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EX - 99.1 2 d170179dex991.htm EX - 99.1 م premier financial corp . press release FOR IMMEDIATE RELEASE Contact : Paul Nungester EVP and CFO 419.785.8700 PNungester@first-fed.com First Quarter 2021 Highlights • • PREMIER FINANCIAL CORP . ANNOUNCES RECORD QUARTERLY RESULTS AND DIVIDEND INCREASE • Declared dividend increase of $ 0.02 to $ 0.26 per share , up 18 % from 2020 first quarter Exhibit 99.1 Net income of $ 41.0 million , up from a loss of $ 22.5 million , or income of $ 7.5 million excluding merger - related provision and expenses , for 2020 first quarter Earnings per share of $ 1.10 , up from ( $ 0.71 ) , or $ 0.24 excluding merger - related provision and expenses , for 2020 first quarter Allowance to Loans ratio of 1.37 % , or 1.49 % excluding PPP loans • Average interest earnings assets growth of $ 248.0 million , or 15.6 % annualized growth , for 2021 first quarter Average deposit growth of $ 233.7 million , or 15.7 % annualized growth , for 2021 first quarter • Mortgage banking income of $ 10.5 million , up from $ 0.8 million for 2020 first quarter • Pre - tax pre - provision ROAA of 2.43 % , compared to 1.29 % , or 2.15 % excluding merger - related expenses , for 2020 first quarter • Efficiency ratio of 48.0 % , compared to 70.9 % , or 51.6 % excluding merger - related expenses , for 2020 first quarter • ROE and ROTE of 17.09 % and 26.60 % for 2021 first quarter DEFIANCE , OHIO ( April 20 , 2021 ) – Premier Financial Corp. ( Nasdaq : PFC ) ( “ Premier ” or the “ Company ” ) announced today 2021 first quarter results including solid core profitability . Net income for the first quarter of 2021 was $ 41.0 million , or $ 1.10 per diluted common share , compared to a net loss of $ 22.5 million , or $ 0.71 per diluted common share , for the first quarter of 2020. The year - over - year comparison is impacted by the acquisition of United Community Financial Corp. ( " UCFC " ) on January 31 , 2020 , with 2020 first quarter results including two months of operations from UCFC compared to three in first quarter of 2021. The prior year's results include the impact of $ 11.5 million of acquisition - related charges for the three months ended March 31 , 2020 , which had an after - tax cost of $ 9.5 million or $ 0.30 per diluted common share . Additionally , the prior year's provision expense of $ 45.2 million included $ 25.9 million related to acquisition accounting for an after - tax cost of $ 20.5 million , or $ 0.65 per diluted common share . The first quarter of 2021 included a provision credit of $ 7.0 million and no acquisition impact . Excluding the impact of the acquisition - related provision and charges , earnings for the three months ended March 31 , 2020 , were $ 7.5 million , or $ 0.24 per diluted common share .