EX-99.3 5 d857150dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

The following unaudited pro forma condensed combined financial information is based on the historical financial statements of Wesbanco, Inc. (“Wesbanco”) and Premier Financial Corp. (“Premier Financial”), and has been prepared to illustrate the financial effect of the proposed merger of Premier Financial with and into Wesbanco, with Wesbanco being the surviving corporation (the “Merger”). The following unaudited pro forma condensed combined financial information combines the historical consolidated financial position and results of operations of Wesbanco and its subsidiaries and of Premier Financial and its subsidiaries, as an acquisition by Wesbanco of Premier Financial using the acquisition method of accounting (Accounting Standards Codification (ASC) 805 “Business Combinations”) and giving effect to the related pro forma adjustments described in the accompanying notes. Under the acquisition method of accounting, the assets and liabilities of Premier Financial will be recorded by Wesbanco at their respective fair values as of the date the Merger is completed. The pro forma financial information should be read in conjunction with Wesbanco’s Quarterly Report on Form 10-Q for the three and six month periods ended June 30, 2024 and Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which are incorporated by reference herein, and Premier Financial’s Quarterly Report on Form 10-Q for the three and six month periods ended June 30, 2024 and Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which are incorporated by reference herein.

The unaudited pro forma condensed combined financial information set forth below assumes that the Merger was consummated on January 1, 2023 for purposes of the unaudited pro forma condensed combined statements of income and June 30, 2024 for purposes of the unaudited pro forma condensed combined balance sheet and gives effect to the Merger, for purposes of the unaudited pro forma condensed combined statements of income, as if it had been effective during the entire period presented.

These unaudited pro forma condensed combined financial statements reflect the Merger based upon estimated preliminary acquisition accounting adjustments. Actual adjustments will be made as of the effective date of the Merger and, therefore, may differ from those reflected in the unaudited pro forma condensed combined financial information.

The unaudited pro forma condensed combined financial statements included herein are presented for informational purposes only and do not necessarily reflect the financial results of the combined company had the companies actually been combined at the beginning of each period presented. The adjustments included in these unaudited pro forma condensed financial statements are preliminary and may be revised. This information also does not reflect the benefits of the expected cost savings, expense efficiencies or any potential balance sheet restructuring, opportunities to earn additional revenue, potential impacts of current market conditions on revenues, or asset dispositions, among other factors, and includes various preliminary estimates and may not necessarily be indicative of the financial position or results of operations that would have occurred if the Merger had been consummated on the date or at the beginning of the period indicated or which may be attained in the future. The unaudited pro forma condensed combined financial statements and accompanying notes should be read in conjunction with and are qualified in their entirety by reference to the historical consolidated financial statements and related notes thereto of Wesbanco and its subsidiaries and of Premier Financial and its subsidiaries. Such information and notes thereto are incorporated by reference herein.


Wesbanco, Inc.

Unaudited Pro Forma Condensed Combined Balance Sheet

As of June 30, 2024

 

     Wesbanco, Inc.     Premier
Financial
Corp.
    Transaction
Adjustments(1)
    Financing
Adjustments(1)
    Pro Forma
Combined
Wesbanco,
Inc.
 
     (Dollars in thousands)  

Assets

              

Cash and cash equivalents

   $ 486,789     $ 155,651     $ —          —        $ 642,440  

Equity securities

     13,091       5,559       —          —          18,650  

Available for sale securities

     2,102,123       1,081,120       —          —          3,183,243  

Held to maturity securities

     1,179,521       —        —          —          1,179,521  

Gross loans

     12,282,944       6,820,742       (395,160     (a     —          18,708,526  

Allowance for credit losses

     (136,509     (77,222     (43,251     (b     —          (256,982

Goodwill and other intangibles

     1,128,103       305,852       217,563       (c     —          1,651,518  

Other assets

     1,072,313       486,991       42,519       (d     —          1,601,823  
  

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Total Assets

   $ 18,128,375     $ 8,778,693     $ (178,329     $ —        $ 26,728,739  
  

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Liabilities and Shareholders’ Equity

              

Deposits

   $ 13,432,373     $ 7,178,554     $ —          —        $ 20,610,927  

Other borrowings

     1,580,757       393,000       (354     (e     (189,991     (m     1,783,412  

Subordinated and junior subordinated debt

     279,193       85,292       (4,902     (f     —          359,583  

Other liabilities

     291,773       142,718       57,699       (g     —          492,190  
  

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Total Liabilities

     15,584,096       7,799,564       52,443         (189,991       23,246,112  

Preferred stock

     144,484       —        —          —          144,484  

Common stock

     141,834       306       59,651       (h     15,151       (n     216,942  

Capital surplus

     1,628,770       689,743       114,904       (i     174,840       (n     2,608,257  

Retained earnings

     1,159,217       581,715       (697,962     (j     —          1,042,970  

Treasury stock

     (294,818     (129,597     129,597       (k     —          (294,818

Accumulated other comprehensive loss

     (235,208     (163,038     163,038       (l     —          (235,208
  

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Total Shareholders’ Equity

     2,544,279       979,129       (230,772       189,991         3,482,627  
  

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Total Liabilities and Shareholders’ Equity

   $ 18,128,375     $ 8,778,693     $ (178,329     $ —        $ 26,728,739  
  

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

 

(1)

See Note B to the notes to the unaudited pro forma condensed combined financial information, Purchase Accounting Adjustments, for additional information and cross-references to the pro forma adjustments.

See notes to the unaudited pro forma condensed combined financial information.


Wesbanco, Inc.

Unaudited Pro Forma Condensed Combined Statement of Income

For the Six Months Ended June 30, 2024

 

     Wesbanco,
Inc.
     Premier
Financial
Corp.
     Transaction
Adjustments(1)
    Financing
Adjustments(1)
    Pro Forma
Combined
Wesbanco,
Inc.
 
     (Dollars in thousands, except per share amounts)  

Interest Income

                

Loans, including fees

   $ 342,335      $ 176,156        38,760       (o     —        $ 557,251  

Securities and other

     55,992        18,656        15,011       (p     —          89,659  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

 

Total Interest Income

     398,327        194,812        53,771         —          646,910  

Interest Expense

                

Deposits

     124,851        86,494        —          —          211,345  

Other borrowings

     42,916        9,519        233       (q     (5,500     (u     47,168  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

 

Total Interest Expense

     167,767        96,013        233         (5,500       258,513  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

 

Net Interest Income

     230,560        98,799        53,538         5,500         388,397  

Provision for credit losses

     14,555        2,769        —          —          17,324  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

 

Net Interest Income After Provision for Credit Losses

     216,005        96,030        53,538         5,500         371,073  

Non-Interest Income

     61,984        24,574        (2,550     (w     —          84,008  

Non-Interest Expense

     199,585        78,108        10,627       (r     —          288,320  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

 

Income Before Income Taxes

     78,404        42,496        40,361         5,500         166,761  

Provision for income taxes

     13,795        8,531        8,476       (s     1,155       (s     31,957  

Preferred stock dividends

     5,063        —         —          —          5,063  

Net Income Available to Common Shareholders

   $ 59,546      $ 33,965      $ 31,885       $ 4,345       $ 129,741  

Earnings Per Share

                

Basic

   $ 1.00      $ 0.95        —          —        $ 1.36  

Diluted

   $ 1.00      $ 0.95        —          —        $ 1.36  

Average Shares Outstanding

                

Basic

     59,452,315        35,696,000        (6,915,959     (t     7,272,728       (v     95,505,084  

Diluted

     59,592,960        35,789,000        (7,008,959     (t     7,272,728       (v     95,645,729  

 

 

(1)

See Note B to the notes to the unaudited pro forma condensed combined financial information, Purchase Accounting Adjustments, for additional information and cross-references to the pro forma adjustments.

See notes to the unaudited pro forma condensed combined financial information.


Wesbanco, Inc.

Unaudited Pro Forma Condensed Combined Statement of Income

For the Year Ended December 31, 2023

 

     Wesbanco,
Inc.
     Premier
Financial
Corp.
     Transaction
Adjustments(1)
    Financing
Adjustments(1)
    Pro Forma
Combined
Wesbanco,
Inc.
 
     (Dollars in thousands, except per share amounts)  

Interest Income

            

Loans, including fees

   $ 596,852      $ 332,208        91,083       (o     —        $ 1,020,143  

Securities and other

     114,664        33,302        30,023       (p     —          177,989  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

 

Total Interest Income

     711,516        365,510        121,106         —          1,198,132  

Interest Expense

            

Deposits

     151,823        122,407        —          —          274,230  

Other borrowings

     78,355        26,010        821       (q     (11,000     (u     94,186  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

 

Total Interest Expense

     230,178        148,417        821         (11,000       368,416  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

 

Net Interest Income

     481,338        217,093        120,285         11,000         829,716  

Provision for credit losses

     17,734        5,234        70,665     (y )     —          93,633  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

 

Net Interest Income After Provision for Credit Losses

     463,604        211,859        49,620         11,000         736,083  

Non-Interest Income

     120,447        90,849        (5,100     (w     —          206,196  

Non-Interest Expense

     390,002        163,231        80,420       (x     —          633,653  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

 

Income Before Income Taxes

     194,049        139,477        (35,900       11,000         308,626  

Provision for income taxes

     35,017        28,182        (7,539     (s     2,310       (s     57,970  

Preferred stock dividends

     10,125        —         —          —          10,125  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

 

Net Income Available to Common Shareholders

   $ 148,907      $ 111,295      $ (28,361     $ 8,690       $ 240,531  

Earnings Per Share

            

Basic

   $ 2.51      $ 3.11        —          —        $ 2.52  

Diluted

   $ 2.51      $ 3.11        —          —        $ 2.52  

Average Shares Outstanding

            

Basic

     59,303,210        35,693,000        (6,912,959     (t     7,272,728       (v     95,355,979  

Diluted

     59,427,989        35,781,000        (7,000,959     (t     7,272,728       (v     95,480,758  

 

(1)

See Note B to the notes to the unaudited pro forma condensed combined financial information, Purchase Accounting Adjustments, for additional information and cross-references to the pro forma adjustments.

See notes to the unaudited pro forma condensed combined financial information.


Notes to the Unaudited Pro Forma Condensed Combined Financial Information

Note A — Basis of Pro Forma Presentation

On July 25, 2024, Wesbanco entered into an agreement and plan of merger (the “Merger Agreement”) with Premier Financial. Under the terms of the Merger Agreement, Wesbanco will exchange 0.80 shares of its common stock for each share of Premier Financial common stock. The receipt by Premier Financial shareholders of shares of Wesbanco common stock in exchange for their shares of Premier Financial common stock is anticipated to qualify as a tax-free exchange. The transaction, approved by the directors of both companies, is valued at approximately $864.6 million. This value is based on Wesbanco’s closing stock price on September 12, 2024 of $30.04. Considering the range of Wesbanco stock prices since the announcement of the Merger, the value of the transaction at closing may or may not be materially different from the transaction value included in these unaudited pro forma condensed combined financial statements.

The unaudited pro forma condensed combined financial information of Wesbanco’s financial condition and results of operations, including per share data, are presented after giving effect to the Merger. The pro forma financial information assumes that the Merger was consummated on January 1, 2023 for purposes of the unaudited pro forma condensed combined statements of income and on June 30, 2024 for purposes of the pro forma balance sheet and gives effect to the Merger, for purposes of the unaudited pro forma condensed combined statements of income, as if it had been effective during the entire period presented.

The Merger will be accounted for using the acquisition method of accounting; accordingly, the difference between the purchase price over the estimated fair value of the assets acquired (including identifiable intangible assets) and liabilities assumed will be recorded as goodwill.

The pro forma financial information includes estimated adjustments to record the assets and liabilities of Premier Financial at their respective fair values and represents management’s estimates based on available information. The pro forma adjustments included herein may be revised as additional information becomes available and as additional analysis is performed. The final allocation of the purchase price will be determined after the Merger is completed and after completion of a final analysis to determine the fair values of Premier Financial’s tangible, and identifiable intangible assets and liabilities as of the closing date.

Funding for the Merger is included in the pro forma adjustments as follows (in thousands):

 

Fair value of Wesbanco shares to be issued, net of equity issuance costs

   $ 861,270  

Stock based compensation to be converted to Wesbanco stock

     3,282  

Stock options to be paid out in cash

     53  
  

 

 

 

Total purchase price

   $ 864,605  
  

 

 

 

Note B — Purchase Accounting Adjustments

The pro forma adjustments include the purchase accounting entries to record the Merger. The excess of the purchase price over the fair value of the net assets acquired, net of deferred taxes, is allocated to goodwill. Estimated fair value adjustments included in the pro forma financial statements are based upon available information, and certain assumptions considered reasonable, and may be revised as additional information becomes available. For purposes of this pro forma analysis, fair value adjustments, other than goodwill and loans, are amortized/accreted on either a straight-line basis or under the sum-of-the-years’ digits method over their estimated average remaining lives. Fair value adjustments on loans are amortized/accreted using the effective interest method over the life of the loans. Estimated accretion and amortization on borrowings are based on estimated maturity by type of borrowing. When the actual amortization/accretion is recorded for periods following the closing of the Merger, the effective yield method will be used where appropriate. Tax expense related to the net fair value adjustments is calculated at the statutory 21% tax rate for federal income tax purposes.

Included in the pro forma adjustments are estimated core deposit intangibles of $147.9 million. The core deposit intangibles are separate from goodwill and amortized under the sum-of-the-years’ digits method over an estimated average remaining life of ten (10) years. When the actual amount of core deposit intangibles is determined as of the date of acquisition, which may be more or less than the estimated amount, the sum-of-the-years’ digits method will be used to record amortization over the intangibles’ actual lives. Estimated goodwill totaling $375.6 million is included in the pro forma adjustments, and is not subject to amortization, but will be tested for impairment at least annually, or when impairment indicators are identified.


The allocation of the purchase price is as follows (in thousands):

 

Purchase Price:           Proforma Balance
Sheet Cross
Reference

Fair value of Wesbanco shares to be issued net of equity issuance costs

   $ 864,605      (h),(i)

Total purchase price

     864,605     

Net tangible assets acquired:

     

Premier’s shareholders’ equity

     979,129      (h), (i), (j), (k), (l)

Premier’s pre-Merger goodwill and other intangibles

     (305,852    (c)
  

 

 

    

Total net tangible assets acquired

     673,277     

Excess of net purchase price over carrying value of net tangible assets acquired

     191,328     

Estimated adjustments to reflect fair values of acquired assets and liabilities:

     

Reduction on loans, net of elimination of Premier’s allowance for credit losses (ACL)

     367,746      (a),(b)

Estimated core deposit intangible

     (147,852    (c)

Decrease to bank premises and equipment

     2,300      (d)

Other acquired assets

     15,795      (d)

Decrease in FHLB borrowings

     (354    (e)

Decrease in junior subordinated debt

     (4,902    (f)

Net deferred taxes related to fair value adjustments

     (48,498    (d)
  

 

 

    

Preliminary proforma goodwill resulting from the Merger

   $ 375,563      (c)
  

 

 

    

The following provides additional details about the methods and assumptions used to determine the pro forma adjustments in the unaudited proforma condensed combined balance sheet and the unaudited proforma condensed combined statements of income. All adjustments are based on current assumptions and/or valuations, which are subject to change.

 

  (a)

Adjustment to loans reflects the estimated interest rate fair value mark on the portfolio of $324.5 million and credit fair value mark related to non-purchased credit-deteriorated (“PCD”) loans of $70.7 million, based on estimates of expected cash flows, resulting in a discount on Premier Financial’s portfolio.

 

  (b)

Adjustment to reflect the elimination of Premier Financial’s ACL totaling $77.2 million, the $49.8 million addition to the ACL attributable to loans identified as PCD and the day 1 recognition of the ACL related to non-PCD loans of $70.7 million which approximates the credit fair value mark related to non-PCD loans.

 

  (c)

Goodwill and other intangible assets were adjusted to remove Premier Financial’s goodwill and core deposit intangible assets totaling $305.9 million and to record the estimated goodwill and core deposit intangible asset resulting from the Merger of $375.6 million and $147.9 million, respectively.

 

  (d)

Adjustments to other assets represents mortgage servicing rights adjusted to fair value, bank premises and equipment adjusted to appraisals and the recording of the estimated net deferred tax asset resulting from the Merger.

 

  (e)

Adjustment to FHLB borrowings to reflect liquidity and interest rate estimates resulting in a discount.

 

  (f)

Adjustment to subordinated and junior subordinated debt to reflect liquidity and interest rate estimates resulting in a discount on Premier Financial’s debt.

 

  (g)

Adjustment to accrue estimated merger-related expenses expected to be incurred by Wesbanco.

 

  (h)

Adjustment to eliminate Premier Financial’s common stock, and to record the issuance at $2.0833 par value to Premier Financial’s shareholders of 28,780,041 shares of Wesbanco common stock.


  (i)

Adjustment to eliminate Premier Financial’s capital surplus, and to record the issuance of 28,780,041 shares of Wesbanco common stock for the purchase of Premier Financial.

 

  (j)

Adjustment to eliminate Premier Financial’s retained earnings, to record the after tax merger costs expected to be incurred by Wesbanco and to record the after-tax provision for credit losses of $70.7 million resulting from the non-PCD loan provision for credit losses recorded immediately following the consummation of the merger.

 

  (k)

Adjustment to eliminate Premier Financial’s treasury stock.

 

  (l)

Adjustment to eliminate Premier Financial’s accumulated other comprehensive loss.

 

  (m)

Adjustment to reflect the payoffs of certain FHLB borrowings from the net proceeds of Wesbanco’s equity capital raise in August 2024.

 

  (n)

Adjustment to record the issuance of 7,272,728 shares of Wesbanco common stock at $2.0833 par value related to the Wesbanco’s equity capital raise in August 2024, net of equity issuance costs.

 

  (o)

Adjustment to record loan discount accretion of the estimated fair value mark, based on the expected average life of the portfolio.

 

  (p)

Adjustment to record investment securities discount accretion of the estimated fair value mark, based on the expected average life of the portfolio.

 

  (q)

Adjustment to record discount accretion of the estimated fair value mark over the remaining contractual maturity of the underlying instruments stated term.

 

  (r)

Adjustment to record amortization of the estimated core deposit intangible (CDI) over its average life of 10 years and remove Premier Financial’s existing amortization of CDI.

 

  (s)

Adjustment to recognize the tax impact of pro forma transaction related adjustments at 21%.

 

  (t)

Adjustment to Premier Financial common shares reflecting the conversion ratio of 0.80 at closing.

 

  (u)

Adjustment to reverse interest expense on borrowings not incurred due to the pro forma payoffs of certain FHLB borrowings from the proceeds of Wesbanco’s equity capital raise in August 2024.

 

  (v)

Adjustment reflecting the issuance of 7,272,728 shares of Wesbanco common stock associated with Wesbanco’s $200.0 million capital raise in August 2024.

 

  (w)

Reduction in income due to the impact of lower interchange income on Premier Financial.

 

  (x)

Adjustment to record estimated merger related expenses expected to be incurred by Wesbanco and to record amortization of the estimated core deposit intangible (CDI) over its average life of 10 years and remove Premier Financial’s existing amortization of CDI.

 

  (y)

To record the provision for credit losses of $70.7 million resulting from the non-PCD loan provision for credit losses recorded immediately following the consummation of the Merger.

Note C — Cost Savings and Merger-Related Costs

Estimated cost savings, expected to approximate 25.6% of Premier Financial’s annualized pre-tax operating expenses, are excluded from this pro forma analysis. Cost savings are estimated to be realized at 75% in the first full year after the acquisition with the remainder expected to be recognized in subsequent years. In addition, certain estimated merger-related costs are not included in the pro forma combined statements of income as they will be recorded in the combined results of income after completion of the Merger and are not indicative of what the historical results of the combined company would have been had the companies been actually combined during the periods presented. Pre-tax merger-related expenses are estimated to total $71.6 million, of which $13.9 million is estimated to be related to Premier Financial pre-acquisition expenses. The merger-related expenses estimated to be incurred by Wesbanco, totaling $57.7 million, are reflected in the proforma financial statements as an acquired liability. See Note B, Purchase Accounting Adjustments, for additional information.

Note D — Non-GAAP Financial Measures

Wesbanco and Premier Financial believe that the following non-GAAP financial measures used by Wesbanco and Premier Financial provide information useful to investors in understanding operating performance and trends, and facilitate comparisons with the performance of peers. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States and should not be considered in isolation from or as a replacement for the most directly comparable GAAP financial measures. Further, other


companies may calculate these non-GAAP financial measures differently than Wesbanco and Premier Financial do, which may limit the usefulness of those measures for comparative purposes. The following tables summarize the non-GAAP financial measures derived from amounts reported in Wesbanco’s and Premier Financial’s respective financial statements. These non-GAAP financial measures should be read in conjunction with the audited financial statements and related notes presented in the respective Annual Reports on Form 10-K of Wesbanco and Premier Financial for their respective fiscal years ended December 31, 2023, as well as the unaudited financial statements and related notes presented in the respective Quarterly Reports on Forms 10-Q of Wesbanco and Premier Financial for their respective fiscal quarters ended June 30, 2024, as well as other filings that Wesbanco and Premier Financial have made with the SEC.

Although Wesbanco and Premier Financial believe that these non-GAAP financial measures enhance investors’ understanding of their respective businesses and performances, these non-GAAP financial measures should not be considered an alternative to GAAP.

Wesbanco, Inc.

 

(unaudited, dollars in thousands,
except per share amounts)

   June 30,     December 31,  
   2024     2023     2023     2022     2021     2020     2019  

Tangible common book value per share:

        

Total shareholders’ equity

   $ 2,544,279     $ 2,464,998     $ 2,533,062     $ 2,426,662     $ 2,693,166     $ 2,756,737     $ 2,593,921  

Less: goodwill and other intangible assets net of deferred tax liability

     (1,121,521     (1,128,371     (1,124,811     (1,131,990     (1,140,111     (1,149,161     (1,132,262
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible equity

     1,422,758       1,336,627       1,408,251       1,294,672       1,553,055       1,607,576       1,461,659  

Less: preferred shareholders’ equity

     (144,484     (144,484     (144,484     (144,484     (144,484     (144,484     —   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible common equity

     1,278,274       1,192,143       1,263,767       1,150,188       1,408,571       1,463,092       1,461,659  

Common shares outstanding

     59,579,310       59,355,062       59,376,435       59,198,963       62,307,245       67,254,706       67,824,428  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible common book value per share

   $ 21.45     $ 20.08     $ 21.28     $ 19.43     $ 22.61     $ 21.75     $ 21.55  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible common equity to tangible assets:

              

Total shareholders’ equity

   $ 2,544,279     $ 2,464,998     $ 2,533,062     $ 2,426,662     $ 2,693,166     $ 2,756,737     $ 2,593,921  

Less: goodwill and other intangible assets net of deferred tax liability

     (1,121,521     (1,128,371     (1,124,811     (1,131,990     (1,140,111     (1,149,161     (1,132,262
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible equity

     1,422,758       1,336,627       1,408,251       1,294,672       1,553,055       1,607,576       1,461,659  

Less: preferred shareholders’ equity

     (144,484     (144,484     (144,484     (144,484     (144,484     (144,484     —   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible common equity

     1,278,274       1,192,143       1,263,767       1,150,188       1,408,571       1,463,092       1,461,659  

Total assets

     18,128,375       17,772,735       17,712,374       16,931,905       16,927,125       16,425,610       15,720,112  

Less: goodwill and other intangible assets net of deferred tax liability

     (1,121,521     (1,128,371     (1,124,811     (1,131,990     (1,140,111     (1,149,161     (1,132,262
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible assets

   $ 17,006,854     $ 16,228,583     $ 16,587,563       15,799,915       15,787,014       15,276,449       14,587,850  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible common equity to tangible assets

     7.52     7.35     7.62     7.28     8.92     9.58     10.02
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


Premier Financial Corp.

 

(unaudited, dollars in thousands,
except per share amounts)

   June 30,     December 31,  
   2024     2023     2023     2022     2021     2020     2019  

Tangible common book value per share:

              

Total shareholders’ equity

   $ 979,129     $ 936,971     $ 975,627     $ 887,721     $ 1,023,496     $ 982,276     $ 426,167  

Less: goodwill and core deposits and other intangibles

     (305,852     (309,900     (307,788     (337,062     (342,077     (348,285     (103,841
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible common equity

     673,277       627,071       667,839       550,659       681,419       633,991       322,326  

Common shares outstanding

     35,840,121       35,726,703       35,729,593       35,591,277       36,383,613       37,291,480       19,729,886  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible common book value per share

   $ 18.79     $ 17.55     $ 18.69     $ 15.47     $ 18.73     $ 17.00     $ 16.34  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible common equity to tangible assets:

              

Total shareholders’ equity

   $ 979,129     $ 936,971     $ 975,627     $ 887,721     $ 1,023,496     $ 982,276     $ 426,167  

Less: goodwill and core deposits and other intangibles

     (305,852     (309,900     (307,788     (337,062     (342,077     (348,285     (103,841
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible common equity

     673,277       627,071       667,839       550,659       681,419       633,991       322,326  

Total assets

     8,778,693       8,616,211       8,625,949       8,455,342       7,481,402       7,211,734       3,468,992  

Less: goodwill and core deposits and other intangibles

     (305,852     (309,900     (307,788     (337,062     (342,077     (348,285     (103,841
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible assets

     8,472,841       8,306,311       8,318,161       8,118,280       7,139,325       6,863,449       3,365,151  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible common equity to tangible assets

     7.95     7.55     8.03     6.78     9.54     9.24     9.58