Pan Pacific Bank (PFC) Tops Q4 EPS by 18c

Pan Pacific Bank (NASDAQ: PFC) reported Q4 EPS of $0.87, $0.18 better than the analyst estimate of $0.69.

Fourth Quarter 2020 Highlights

• Increased common stock dividend 9.1% to $0.24 per share
• Net income of $30.8 million, or $32.6 million excluding merger-related expenses, compared to $12.5 million, or $13.2 million excluding merger-related expenses, for 2019 fourth quarter
• Earnings per share of $0.82, or $0.87 excluding merger-related expenses, compared to $0.63, or $0.66 excluding merger-related expenses, for 2019 fourth quarter
• Allowance to Loans ratio of 1.49%, or 1.61% excluding PPP loans
• Average loan growth of $53.5 million, or 4% annualized growth
• Average deposit growth of $218.5 million, or 15% annualized growth
• Pre-tax pre-provision ROAA of 1.81%, or 1.94% excluding merger-related expenses, compared to 1.92%, or 2.02% excluding merger-related expenses, for 2019 fourth quarter
• Efficiency ratio of 56.0%, or 53.0% core, compared to 59.5%, or 57.4% core, for 2019 fourth quarter

“With core earnings per share up almost 9% from last year, we are proud to announce our eighth consecutive year of record core earnings performance,” said Donald P. Hileman, CEO of Premier. “Improving credit conditions and the successful completion of integration efforts in the fourth quarter paved the way to the strong finish for the year.”

CEO transition

The Boards of Directors and Donald P. Hileman set the date for his transition from CEO of Premier Financial Corp. and Premier Bank to Executive Chairman of both Boards of Directors at March 31, 2021, consistent with plans outlined in the Agreement and Plan of Merger between the Company and UCFC, dated September 9, 2019. On April 1, 2021, Gary M. Small will become CEO and President of both Premier Financial Corp. and Premier Bank and remain a member of the Boards of Directors.

“Don’s strong leadership as CEO over the past seven years and through the UCFC merger has been instrumental in creating a strong foundation for the continued success of the company,” said Gary M. Small, President of Premier. “We’ve worked closely over the past 16 months, preparing to ensure this is a smooth transition.”

For earnings history and earnings-related data on Pan Pacific Bank (PFC) click here.

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