YOUNGSTOWN — Premier Financial Corp. has completed the sale of its First Insurance Group, one of the largest multiline agencies in Ohio, to Boston-based Risk Strategies, the banking company announced in its second quarter financial report.
The transaction, announced jointly June 30, generated $36.3 million before transaction costs of $3.7 million, according to Premier Financial of Defiance, the holding company for Premier Bank in Youngstown.
For the quarter that ended June 30, Premier Financial reported loan growth of $132.7 million, up 8.1% annualized, including $75.2 million for commercial loans.
The company reported net income of $48.4 million compared to $22.4 million for the second quarter of 2022. It was bolstered by the $32.6 million net gain from the sale of First Insurance.
Total deposits grew 3.3% to $220 million and customer deposit balance stabilized, down 0.6%, or $38 million, the company reported.
The company’s second quarter performance was reflected in increased earnings to 68 cents per share, Gary Small, Premier president / CEO, said.
“The improvement was driven by multiple factors. Strong loan growth resulting from selective new business loan origination, coupled with a strong funding pace of prior year construction commitments. C&I (commercial and industrial) commitments totaled 49% of second-quarter commercial loan origination activity,” Small said.
On June 30, the company reported total assets of $8.6 billion, compared to $8.5 billion at the end of the first quarter March 31 and $8 billion June 30, 2022.
The board has declared a quarterly cash dividend of 31 cents per common share payable Aug. 11 to shareholders of record at the close of business Aug. 4.
