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Premier Financial Corp. Announces Second Quarter 2024 Results and Strategic Merger with Wesbanco, Inc.
DEFIANCE, Ohio--(BUSINESS WIRE)-- Premier Financial Corp. (Nasdaq: PFC) (“Premier” or the “Company”) announced today 2024 second quarter results and the
About this update from Wesbanco, Inc.
[{"type":"text","content":" DEFIANCE, Ohio--(BUSINESS WIRE)--\nPremier Financial Corp. (Nasdaq: PFC) (“Premier” or the “Company”) announced today 2024 second quarter results and the signing of a definitive merger agreement with Wesbanco, Inc. (Nasdaq: WSBC).\n\n\nStrategic Merger\n\n\nOn July 26, 2024, PFC and WSBC announced the signing of a definitive merger agreement under which PFC will merge into WSBC in a stock-for-stock transaction. Under the terms of the merger agreement, shareholders of PFC will receive 0.80 shares of WSBC common stock for each share of PFC common stock. Premier Bank, a wholly owned subsidiary of PFC, will merge into Wesbanco Bank, Inc., a wholly owned subsidiary of WSBC. Based upon a closing price for WSBC as of July 25, 2024 of $34.28, the transaction is valued at approximately $987 million, or $27.42 per common share of PFC. Upon closing, PFC shareholders will own approximately 30% of the combined company. The transaction is expected to close in the first quarter of 2025, subject to the approval of shareholders of both PFC and WSBC and regulatory approvals, as well as satisfaction or waiver of other customary closing conditions. Additional information can be found in the press release announcing the merger dated July 26, 2024.\n\n\nQuarterly results\n\n\nNet income for the second quarter of 2024 was $16.2 million, or $0.45 per diluted common share, compared to income of $48.4 million, or $1.35 per diluted common share, for the second quarter of 2023. Second quarter 2023 results included 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 common share after-tax. Excluding the impact of this transaction, second quarter 2023 earnings were $24.2 million or $0.68 per diluted common share.\n\n\nNet interest income and margin\n\n\nNet interest income of $49.3 million on a tax equivalent (“TE”) basis in the second quarter of 2024 was down 0.7% from $49.6 million in the first quarter of 2024 and down 8.8% from $54.1 million in the second quarter of 2023. The TE net interest margin of 2.46% in the second quarter of 2024 decreased four basis points from 2.50% in the first quarter of 2024 and 26 basis points from 2.72% in the second quarter of 2023. These results are primarily impacted by changes in depos...