Premier Financial reports 3rd quarter financial results | News, Sports, Jobs


YOUNGSTOWN — Premier Financial Corp., the holding company for Premier Bank in Youngstown, launched a new digital banking platform in October, the banking company announced in its third quarter financial report.

The initiative, according to Gary Small, Premier president / CEO, is designed “to improve our clients’ banking experience across all channels” of the company.

“The new digital banking platform has transformed our mobile and online banking experience, bringing new features and services to our clients,” Small said. “Now that we’ve completed the consumer upgrades, expect to see more regarding business banking improvements in early 2024.”

For the quarter that ended Sept. 30, the company reported net income of $24.7 million, compared to $48.4 million, or core $24.2 million, excluding the sale of its former First Insurance Group to Boston-based Risk Strategies, according to the report.

Deposits increased 4.1% annualized, or $71.2 million, during the third quarter due to a $92.3 million increase in customer deposits. The increase was partly offset by a decrease of $21.1 million in brokered deposits.

Total average interest-bearing deposit costs increased to 2.5% for the quarter, 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 continue to seek better yields, according to the company.

For the nine-month period that ended Sept. 30, the company reported income of $91.2 million, compared to $76.9 million for the same period in 2022. Income so far this year has been impacted by the $32.6 million sale of the insurance agency. Without it, year-to-date core net income is $67.1 million.

The company has total assets of $8.56 billion. A cash dividend of 31 cents per common share will be paid Nov. 17 to shareholders of record at the close of business Nov. 10.

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