Premier Financial Corp. (NASDAQ:PFC) Q1 2023 Earnings Conference Call April 26, 2023 11:00 AM ET

Company Participants

Paul Nungester - EVP and CFO

Gary Small - President and CEO

Conference Call Participants

Brendan Nosal - Piper Sandler

Andrew DeFranco - KBW

Operator

Hello everyone, good morning and welcome to the Premier Financial Corp First Quarter 2023 Earnings Conference Call. All participant will be in a listen-only mode. After today’s presentation there will an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the call over to Paul Nungester with Premier Financial Corp. Please go ahead.

Paul Nungester

Thank you. Good morning, everyone, and thank you for joining us for today's first-quarter 2023 earnings conference call. This call is also being webcast, and the audio replay will be available at the Premier Financial Corp website at premierfincorp.com. Following our prepared comments on the company's strategy and performance, we will be available to take your questions.

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. Actual results may differ materially from current management forecasts and projections as a result of factors over which the company has no control. Information on these risk factors and additional information on forward-looking statements are included in the news release and in the company's reports on file with the Securities and Exchange Commission.

And now I'll turn the call over to Gary for his comments.

Gary Small

Thank you, Paul, and good morning everyone. Last evening, we reported net income for the quarter of $18.1 million or $0.51 per share. The results reflected expected challenges related to margin management, funding, repricing, and mix changes. And we also included a number of unfavorable non-recurring items that we highlighted in the release. We wanted to provide our path to a more recognizable quarterly performance figure.

While our call will focus on [ALCO] (ph) elements of our performance for the most part, we'll be happy to share more color on the non-recurring and timing items that were outlined in the release. Before moving to the balance sheet management topics, I'll touch on a few Q1 business performance highlights. Commercial loans were up 6.5% on an annualized basis for the first period and 41% was C&I oriented, which is consistent with the progress that we've made in prior quarters, and that's our main focus of the day.