Q4 2023 Premier Financial Corp Earnings Call
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Good morning, and welcome to the Premier Financial Corps fourth quarter 2023 earnings Conference call.
Participants will be in listen only mode. After today's presentation there'll be an opportunity to ask questions to register your question. Please press star followed by one no telephone keypad. If you wish her. Thank you a question. Please press star when they buy it.
Note. This event is being recorded.
I would now like to turn the conference over to Wolfgang.
Wolfgang: That would probably be a financial Corp. Please go ahead.
Speaker Change: Thank you good morning, everyone and thank you for joining us for today's fourth quarter 2023 earnings Conference call.
Speaker Change: This call is also being webcast and the audio replay will be available at the Premier Financial Corp website at Premier Fin Corp Dotcom.
Speaker Change: Following our prepared comments on the Companys strategy and performance, we will be available to take your questions.
Speaker Change: Before we begin I'd like to remind you that during the conference call today, including during the question and answer period, you may hear forward looking statements related to future financial results and business operations for Premier Financial Corp.
Speaker Change: Actual results may differ materially from current management forecast and projections as a result of factors over which the company has no control.
Speaker Change: Information on these risk factors and additional information on forward looking statements are included in the news release and in the Companys reports on file with the Securities and Exchange Commission.
Speaker Change: I'll now turn the call over to Gary for his opening remarks.
Gary: Thank you Paul and good morning to all for joining us.
Paul: Per our release fourth quarter earnings totaled $20 1 million or <unk>.
Paul: <unk> per share for the quarter.
Paul: The results lagged our third quarter performance as anticipated due to lower net interest margin and the seasonal impacts of our residential business as guided at the end of the third quarter. However, the quarter did also include a couple of unanticipated nonrecurring or timing items that would let the earnings for the quarter slightly below our.
Paul: Expectations and now I'll run down the particulars.
Paul: First a quick look at capital as you noticed our earnings combined with the favorable OCI movement brings our tangible book value per share to $18 69.
Paul: It's a really good strong progression over the last three quarters, which of course included the big pickup we had on the sale of our insurance operation.
Paul: But evidence that we've got we've got more upside there and we've made good progress during the year.
Paul: Loan growth for the quarter totaled two 5% on an annualized basis and that brings our full loan growth for the year to four 3% and that was in line with the expectations that we had for the year coming off of a 20 plus percent growth here in 'twenty two.
Paul: We're designed to be a 4% shop this year.
Paul: Annualized commercial growth totaled five 8%.
Paul: And for the full year grew four 2% again control growth was our mantra for 'twenty three.
Paul: Our consumer.
Paul: Sure.