PREMIER FINANCIAL CORP. Item 7.01 Regulation FD Disclosure
Premier Financial Corp. (the "Company") is disclosing the following update to certain COVID-19 related loan payment deferral information. The Company continues to monitor the effects of COVID-19 on the loan portfolio as well as all the associated risks to minimize any potential losses. In an effort to help its customers impacted by the COVID-19 pandemic, Premier Bank, the Company's wholly-owned subsidiary (the "Bank"), has implemented hardship relief programs that, among other things, include loan payment deferrals that range from one to six months. While the Bank continues to receive requests from borrowers for payment deferrals on loans, the amount of loan payment deferrals declined from$482.7 million , or 8.8% of the total loan portfolio atSeptember 30, 2020 , to$206.7 million , or 3.7% of the total loan portfolio atOctober 31, 2020 .
A breakdown of deferrals as of
COVID-19 Deferrals Update
(unaudited, $ in thousands)
As of As of
September 30, October 31,
2020 2020
Commercial loan deferrals $ 434,554 $ 176,672
% of commercial loans 11.4 % 4.4 %
% of total loans 7.9 % 3.2 %
Retail loan deferrals $ 48,187 $ 30,001
% of retail loans 2.9 % 2.0 %
% of total loans 0.9 % 0.5 %
Total loan deferrals $ 482,741 $ 206,673
% of total loans 8.8 % 3.7 %
COVID-19 Commercial Loans Update
(unaudited)
Commercial High Sensitivity Portfolio Update
As of September 30, 2020 As of October 31, 2020
% of % of
Classified Classified
% Balances Loans in % Balances Loans in
Industry: % of Total Loans Deferred Subsector % of Total Loans Deferred Subsector
Traveler Accommodation 2.8 % 60.7 % 3.9 % 2.8 % 13.0 % 3.9 %
Food Service 1.0 % 22.4 % 0.6 % 1.0 % 0.5 % 0.5 %
Sub-total 3.7 % 51.0 % 3.1 % 3.8 % 9.7 % 3.0 %
Retail Trade and CRE 9.4 % 17.7 % 1.3 % 9.4 % 8.1 % 1.3 %
Long-term Care 1.9 % 10.8 % 11.0 % 1.9 % 2.2 % 10.9 %
Arts/Entertainment/Recreation 0.4 % 37.8 % 2.5 % 0.4 % 32.2 % 2.6 %
Energy 0.1 % 0.0 % 0.0 % 0.1 % 0.0 % 0.0 %
Total 15.6 % 25.2 % 3.0 % 15.7 % 8.3 % 2.9 %
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COVID-19 Commercial Loan Deferral Update
($ in thousands)
September 30, October 31,
2020 New Net Payoffs/ Return to 2020 October
Deferral Type: Balance Deferrals Type Charges Pay (1) Balance Extensions
Interest only 1-3 months $ 12,314 $ 0 $ (18 ) $ (10,988 ) $ 1,308 $ 0
Interest only 4-5 months 26,943 0 (23 ) (4,294 ) 22,626 0
Interest only 6 months 55,196 0 17,241 (29,845 ) 42,592 17,472
Deferred payment 1-90 days 57,262 824 (16,917 ) (30,263 ) 10,906 0
Deferred payment 91-179 days 6,497 0 (2 ) (6,269 ) 226 0
Deferred payment 180 days 276,342 0 (320 ) (177,008 ) 99,014 0
Total $ 434,554 $ 824 $ (39 ) $ (258,667 ) $ 176,672 $ 17,472 (1) Represents approximately 93.4% of previously disclosed
COVID-19 Commercial Loan Deferral Expirations as ofOctober 31, 2020 ($ in thousands)October 31, 2020 Month: Balance November $ 124,146 December 12,216 January 15,381 February 5,075 March 0 April 19,854 Total $ 176,672 The information contained in this Item 7.01 of this Current Report is furnished herewith and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any filings made by the Company pursuant to the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
The Company does not intend to update this information and has no current intention of releasing similar information in the future.
Forward-Looking Statements
This Current Report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings with theSEC , including, without limitation, the Annual Report on Form 10-K for the year endedDecember 31, 2019 , and the Quarterly Report on Form 10-Q for the fiscal quarter endedJune 30, 2020 , filed with theSEC . All information provided in this Report is as of the date hereof, and we undertake no duty to update this information unless required by law.
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