Earnings call transcript Q4 2022

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Operator

Good morning, and welcome to the Premier Financial Corp. Fourth Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

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

Paul Nungester

Thank you. conference Good audio Financial joining is us Corp. morning, being replay everyone, and today's also premierfincorp.com. at quarter thank will fourth website be XXXX the and at earnings webcast, call. available call for This the you Premier for

Following to take available we will our prepared be comments on questions. the company's strategy and performance, your

factors the operations call question-and-answer like I'd remind that today, to included company's management forward-looking reports including over conference related release results the of results and and during projections Financial the no forecasts result in and you as Before future we on in with file company begin, which Exchange from Actual statements period, a forward-looking during you statements additional differ hear for may financial Commission. the and the information these news are control. Securities materially Corp. may the to and factors risk Premier on has Information business on

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

Gary Small

morning and appreciate Thank you to today. good everyone. We you, joining Paul, us really

over Just as institution It's him new I and And years. Massachusetts. to gentleman that this very Matt wish morning. appreciated, wanted a Western want role over a these all well for thank been we begin, a in a we as contributed a will on moment number much as take at to fine Garrity, call to with comment, endeavor. a participant a CEO very him the to us of us this I who's for Matt years, acknowledge be as not has accepted

lending a The million full for of quarter $XX.X share for driving share. environment. and deposit higher a Premier residential year, a million, of or XXXX. a loss net growth-related the Last loan provisions continuation the fourth evening, income, growth or Strong reported loan $XXX theme income topping by with the we $X.XX interest earnings quarter weakened net in saw $X.XX and for tempered

this for uncharacteristically In addition, organization expenses underperformed the quarter. QX

For net pricing of strong. Deposits year, the of and year, the X.X% very quarters three loans XX%. was results quarters three quarter and reflect The deposit income an repricing and the deposit margin with expanded. the in first has margins in were select up first retracted. along purposefully lagged Through the noncore portfolios fourth thus, year, velocity excuse up higher are me, interest increase the funding,

base noncore deposit been quarters deposit We've our increased shortly. of Fed's important. in deposit retention The growing our actions fourth likely the our never near meaningful the lines our combined total to our and to cost funds pricing more repricing of with this and Paul utilization third will funding of deposit clients' have strides Beta 'XX, elevated business elevated has have much more And most term. sources, when support over in expectations. in management made remain and elastic on ensure in topic are

had growth totaled were commercial mortgage billion The was up telegraphed residential and hike commitments a on ran the annualized quarter the we growth. Full as well loan the in of our quarter. The XX%. all total little up commercial Overall at $XXX on for seasonal Commercial quarter higher-than-anticipated growth That's loan was year figures as with is money growth loan came an hotter just the third basis. shy was for million. in of such $X.XX it billion, end provision triggered the the new That Consumer a year. $X.XX up XX% of impact XX%. than for year growth at growth as has a growth loan XX%. XX%,

business to team and a new a clients. nice the going momentum existing good Obviously, for of and very year combination forward and big both

quarter, their fourth remains the on are in for utilizing XX% be totaled XX% clients hand. line our under while continues and utilization our primary originations to cash commercial because it C&I focus team, a Our

Residential year. That's mortgage year a XX% XXXX to the originations about we about when so difficult the be of looks market to -- $XXX $X and Freddie expectation entered had the Difficult for for quarter we at Fannie million environment billion a market when the and came the challenging different. and in selling network.

revenue rate sale third residential a positive as in Our levels historical November unfavorably environment that recorded construction points. in actually fourth position in to falling the continues basis underperform hedge Swings quarter. gain impacted hedges of residential in valuations terms negated on quarter we

the the fourth combined, to two it we unfavorable so alone, estimate and but certainly posted, quarters be had And $X.XX an the about quarter right number got on net-net, impact it

that was a points the timing quarter. of points, of we year the that XX/XX specifically the were the we had midyear for charge-off So large line basis performance much X% charge-offs and course as very We two trends delinquency very net third for took remain that's Nonperforming quarters. that the basis the XX reserved in Net exclude versus XXXX. the X.X of within in in when you with had think loans charge-offs low. down year. over

So I'll give more Paul, details. over it for you to

Paul Nungester

Thank you, Gary.

XX% the million balance some year-over-year I'll growth growth. Total increased sale, representing including during for growth. year $XXX the those by fourth a summarize XX.X% quarter, or beginning quarter our annualized sheet and of held results, full loans, with

over Gary healthy commercial, X% X% while quarter way annualized deposits annualized. customer the mentioned, Noninterest-bearing annualized occurred interest-bearing $XXX almost the As in of grew in or growth Deposit added residential all growth quarter, million and led where growth year-over-year. almost we or the deposits also growth with was in X% including X% consumer. deposits categories,

during continued growth accelerated higher creating deposit compression loan and deposit we margin experience FHLB to and income net XQ. an reliance some cost outpacing on Due a growth, beta, interest did of

the basis compared points a and broker quarter. PPP XX marks, points increased interest-earning XX the of yields respectively, to for X.XX%. and Excluding betas XX basis yield Federal the XX%, X.XX% loan beta marks to increased basis X.XX% in in to average quarter. and represented for increase and asset total costs, to increased XX% the Funds points deposits, rate excluding effective These Deposit XX%

funds, of excluding the cost to The in compression margin of broker beta. XX XX% including basis asset rate floating deposits and increase a funds borrowings increased than cost in X.XX% on for equivalent margin increased a in earning -- total XQ. basis, but marks. to or On income the core on basis, excess core for also $XX PPP our X% basis points increase and almost a million less basis. a basis However, Net net of X.XX% points marks yield interest a million on full year interest $XX XX% X tax excluding increased or and interest-earning

million primarily million higher quarter of a due gains. down was noninterest primarily $XX.X was to Mortgage MSR income from $X.X income mortgage million Next, XQ a to $X.X million decreased basis by This for in hedge valuation $X.X the banking due fluctuations. decrease $XXX,XXX driven gains slightly linked-quarter on prior by offset banking.

prices In XQ were the an prior occurred hedges increased such at accelerated quarters, our in and in that prior pace our decreased, value eliminated. effectively and increased gains rates reverse mortgage as hedge

individual the occur wash, result, volatile but the in once quarters like cumulative be a can net XQ. as corrections hedging a As

securities on equity securities. $X.X in remaining XQ, by million of offset valuations the were which $XXX,XXX decreased equity primarily million were million gains of unsold gains sale of partially $X.X on of $X.X Security from our

gain sales proceeds sold the and We $X.X a in for million security beginning from million benefit income quarter net securities available-for-sale also minor $XX.X the of combined of will first XXXX. of interest

were due year on that decreased gains after million and lower to to loan as full from which prior mix trends increased margins. quarterly X.X% declined further up a in $X saleable XQ care basis from $XX On positive million quarters. basis, noninterest the in a mortgage million Expenses and banking, well lower the costs deferred costs higher $XX production $XX with partly million as income from health of security two benefit linked-quarter residential related lower mortgage production,

due allowance provision $X million basis, one that partially a initiatives million higher mentioned or X.X%, $X expense by higher to plus increases our compensation and benefits, $XXX,XXX base and offset loan growth expenses full primarily of The year million to compensation due for adjustments charge-offs. annual previously. $X.X to which due in growth, year levels increased for On increased for staffing increased of XQ we

the the capital solid decreases sheet and loans Our an securities Finishing with available-for-sale increase to earnings nonperforming valuation of portfolio. December XXX%. and loans balance XX%, the with due quarter primarily respectively. of excess quarterly positive of adjustment asset coverage on stacks annual classified XX% a At was for $X quality nonperforming dividends loans and in million during XX, of remained our allowance

was X/XX. at XX increase At an excluding from XX/XX, would still XX, points X.XX%, tangible with TE our X/XX equity basis December and be approximately X% ratio AOCI, consistent of

at capital in Additionally, excess XX/XX. our consolidated guidelines total on XX.X% well-capitalized approximately at and at with X comfortably approximately capital remain a of XX.X% regulatory basis Tier ratios

for completes remarks. additional I'll financial the now some and Gary turn my That review, over call to

Gary Small

again, Thanks Paul.

I'll thoughts the growth growth expectations share Average might you strong 'XX. as a earning a Expect growth our bit point-to-point of our X% asset performance norm. few a expect. minus, lighter very or entering in 'XX benefit modest for plus as trajectory more 'XX balance financial on Pipelines or so, will from is we've 'XX experienced.

us growth will versus and benefit be same PPP core excluding our with 'XX, And 'XX $XX that will interest sheet million 'XX. and trajectory in growth. a Deposit net line in in income, to balance grew the momentum be

the cooked XX first could of plan do down customer a have some six until have we more Fed think settle movement into expectations. for upcoming things We our year. the in the the degree months either see turns margin uncertainty We in Fed direction and to of bit We bps year. with

charge-offs X% a Provision we're is in and market. in range would provision No unemployment affect income up. contribution No expectations. residential which going soft fee otherwise net Noninterest mortgage expense. to change income versus movement the and material will meaningful potentially our X% for meet assume continues 'XX be to the between 'XX, it growth expected, and modest

and We we the measures, cost year-over-year. expect have containment X.X% or typical so

is the in offering. 'XX this salary And 'XX. year and support We midyear digital our bank online annualized as include effect also, to which we this year program enhancement the mobile continue for made readjustments our year, will

X.X% an aggressive So is number.

as were peer what well which think anticipated, we're up would seeing and within I environment with 'XX bit we For had whole, the but a X.X%, we organizations. a higher than be

have 'XX just positive Our we leverage security efficiency and do operating the when we XX% adjust hair 'XX for PPP for gains is impact. ratio and targeted over a

there. So we've to lot you work a given with

for it And I'm ready questions. to over turn

Operator

Piper [Operator question Brendan goes Instructions] Sandler. to first of go ahead. today please Brendan, And Nosal our

open. is line Your

Brendan Nosal

Hi, good morning, guys. How're you?

Gary Small

Good morning.

Paul Nungester

Good Brendan. morning,

Brendan Nosal

start to I kind imply rate the run year right sure two going on of to right. sounds the income quarterly interpreted I quarters on of kind the basis? start mortgage like of Does of want total forward. the make your the roughly a It in banking to past sum commentary mortgage kind Just piece $X.X is like million that

Paul Nungester

I little we think for a the were $X million year. north of

I like think closer a we're million to million, $X $X quarter.

Gary Small

sale. but the why with be would so there. on million servicing overall normal $X.X would The That's the income include That gain income the might along it answer million. mean gain the on $X.X fee was sale,

Your movement did QX. the and point of still it sitting on the movement hedge that activity but rate be with offset the occurred, in we'd QX rate on if it, kind hadn't overstated the

So that's the mismatch.

Brendan Nosal

quarter sounds Okay. what from won't I hear the one me or better magnitude of confidence your of fourth more things. slightly mean, quarter? two the variety this another minus step margin on on we we depending Understood. in here gives that comments, then compression like And see you Understood. Gary, back. of I maybe before for influencing or kind Certainly, plus

Gary Small

can share Paul and some details. Well,

majority into and of elasticity demand in being through managed segments and market. in strategy higher really of to all pricing we and our efforts and to as consumer And book portfolios forth. gone as some response we've raise certain isolated see competition so around really in our find that And very have the money business some management new our and the that of wealth book, our of our the business business we've portfolios product We betas fierce. clients the well where our as our clients, dug we've asked the of intent

I'll at management an this $X.X market wealth point, a that's billion. about take as we example, money book have of And book

We book. have repriced XX% of that

would was -- deposits. But they I I'm anything, if raise everybody sure to got that but wanting So with to that yet, guess not you has point one will. I we're leave

let's was, by dragging in deposits thing unintentionally that long first lose too feet The book. our not

indication some very so have months. in you of busy that repriced within But the we've to been and that don't gives we next where deal getting six

be we you portfolios So place there's I or we increases elasticity the would add isolated that. able there? of comfortable understand elsewhere. slow some and competition will we launch the that we've as Paul, the anything to rate continue And feel sort think other pretty to to

Paul Nungester

it. than would those buckets, pretty you STAR the No, Ohio just higher And I have much some a about mean, business in product. would product other of the due funds. to the hit be included partly mix, betas traditionally like

Gary Small

And the to have Yes. do pricing I that's we that's obvious Home the Loan mean, one. Federal Bank. linked

the do in quarter, XXX 'XX going source So movement then stable a to to the extent as little is of points a well. would not large Fed relative to that funding be bit more basis

Brendan Nosal

right. appreciate it. all for Okay, Thank I color. you the

Operator

And to Michael, Michael Perito goes please go you. the next KBW. Thank question ahead. of

is open. line Your

Michael Perito

my guys, questions. for thanks Hi, afternoon taking good

Gary Small

Hi, Mike.

Michael Perito

I sure which consideration think taking it next like fair? So the year, likely some to cost I provided commentary full XX%. make about then obviously, thinking confirm different more NIM mentioned. bit in but in and parts. that stabilization efforts that of Is you that I to mean quarter, to rebound into maybe Gary, assume of on just just range the fourth you you some in the quite efficiency expect year would you than sounds that I'm said want the correctly, for be the kind all mortgage, ratio, a

Paul Nungester

Yes. Correct. efficiency. estimate won't quarter be run It fourth rate. on the full Mike, this year the fall for

We some we're it to there, plays down. state. just but have mentioned, will We out And be it yes, really elevated here, mortgage as if expect we're the that -- about rebound. steady kind we projecting be way of to that back talking not coming expenses NIM

MSR year If you full Gains a that we had different. versus of the look it gains little will be be a year at 'XX XX but better, basis, on won't our servicing amortization. mix this in should we but excess have

that's full net-net, how that a year push getting to on call estimate. so mortgage it So or we're efficiency

Gary Small

keep traditional it's the -- as on of high got leverage ratio. efficiency we've not as a that operating but kind fact do helps The positive we our number, have cap

Michael Perito

Thank line specific it an to of I maybe the at is a there line have environment? effort in the clarifying. playing really this easier cards new of to kind Is NIM and guided it. more rate bit like doesn't expensive, mean on I be lower kind elements world structure mean I sounds earning time? will kind how earning of seem to are this asset like on that -- of growth, but it of it of the in like, think for loan both site the you what's the to you are quarter It the a fourth asset follow-up guys the it compression, more Or environmental? funding Got Is and was slower of what then about start terms quarter environmental target the And in to right? NIM that? the happened in just fund your accelerated And follow-up just a Is questioning. I when incremental being selective? the like seems foundational more point a pipelines so it is guess, just growth to guys change. kind would I of year. where way you

Gary Small

we X% double had thought Mike, the a call clients thought client pullback fourth X% to I coming. let's environment with we business third your both growth, the the the the we we effect of we'd -- kept by whereas I fourth that and quarters think on that see just from bought think and take it on for and us quarter, targeted on will quarters, would see comment targeted combined design, be

that 'XX, forth our and on asset get manage those from a so had will so than will types about, transaction do preference our we the sort more will deliver that and there past. we to classes more customers and plan growth be that talked core as for to standpoint number a attention, in certain So little we've growth we of

Michael Perito

loan the X% or a it Gary, have on nuanced if I that is that on-balance a growth would would put and mean that? simple mean you is seemingly mortgages mortgage just lot it elsewhere simple? I less the more limiting like point-to-point you X% that is decent growth Or -- -- you get we production? seemingly on, Is book. than it is that sheet just

Gary Small

big we the on back that have Mike, just coming of do started to from a the year in book. a 'XX, construction middle in that We we're we're still funding because that's the pretty mortgage -- in player. some

'XX, back we're originating during had space. that 'XX, So we even all made in in though funding weren't we that commitments still

really we the we portfolio what Same on mostly months. backed we year. we're to so was and on is side. it, had -- And this the have a quarter grown pricing three won't then around second thing and versus way ourselves really But last of put XX% off back and TAMs back that that some haven't about rest allowed and had that that the adjustment indirect, We off great to the designed in product the that growth through first and consumer and in quarters, we be last over get Freddie made to so year, the book is assured consumer of a forth, four do. meaningful mix, Fannie when sales any we portfolio which doing

the commercial for we might given capacity just we how We sheet But way be in let is at it surprised we are growth got creating balance through team the we've having market growth commercial. run, see just commercial channel. said our now, the through if that, the much

left skis our outrun sheet appetite the So the sure managing so the of balance right and we effort side. 'XX get in little be That's much. our more a we up our catch over don't too side that will make with to

Michael Perito

me. then And lastly for it. just Got

on should year, generating good pretty to based internally. next capital we guide As you the still look provided be

M&A capital maybe think just Or in balance 'XX? you if I that Thank are be great. you, probably this the to sheet some the the guys. year on just -- I'm would you plan And buybacks the guys, growth will half up seeing be free point similar of thinking especially updates back moderates. capacity does of low for some kind wondering do headwinds? on any capital

Paul Nungester

Yes, it But turned Thanks, we've here of capacity. create Mike. that Yes. capital. kind corner the on does

shares for if a chug got of bit. obviously, if approved going to sorry, deploy do likely We've buyback it of plan But have at million sense. makes we grow for the most opportunistically, time. could don't our plans and over that kind point. -- we're at that But So made it right here let now we sense while let this dividend a this that X to

market. monitor we'll So just the

Gary Small

shareholder time, we for play to over and the want We Mike, there we've return and utilization. growth. dividends always card our organic that shareholder of balance We through part on equity a that to want enough equation. said support buybacks are vehicle provide

we've -- gets of timing With change balance it right of balance right the priority, organic balance seen we're the support sheet feels didn't our a now. it how sheet scorecard sheet growth deployed that we're now, and capital but a bit fully like using

Michael Perito

you Great, Appreciate guys. thank it.

Gary Small

Thanks, Mike.

Operator

goes Scott. Thank Marinac And next our [Operator go Christopher, ahead. Instructions] Janney of to you. please Montgomery Christopher question

is line Your open.

Christopher Marinac

thanks. Hi, morning. Good

Is I will beginning and year assets, earning about stronger just quarter kind even as that or of you the maybe and you side of Gary yield And at this to X? kind better So were there comments Paul, think making shapes loan an loan differently for the those up? to the on this think to look call opportunity too. go understand do betas of next be back some the of repricing wanted the I and

Paul Nungester

some some side, -- the first right? Yes. the repricing lag possibility So month. there, each variable the floating that reprice Good terms we loan question, on in is Chris. that, there's in of generally, a but for have or on variables There our rate loans of because

that January December, won't and on. so So the in until action we feel happened

little happened lot in from yields. for quarter while of come So kind a that will fourth those fully in that and it the take a Fed to through

in on book. still C&I a us We're utilization. for what much. Part that's happens but head here. the that bit They not will low depend a year, tailwind the in of XQ the up during pretty at So came it little

pretty higher action that's us. that today. lift could on So more comes it if it. rate those we going the get low not where some that We're yielding utilizations floating such and If HELOCs be thing are the but stuff, great, incremental count there, for get to we type on we're a same could in positive because

side, flip a we the we years a of done do that had couple On have reminder, swap ago. just that

and that our just touch. where -- drag, we now -- we're asset a drive loan and earning That's are why that bit yields on So overall little of yields that's LIBOR. a a

there. bps think X it fourth I was about the in quarter

coming And we to but do rates future to normalize, and that 'XX our or And the down the we on rates will Fed if side the on lift back. If and or upside, where well. on get -- side that's have can into that so can either point to stabilize, yield impact the 'XX start yield as asset So extra get on, on then then max pauses here will we'll late that. start hit come honestly.

Gary Small

it's on loan now with a in in was Home activity to a we full They -- funds, watched Bank deposit the and December, the when the November Loan said, all funding became that. almost silver unfold, our when sudden, Loan of on were December of Bank they we the beta But in neutral. of rate. liability for regardless of That's changed get Federal we sensitive -- of what and quarter Federal I the closer getting what was throat just just there's Home betas if source well because really betas going from know a the then as got outrunning current our but Paul, lining really situation, October. were

in Paul but now more play as swap And was the and so mentioned, forth.

quickly or us behavior change up can as as it forward and on So changes. evaporate the December was overall dramatic of going as Fed for it sheet, kind is that's month upside a showed balance

Christopher Marinac

my was still No, advantages makes of background. mean sense. complete a have big that picture, lot And that's great of I kind a you all thinking for you.

access have of to a still You liquidity. bunch

move. high not kind it's we for Do good by whole is just to and come betas Would think have few early in the XXs, thinking the comments I I'm you benefits of made just the cycle the rate sense, if even prior you is out from have any quarters? I kind mean last pricing know a look curious means, stable any terms high cumulative in debt of a though in your calls. talked call of Your different quarter about. XXs, low it's the beta I you that as more you

Paul Nungester

Yes.

and At we've think in piles break deposits that the to that way at, still out, big be thinking. moved. it point, XXs on. We've the of right? we're look about if of though, that there, I our move were XXs. EDAs range. at just way the versus you And don't we been got really But still originally in the it They don't that looking $X I've savings always fourth low to haven't might We plan this one mid- XXs to talked we're down, that played higher quarter Chris, billion move. range. And

there. beta zero a effectively So

well and right? beta really the be and hasn't this. the high of with set have that, retail $X market we're moved. driving We've and wealth deposits. things XX% to going our of our XX% specials that up all piece retail and of like as and between XX% XX% then the time funds promos probably Full kind $X got beta, we're as we've And that. money That's a billion once that's business billion got with and So done by done about to will of cycle beta to time accounts our

blend our broker, and XX% So the throw it, together deposits, all the XX% in but the, blend you range. that down in excluding we're our call interest-bearing to billion those XX% then of back that's in you a $X and to

and FHLB, are and -- would whether our off side, sources, deposits, broker obviously, other high it's those to So things. be the beta funding it then

drives We what And making saw like to deposit the in been loan core efforts higher-than-anticipated overall grow that's cost of growth quarter. So up deposits. our funds here the quarter. we our the fourth in we've base, concerted had

So we're as pushing the and we but have we'll weren't able on pay come keep downs core will to deposit they we on time through. FHLB FHLB the here, growth, going goes get as to would liked, that get full eat like upside into and better

Christopher Marinac

for just it. last however as whether then it's question that Got investment it? all cash annual the portfolio, reminder you from about or detail. about you the And Thanks the my think a get quarterly flow

Paul Nungester

Yes.

the I -- in the we're think at do when opening range in that million-ish comments we we're also, and off. still per year. like We're environment, $XX around roll current in But to the mentioned current come earlier, we opportunities plan advantage my I up, taking of them.

of borrowing equity nice when -- dividend we gains below But from million were enjoyed very book all yields those they while the -- costs. about $XX So we we And bought exited for gains incremental cumulative good. our we about half of them. some the exited ones were our

it, that the forward. our is again, direct bit that accretion. a incremental stuff our we okay. and not here hit It's thing book. of and and NIM there every small is on we some borrowing, So helps go there, bond exit little into off take below but that we're up, there and here are P&L opportunities here helping. a that There are which got and not going But can the to come of bond get and so those, yield just out Same a NIM is bond deployed gain

Christopher Marinac

the book, obviously, so. and Sure. AOCI move positive And tangible had a then on also

Paul Nungester

Correct. right. Yes, Correct. that's

Christopher Marinac

next the This I'll to yield Great, thank morning the you for all background. caller.

Paul Nungester

Thanks Chris.

Operator

Piper follow-up Brendan, Thank you. And go Brendan ahead. please from a Sandler. we question Nosal of have

is Your open. line

Paul Nungester

You there, Brendan?

Brendan Nosal

Sorry my apologies. about that,

of on that Just a asset few year? Or the into the growth is full off that you full X%, Gary. is over items 'XX some XQ The clarification year of 'XX? mentioned, base earning XQ

Gary Small

XX/XX down will growth above X%. X% but be would be the another average than that. much Loans XX/XX, bring at that, better to securities would probably least

Brendan Nosal

helpful Then super cost and just perfect Yes. clarification. on That's outlook. the

I around you said it's to that of level, of little mean, bit hold midpoint better. even the not rate of X%. that think quarter would the kind suggests I run fourth a kind X% the

talk rate fourth you can of had a cost year about the some hold Just that leverage bit with quarter? roughly line kind the throughout of the to the run in you've

Gary Small

year. Sure. had relative X.X% misspoke. range the might growth to actually the I have I for

We are and in have be a on delay acknowledge going cost that we're of segments some and put a some a forth. crucial opportunities forward organization rightsize and situation from so perspective might as projects we few the little our a that partial less

nothing to normal doing. throughout the the with to be it's or direction throughout you appropriate business trimming going do will organization, where but strategic and So organization the that that's the the change groups of

that, best value with our We're to but of our what or kind in just how the to diligence, normal our it's to important and organization. looking we're doing or combined of the and DNA. added or for lease always So still X% that's good the redeploy it X% X% X%, next

That's that That side versus over X.X% a be we'd the of be we that an delivers industry pretty the what would be as on would indication think whole number I the average. prior got probably to going up year-over-year. year. expect I reasonable a better

Brendan Nosal

Yes, thank you right. there. clarification the yes, all for Fantastic,

appreciated. much X.X%, the On

Gary Small

bet. You

Operator

you. Thank have Michael [Operator ahead. go And Michael, of Perito another we from Instructions] please follow-up KBW.

Your is open. line

Michael Perito

lower it. the quarter? year the more should tax quarter this Gary's with line Hi sorry. versus something in in rate And a for fourth just guys. if just on full I was I It and guide, assuming the than we was looked like But Thanks, normal? apologize fourth be bit missed the XXXX,

Paul Nungester

minus a use It effective and will can plus from you mean there. XX% change or I be won't tax estimate, much. it rate Yes.

Michael Perito

perfect. Thank guys. you, Okay,

Operator

Thank you.

for no have questions. to Small closing further back remarks. I'll We Gary any hand

Gary Small

do a good will involved currently be And funds abate inverted to more And will amount mind to comment the or I of us. in and the you. at resolve will a something thank is with. closing inflation curve the maybe to to that we the to next Well, curve And distraction something that XX least XX are return have of bit for suspect just normal a day. cost yield months, going over would perspective. or itself keep I for

the to we we've that's the the that to of will that years. board, be next now. us clients period to clients right time, experiencing I in over bring the think, the the value with that, for booked organization the X we going And 'XX, business However, outweigh XX% on that that that we're brought growth XX over served, bumps will

the add and the of you And issues that business. we the understand. as starting time some the right We and what we're eyes is balance weeds want that for view steps of although busily But And over horizon, value now. the that we're to in right organization the shareholder the engaged the trying way to most with on the the keep take that's our with We're kind well. just day. of

this Thank morning. you all for joining us

Operator

Thank you. This now concludes today's so call. much joining. Thank for you

now may lines. You disconnect your

Premier Financial (PFC) 25 Jan 232022 Q4 Earnings call transcript