / average loans (annualized)		-0.01	%		0.15	%		0.05	%		0.01	%		0.37	%
Net charge-offs / average loans LTM		0.14	%		0.14	%		0.10	%		0.26	%		0.27	%

(1) Non-performing loans consist of non-accrual loans.
(2) Non-performing assets are non-performing loans plus real estate and other assets acquired by foreclosure or deed-in-lieu thereof.


Premier Financial Corp.
Non-GAAP Reconciliations
	Three Months Ended															Six Months Ended
(In thousands, except per share and ratio data)	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23			6/30/22
Total non-interest expenses	$	44,495		$	42,791		$	43,028		$	41,099		$	39,089		$	87,286		$	80,384
Less: Transaction costs (pre-tax)		3,652			-			-			-			-			3,652			-
Core non-interest expenses	$	40,843		$	42,791		$	43,028		$	41,099		$	39,089		$	83,634		$	80,384

Non-interest income	$	53,346		$	12,462		$	14,228		$	16,704		$	14,365		$	65,808		$	31,228
Less: Gain on sale of insurance agency (pre-tax)		36,296			-			-			-			-			36,296			-
Core non-interest income	$	17,050		$	12,462		$	14,228		$	16,704		$	14,365		$	29,512		$	31,228
Less: Securities gains (losses)		64			(1,411	)		1,210			43			(1,161	)		(1,347	)		(1,804	)
Core non-interest income (ex securities gains/losses)	$	16,986		$	13,873		$	13,018		$	16,661		$	15,526		$	30,859		$	33,032

Tax-equivalent net interest income	$	54,059		$	56,391		$	62,783		$	63,509		$	59,321		$	110,449		$	117,443
Core non-interest income (ex securities gains/losses)		16,986			13,873			13,018			16,661			15,526			30,859			33,032
Total core revenues		71,045			70,264			75,801			80,170			74,847			141,308			150,475
Core non-interest expenses	$	40,843		$	42,791		$	43,028		$	41,099		$	39,089		$	83,634		$	80,384
Core efficiency ratio		57.49	%		60.90	%		56.76	%		51.26	%		52.23	%		59.19	%		53.42	%

Income (loss) before income taxes	$	62,303		$	22,252		$	31,045		$	34,905		$	27,806		$	84,555		$	60,333
Add: Provision (benefit) for credit losses		540			3,706			2,774			4,012			6,566			4,246			7,501
Pre-tax pre-provision income		62,843			25,958			33,819			38,917			34,372			88,801			67,834
Add: Transaction costs (pre-tax)		3,652			-			-			-			-			3,652			-
Less: Gain on sale of insurance agency (pre-tax)		36,296			-			-			-			-			36,296			-
Core pre-tax pre-provision income	$	30,199		$	25,958		$	33,819		$	38,917		$	34,372		$	56,157		$	67,834
Average total assets	$	8,597,786		$	8,433,100		$	8,304,462		$	8,161,389		$	7,742,550		$	8,515,898		$	7,626,888


Core pre-tax pre-provision return on average assets		1.41	%		1.25	%		1.62	%		1.89	%		1.78	%		1.33	%		1.79	%

Net income (loss)	$	48,391		$	18,149		$	25,275		$	28,195		$	22,360		$	66,540		$	48,717
Less: Gain on sale of insurance agency (pre-tax)		36,296			-			-			-			-			36,296			-
Add: Transaction costs (pre-tax)		3,652			-			-			-			-			3,652			-
Add: Tax impact of sale transaction		8,483			-			-			-			-			8,483			-
Core net income	$	24,230		$	18,149		$	25,275		$	28,195		$	22,360		$	42,379		$	48,717

Diluted shares - Reported		35,800			35,719			35,790			35,704			35,682			35,750			35,880
Core diluted EPS	$	0.68		$	0.51		$	0.71		$	0.79		$	0.63		$	1.19		$	1.36

Average total assets	$	8,597,786		$	8,433,100		$	8,304,462		$	8,161,389		$	7,742,550		$	8,515,898		$	7,626,888
Core return on average assets		1.13	%		0.87	%		1.21	%		1.37	%		1.16	%		1.00	%		1.29	%

Average total equity	$	921,441		$	901,587		$	875,287		$	912,224		$	921,847		$	911,569		$	961,873
Core return on average equity		10.55	%		8.16	%		11.46	%		12.26	%		9.73	%		9.38	%		10.21	%

Average total tangible equity	$	586,579		$	565,169		$	538,080		$	573,641		$	581,915		$	575,933		$	621,234
Core return on average tangible equity		16.57	%		13.02	%		18.64	%		19.50	%		15.41	%		14.84	%		15.81	%

Document And Entity Information	Jul. 25, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 25, 2023
Entity Registrant Name	Premier Financial Corp.
Entity Central Index Key	0000946647
Entity Emerging Growth Company	false
Securities Act File Number	0-26850
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-1803915
Entity Address, Address Line One	601 Clinton Street
Entity Address, City or Town	Defiance
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43512
City Area Code	419
Local Phone Number	785-8700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
Trading Symbol	PFC
Security Exchange Name	NASDAQ