Premier sees strong loans, quarterly deposit growth

YOUNGSTOWN — Youngstown-based Premier Bank holding company Premier Financial Corp added $309 million to its loan portfolio in the third quarter, an annualized growth rate of 19.9%, the company said.

The bank’s Q3 2022 results show growth of $151 million in commercial loans, an annualized increase of 15.2%, and $114.2 million in residential loans (including loans held for sale). , increased by 28.3%.

Deposits increased $146.3 million, up 9%, and the company reported net income for the quarter of $28.2 million, down from $28.4 million in Q3 2021.

“We are very pleased to report another strong quarter in terms of revenue and growth.” Year-to-date loan and deposit growth of 17% and 7% respectively, combined with total revenue growth of 8.9% for the quarter, is a standout performance compared to previous years,” said Premier’s president and CEO. Gary Small said.

“As was the case throughout the year, strong commercial and consumer segment performance continues to offset a difficult mortgage environment. It’s good to see households continue to thrive as the economy continues to thrive: deposits continue to grow, credit quality continues to improve and consumer spending continues to grow responsibly. A healthy job market is clearly helping everyone navigate this period of uncertainty.” He said.

Premier’s total assets were $8.24 billion as of the end of the quarter on September 30, compared with $8.01 billion at the end of the second quarter and $7.47 billion at the end of the third quarter of 2021 .

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