Last Updated on November 5, 2022 by admin
“While we are disappointed with our quarterly results, we are pleased with the progress we have made in executing on our strategic priorities,” said Chairman and CEO Mark A. Mazza. “We continue to focus on driving loan growth, reducing expenses and improving asset quality.”
During the quarter, the company completed its branch optimization plan by closing 33 branches and consolidating 19 branches into other locations. As a result of these actions, annualized operating expenses are expected to be reduced by approximately $24 million starting in the fourth quarter of 2022. In addition, the company continued to proactively manage its loan portfolio through risk mitigation efforts and increased reserves for expected credit losses. These actions resulted in a provision for credit losses of $134 million for the quarter.
“Our strategy is focused on delivering long-term shareholder value by growing loans, managing expenses and improving asset quality,” Mazza said. “We are confident that we are taking the right actions to position Premier for future success.”