PFC - Earnings call 4 2023 | Premier Financial Corp

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Operator

Good morning, and welcome to the Premier Financial Corp. Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

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

Paul Nungester

you. Thank and Earnings joining Conference everyone, Fourth for you XXXX Quarter Call. thank morning, us for today's Good This call Corp. is replay will also being webcast, available the and at Premier Financial be the audio website at premierfincorp.com.

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

Actual call may results begin, to Corp. hear which forecasts from Premier related future control. financial conference no forward-looking business materially we during operations the Financial that during company remind the a statements may Before including you question-and-answer and current for projections I'd has and over the result like differ today, results period, you to factors of management as

the and information on forward-looking news included statements company's risk Exchange file are in the reports the with Commission. and Information on these Securities additional on in and factors release

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

Gary Small

to and results margin as or release, to totaled interest and quarter Paul, of earnings business good you, lower our impacts as end anticipated for the Thank quarter. quarter. residential for share the morning our at Per guided quarter of net joining performance fourth our third per the the million third us. $XX.X due all seasonal $X.XX lagged The

the nonrecurring down also particulars. a did and slightly quarter, quarter the the However, earnings the run items couple or of include that unanticipated timing for left expectations, have below I'll our

quick capital. at look a First,

there, we've that tangible But brings X really the during got of pickup you value with made good, our As included movement last we've good the operation. and over on favorable share progress our progression the upside of -- quarters, got book big combined sale to noticed, the course our That's more strong we've earnings evidence per we had AOCI year. insurance which $XX.XX. a a

for we we designed shop for with totaled was coming quarter the expectations annualized that off a of X.X%, year full brings that to our percent the basis, had growth loan this the for that were in 'XX, be an on line in and a the XX-plus X.X% growth year. to growth Loan and year, year X%

X.X%, year, it growth the Annualized grew commercial 'XX. was for X.X%. controlled mantra our for growth totaled Again, full and

for when combine shy grew deposits third quarter just strong quarter fourth the you those was a quarter annualized figures, growth X%. number And X.X%. us. annualized really and of consumer for Our X quarters That's for our

year. also deposits for combined, stabilized, QX deposits trend over same X% positive a second of Noninterest-bearing delivering over growth QX customer annualized that good of the the period half and

bit from that initiated did to X which points Net X% last we had high call, about contributed program our basis We and it in interest margin we -- was points effective QX, the than to QX provided basis guidance was our household decrease very a on early more in on expectation. a our slippage that and and acquisition deposit money X quarter, the decline. new high-end on

We totals targeted have gathering our a more markets it deposit across XX% activity. And locations. bit of organization for less the aggressive than selected

margin. with that the outcome, So trade-off the in we're happy particular was

the for quarter. stories income Fee

forward all fee end the versus markets strong the XX% as reflects, wealth we and Our of finish and income year, in income at and we saw increased should really fixed it 'XX. equity QX, had carry the into

drove the when same tenure on benefited yields the of the volatility significant December quarter, unfavorable Mortgage for adjustments valuation MSR towards banking asset on and third the construction commitment seasonal anticipated end than in rising from income in the the declined was the more decline hedges. quarter. Treasury movement our typical We XX-year

business. one factors just lumpy it's of those So our in

residential up a And real credit quarter. for estate, quarter. assets did $XX for each auto Delinquencies declined mark, the the the front, our on million XX% within and historical right were norms. of Expenses but tick shy nonperforming on the bit remains just in

Net charge-offs we're a points, net the on year XX% credit, total. for that with charge-offs so basis, of single very quarter pleased driven And basis a at full and X or outcome. by still were the come in

rating by a driven in Our increased additional QX, and category that mention special was relationship. single

that and in year, increase Each still up the our have central is good unique brings represent credits to C&I estate. category. For mention that special They X share front theme. multifamily of Each we expectations. real the and accruing, X a lion's is investment the X no clients, the make in industry. There's

created front, Again, lumpy. for but We're a $X.XX year performance aside provision $X.XX here be mention to quarter. that worth with additional very relative that on fourth X in the combination The we X can of items. our a pleased credit those in those the to set about reduction the bit quarter a full

And for now turn over I'll to more some details. it Paul performance

Paul Nungester

X.X% start balance X.X% deposits, Thank by annualized. due deposits for increased point-to-point primarily you, where Gary. total I'll increased to customer with the sheet XQ which annualized

including We customers during in savings seek which higher quarter, in were by mix to than money and continue migration deposits, deposits decreases continue market demand more yields. as experience the time more increases to offset and our

the increased growth, On result of loan primarily other side, which as commercial XQ. was for X.X% assets total a annualized earning

to higher due $XX by but growth. modest customer strong Our loan-to-deposit ratio we combination cost and asset basis million only our wholesale were improved another able points, fundings the reduce earning growth, of XX deposit to by

interest yields while these yields, basis to mix sheet X.XX% basis XX for of points X.XX%. mostly deposit XQ. asset changes interest-bearing increased experienced XQ, X net As additional Total for we result and growth deposit driven to which costs loan points increased in costs a margin migration, earning some compression was balance by outpacing

for period. beta September monthly earning X.XX% in XXXX. XXX compared of increase December yields from impact the an funds increase points PPP basis cumulative basis XX% rate the up asset since were average marks, XXX in effective and point for in to represents the the XX%, December This a Excluding of federal XXXX of same

represents in of beta from for XX%, December XXXX December points X.XX% an were a increase XXXX, cumulative basis funds up September. XXX of XX% cost marks, of Excluding which in since

Next, $X.X of drop income, quarter to related million declined $XX.X increased offset million late income, XQ. to $X.X the lower a last losses margins where did better result noninterest income claim decreased gains and hedge partially and gains, which folding rates due XQ primarily from to This banking million in mortgage wealth is revenues higher by XX-year include in in treasury security $XXX,XXX as gains. in

combination $XXX estimate million million. reduced $XXX and our from XX% million X% million of sale, cost-saving down linked-quarter our to $X.X on rate annualized initiatives almost Expenses $XX.X the the successful by Through insurance basis. annualized we were agency run a expense of of original XXXX or

assets our average basis points expense to XXXX. improved ratio fourth over to of the XX compared X.XX% also to We quarter

expense Provision fourth million, for for an comprised $X.X benefit quarter loans of $X.X and million a of $X.X a decrease in linked was quarter million on the unfunded expense commitments.

to due allowance million mostly remained Provision of loans. which due X.XX% credit. expense $X.X The loans charge-offs, for primarily X coverage ratio to net was the commercial was flat at of

mentioning by including continued XX% XX% up equity to improvements equity, tangible up annualized, capital, book annualized Closed in our XQ. from

ratio XXXX. has a over including and back CETX TE strengthened, solid XX%. total regulatory enhancements have over and ratios we foundation further represent our Our X%, begin XX%, as of These capital climbed north

completes financial Gary. the That my back and review, to turn call

Gary Small

Paul. you, Thank

important Premier change an year been for Bank. of has XXXX

we on rightsized year. business business to our and divested successfully addition to the insurance curve challenges during significantly focusing In our yield that mortgage residential inverted the agency were all, presented

with the other is leverage the our positioned When revenue going Premier anticipated organization, significant very combined of to and completion projects growth on well margin across forward.

best of in the asset our per ratio It's As was the earning Paul one X.XX. expenses mentioned, industry.

With that touch some I'll for in topics guidance mind, on 'XX.

X%, of next with posted Earning our XX range over asset growth, controlled we growth mantra of continued a months. the

growth, yielding mortgage declining. particularly, about up commercial would and with with Loan percent, be lower balances X-plus residential X.X%,

the same our and generally year. we the deposits earning expect in range grow degree will see growth, funding some our a wholesale would in reduction as Customer to to asset for

from Net midpoint. in we Fed beginning X range, net be interest would modeled margin, would in turns that X%, a midpoint be for interest From the growth May. the

from similar trending would year margin 'XX, for 'XX forward. to but Full be upward QX

charge-offs we information the so model would coverage of basis that we bps a From and expect up couple where loan out perspective, from ran ALLL unemployment is for have in would year, XX X and our we closed this net growth, forth on ratio [ versus moving a the the us ], factors that provision points assumption year.

From since that's a midpoint normalized a about with year. so insurance throw there a noise out 'XX. for in income there's 'XX. other X% over a But the It's hard perspective, factors the for number just fee range prior the basis income plus increase and change, I'll much of On for fee is do percentages. $XX a to million

year, service X%. fees modest for Deposit-related the about or growth

creates so be on X% XX%. income. 'XX merchant fees revenue represent our year-over-year We and getting have us, modest initiated are at mortgage up slightly limits that consumer and behind doing to in anticipated fees though, change more fee Residential wealth to on a

Expenses, most run little run and about will with goes front-loaded and compensation-wise expense it is, as in rate-wise, over of the cover And million it. That's think, a organizations 'XX falls I seasonality the year $XXX our rate. is X.X% bit in quarter. bit that QX quarter fourth third that the each up first for more a with cost

costs pretty $XXX of the the remaining with evenly plus spread first rest the million over $XX in million the of So quarter X.

standpoint. stick as looks it 'XX you from a The a like earnings leave of the from year, trajectory progression bit hockey a

slightly quarter that is pacing, ever with QX and down all seasonality First X and cost typical increasing. through

lines I'd with the we So -- operator, open turn that open questions. ask that, for

Operator

We question first KBW. Perito Instructions] will from our now from [Operator take Michael

Michael Perito

in. filling Andrew, associate, Mike's is This

color I'd love the guide. to there start appreciate the on I all with margin. the

kind maybe there. the expectation color little cadence Just a is bit more what of

around to the room the then So we'll additional quarter just of in there's and you pushing costs then were on here some it up It some the the guys for in sounds additional like get maybe of And expansion there sounds fourth bottom growth. obviously maybe for that like throughout XQ, the margin color here year. drivers the came rest margin. deposit kind when

first of maybe level of here? we continue expect dynamic kind to Should out from that quarter or in the kind

Paul Nungester

correct. Yes, that's

You got that correct there, Andrew.

earnings versus 'XX be to trajectory of we and here kind little But those grow quarter as the the deposit So exit the do there, we driver Gary conditions a higher costs, mentioned. the that our from stabilize shown first December, for as just is then we will have that in average quarter. which having out the key models bit bottoming

Key drivers the growth growth, asset success to at fund and deposit will have modest we the additional be built for for on front, this XXXX. both the that some retention help NIM continued earning point in

then Fed And the actions.

baked the Gary got August, last model, our X as of November. with we've of there X the quarters kind into May, mentioned, year mid-quarter So for

to begins along of ready start got where and of that we've those to finalized start So And happen, it in we markets on and trajectory. the so to can that terms lot need the money we and a deposit Fed possible CDs in recapture being such, to with that go cost as locking things hopefully down play the plans well, terms maturities especially, with front, reprice on will that. as like to lower

plans here and really, able rates place our year. to starting the come path advantage So that our in goals support take way end of earnings the and putting be there, to NIM we're ultimately, short the for all to will the in

Michael Perito

for million And Awesome. believe, authorization. the around just switching capital wrong, X.X here, there's on correct for I a I'm think left me second if maybe second. then I me shares to

just there? find uses here. a head. it off and M&A Could that well? us up then And reminder just as strictly of give you for the anything a capital then does just little for of I of -- here, buybacks How top XXXX, my thoughts also maybe going conversations, expire when couldn't wrap just on bit of alternative around on authorization maybe kind

Gary Small

have if On that date typically we'll with we find the I But you back the an status. case, do if don't authorization. one. know get have we right. Andrew, expiration we

way now X On would more what versus marks the is we to activity and M&A, to actual the Fed's over a the to bit relative to I over conversation on activity can over quarters see see positive next X have our There's similar would coming the portfolios as little share horizon based marks 'XX. shared I what quarter. the last uncertain

discussion. see capital predictability accounting Having and it's down conversations include feel the -- But other change a things a moved from that in I so those think animal ourselves said until purchase to more change conversations. little the and would of this in relative settled spirits bit a that, earnest that the Fed a in we'll I do really quite I time meaningful in impacts had and and bit But have marketplace last more. has wouldn't forth, we don't we say

Paul Nungester

bit is buybacks. to around Andrew, have we your I always question little our look the that in at tool math then there, more, that move days that enhance like the needed we tax The with It's chest a it for -- that. cover earnings. to some these opportunity extra And a Yes. excise and rules a the tax, new guess needle make little that things and the you different to

it on active least mainly having from the that's in find we're been has on said calls, tangible something in that that And go-forward now seeing basis. numbers we will sense. a right execute a spots, perspective, way to past curve look And makes that help As building front, more equity that weren't at we focused possibly moved on our on capital. if we at the the --

Gary Small

into we'll Paul cooked got nothing the ride. we And move mentioned, opportunistic have where the when that's and us plan, our typical we've like take it. with as because the markets capital We

midpoint Right maybe running I we over if say, through at go capital, little on we'll a now, capitalized, heavy all peer we're our will, would year. bit the on as cost in about versus you be trajectory,

they right we'll the grow it's those come and up. opportunities as So topic,

Michael Perito

the Great. what you it here. curious just talking were that early just overview about maybe one if seeing with possibly And XXXX. small one provide And little in was guys you're a just in this of can I platform, bit project sneak looking quarter, last throughout believe there? update was year. a any broad for it then I last on banking kind business you if could I

Paul Nungester

Andrew, with in. are just capabilities the the the business. building out 'XX, acquisition we're business the finished of we modest expansion in mode half in But we've more that of curtailed the pace 'XX as that we around of business the keeping still first

talent as capability in you that, that knowledge. branch along forward in being in and the development adding underwriting the looked the market, continued space, and understanding at to and for relative if of as -- far So their that's the and folks are moving uniqueness the with some coastal network on credit business backroom our small business the smaller to still

have that the getting if to the, serve lending were been we it and that normal a just and trying pacing, the now going commercial forward. to just book But capital larger bit would faster commercial deployed the little backed X in years, it our clients we're right relative away our are with priority

Operator

We Hovde now Cucharale next question take will our Nick from from group.

Nicholas Cucharale

is give normalizes? returns on On the just loan another growth front, it you still sounds And like anticipation Can environment? moderate funding some color that markets? landscape forceful across your once your the lending is the for competition more growth fierce us expectation overall year. Is the

Gary Small

with start the I'll competition. fierce

boards environment there's There's look than commitments their and be still think commitments expectations economic now normal modest right but base a expansion order world I appropriately in the client year. in that more probably moderating capital their general, in year. to there, the the are and for business shorter folks -- is are while uncertainty out the in enough healthy,

just a Having of the reduced all, it's wanted we of we prospective been that, the a And market little our maintain matter that's So competition last I -- bit more approach for that said year, the a supply. think and out little of -- generally existing deployed because dollars we've so well. forth it's clients. bit over put capital to our the new the and the in more client really as moderate

bit where story but were than will probably we get 'XX, in the to as that. ready each we into back bank we're different all go be on more are point we'll to So a so market a

The say business multifamily real now. estate it's whole I the there's side, there, pretty we but investment the multifamily, there. market a as see on in space would still business right outside quiet

Our markets, bubble markets. fortunately, are not

an peers that huge not we're think be our -- or it's there's And on if over the in So I regard. to issues that's as in with. coast absorption anything dealt advantage

Nicholas Cucharale

along path company on the expect for one costs XXXX? like sounds is front then billion? the incur a rough what It the one And are to on in front you How just the And year. modest that far last the for $XX me. to expense on increase

Paul Nungester

mark. Yes. some towards 'XX, those early Good path. just on to We're the beginnings as We start year costs question, Nick. build still but we that our head that did that incurring continuing days this last it, and in in of have of start plans for do to we year,

the that's With got, few growth still we've years a modest off.

along we're it those can obviously, costs it. organization overall today, racing in So not growth. bring support place the to as The we'll get

beginning from to to cost it $X base. -- that to million end, that about have annual get is point, in added estimated we will so The we've once what or our

that and add So the here we've far, $XX basis, develop building an add more added and [indiscernible]. and talent just billion be some systems here right we controls needed annualized towards we'll incrementally that space, our at the million of programs probably maybe $X for on 'XX, as and to working that so always in keep our

an it's incremental So there. path

Operator

take from Janney now next Christopher question our Marinac will We from Montgomery.

Christopher Marinac

there's I to criticized assets. the retreat those into curious anything may And driving if from increase here? wanted and just path on dive there's a that that if in

Gary Small

the good We have did Chris, it's as question. in last well. movement a quarter

accordingly. because support, them underwritten need work -- are space versus our a capital I What mostly Each classed on cash and can XXX that slipping good just to the requirement, expect coming that. coverage capital missing they're cash is, on them originally those out say, has into we good it's and marks, say bit on, flow-wise -- I guarantors. all they It's missing well, they're X, little off relative to for flow initial

of we're others been that them position if larger of got they're in now flow a CapEx credits X, the couple -- longer that months had of any at easing revenue the think versus a and cash can do adjustments don't doing in and And the for that and next one move we we so the be I that the changing expansion expectations But generating. we some has in their will to they live within look will be don't a X think movement. little things expansion, the bit I just make that clients. out,

go years, as got And good just It's of So we just us. movement look couple at numbers feel to back mentioned fourth that We typical quarter, the that noticeable. in most past into so you reasonable are looking We that a feel also low movement adjustments moved can But it not provision abnormal. And credit and back that you for got the I a sized in the if our we part. the at. they for that we're forth. so when credits so the was move space.

X story here. different commonality anything anticipate or no industries, don't different whatnot, situations. we and just Support, in

Christopher Marinac

the And very not of really in the content at it loss is like end sounds day. That's helpful. reserves of signaling change and any growth the true modest

Gary Small

That's our expectation.

Christopher Marinac

a some you sounds just on markets Are of you still there? that out about, in money on seeing success have talked Or like slow pricing. pricing the exception again, deposit given follow-up And down? kind QX. flexibility it progress then And to on extent pricing that the you does

Gary Small

you've got as risk other on We markets several got to have minimal have We've repricing markets extensive in pretty got where different that the consumer and where market markets, very we've share. We the are market X do. we X good about a share, means markets we're operate book and we sized well. opportunities think where between markets --

consumer, more can and build building bit environment. and we're little this as dollar and a in to aggressive We there balances more households have we commercial our trying be

original think, pricing. still I question, we to see So your promotional

the the from elsewhere. until or won't or are really rate, there's that. looking I that standpoint it demission we expectation start be turns, still think see a a Fed Fed we'll those moves, customer market And X on better for a huge a with until watching X

perhaps on to be nimble be to the way change would pricing is collect commitment additional inclined Our we comes, sitting on margin we'll the around or a deposits very down. be yield fatter thinking when not

some the see But wagon move I for be will think and in hitching as we we most the -- we will to changing things case. Fed possible. that Where our quickly markets, be moving duration, now in us the the for part, you're as or months, to well and months Xs. see it's starting true was X is what market, to as Xs or XX and front XX down and on X CD the

the A next won't couch. X said commitments year the book. more the to longer over when still pick can we ago, get couple in going duration. would of But those of squeezing off client to months, market don't have in that there's see move so have lag much down category time They'll all we Fed I began. X-month so the the we're on months, does pricing the be the pressure are to that the repricing

Paul Nungester

haven't distinction guarantees And fourth same the that us for we majority that some thing to comes, there. 'XX, months the on when When similar, we whatever had or And in cut those, running is. That's we to time extending the the it of we started our case X been and we giving the off, price us can money to have -- especially duration promo, really, quarter we those important been and haven't have running an right? the relocked were we move, act, for for markets. flexibility flexible in another dollars, that the XX of

Operator

next Raymond Long our David Instructions] from question will take [Operator now We James. from

David Long

downside later Just for -- deposit of wanted X then? the cuts year. things an you deposit that, what your expectation right to With stick The provided beta on that -- this outlook going to with the the side is now. included

Paul Nungester

question. Good

when answer of running the an all first start. around off have we We that

be is here we pockets begin, setting to were will moving way and to competition, we is in to finding sure to on what that pressure, right? still the ALM you but a the be roll in still say broader able cuts ourselves it better in models things where start context that So we'll take those, I But the opportunity. right up CDs and the the David. that. But the talking Like reprice while markets, Fed for that frozen there money while just I'll will get our back on have we'll specifics, that is now running to doing like will have be of the opportunities about our even

going actually in we but half costs early of where be right? on then for our even be that to on 'XX, could quarter So down. expect first second the we're cuts still either or trend these up the start flattish basis, up would ticks, bring a back the into year-over-year we'll part and the even quarter, And some actions of right until it deposit be the to start, those year there, take

But look still a there's up. year-over-year potentially basis, like on it will

of to to that focused your the much trends, were perspective. for from and down going capturing point be resetting that we the we're point, show So on beta to cycle here, how

Gary Small

then it at some and running year, components, it's were up 'XX it on like margins. 'XX. remember similar? looked we to cooked were 'XX a lot that base so broke -- margin when that's time for we better be Dave, the down We versus running was this into and last know, where I can and our rates more, up had into But X how

trajectory the to you is year. we we And so as the it back would as close to are see where out that

pace, or certainly, of a 'XX? the back slower of material how year-over-year on it's X see much many And did QX difference. average but versus but neutralize, turns months X and -- it first then in at you So X does a QX, a climb see basis, we kind back coming we

priced bps is that folks they've could something there year, we're bringing themselves, bit. though XX-month room like a if a I'll They'll won't I be rates a down, looking and category or movement, have it's CD got last every for that. move we the CDs, even we bp for, industrial thing up to at a because XX betas XX X% the took in still On see most say is example, say, take movement,

downward All upward to on that so a be the of And to your of to that why still pressure relative curve the the cream reason move parts will little movement. got ready off there will you've more book. be certain from top because

Paul Nungester

We then looking we to checking and And portfolio, savings that, that Obviously, change and end, migration, our low didn't some they're at our total we're moved the to add never up David, at board down when didn't There was those down go have noninterest. rates. the but you're still mix they piles, significant cycle. Yes. up. dollars unlikely -- and come we in

building se. job, now that retain to down focus really, the it velocity And on they the the and and up competitive half about being of pilots we second good move. that where way will in the need be we then, then the per chest and we more We've priced recapturing the 'XX, So depend and on piles And focusing down. reprice especially good here. how so of war a it's kind that quick the environment feel way partly on on will that retention versus done acquisition, that the a then on the Fed obviously, we've position got where

Gary Small

at are then, we're work as go the disposal and the of of to manage or quantity sure will one with we we instinctively, those year. -- that dollar the knew to using learned but Dave, quantity advantage our that we it's that level one inelastic are through our that a large but us showed things inelasticity there's every we the year on of aren't. of course, probably clients tool pricing. the And And there movement, that

David Long

that's No, color. great

that So additional greatly color. appreciate

sound higher X% that So throughout for the it? guide NII the like as a year, the follow-up for we then, that rest of from it doesn't doesn't sound much and like doesn't if longer the move year, your it stay changes would Fed

Gary Small

think Fed do didn't I the anything.

beginning turn have beyond another going took would we have in in just now. turn to start it's May, and quarter, there. so off picking the late be it impact it than adding an -- just we'll fourth expectation that be into that up repricing with Dave. forth or Once normal enough less of X here think much you'd doing we It what I turn, the come But months. kind X in we number, in June, is our not of would right quarter, another next so the of the in first

Paul Nungester

wholesale still in success we Yes, you'll that. But as we're liability-sensitive. when call are that that taken still the all that K from out, net-net, down numbers we're in 'XX midpoint in but the our in, actions not -- still as we David, getting we've of like liability-sensitive much and it, position today, see our and there were comes things

So recast if were. it a off for they as of we to if is we're it it not flat but it, come was right, Gary sensitive be because all deviation to shouldn't we'd have don't and that material as 'XX, cut,

Gary Small

On that got now December, on to all I get in the firm that. the on high side for is loan money the the risks mid out door held paid interesting perhaps going of market But and When we're new balance going holding the going we've side. move X on there pretty that. the to with in clients' market it, we're on the loans would thought X mid think out a still left sheet, fast sort of or for right -- things expectations

Operator

Small We registered. Gary for that, I And to hand back no further remarks. have questions will final with

Gary Small

can Well, matter the direction and the an pacing of the said, when it's can remember. we horizon and if, that may again, a feel It's forth. we similar, not we'll see all 'XX, of the numerically although of as over aspects Fed. now, so I certain see interesting year 'XX,

there liability the over there's Qs move I do X gained and margin us, we think growth a we that to to to recapture when fee and perspective. more much quarters, since back then side, on clean be is X manage needle obviously, X% X%, the margin as time the be business next And your make is recapture, from there things much side For growth of run of credit will will book on driven. the a the coming it's Ps a expense smart out that on, on be how --

stronger organization, thanks and to we'll time come it. we'll that Appreciate be X really this nimble, grow we when forward. And leveraged So all going well more your out cycle, quarters X a forward, to for be morning. of going

Operator

Thank you participation. your for

your You lines. may now disconnect

Premier Financial (PFC) 24 Jan 242023 Q4 Earnings call transcript