--12-31falsehttp://fasb.org/us-gaap/2024#OtherAssets0000946647http://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherAssetsQ3http://fasb.org/us-gaap/2024#OtherLiabilitiesP1YP5Yhttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberhttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberhttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberhttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberhttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberhttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember0000946647pfc:PurchaseCreditDeterioratedMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:ConstructionLoansMember2022-12-310000946647pfc:PermanentConstructionLoansMember2023-12-310000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberpfc:FairValueHedgesMember2024-01-012024-09-300000946647pfc:ImpairedLoansMember2023-12-310000946647pfc:UsBankMember2023-12-310000946647us-gaap:ConsumerLoanMemberpfc:UnclassifiedMember2024-09-300000946647pfc:OtherLoanMember2023-12-310000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2024-09-300000946647us-gaap:FinancialAssetNotPastDueMember2023-12-310000946647us-gaap:RetainedEarningsMember2023-03-310000946647us-gaap:TreasuryStockCommonMember2024-07-012024-09-300000946647pfc:PurchaseCreditDeterioratedMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:CollateralizedMortgageObligationsMember2023-12-310000946647us-gaap:FairValueInputsLevel3Memberpfc:ImpairedLoansMemberus-gaap:CommercialLoanMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:FairValueInputsLevel3Member2024-09-300000946647pfc:CommercialLoanOneMemberus-gaap:ExtendedMaturityMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:FederalHomeLoanBankAdvancesMember2024-09-300000946647us-gaap:ConstructionLoansMember2024-09-300000946647us-gaap:USTreasurySecuritiesMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647us-gaap:HomeEquityMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberpfc:FairValueHedgesMember2023-12-310000946647pfc:TotalClassifiedMemberus-gaap:CommercialLoanMember2024-09-300000946647us-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300000946647us-gaap:CommercialPortfolioSegmentMember2023-12-310000946647pfc:TotalClassifiedMemberus-gaap:ResidentialRealEstateMember2024-09-300000946647us-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647us-gaap:CommonStockMember2022-12-3100009466472023-03-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000946647pfc:FirstInsuranceGroupMember2023-06-300000946647us-gaap:HomeEquityLoanMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:TreasuryStockCommonMember2023-07-012023-09-300000946647us-gaap:ResidentialPortfolioSegmentMember2022-12-310000946647us-gaap:AdditionalPaidInCapitalMember2023-06-300000946647pfc:TotalClassifiedMember2024-09-300000946647us-gaap:CollateralizedMortgageObligationsMember2024-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-012023-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647pfc:KeyLongTermEquityIncentivePlanMemberpfc:RestrictedStockAwardsRsasMember2023-01-012023-06-300000946647pfc:OtherLoanMember2024-09-300000946647us-gaap:CommonStockMember2024-01-012024-03-310000946647us-gaap:TreasuryStockCommonMember2022-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMember2024-09-300000946647pfc:ShortTermIncentivePlanMember2024-01-012024-09-300000946647pfc:TotalClassifiedMemberus-gaap:CommercialRealEstateMember2024-09-300000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000946647us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-300000946647pfc:LongTermEquityIncentivePlan2015Member2024-09-300000946647us-gaap:SubstandardMember2024-09-300000946647us-gaap:HomeEquityLoanMember2023-07-012023-09-300000946647pfc:CommercialMemberus-gaap:CommercialLoanMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:FairValueInputsLevel2Memberpfc:CashFlowAndFairValueHedgeDerivativeAssetsMember2023-12-310000946647pfc:MultiFamilyResidentialRealEstateMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300000946647pfc:PremierStatutoryTrustIMember2023-12-310000946647pfc:EquityPlan2018Member2024-09-300000946647pfc:TotalClassifiedMemberus-gaap:CommercialRealEstateMember2023-12-310000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedMortgageObligationsMember2023-12-310000946647us-gaap:AssetBackedSecuritiesMember2023-12-310000946647us-gaap:SubstandardMemberus-gaap:ResidentialRealEstateMember2024-09-300000946647pfc:ResidentialMortgageLoansMember2023-07-012023-09-300000946647us-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000946647us-gaap:CommercialRealEstateMember2023-12-310000946647pfc:TotalClassifiedMemberus-gaap:CommercialLoanMember2023-12-310000946647us-gaap:RealEstateLoanMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647us-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberpfc:ConstructionDevelopmentAndLandMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647us-gaap:FairValueInputsLevel3Memberpfc:LoansHeldForSaleAtFairValueMember2024-09-300000946647srt:MinimumMemberpfc:RealEstateHeldForSaleMember2024-01-012024-09-300000946647us-gaap:ResidentialPortfolioSegmentMember2024-07-012024-09-300000946647us-gaap:CommercialLoanMember2023-12-310000946647us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMember2024-09-300000946647pfc:TotalClassifiedMemberus-gaap:HomeEquityMember2023-12-310000946647us-gaap:SubstandardMemberus-gaap:CommercialRealEstateMember2023-12-310000946647pfc:ConstructionLoansHeldForSaleMember2024-01-012024-09-300000946647us-gaap:SubstandardMemberus-gaap:HomeEquityMember2023-12-310000946647us-gaap:FederalHomeLoanBankAdvancesMember2023-12-310000946647us-gaap:PerformanceSharesMemberpfc:ExecutiveLongTermEquityIncentivePlanMember2024-01-012024-09-300000946647us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647pfc:ResidentialMortgageLoansMember2024-07-012024-09-300000946647us-gaap:AdditionalPaidInCapitalMember2024-03-310000946647us-gaap:ConstructionLoansMember2024-09-300000946647us-gaap:TreasuryStockCommonMember2024-06-300000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberpfc:FairValueHedgesMember2023-01-012023-12-310000946647us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:FairValueHedgingMember2024-09-300000946647us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-09-300000946647us-gaap:RealEstateMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2024-09-300000946647pfc:PermanentConstructionLoansMember2024-09-300000946647us-gaap:RealEstateMemberpfc:OneFourFamilyNonOwnerOccupiedMemberus-gaap:ResidentialPortfolioSegmentMember2024-01-012024-09-300000946647us-gaap:RestrictedStockUnitsRSUMemberpfc:KeyLongTermEquityIncentivePlanMembersrt:MaximumMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMember2023-12-310000946647us-gaap:HomeEquityLoanMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000946647us-gaap:PerformanceSharesMembersrt:MaximumMember2024-09-3000009466472023-01-012023-12-310000946647us-gaap:TreasuryStockCommonMember2023-03-310000946647pfc:ResidentialMortgageLoansMember2023-12-310000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberpfc:PcdMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000946647us-gaap:RetainedEarningsMember2024-04-012024-06-300000946647pfc:PreferredAndCommonStockMember2023-12-310000946647us-gaap:ConstructionLoansMemberpfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateMember2024-01-012024-09-300000946647us-gaap:ResidentialPortfolioSegmentMember2023-06-300000946647us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:ConstructionLoansMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:MortgageBackedSecuritiesMember2023-12-310000946647us-gaap:TreasuryStockCommonMember2023-04-012023-06-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-300000946647us-gaap:CollateralPledgedMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647pfc:UnclassifiedMember2024-09-300000946647us-gaap:SubstandardMember2023-12-310000946647us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedMortgageObligationsMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000946647pfc:AppraisalsWhichUtilizeSalesComparisonNetIncomeAndCostApproachMember2023-12-310000946647us-gaap:RetainedEarningsMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-09-300000946647pfc:PremierStatutoryTrustIIMember2023-12-310000946647us-gaap:MortgageBackedSecuritiesMember2024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateMember2023-12-310000946647us-gaap:RealEstateMemberus-gaap:SpecialMentionMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647us-gaap:ResidentialPortfolioSegmentMember2024-06-300000946647us-gaap:CollateralPledgedMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-3000009466472023-01-012023-03-310000946647us-gaap:RetainedEarningsMember2023-01-012023-03-310000946647us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000946647us-gaap:SubstandardMemberus-gaap:CommercialRealEstateMember2024-09-300000946647us-gaap:ResidentialRealEstateMember2023-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberpfc:OtherLoansMember2023-12-310000946647pfc:MortgageBankingDerivativesLiabilityMember2023-12-310000946647us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:InterestRateSwapMember2024-01-012024-09-300000946647us-gaap:FederalHomeLoanBankAdvancesMember2023-12-310000946647us-gaap:EquitySecuritiesMember2024-09-300000946647pfc:AppraisalsWhichUtilizeSalesComparisonNetIncomeAndCostApproachMember2023-01-012023-12-310000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancialAssetPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:ConstructionLoansMember2024-06-300000946647us-gaap:FinancialAssetNotPastDueMember2024-09-300000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000946647us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000946647us-gaap:CommonStockMember2024-09-300000946647us-gaap:CollateralizedMortgageObligationsMember2024-09-300000946647pfc:ConstructionLoansHeldForSaleMember2023-12-310000946647us-gaap:SubstandardMemberus-gaap:CommercialLoanMember2023-12-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000946647us-gaap:FinancialAssetPastDueMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateLoanMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2023-12-310000946647pfc:PermanentConstructionLoansMember2023-07-012023-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:FixedRateResidentialMortgageMemberus-gaap:FairValueHedgingMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-3000009466472024-09-300000946647us-gaap:PerformanceSharesMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2023-01-012023-12-3100009466472024-07-012024-09-300000946647us-gaap:TreasuryStockCommonMember2024-03-310000946647us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstateMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberpfc:LoansHeldForSaleAtFairValueMember2023-12-310000946647us-gaap:CommonStockMember2024-06-300000946647us-gaap:CommonStockMember2023-12-310000946647pfc:RestrictedStockAwardsRsasMember2024-01-012024-09-300000946647us-gaap:CommonStockMember2023-01-012023-03-310000946647us-gaap:ConsumerLoanMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:ConsumerFinanceMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:CommercialRealEstateMemberpfc:OtherLoansMember2024-07-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:RestrictedStockUnitsRSUMember2023-12-310000946647us-gaap:RetainedEarningsMember2024-03-310000946647us-gaap:UnfundedLoanCommitmentMember2024-09-300000946647pfc:CommercialLoanTwoMemberus-gaap:ExtendedMaturityMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:ConstructionLoansMember2024-01-012024-09-300000946647us-gaap:ConstructionLoansMember2023-01-012023-09-300000946647pfc:ImpairedLoansMemberus-gaap:CommercialLoanMember2024-09-300000946647pfc:PurchaseCreditDeterioratedMemberus-gaap:SpecialMentionMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:CommercialPortfolioSegmentMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:HomeEquityLoanMember2023-12-310000946647pfc:RestrictedStockAwardsRsasMember2024-09-300000946647us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2023-12-310000946647us-gaap:SubstandardMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMember2024-09-300000946647us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647pfc:InterestRateSwapLiabilitiesMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:CommercialLoansOtherMemberpfc:OtherLoansMember2024-01-012024-09-3000009466472022-12-310000946647us-gaap:FairValueInputsLevel3Member2023-12-310000946647us-gaap:CommonStockMember2023-07-012023-09-300000946647us-gaap:ConstructionLoansMember2023-12-310000946647us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetPastDueMember2023-12-310000946647us-gaap:CommonStockMember2024-07-012024-09-300000946647srt:MinimumMember2024-01-012024-09-300000946647pfc:CurrentPeriodGrossChargeOffsMemberpfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647pfc:TotalClassifiedMemberus-gaap:HomeEquityMember2024-09-3000009466472023-07-012023-09-300000946647us-gaap:SpecialMentionMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647pfc:OneFourFamilyOwnerOccupiedMemberus-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2024-01-012024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetPastDueMember2024-09-300000946647srt:MinimumMemberpfc:ExecutiveLongTermEquityIncentivePlanMember2024-09-300000946647us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000946647us-gaap:CommercialPortfolioSegmentMember2022-12-310000946647us-gaap:PerformanceSharesMember2024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMember2023-12-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000946647us-gaap:HomeEquityMemberpfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMember2024-01-012024-09-300000946647pfc:InventoryAndReceivablesMember2023-12-310000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberpfc:PcdMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647pfc:ResidentialMortgageLoansMember2024-01-012024-09-300000946647us-gaap:ConsumerLoanMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000946647us-gaap:HomeEquityMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:SubstandardMemberus-gaap:ConsumerLoanMember2023-12-310000946647pfc:ConstructionLoansHeldForSaleMember2023-06-300000946647pfc:CashFlowAndFairValueHedgeDerivativeAssetsMember2023-12-310000946647us-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300000946647us-gaap:CommonStockMember2024-03-310000946647pfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-3100009466472024-06-300000946647us-gaap:FairValueInputsLevel2Memberpfc:InterestRateSwapLiabilitiesMember2024-09-300000946647pfc:RestrictedStockAwardsRsasMembersrt:MaximumMember2024-01-012024-09-300000946647us-gaap:SpecialMentionMember2023-12-310000946647pfc:AgricultureLandMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300000946647us-gaap:CumulativePreferredStockMember2023-12-310000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000946647us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000946647pfc:MortgageBankingDerivativesLiabilityMember2024-09-300000946647us-gaap:AdditionalPaidInCapitalMember2023-03-310000946647pfc:PcdMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000946647pfc:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300000946647pfc:ResidentialMortgageLoansMember2024-09-300000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2023-12-310000946647us-gaap:ResidentialPortfolioSegmentMember2023-09-300000946647us-gaap:RetainedEarningsMember2023-12-310000946647us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300000946647us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2023-12-310000946647us-gaap:PerformanceSharesMember2023-01-012023-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMember2023-12-310000946647us-gaap:PerformanceSharesMember2024-07-012024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:RealEstateLoanMember2023-12-310000946647pfc:PermanentConstructionLoansMember2023-01-012023-09-300000946647us-gaap:PerformanceSharesMember2024-01-012024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:HomeEquityLoanMember2023-09-300000946647pfc:InventoryAndReceivablesMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberpfc:MortgageBankingDerivativesLiabilityMember2023-12-310000946647us-gaap:RestrictedStockUnitsRSUMember2024-09-300000946647us-gaap:ResidentialPortfolioSegmentMember2023-07-012023-09-300000946647us-gaap:FairValueInputsLevel3Memberpfc:LoansHeldForSaleAtFairValueMember2023-12-310000946647us-gaap:HomeEquityLoanMember2022-12-310000946647us-gaap:RealEstateLoanMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMember2023-12-310000946647pfc:RangeOfMemberZeroToZeroPercentageMember2024-01-012024-09-300000946647us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMember2024-09-300000946647us-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300000946647us-gaap:RealEstateMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-300000946647pfc:CurrentPeriodGrossChargeOffsMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647pfc:AppraisalsWhichUtilizeSalesComparisonNetIncomeAndCostApproachMember2024-01-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-300000946647pfc:CurrentPeriodGrossChargeOffsMemberus-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:RetainedEarningsMember2023-06-300000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-09-300000946647pfc:CashFlowAndFairValueHedgeDerivativesLiabilitiesMember2023-12-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000946647us-gaap:RealEstateLoanMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647us-gaap:PerformanceSharesMember2023-07-012023-09-300000946647srt:MaximumMemberus-gaap:CommercialLoanMemberpfc:OtherLoansMember2024-01-012024-09-300000946647pfc:PurchaseCreditDeterioratedMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:CollateralPledgedMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647us-gaap:CommercialLoanMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberpfc:CommercialRealEstateOwnerOccupiedMember2024-01-012024-09-300000946647us-gaap:FederalReserveBankAdvancesMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMember2023-07-012023-09-300000946647us-gaap:AdditionalPaidInCapitalMember2024-09-300000946647us-gaap:HomeEquityLoanMember2024-09-300000946647us-gaap:CommercialLoanMemberpfc:OtherLoansCommercialMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647pfc:PurchaseCreditDeterioratedMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateMember2024-09-300000946647us-gaap:HomeEquityMember2023-12-310000946647us-gaap:ConstructionLoansMember2023-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000946647us-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMember2023-12-310000946647pfc:PurchaseCreditDeterioratedMemberus-gaap:SpecialMentionMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-12-310000946647pfc:ExecutiveLongTermEquityIncentivePlanMembersrt:MaximumMember2024-09-300000946647pfc:PurchaseCreditDeterioratedMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:CurrentPeriodGrossChargeOffsMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMember2024-09-300000946647us-gaap:ResidentialPortfolioSegmentMember2023-01-012023-09-300000946647us-gaap:SubstandardMemberus-gaap:ConsumerLoanMember2024-09-300000946647srt:DirectorMember2024-01-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2024-01-012024-09-300000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000946647us-gaap:ExtendedMaturityMemberus-gaap:CommercialLoanMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:ResidentialRealEstateMember2024-07-012024-09-300000946647pfc:FirstDefianceStatutoryTrustsIMember2023-12-310000946647us-gaap:SpecialMentionMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000946647pfc:InterestRateSwapAssetsMember2024-09-300000946647pfc:FirstInsuranceGroupMember2023-01-012023-06-300000946647pfc:ResidentialMortgageLoansMember2023-01-012023-09-300000946647pfc:CurrentPeriodGrossChargeOffsMemberpfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647pfc:KeyLongTermEquityIncentivePlanMemberpfc:RestrictedStockAwardsRsasMember2024-01-012024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:ConstructionLoansMember2023-07-012023-09-300000946647us-gaap:CommercialRealEstateMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:CommonStockMember2024-04-012024-06-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2023-09-300000946647us-gaap:RealEstateMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:CommonStockMember2023-04-012023-06-300000946647pfc:CommercialLoansOtherMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300000946647us-gaap:ScenarioPlanMember2024-01-012024-09-300000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2024-07-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:HomeEquityMember2024-09-300000946647pfc:RestrictedStockAwardsRsasMember2024-07-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMember2023-06-300000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2023-12-310000946647us-gaap:FairValueInputsLevel3Memberpfc:ImpairedLoansMemberus-gaap:CommercialRealEstateMember2023-12-310000946647pfc:TotalClassifiedMemberus-gaap:ResidentialRealEstateMember2023-12-310000946647us-gaap:TreasuryStockCommonMember2023-12-310000946647us-gaap:SubstandardMemberus-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpfc:PremierStatutoryTrustIMember2024-01-012024-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:FixedRateResidentialMortgageMemberus-gaap:FairValueHedgingMember2023-12-310000946647us-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000946647pfc:PurchaseCreditDeterioratedMember2023-12-310000946647us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000946647us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-09-300000946647us-gaap:HomeEquityLoanMember2024-01-012024-09-300000946647srt:MinimumMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-300000946647us-gaap:AdditionalPaidInCapitalMember2023-12-310000946647us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMember2024-09-300000946647us-gaap:TreasuryStockCommonMember2024-04-012024-06-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000946647us-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647pfc:TotalClassifiedMemberus-gaap:ConsumerLoanMember2023-12-310000946647us-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647us-gaap:ResidentialRealEstateMember2024-09-300000946647us-gaap:FairValueInputsLevel3Memberpfc:ImpairedLoansMemberus-gaap:CommercialRealEstateMember2024-09-300000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateMemberus-gaap:SpecialMentionMember2023-12-310000946647us-gaap:FairValueInputsLevel1Member2024-09-300000946647pfc:UnclassifiedMember2023-12-310000946647pfc:LoansHeldForSaleAtFairValueMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:RetainedEarningsMember2023-07-012023-09-300000946647us-gaap:TreasuryStockCommonMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:RealEstateMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:InterestRateSwapMember2023-07-012023-09-300000946647us-gaap:FinancialAssetNotPastDueMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647pfc:PcdMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647pfc:PurchaseCreditDeterioratedMember2024-09-300000946647us-gaap:InterestRateSwapMember2024-07-012024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300000946647us-gaap:RetainedEarningsMember2024-06-300000946647us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647pfc:InventoryAndReceivablesMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647srt:MinimumMemberus-gaap:CommercialLoanMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:RealEstateMember2024-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647pfc:PurchaseCreditDeterioratedMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647pfc:PurchaseCreditDeterioratedMemberpfc:CurrentPeriodGrossChargeOffsMemberpfc:OtherLoansMember2024-09-300000946647pfc:PreferredAndCommonStockMember2024-09-300000946647us-gaap:AutomobilesMember2023-12-3100009466472023-04-012023-06-300000946647us-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000946647us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647us-gaap:InterestRateSwapMember2024-09-300000946647pfc:PremierStatutoryTrustIMember2024-01-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2024-09-300000946647pfc:CurrentPeriodGrossChargeOffsMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647pfc:RestrictedStockAwardsRsasMember2023-07-012023-09-300000946647pfc:RealEstateHeldForSaleMembersrt:MaximumMember2024-01-012024-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-09-300000946647us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300000946647pfc:ImpairedLoansMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:CurrentPeriodGrossChargeOffsMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:ConstructionLoansMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:TreasuryStockCommonMember2023-06-300000946647us-gaap:FairValueInputsLevel2Memberpfc:LoansHeldForSaleAtFairValueMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:FederalHomeLoanBankAdvancesMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647pfc:TotalClassifiedMemberus-gaap:ConsumerLoanMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberpfc:InterestRateSwapLiabilitiesMember2023-12-310000946647us-gaap:SubstandardMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:CommonStockMember2023-09-300000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310000946647us-gaap:CommercialLoanMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:ResidentialPortfolioSegmentMember2024-01-012024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647pfc:CurrentPeriodGrossChargeOffsMemberus-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647pfc:ConstructionLoansHeldForSaleMember2022-12-310000946647us-gaap:CommercialRealEstateMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:FinancialAssetPastDueMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647pfc:InventoryAndReceivablesMember2024-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2023-07-012023-09-300000946647us-gaap:CommercialLoanMemberpfc:OtherLoansMember2024-01-012024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberpfc:UnclassifiedMember2023-12-310000946647us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-09-300000946647us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:AutomobilesMemberpfc:OtherLoansMember2023-12-310000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancialAssetPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:FinancialAssetPastDueMember2024-09-3000009466472023-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647us-gaap:SpecialMentionMember2024-09-300000946647us-gaap:CommonStockMember2023-06-300000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-01-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMember2022-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:SpecialMentionMemberpfc:OtherLoansMember2024-09-3000009466472024-01-012024-09-300000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-01-012023-12-310000946647us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300000946647us-gaap:RetainedEarningsMember2023-09-300000946647us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-09-300000946647pfc:PremierStatutoryTrustIIMember2024-09-300000946647us-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647pfc:InterestRateSwapAssetsMember2023-12-310000946647us-gaap:CommercialPortfolioSegmentMember2023-06-300000946647us-gaap:ExtendedMaturityMemberpfc:OtherLoansMember2024-01-012024-09-300000946647pfc:CurrentPeriodGrossChargeOffsMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:ConstructionLoansMember2023-12-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000946647pfc:PurchaseCreditDeterioratedMemberpfc:CurrentPeriodGrossChargeOffsMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:CommercialPortfolioSegmentMember2023-01-012023-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2022-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:AutomobilesMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647pfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-300000946647us-gaap:CumulativePreferredStockMember2024-09-300000946647us-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000946647us-gaap:FairValueInputsLevel2Memberpfc:CashFlowAndFairValueHedgeDerivativesLiabilitiesMember2024-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2024-06-300000946647us-gaap:CommercialPortfolioSegmentMember2024-06-300000946647us-gaap:EquipmentMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647pfc:FirstDefianceStatutoryTrustsIMember2024-09-300000946647pfc:ExecutiveLongTermEquityIncentivePlanMember2024-01-012024-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2023-06-300000946647us-gaap:FairValueInputsLevel2Memberpfc:MortgageBankingDerivativesLiabilityMember2024-09-300000946647pfc:FirstDefianceStatutoryTrustsIIMember2023-12-310000946647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberpfc:FairValueHedgesMember2024-09-300000946647us-gaap:FederalReserveBankAdvancesMember2024-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647us-gaap:ConsumerLoanMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647us-gaap:SubordinatedDebtMember2020-09-300000946647pfc:RestrictedStockAwardsRsasMember2023-12-310000946647us-gaap:SubstandardMemberus-gaap:ResidentialRealEstateMember2023-12-310000946647us-gaap:ResidentialRealEstateMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2023-12-310000946647us-gaap:CollateralPledgedMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647pfc:AppraisalsWhichUtilizeSalesComparisonNetIncomeAndCostApproachMember2024-09-300000946647pfc:ConstructionLoansHeldForSaleMember2023-09-300000946647us-gaap:RetainedEarningsMember2023-04-012023-06-300000946647us-gaap:ConsumerLoanMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000946647us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpfc:PremierStatutoryTrustIIMember2024-01-012024-09-300000946647us-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2023-12-310000946647pfc:TotalClassifiedMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647us-gaap:HomeEquityLoanMember2024-07-012024-09-300000946647pfc:RestrictedStockAwardsRsasMember2023-01-012023-09-300000946647us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-300000946647us-gaap:SpecialMentionMemberus-gaap:ResidentialRealEstateMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647pfc:ShortTermIncentivePlanMember2023-01-012023-12-3100009466472024-03-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:RealEstateMemberus-gaap:SpecialMentionMember2024-09-300000946647us-gaap:SubstandardMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647pfc:WesbancoIncMember2024-07-262024-07-260000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMember2023-12-310000946647us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647us-gaap:FairValueInputsLevel3Memberpfc:ImpairedLoansMemberus-gaap:CommercialLoanMember2023-12-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000946647us-gaap:FinancialAssetPastDueMember2023-12-310000946647us-gaap:EquipmentMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:CommercialWorkingCapitalMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:EquipmentMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMember2023-09-300000946647us-gaap:FairValueInputsLevel2Memberpfc:InterestRateSwapAssetsMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberpfc:CashFlowAndFairValueHedgeDerivativesLiabilitiesMember2023-12-310000946647pfc:RangeOfMemberZeroToZeroPointZeroNineEightFourMember2023-01-012023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647pfc:PremierStatutoryTrustIIMember2024-01-012024-09-300000946647us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberpfc:InterestRateSwapAssetsMember2023-12-310000946647pfc:PurchaseCreditDeterioratedMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2023-12-310000946647pfc:PurchaseCreditDeterioratedMemberpfc:OtherLoansMember2024-09-300000946647pfc:LoansHeldForSaleAtFairValueMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647us-gaap:TreasuryStockCommonMember2023-09-300000946647us-gaap:RetainedEarningsMember2024-07-012024-09-300000946647pfc:RangeOfMemberZeroToZeroPointZeroNineEightFourMember2024-09-300000946647pfc:TotalClassifiedMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647pfc:ImpairedLoansMemberus-gaap:CommercialLoanMember2023-12-310000946647us-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:PurchaseCreditDeterioratedMember2023-12-310000946647pfc:ImpairedLoansMemberus-gaap:CommercialRealEstateMember2023-12-310000946647us-gaap:FairValueInputsLevel1Member2023-12-310000946647us-gaap:CommercialRealEstateMember2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:OtherLoansMember2023-12-310000946647pfc:FirstDefianceStatutoryTrustsIIMember2024-09-300000946647us-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-3000009466472024-01-012024-03-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:USTreasurySecuritiesMember2023-12-310000946647us-gaap:AssetBackedSecuritiesMember2024-09-300000946647us-gaap:ResidentialRealEstateMemberpfc:UnclassifiedMember2023-12-310000946647pfc:ImpairedLoansMemberus-gaap:CommercialRealEstateMember2024-09-300000946647us-gaap:AdditionalPaidInCapitalMember2022-12-310000946647us-gaap:ConstructionLoansMember2023-06-300000946647us-gaap:SpecialMentionMemberus-gaap:ResidentialRealEstateMember2024-09-300000946647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647us-gaap:CollateralizedMortgageObligationsMember2023-12-310000946647us-gaap:InterestRateSwapMember2023-12-310000946647pfc:ConstructionPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:RealEstateLoanMember2024-09-300000946647us-gaap:AutomobilesMember2024-09-300000946647us-gaap:HomeEquityLoanMember2023-06-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpfc:OtherLoansMember2023-12-310000946647pfc:ConstructionLoansHeldForSaleMember2023-01-012023-09-300000946647pfc:TotalClassifiedMember2023-12-310000946647pfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647us-gaap:HomeEquityLoanMember2023-01-012023-09-300000946647us-gaap:ConsumerLoanMember2023-12-310000946647us-gaap:AdditionalPaidInCapitalMember2023-09-300000946647pfc:OtherLoansCommercialOneMemberus-gaap:CommercialLoanMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMember2024-06-300000946647us-gaap:FairValueInputsLevel2Member2023-12-310000946647srt:MaximumMember2024-09-300000946647us-gaap:FinancingReceivables60To89DaysPastDueMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647us-gaap:CollateralPledgedMember2024-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:FairValueHedgingMember2023-12-310000946647us-gaap:FinancialAssetNotPastDueMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:EquitySecuritiesMember2023-12-310000946647pfc:ConstructionLoansHeldForSaleMember2024-09-300000946647us-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2024-01-012024-09-300000946647pfc:PermanentConstructionLoansMember2024-07-012024-09-300000946647pfc:PremierStatutoryTrustIMember2024-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:CommercialRealEstateMember2024-07-012024-09-300000946647pfc:CurrentPeriodGrossChargeOffsMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647us-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647pfc:InterestRateSwapLiabilitiesMember2024-09-300000946647srt:MinimumMemberpfc:RestrictedStockAwardsRsasMember2024-01-012024-09-300000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647pfc:ConstructionLoansHeldForSaleMember2024-07-012024-09-300000946647us-gaap:RealEstateLoanMemberus-gaap:CommercialRealEstateMember2024-01-012024-09-300000946647pfc:PermanentConstructionLoansMember2024-01-012024-09-300000946647us-gaap:RetainedEarningsMember2024-01-012024-03-310000946647pfc:RangeOfMemberZeroToZeroPointZeroNineEightFourMember2023-12-310000946647us-gaap:CommercialLoanMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2024-09-300000946647us-gaap:InterestRateSwapMember2023-01-012023-09-3000009466472024-04-012024-06-300000946647us-gaap:FairValueInputsLevel2Member2024-09-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberus-gaap:SubstandardMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:CommonStockMember2023-03-310000946647us-gaap:RealEstateMemberus-gaap:SpecialMentionMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300000946647pfc:ConstructionLoansHeldForSaleMember2023-07-012023-09-3000009466472023-12-310000946647us-gaap:SubordinatedDebtMember2020-01-012020-09-300000946647us-gaap:ConstructionLoansMember2024-07-012024-09-300000946647us-gaap:RealEstateMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000946647us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-3100009466472024-10-290000946647srt:DirectorMemberpfc:RestrictedStockAwardsRsasMember2024-01-012024-09-300000946647us-gaap:AdditionalPaidInCapitalMember2024-06-300000946647pfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMemberpfc:AgricultureProductionMember2024-01-012024-09-300000946647us-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2024-09-300000946647us-gaap:SubstandardMemberus-gaap:CommercialLoanMember2024-09-300000946647us-gaap:RestrictedStockUnitsRSUMemberpfc:KeyLongTermEquityIncentivePlanMember2024-01-012024-09-300000946647pfc:ConstructionPortfolioSegmentMemberpfc:ConstructionResidentialMemberus-gaap:RealEstateMember2024-01-012024-09-300000946647us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstateMember2023-12-310000946647us-gaap:ExtendedMaturityMemberpfc:CommercialLoanThreeMemberpfc:OtherLoansMember2024-01-012024-09-300000946647us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-3100009466472023-06-3000009466472023-01-012023-09-300000946647us-gaap:FinancingReceivables30To59DaysPastDueMemberpfc:CommercialLoanPortfolioSegmentMemberpfc:OtherLoansMember2024-09-300000946647us-gaap:InterestRateSwapMemberus-gaap:FederalHomeLoanBankBorrowingsMemberus-gaap:CashFlowHedgingMember2024-09-300000946647srt:DirectorMember2023-01-012023-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:RealEstateMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:NonperformingFinancingReceivableMember2023-12-310000946647us-gaap:RealEstateMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000946647us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000946647us-gaap:CorporateBondSecuritiesMember2023-12-310000946647us-gaap:SubstandardMemberpfc:PurchaseCreditDeterioratedMember2024-09-300000946647us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000946647us-gaap:EquipmentMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMember2023-12-310000946647pfc:RestrictedStockAwardsRsasMemberpfc:ExecutiveLongTermEquityIncentivePlanMember2024-01-012024-09-300000946647us-gaap:CorporateBondSecuritiesMember2024-09-300000946647us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2023-12-310000946647us-gaap:RealEstateLoanMemberus-gaap:ResidentialRealEstateMember2024-01-012024-09-300000946647pfc:UsBankMember2024-09-300000946647us-gaap:NonperformingFinancingReceivableMember2024-09-300000946647us-gaap:RetainedEarningsMember2022-12-310000946647us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:CommercialPortfolioSegmentMember2023-09-300000946647us-gaap:SubstandardMemberus-gaap:HomeEquityMember2024-09-300000946647us-gaap:SubstandardMemberus-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647us-gaap:HomeEquityLoanMember2024-06-300000946647us-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300000946647us-gaap:ConsumerPortfolioSegmentMember2024-01-012024-09-300000946647us-gaap:RestrictedStockUnitsRSUMemberpfc:KeyLongTermEquityIncentivePlanMembersrt:MinimumMember2024-09-300000946647pfc:CashFlowAndFairValueHedgeDerivativesLiabilitiesMember2024-09-300000946647us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000946647pfc:CommercialLoanPortfolioSegmentMemberus-gaap:SpecialMentionMemberpfc:OtherLoansMember2023-12-310000946647us-gaap:CommercialRealEstatePortfolioSegmentMember2024-09-300000946647us-gaap:CommercialRealEstateMemberpfc:UnclassifiedMember2024-09-300000946647pfc:ConstructionLoansHeldForSaleMember2024-06-300000946647pfc:HomeEquityAndImprovementPortFolioSegmentMemberpfc:OtherLoansMemberpfc:UnclassifiedMember2024-09-300000946647us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000946647us-gaap:CollateralPledgedMember2023-12-310000946647us-gaap:ConsumerPortfolioSegmentMemberpfc:OtherLoansMemberpfc:ConsumerIndirectMember2024-01-012024-09-30xbrli:purepfc:Loanxbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _______________

Commission File Number: 0-26850

Premier Financial Corp.

(Exact Name of Registrant as Specified in its Charter)


Ohio	34-1803915
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
601 Clinton Street Defiance, OH	43512
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (419) 785-8700

Securities registered pursuant to Section 12(b) of the Act:

    Title of each class

    Trading
Symbol(s)

    Name of each exchange on which registered

    Common Stock, Par Value $0.01 Per Share

    PFC

    The NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 29, 2024, the registrant had 35,841,244 shares of common stock, $.01 par value per share, outstanding.

Table of Contents

PREMIER FINANCIAL CORP.

INDEX


		Page Number

PART I - FINANCIAL INFORMATION

Item 1.	Consolidated Condensed Financial Statements:	2

	Consolidated Condensed Statements of Financial Condition (Unaudited)– September 30, 2024 and December 31, 2023	2

	Consolidated Condensed Statements of Income (Unaudited) – three and nine months ended September 30, 2024 and 2023	3

	Consolidated Condensed Statements of Comprehensive Income (Loss) (Unaudited) – three and nine months ended September 30, 2024 and 2023	4

	Consolidated Condensed Statements of Changes in Stockholders’ Equity (Unaudited) – three and nine months ended September 30, 2024 and 2023	5

	Consolidated Condensed Statements of Cash Flows (Unaudited) – nine months ended September 30, 2024 and 2023	7

	Notes to Consolidated Condensed Financial Statements	8

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	46

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	64

Item 4.	Controls and Procedures	66

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	66

Item 1A.	Risk Factors	66

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	68

Item 3.	Defaults upon Senior Securities	68

Item 4.	Mine Safety Disclosures	68

Item 5.	Other Information	68

Item 6.	Exhibits	69

	Signatures	70

Table of Contents

PART I-FINANCIAL INFORMATION

PREMIER FINANCIAL CORP.

Consolidated Condensed Statements of Financial Condition

(UNAUDITED)

(Amounts in Thousands, except share and per share data)


	September 30, 2024			December 31, 2023
Assets
Cash and cash equivalents:
Cash and amounts due from depository institutions	$	84,573		$	81,973
Interest-bearing deposits		40,709			32,783
		125,282			114,756
Securities available-for-sale, carried at fair value		1,196,258			946,708
Equity securities, carried at fair value		5,970			5,773
Loans held for sale, carried at fair value		121,611			145,641
Loans receivable, net of allowance for credit losses of $76,142 at September 30, 2024 and $76,512 at December 31, 2023, respectively		6,512,586			6,662,875
Mortgage servicing rights		17,650			18,696
Accrued interest receivable		34,959			33,446
Federal Home Loan Bank stock		24,315			21,760
Bank owned life insurance		184,655			181,544
Premises and equipment		54,414			56,878
Real estate and other assets held for sale		326			243
Goodwill		295,602			295,602
Core deposit and other intangibles		9,346			12,186
Other assets		146,331			129,841
Total assets	$	8,729,305		$	8,625,949
Liabilities and stockholders’ equity
Liabilities:
Deposits	$	7,142,636		$	7,143,046
Advances from the Federal Home Loan Bank		345,000			280,000
Subordinated debentures		85,324			85,229
Advance payments by borrowers		13,358			23,277
Reserve for credit losses - unfunded commitments		3,722			4,307
Other liabilities		120,258			114,463
Total liabilities		7,710,298			7,650,322
Stockholders’ equity:
Preferred stock, $.01 par value per share: 37,000 shares authorized; no shares issued		—		—
Preferred stock, $.01 par value per share: 4,963,000 shares authorized; no shares issued	—			—
Common stock, $.01 par value per share: 50,000,000 shares authorized; 43,297,260 and 43,297,260 shares issued and 35,841,430 and 35,729,593 shares outstanding at September 30, 2024 and December 31, 2023, respectively		306			306
Additional paid-in capital		690,150			690,585
Accumulated other comprehensive loss, net of tax of $(34,331) and $(40,862), respectively		(129,149	)		(153,719	)
Retained earnings		587,269			569,937
Treasury stock, at cost, 7,455,830 shares at September 30, 2024 and 7,567,667 shares at December 31, 2023		(129,569	)		(131,482	)
Total stockholders’ equity		1,019,007			975,627
Total liabilities and stockholders’ equity	$	8,729,305		$	8,625,949

See accompanying notes.

Table of Contents

PREMIER FINANCIAL CORP.

Consolidated Condensed Statements of Income

(UNAUDITED)

(Amounts in Thousands, except per share data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Interest Income
Loans	$	88,942		$	86,612		$	265,099		$	244,285
Investment securities:
Taxable		9,384			6,377			24,493			19,392
Non-taxable		594			566			1,753			1,809
Interest-bearing deposits		654			652			1,901			1,737
FHLB stock dividends		595			690			1,735			1,989
Total interest income		100,169			94,897			294,981			269,212
Interest Expense
Deposits		45,529			34,874			132,023			83,157
FHLB advances and other		3,307			4,597			10,505			18,150
Subordinated debentures		1,152			1,162			3,473			3,362
Total interest expense		49,988			40,633			146,001			104,669
Net interest income		50,181			54,264			148,980			164,543
Credit loss (benefit) expense - loans and leases		(475	)		245			3,258			5,599
Credit loss (benefit) expense - unfunded commitments		185			(1,018	)		(780	)		(2,126	)
Net interest income after credit loss expense (benefit)		50,471			55,037			146,502			161,070
Non-interest Income
Service fees and other charges		7,756			6,947			21,231			20,564
Insurance commissions		—			—			—			8,856
Mortgage banking income		1,194			3,274			5,591			5,940
Gain on sale of non-mortgage loans		—			—			67			71
Gain on sale insurance agency		—			—			—			36,296
Gain on sale of securities available for sale		—			—			—			27
Gain (loss) on equity securities		410			256			197			(1,118	)
Wealth management income		1,878			1,509			5,433			4,531
Income from Bank Owned Life Insurance		1,245			1,050			4,149			3,482
Other non-interest income		91			217			480			412
Total non-interest income		12,574			13,253			37,148			79,061
Non-interest Expense
Compensation and benefits		21,794			21,813			66,541			71,646
Occupancy		3,462			3,145			10,261			10,039
FDIC insurance premium		1,200			1,346			3,470			4,420
Financial institutions tax		1,007			989			3,022			2,802
Data processing		5,055			4,010			14,792			11,513
Amortization of intangibles		904			1,078			2,840			3,571
Transaction costs		2,789			—			2,839			3,652
Other non-interest expense		5,704			5,671			16,259			17,695
Total non-interest expense		41,915			38,052			120,024			125,338
Income before income taxes		21,130			30,238			63,626			114,793
Income tax expense		4,465			5,551			12,996			23,566
Net income	$	16,665		$	24,687		$	50,630		$	91,227
Earnings per common share
Basic	$	0.46		$	0.69		$	1.41		$	2.55
Diluted	$	0.46		$	0.69		$	1.41		$	2.55

See accompanying notes.

Table of Contents

PREMIER FINANCIAL CORP.

Consolidated Condensed Statements of Comprehensive Income (Loss)

(UNAUDITED)

(Amounts in Thousands)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net income	$	16,665		$	24,687		$	50,630		$	91,227

Other comprehensive income (loss):
Unrealized gains (losses) on securities available for sale		33,484			(31,552	)		25,654			(28,443	)
Reclassification adjustment for securities (gains) losses included in net income		—			—			—			(27	)
Income tax effect		(7,031	)		6,626			(5,387	)		5,979
Net of tax amount		26,453			(24,926	)		20,267			(22,491	)

Unrealized gain (loss) on balance sheet swap		4,983			(11,572	)		(3,301	)		(13,468	)
Reclassification adjustment for cash flow hedge derivatives (gains) losses included in net income		4,429			3,525			8,748			7,985
Income tax effect		(1,976	)		1,412			(1,144	)		1,152
Net of tax amount		7,436			(6,635	)		4,303			(4,331	)

Total other comprehensive income (loss)		33,889			(31,561	)		24,570			(26,822	)

Comprehensive income	$	50,554		$	(6,874	)	$	75,200		$	64,405

See accompanying notes.

Table of Contents

PREMIER FINANCIAL CORP.

Consolidated Statement of Changes in Stockholders’ Equity

(UNAUDITED)

(Amounts in Thousands, except share and per share data)


	Preferred Stock		Common Stock Shares			Common Stock		Additional Paid-In Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Treasury Stock			Total Stockholders' Equity
Balance at January 1, 2024	$	—		35,729,593		$	306	$	690,585		$	(153,719	)	$	569,937		$	(131,482	)	$	975,627
Net income															17,789						17,789
Other comprehensive income (loss)												(8,362	)								(8,362	)
Deferred compensation plan									(13	)								13			—
Stock based compensation expenses									694												694
Vesting of incentive plans				37,978					(668	)								661			(7	)
Restricted share issuance				64,988					(1,130	)								1,130			—
Restricted share forfeitures				(15,799	)													(322	)		(322	)
Common stock dividend payment ($0.31 per share)															(11,078	)					(11,078	)
Balance at March 31, 2024	$	—		35,816,760		$	306	$	689,468		$	(162,081	)	$	576,648		$	(130,000	)	$	974,341
Net income															16,176						16,176
Other comprehensive income (loss)												(957	)								(957	)
Deferred compensation plan									(13	)								13			—
Stock based compensation expenses									731												731
Vesting of incentive plans				2,456					(43	)								43			—
Restricted share issuance				27,025					(470	)								470			—
Restricted share forfeitures				(6,120	)				70									(123	)		(53	)
Common stock dividend payment ($0.31 per share)															(11,109	)					(11,109	)
Balance at June 30, 2024	$	—		35,840,121		$	306	$	689,743		$	(163,038	)	$	581,715		$	(129,597	)	$	979,129
Net income															16,665						16,665
Other comprehensive income (loss)												33,889									33,889
Deferred compensation plan									(14	)								14			—
Stock based compensation expenses									470												470
Vesting of incentive plans				1,436					(25	)								25			—
Restricted share issuance				2,067					(36	)								36			—
Restricted share forfeitures				(2,194	)				12									(47	)		(35	)
Common stock dividend payment ($0.31 per share)															(11,111	)					(11,111	)
Balance at September 30, 2024	$	—		35,841,430		$	306	$	690,150		$	(129,149	)	$	587,269		$	(129,569	)	$	1,019,007

Table of Contents


	Preferred Stock		Common Stock Shares			Common Stock		Additional Paid-In Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Treasury Stock			Total Stockholders' Equity
Balance at January 1, 2023	$	—		35,591,277		$	306	$	691,453		$	(173,460	)	$	502,909		$	(133,487	)	$	887,721
Net income															18,149						18,149
Other comprehensive income (loss)												19,751									19,751
Deferred compensation plan				9,196					75									(75	)		—
Stock based compensation expenses				753					112									13			125
Vesting of incentive plans				62,061					(1,078	)								1,078			—
Restricted share issuance				60,526					(755	)								1,051			296
Restricted share forfeitures				(22,178	)													(544	)		(544	)
Shares repurchased				(391	)													(11	)		(11	)
Common stock dividend payment ($0.31 per share)															(11,037	)					(11,037	)
Balance at March 31, 2023	$	—		35,701,244		$	306	$	689,807		$	(153,709	)	$	510,021		$	(131,975	)	$	914,450
Net income															48,391						48,391
Other comprehensive income (loss)												(15,012	)								(15,012	)
Deferred compensation plan									(13	)								13			—
Stock based compensation expenses				1,232					282									21			303
Vesting of incentive plans				4,173					(72	)								72			—
Restricted share issuance				26,545					(461	)								461			—
Restricted share forfeitures				(6,491	)				36									(121	)		(85	)
Shares repurchased																		—			—
Common stock dividend payment ($0.31 per share)															(11,076	)					(11,076	)
Balance at June 30, 2023	$	—		35,726,703		$	306	$	689,579		$	(168,721	)	$	547,336		$	(131,529	)	$	936,971
Net income															24,687						24,687
Other comprehensive income (loss)												(31,561	)								(31,561	)
Deferred compensation plan									(13	)								13			—
Stock based compensation expenses				945					532									16			548
Vesting of incentive plans				546					(9	)								9			—
Restricted share issuance				4,059					(71	)								71			—
Restricted share forfeitures				(2,464	)				31									(46	)		(15	)
Shares issued under stock option plan				1,486					(11	)								26			15
Shares repurchased																					—
Common stock dividend payment ($0.31 per share)															(11,078	)					(11,078	)
Balance at September 30, 2023	$	—		35,731,275		$	306	$	690,038		$	(200,282	)	$	560,945		$	(131,440	)	$	919,567

See accompanying notes.

Table of Contents

PREMIER FINANCIAL CORP.

Consolidated Condensed Statements of Cash Flows

(UNAUDITED)

(Amounts in Thousands)


	Nine Months Ended September 30,
	2024			2023
Operating Activities
Net income	$	50,630		$	91,227
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		2,478			3,473
Depreciation		4,322			3,980
Amortization of premium and discounts on loans, securities, deposits and debt obligations		3,901			4,301
Amortization of mortgage servicing rights, net of impairment charges/recoveries		3,277			3,632
Amortization of intangibles		2,840			3,571
Change in deferred taxes		494			(2,336	)
Proceeds from the sale of loans held for sale		216,024			175,430
Originations of loans held for sale		(190,873	)		(193,511	)
Mortgage banking gain, net		(3,352	)		(3,989	)
Gain on sale of insurance agency, net		—			(32,644	)
Loss on sale / write-down of real estate and other assets held for sale		127			99
Gain on sale of available for sale securities		—			(27	)
(Gain) Loss on equity securities		(197	)		1,118
Stock based compensation expense		1,888			1,272
Restricted stock forfeitures for taxes and option exercises		(410	)		(644	)
Income from bank owned life insurance		(3,637	)		(3,060	)
Securities not yet settled		(6,145	)		—
Changes in:
Accrued interest receivable and other assets		(25,028	)		(20,540	)
Other liabilities		11,437			16,779
Net cash provided by operating activities		67,776			48,131
Investing Activities
Proceeds from maturities, calls and pay-downs of available-for-sale securities		88,675			77,783
Proceeds from sale of available-for-sale securities		—			21,377
Proceeds from sale of equity securities		—			854
Proceeds from sale of premises and equipment, real estate and other assets held for sale		916			906
Purchases of available-for-sale securities		(309,727	)		(2,346	)
Net change in Federal Home Loan Bank stock		(2,555	)		4,136
Cash received in disposition		—			47,354
Purchases of premises and equipment, net		(1,858	)		(4,560	)
Investment in bank owned life insurance		526			867
Net decrease (increase) in loans receivable		145,244			(231,104	)
Net cash used in investing activities		(78,779	)		(84,733	)
Financing Activities
Net increase (decrease) in deposits and advance payments by borrowers		(10,173	)		148,126
Net change in Federal Home Loan Bank advances		65,000			(89,000	)
Net cash paid for repurchase of common stock		—			(11	)
Proceeds from exercise of stock options					15
Cash dividends paid on common stock		(33,298	)		(33,191	)
Net cash provided by financing activities		21,529			25,939
Increase (decrease) in cash and cash equivalents		10,526			(10,663	)
Cash and cash equivalents at beginning of period		114,756			128,160
Cash and cash equivalents at end of period	$	125,282		$	117,497
Supplemental cash flow information:
Interest paid	$	146,374		$	93,665
Income taxes paid		10,537			21,293
Initial recognition of right-of-use asset		8,563			505
Initial recognition of lease liability		8,563			505

See accompanying notes.

Table of Contents

PREMIER FINANCIAL CORP.

Notes to Consolidated Condensed Financial Statements (UNAUDITED)

September 30, 2024 and 2023

1. Basis of Presentation

Premier Financial Corp. (“Premier” or the “Company”) is a financial holding company that conducts business through its wholly-owned subsidiaries, Premier Bank (the "Bank"), and PFC Capital, LLC (“PFC Capital”). All significant intercompany transactions and balances are eliminated in consolidation. Premier’s stock is traded on the NASDAQ Global Select Market under the ticker PFC. On July 26, 2024, Premier and Wesbanco announced the signing of the definitive Merger Agreement under which Premier will merge into Wesbanco in a stock-for-stock transaction. Refer to Note 17.

The Bank is primarily engaged in community banking. It attracts deposits from the general public through its offices and website, and uses those and other available sources of funds to originate residential real estate loans, commercial real estate loans, commercial loans, home improvement and home equity loans and consumer loans. In addition, the Bank invests in U.S. Treasury and federal government agency obligations, obligations of states and political subdivisions, mortgage-backed securities ("MBS") that are issued by federal agencies, collateralized mortgage obligations (“CMOs”), and corporate bonds. The Bank’s deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Bank is a member of the Federal Home Loan Bank (“FHLB”) System.

PFC Capital was formed as an Ohio limited liability company in 2016 for the purpose of providing mezzanine funding for customers. Mezzanine loans are offered by PFC Capital to customers in the Company’s market area and are expected to be repaid from the cash flow from operations of the business.

First Insurance Group of the Midwest, Inc. ("First Insurance") is a wholly-owned subsidiary of Premier that conducted business as an insurance agency throughout Premier’s markets. First Insurance offered property and casualty insurance, life insurance and group health insurance. On June 30, 2023, the Company completed the sale of substantially all of the assets (including $24.7 million of goodwill and intangibles) of First Insurance to Risk Strategies Corporation (“Buyer”). Consideration included a combination of cash and a subordinated note resulting in net cash received of $47.4 million after certain transaction costs at closing, the assumption of certain leases, and contingent consideration subject to certain performance criteria by the Buyer to be determined after the year ended December 31, 2026. The Company recorded a pre-tax gain on sale of $36.3 million, transaction costs of $3.7 million and taxes of $8.5 million for a $24.1 million increase to equity in 2023.

The Company tests goodwill at least annually and, more frequently, if events or changes in circumstances indicate that it may be more likely than not that there is a possible impairment. Due to the Company’s signing of the definitive agreement for the merger transaction with Wesbanco, the Company conducted a quantitative interim goodwill impairment assessment at September 30, 2024. The impairment assessment compares the fair value of identified reporting unit with their carrying amount (including goodwill). If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to the excess. The Company's interim assessment estimated fair value on income and market approaches. The income approach incorporated a discounted cash flow model that involves management assumptions and consideration of future economic forecasts available. The market approach incorporates a combination of price to book value and price to earnings, adjusted based on companies similar to the reporting unit and adjusted for selected multiples, along with a control premium based on a review of transactions in the banking industry. Results of the interim assessment indicated

Table of Contents

no goodwill impairment as of September 30, 2024. The Company will continue to monitor its goodwill for possible impairment.

The consolidated condensed statement of financial condition at December 31, 2023, was derived from the audited financial statements at that date, which were included in Premier’s 2023 Form 10-K.

The accompanying consolidated condensed financial statements as of September 30, 2024, and for the three and nine months ended September 30, 2024 and 2023 have been prepared by the Company without audit and do not include information or footnotes necessary for the complete presentation of financial condition, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). These consolidated condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the 2023 Form 10-K. However, in the opinion of management, all adjustments, consisting of only normal recurring items, necessary for the fair presentation of the financial statements have been made. The results for the three and nine months ended September 30, 2024, are not necessarily indicative of the results that may be expected for the entire year.

2. Significant Accounting Policies

Accounting Standards Update ("ASU")

ASU No. 2023-06, Disclosure Improvements – Codification Amendments in Response to the Securities and Exchange Commission’s ("SEC") Disclosure Update and Simplification Initiative: On October 9, 2023, the Financial Accounting Standards Board (the "FASB") issued ASU 2023-06 “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” which incorporates 14 of the 27 disclosures referred by the SEC in Release No. 33-10532, “Disclosure Update and Simplification,” that was issued August 17, 2018. The changes modify the disclosure or presentation requirements of a variety of topics including statement of cash flows, accounting changes and error corrections, earnings per share, interim reporting, commitments, debt, equity, derivatives and hedging, and secured borrowing and collateral. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment is the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. If the SEC has not removed the related disclosure from its regulations by June 30, 2027, the amendments will be removed from the codification and not become effective for any entity. This ASU is not expected to have a material effect on the Company’s consolidated condensed financial statements.

ASU No. 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures: On November 27, 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosure,” which requires public entities to disclose significant expense categories and amounts for each reportable segment, an amount for and description of the composition of “other segment items,” the title and position of the entity’s Chief Operating Decision Maker (the "CODM") and explanation of how the CODM uses the reported measures of profit or loss to assess segment performance, and – on an interim basis – certain segment-related disclosures that previously were required only on an annual basis. This ASU clarifies that entities with a single reportable segment are subject to both new and existing segment reporting requirements and that an entity is permitted to disclose multiple measures of segment profit or loss, provided that certain criteria are met. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption

Table of Contents

permitted. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. This ASU is not expected to have a material effect on the Company’s consolidated condensed financial statements.

ASU No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures: On December 14, 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” to address requests for improved income tax disclosures from investors, lenders, creditors and other allocators of capital that use the financial statements to make capital allocation decisions. This ASU is intended to improve the transparency of tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction, in addition to certain other amendments intended to improve the effectiveness of income tax disclosures. For public business entities, this ASU is effective for annual periods beginning after December 15, 2024. For other entities, this ASU is effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU is not expected to have a material effect on the Company’s consolidated condensed financial statements.

SEC Final Rules Not Yet Adopted

The Enhancement and Standardization of Climate-Related Disclosures for Investors: On March 6, 2024, the SEC approved the final rule for these disclosures, requiring registrants to provide information about climate-related risks that materially impact or are reasonably likely to materially impact a registrant's strategy, results of operations, or financial condition. The rule applies to all SEC reporting companies and may significantly increase reporting costs and complexities, including increased data collection and development of significant internal processes and controls. The final rule includes a phased-in compliance period, effective for the Company for the fiscal year ending December 31, 2025. On March 15, 2024, the U.S. Court of Appeals granted an administrative stay of the climate-related disclosure rules recently adopted by the SEC.

3. Fair Value

FASB ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact.

Table of Contents

FASB ASC Topic 820 requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on the best information available. In that regard, FASB ASC Topic 820 established a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

•

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

•

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by a correlation or other means.

•

Level 3: Unobservable inputs for the asset or liability and that are significant to the fair value of assets and liabilities (i.e., allowing for situations in which there is little or no market activity for the asset or liability at the measurement date).

A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below.

Available-for-sale securities – Securities classified as available for sale are generally reported at fair value utilizing Level 2 inputs where the Company obtains fair value measurements from an independent pricing service that uses matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows and the bonds’ terms and conditions, among other things. Securities in Level 2 include U.S. federal government agencies, MBS, asset-backed securities ("ABS"), corporate bonds and municipal securities. Securities in Level 1 include U.S. treasuries.

Equity securities – These securities are reported at fair value utilizing Level 1 inputs where the Company obtains fair value measurements from a broker.

Loans held for sale, carried at fair value – The Company has elected the fair value option for all loans held for sale originated after January 31, 2020.

The fair value of conventional loans held for sale is determined using the current 15-day forward contract price for either 15 or 30 year conventional mortgages (Level 2). The fair value of permanent construction loans held for sale is determined using the current 5-day forward contract price for 15 or 30 years conventional mortgages which is then adjusted for unobservable market data such as estimated fall out rates and estimated time from origination to completion of construction (Level 3).

Table of Contents

Collateral dependent loans – Fair values for individually analyzed collateral dependent loans are generally based on appraisals obtained from licensed real estate appraisers and in certain circumstances consideration of offers obtained to purchase properties prior to foreclosure. Appraisals for commercial real estate generally use three methods to derive value: cost, sales or market comparison and income approach. The cost method bases value on the cost to replace the current property. Value of market comparison approach evaluates the sales price of similar properties in the same market area. The income approach considers net operating income generated by the property and an investor’s required return. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Comparable sales adjustments are based on known sales prices of similar type and similar use properties and duration of time that the property has been on the market to sell. Such adjustments made in the appraisal process are typically significant and result in a Level 3 classification of the inputs for determining fair value.

Real estate held for sale – Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are then reviewed monthly by members of the asset review committee for valuation changes and are accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals which may utilize a single valuation approach or a combination of approaches including cost, comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value.

Appraisals for both individually analyzed collateral-dependent loans and other real estate owned ("OREO") are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the Company’s asset quality or collections department reviews the assumptions and approaches utilized in the appraisal. Appraisal values are discounted from 0% to 30% to account for other factors that may impact the value of collateral. In determining the value of individually analyzed collateral dependent loans and OREO, significant unobservable inputs may be used, which include but are not limited to physical condition of comparable properties sold, net operating income generated by the property and investor rates of return.

Mortgage servicing rights – On a quarterly basis, mortgage servicing rights are evaluated for impairment based upon the fair value of the rights as compared to the carrying amount. If the carrying amount of an individual tranche exceeds fair value, impairment is recorded on that tranche so that the servicing asset is carried at fair value. Fair value is determined at a tranche level based on a model that calculates the present value of estimated future net servicing income. The valuation model utilizes assumptions that market participants would use in estimating future net servicing income and are validated against available market data (Level 2).

Mortgage banking derivative – The fair value of mortgage banking derivatives is evaluated monthly based on derivative valuation models using quoted prices for similar assets adjusted for specific attributes of the commitments and other observable market data at the valuation date (Level 2).

Interest rate swaps – The Company periodically enters into interest rate swap agreements with its commercial customers who desire a fixed rate loan term that is longer than the Company is willing to extend. The Company then enters into a reciprocal swap agreement with a third party that offsets the interest rate risk from the interest rate swap extended to the customer. The interest rate swaps are derivative instruments which are carried at fair value on the statement of financial condition. The Company uses an independent third party to perform a market valuation analysis for both swap positions (Level 2).

Table of Contents

Cash flow and fair value hedge derivatives – The Company periodically enters into cash flow and fair value hedge derivative instruments to hedge the risk of variability in cash flows on the Company's floating rate loan pool, fixed rate mortgage loan pool and FHLB advances. The Company uses an independent third party to perform a market valuation analysis for these derivatives (Level 2).

The following table summarizes the financial assets measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

Assets and Liabilities Measured on a Recurring Basis


September 30, 2024	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(In Thousands)
Assets:
Available for sale securities:
Obligations of U.S. federal government corporations and agencies	$	—	$	104,507	$	—	$	104,507
Mortgage-backed securities		—		175,291		—		175,291
Collateralized mortgage obligations		—		350,109		—		350,109
Asset-backed securities		—		243,817		—		243,817
Corporate bonds		—		64,806		—		64,806
Obligations of state and political subdivisions		—		207,351		—		207,351
US Treasuries		50,377		—		—		50,377
Equity securities		5,970		—		—		5,970
Loans held for sale, at fair value		—		17,623		103,988		121,611
Interest rate swaps		—		3,000		—		3,000
Liabilities:
Interest rate swaps		—		3,058		—		3,058
Cash flow/fair value hedge derivatives		—		31,068		—		31,068
Mortgage banking derivatives - liability		—		443		—		443


December 31, 2023	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(In Thousands)
Assets:
Available for sale securities:
Obligations of U.S. government corporations and agencies	$	—	$	101,598	$	—	$	101,598
Mortgage-backed securities		—		156,508		—		156,508
Collateralized mortgage obligations		—		235,767		—		235,767
Asset-backed securities		—		136,980		—		136,980
Corporate bonds		—		62,420		—		62,420
Obligations of states and political subdivisions		—		204,258		—		204,258
US Treasuries		49,177		—		—		49,177
Equity securities		5,773		—		—		5,773
Loans held for sale, at fair value		—		14,397		131,244		145,641
Interest rate swaps		—		2,867		—		2,867
Cash flow / Fair value hedge derivatives		—		299		—		299
Liabilities:
Interest rate swaps		—		2,867		—		2,867
Cash flow / Fair value hedge derivatives		—		35,392		—		35,392
Mortgage banking derivatives - liability		—		4,750		—		4,750

The following table presents a reconciliation of assets that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2024 and

Table of Contents

2023. There were no securities that were measured at Level 3 for the three and nine months ended September 30, 2024 and 2023.


	Construction loans held for sale
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Balance of recurring Level 3 assets at beginning of period	$	118,390		$	111,462		$	131,244		$	91,662
Total gains (losses) for the period
Included in change in fair value of loans held for sale		7,942			(5,856	)		5,635			(874	)
Originations		25,278			73,403			71,023			224,405
Sales		(47,622	)		(57,989	)		(103,914	)		(194,173	)
Balance of recurring Level 3 assets at end of period	$	103,988		$	121,020		$	103,988		$	121,020

For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows:


September 30, 2024	Fair Value		Valuation Technique	Unobservable Inputs	Range of Inputs
	(Dollars in Thousands)
Construction loans held for sale	$	103,988	Adjusted secondary market pricing	Adjustments	0.00% - 0.128%


December 31, 2023	Fair Value		Valuation Technique	Unobservable Inputs	Range of Inputs
	(Dollars in Thousands)
Construction loans held for sale	$	131,244	Adjusted secondary market pricing	Adjustments	0.00% - 0.0984%

The Company has elected the fair value option for new applications accepted after January 31, 2020, and subsequently originated for residential mortgage and permanent construction loans held for sale. These loans are intended for sale and the Company believes that fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policies.

The aggregate fair value of the residential mortgage loans held for sale at September 30, 2024 and December 31, 2023 was $17.6 million and $14.4 million, respectively, and they had a contractual balance of $17.6 million and $14.7 million, respectively, for these same periods. The difference between the fair value and the contractual balance is recorded in gains and losses on the sale of loans held for sale. For the three and nine months ended September 30, 2024, $260,000 and $228,000, respectively, was recorded in gains (losses) on the sale of loans held for sale for the change in fair value. For the three and nine months ended September 30, 2023, $83,000 and $473,000, respectively, was recorded in gains (losses) on the sale of loans held for sale for the change in fair value.

The aggregate fair value of the permanent construction loans held for sale at September 30, 2024 and December 31, 2023, was $104.0 million and $131.2 million, respectively, and they had a contractual balance of $98.7 million and $133.1 million, respectively, for these same periods. The difference between the fair value and the contractual balance is recorded in gains and losses on the sale of loans held for sale. For the three and nine months ended September 30, 2024, $7.9 million and $5.6 million, respectively, was recorded in gains (losses) on the sale of loans held for sale for the change in fair value. For the three and nine months ended September 30,

Table of Contents

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

PREMIER FINANCIAL CORP 10-Q