Premier Financial Corp. (NASDAQ:PFC) Q1 2024 Earnings Call Transcript

Gary Small: Yes, it’s really a matter of testing the elasticity of the particular product group in our market since we have a relatively distinct market and something that you’re always doing and if you look at our portfolio right now, you would find that we early on identified a very inelastic set of outstandings and the savings and interest checking and chose to utilize that as an offset to some of the less inelastic pricing that we were having to do on money markets and so forth. So we still think there’s room there, and we’re going to continue to test waters we watch for balanced movement and anything that looks abnormal or if it starts to have an impact there, pause for a moment and determine whether that’s a theme or just an anomaly.

But we’re I think what we’re saying is we can now, it’s not our intention to wait for the Fed to do something to trigger us to do a little bit more activity with our existing portfolio. And we’ll also be looking at some lower new money rates on CDs and so forth, and we’ve been running again, for three quarters on the consumer side, we’ve been running at about a 7% annualized growth rate, so and that was intentional. So now we’re — this is the right time to step in and work a little bit more on the margin front because the deposit momentum on the consumer side has been so good.

Bader Hijleh: Understood. Thanks. That’s all for me. Thanks for taking my questions.

Gary Small: Thank you Bader.

Operator: Thank you. There are no questions registered at this time. [Operator Instructions]. So I would like to pass the call back over to Gary Small for any further remarks.

Gary Small: Yes. I appreciate the thoughtful questions this morning, and I also appreciate those that were able to get notes out in advance of the meeting last night and so forth. That’s very helpful for helping us prepare so that we could touch on the things of most interest. Again, it’s an effort you could be elsewhere. We really appreciate you taking the time to understand our business and our approach and thanks again for joining us. Thank you.

Operator: That concludes today’s call. Thank you for your participation. You may now disconnect your line.