Premier Financial reports Q4 EPS 71c, consensus 81c

"We continued to have stronger than anticipated loan and deposit growth as we closed the fourth quarter," said Gary Small, President and CEO of Premier. "Full year loan growth exceeded 20% with core customer deposits up 7.7%. For the full year, tax equivalent net interest income grew $29 million, or 14% on a core basis excluding PPP and purchase accounting marks. The growth reflects the strength of our client base and the markets in which we operate. We did experience a step up in deposit betas during the quarter although this is in line with our overall historical range for the deposit book of business. As noted last quarter, we are utilizing non-core funding enabling us to thoughtfully manage core deposit costs across the organization. Diligent funding cost management will be a key for the organization and the industry in 2023."