Primis Financial Corp. Reports Earnings per Share for the Third Quarter of 2024
Primis Financial Corp. (NASDAQ: FRST) reported net income of $1.2 million ($0.05 per diluted share) for Q3 2024, compared to a net loss of $6.0 million in Q3 2023. The company announced the sale of its Life Premium Finance Division to EverBank for a premium of $6.0 million, expecting a pre-tax gain of $4.5 million in Q4 2024. The deal involves approximately $370 million in loans. Primis also expanded its Mortgage Warehouse Lending team with new hires. The company declared a quarterly cash dividend of $0.10 per share. Net interest income increased 13% to $28.0 million in Q3 2024, with net interest margin at 2.97%. Total assets stood at $4.0 billion with $2.9 billion in loans and $3.3 billion in deposits.
Primis Financial Corp. (NASDAQ: FRST) ha riportato un utile netto di 1,2 milioni di dollari (0,05 dollari per azione diluita) per il terzo trimestre del 2024, rispetto a una perdita netta di 6,0 milioni di dollari nel terzo trimestre del 2023. L'azienda ha annunciato la vendita della sua Divisione Finanza Premi Vita a EverBank per un premio di 6,0 milioni di dollari, prevedendo un guadagno pre-tasse di 4,5 milioni di dollari nel quarto trimestre del 2024. L'accordo prevede circa 370 milioni di dollari in prestiti. Primis ha anche ampliato il proprio team di prestiti ipotecari con nuove assunzioni. L'azienda ha dichiarato un dividendo in contante trimestrale di 0,10 dollari per azione. Il reddito da interessi netto è aumentato del 13% a 28,0 milioni di dollari nel terzo trimestre del 2024, con un margine di interesse netto del 2,97%. Gli attivi totali si sono attestati a 4,0 miliardi di dollari con 2,9 miliardi di dollari in prestiti e 3,3 miliardi di dollari in depositi.
Primis Financial Corp. (NASDAQ: FRST) reportó un ingreso neto de 1.2 millones de dólares (0.05 dólares por acción diluida) para el tercer trimestre de 2024, en comparación con una pérdida neta de 6.0 millones de dólares en el tercer trimestre de 2023. La empresa anunció la venta de su División de Financiación de Primas de Vida a EverBank por un monto de 6.0 millones de dólares, esperando una ganancia antes de impuestos de 4.5 millones de dólares en el cuarto trimestre de 2024. El trato involucra aproximadamente 370 millones de dólares en préstamos. Primis también amplió su equipo de préstamos en el almacén de hipotecas con nuevas contrataciones. La empresa declaró un dividendo en efectivo trimestral de 0.10 dólares por acción. Los ingresos netos por intereses aumentaron un 13% a 28.0 millones de dólares en el tercer trimestre de 2024, con un margen de interés neto del 2.97%. Los activos totales se situaron en 4.0 mil millones de dólares, con 2.9 mil millones de dólares en préstamos y 3.3 mil millones de dólares en depósitos.
Primis Financial Corp. (NASDAQ: FRST)는 2024년 3분기에 120만 달러의 순이익 (희석 주당 0.05달러)를 보고했으며, 2023년 3분기에는 600만 달러의 순손실을 기록했습니다. 이 회사는 Life Premium Finance Division을 EverBank에 600만 달러에 판매한다고 발표하며, 2024년 4분기에 450만 달러의 세전 이익을 예상하고 있습니다. 이 거래에는 약 3억 7천만 달러의 대출이 포함됩니다. Primis는 새로운 인재를 영입하여 모기지 융자 팀을 확장했습니다. 회사는 주당 0.10달러의 분기 현금 배당금을 선언했습니다. 2024년 3분기 순이자 수익은 13% 증가하여 2800만 달러에 달했으며, 순이자 마진은 2.97%입니다. 총 자산은 40억 달러로, 29억 달러의 대출과 33억 달러의 예금이 있습니다.
Primis Financial Corp. (NASDAQ: FRST) a rapporté un revenu net de 1,2 million de dollars (0,05 dollar par action diluée) pour le 3ème trimestre 2024, contre une perte nette de 6,0 millions de dollars au 3ème trimestre 2023. La société a annoncé la vente de sa Division de Financement de Primes Vie à EverBank pour un montant de 6,0 millions de dollars, avec une attente de gain avant impôt de 4,5 millions de dollars au 4ème trimestre 2024. L'accord porte sur environ 370 millions de dollars de prêts. Primis a également élargi son équipe de prêts hypothécaires avec de nouvelles recrues. L'entreprise a déclaré un dividende en espèces trimestriel de 0,10 dollar par action. Les revenus d'intérêts nets ont augmenté de 13 % pour atteindre 28,0 millions de dollars au 3ème trimestre 2024, avec une marge d'intérêt nette de 2,97 %. Les actifs totaux s'élevaient à 4,0 milliards de dollars, dont 2,9 milliards de dollars de prêts et 3,3 milliards de dollars de dépôts.
Primis Financial Corp. (NASDAQ: FRST) berichtete über ein Nettoeinkommen von 1,2 Millionen Dollar (0,05 Dollar pro verwässerter Aktie) für das 3. Quartal 2024, im Vergleich zu einem Nettoverlust von 6,0 Millionen Dollar im 3. Quartal 2023. Das Unternehmen gab die Veräußerung seiner Lebensversicherungs-Premiumfinanzierungsabteilung an EverBank für eine Prämie von 6,0 Millionen Dollar bekannt und erwartet im 4. Quartal 2024 einen Steuervorteil von 4,5 Millionen Dollar. Das Geschäft umfasst etwa 370 Millionen Dollar an Krediten. Primis hat auch sein Team für Hypothekenlagerfinanzierungen mit neuen Mitarbeitern erweitert. Das Unternehmen erklärte eine vierteljährliche Bar-Dividende von 0,10 Dollar pro Aktie. Die Nettozinseinnahmen stiegen im 3. Quartal 2024 um 13% auf 28,0 Millionen Dollar, wobei die Nettozinsspanne bei 2,97% lag. Die Gesamtaktiva beliefen sich auf 4,0 Milliarden Dollar, davon 2,9 Milliarden Dollar an Krediten und 3,3 Milliarden Dollar an Einlagen.
- Net income improved to $1.2 million in Q3 2024 from a $6.0 million loss in Q3 2023
- Sale of Life Premium Finance Division for $6.0 million premium with expected $4.5 million pre-tax gain
- Net interest income increased 13% to $28.0 million
- Net interest margin improved to 2.97% from 2.72% in Q2 2024
- Core net charge-offs increased to $1.3 million (0.15% of average loans) from $0.6 million in Q2 2024
- Provision for loan losses increased to $7.5 million from $3.1 million in Q2 2024
- Substandard loans increased to $47.6 million from $15.5 million in Q2 2024
- Operating earnings per share decreased to $0.08 from $0.21 in Q3 2023
Insights
The Q3 2024 results present a mixed picture for Primis Financial. The company reported
The strategic sale of the Life Premium Finance Division to EverBank for a
Key concerns include rising nonperforming assets at
The operational transformation at Primis shows promise but faces execution challenges. The digital banking initiative through V1BE platform gained
The deposit base remains stable at
The efficiency ratio at
Announces Sale of Life Premium Finance Division
Announces Expansion of Mortgage Warehouse Lending Team
Declares Quarterly Cash Dividend of
Earnings for the three month and year-to-date period in 2024 include
Sale of Life Premium Finance Division
On October 24, 2024, Primis Bank and EverBank, N.A. ("EverBank") entered into a purchase and assumption agreement whereby EverBank will acquire the Life Premium Finance Division from Primis Bank including all the associated loans, except for a subset of mostly fixed rate and rate-capped loans retained by the Bank, and the operations of the division, including its employees, for a premium of
On October 31, 2024, EverBank will acquire approximately
Dennis J. Zember, Jr., President and Chief Executive Officer of Primis commented, "Three years ago we hired a set of professionals with a vision to build a tech-forward solution for life insurance premium finance. This platform has been widely accepted and used by the industry's facilitators to such a degree that its opportunity is bigger than our balance sheet. EverBank is known for investing in scalable businesses with attractive risk-adjusted returns which makes our life premium finance team a perfect fit."
Mortgage Warehouse Lending Team Expansion
In early October of 2024, Primis hired a seasoned team of mortgage warehouse lending professionals from a larger bank with a very successful track record in this space. While Primis Bank has had mortgage warehouse lending capabilities for some time, production had been limited while the Bank searched for the right leadership. Four key individuals have joined the Bank comprising sales, operations and portfolio management with another four to five support staff expected in the coming months.
Commented Mr. Zember, "Mortgage warehouse lending as an asset class has very attractive returns and limited losses. With several very large banks exiting the space and mortgage volumes projected to increase substantially, we believe this is a perfect time to expand our capabilities. Knowing the team we hired and having visited quite a few of their customers, I believe we can replace all of the life premium business we are selling with yields that are 125bps to 150bps higher. I expect the credit results and operating expense burdens to be similar so we believe the bottom-line impact will be significant as we scale this operation."
Discussion of Results
The following table highlights selected financial data for the last five quarters:
3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | ||||||
Return on average assets | 0.12 % | 0.39 % | 0.26 % | (0.85 %) | (0.62 %) | |||||
Operating return on average assets(1) | 0.20 % | 0.50 % | 0.29 % | (0.79 %) | 0.54 % | |||||
Pre-tax pre-provision return on average assets(1) | 0.85 % | 0.78 % | 1.02 % | 0.96 % | (0.33 %) | |||||
Pre-tax pre-prov. operating return on average assets(1) | 0.95 % | 0.92 % | 1.05 % | 1.01 % | (0.30 %) | |||||
Return on average common equity | 1.28 % | 4.06 % | 2.62 % | (8.43 %) | (6.11 %) | |||||
Operating return on average common equity(1) | 2.11 % | 5.18 % | 2.99 % | (7.91 %) | 5.35 % | |||||
Operating return on avg. tangible common equity(1) | 2.80 % | 6.93 % | 3.98 % | (10.53 %) | 7.35 % | |||||
Cost of funds | 3.25 % | 3.16 % | 2.97 % | 2.85 % | 2.75 % | |||||
Net interest margin | 2.97 % | 2.72 % | 2.84 % | 2.86 % | 2.70 % | |||||
Gross loans to deposits | 89.68 % | 98.95 % | 97.37 % | 98.45 % | 96.37 % | |||||
Efficiency ratio | 83.22 % | 82.62 % | 77.41 % | 81.31 % | 108.50 % | |||||
Operating efficiency ratio(1) | 80.35 % | 78.86 % | 76.17 % | 79.43 % | 75.17 % |
As disclosed in our recent filings with the SEC, the Company has corrected its method for accounting for a third-party originated and serviced consumer loan portfolio (the "Consumer Program") and in which the separate agreements comprising the portfolio are treated as separate units of account (See "Critical Accounting Estimates and Policies" in the Company's 2023 Form 10-K). A subset of the Consumer Program has promotional characteristics where interest is deferred during the promotional period and is waived if the customer pays off the loan prior to the period end. In that event, the third-party reimburses the Bank for the waived interest. Until the end of the promotional period, the Company is unable to accrue interest on the loan under GAAP but does record a derivative representing the fair value of expected interest reimbursements from the third-party. Credit costs are also fully included in the Company's results, including estimated life of loan losses required by ASC 326 while potential credit enhancements from the Consumer Program are only reflected as received. Total outstanding balances in the Consumer Program were
Net Interest Income
Net interest income increased approximately
Interest income increased
Interest expense increased
Noninterest Income
Noninterest income decreased during the third quarter of 2024 to
Noninterest Expense
Noninterest expense was
3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | ||||||
Reported Noninterest Expense | 31,045 | 29,786 | 27,538 | 27,780 | 36,950 | |||||
PFH Consolidated Expenses | (2,666) | (2,347) | (2,119) | (2,813) | - | |||||
Noninterest Expense Excl. PFH | 28,379 | 27,439 | 25,419 | 24,967 | 36,950 | |||||
Nonrecurring / Goodwill Impair. | (1,352) | (1,453) | (438) | (165) | (11,350) | |||||
Mortgage Expenses | (6,436) | (6,084) | (5,122) | (4,785) | (5,108) | |||||
Consumer Program Servicing Fee | (699) | (312) | (312) | (312) | (312) | |||||
Reserve for Unfunded Commitment | (96) | 546 | 2 | (554) | 257 | |||||
Total Adjustments | (8,583) | (7,303) | (5,870) | (5,816) | (16,513) | |||||
Core Operating Expense Burden | 19,796 | 20,136 | 19,550 | 19,151 | 20,437 |
As noted above, the core expense burden decreased
Loan Portfolio and Asset Quality
Loans held for investment decreased to
Nonperforming assets, excluding portions guaranteed by the SBA, were only
The Company recorded a provision for loan losses of
Net charge-offs were
Deposits and Funding
Total deposits at September 30, 2024 decreased slightly to
Deposit growth in the Bank continues to benefit from better technology and unique convenience factors. V1BE, the Bank's proprietary invitation-only delivery tool, increased total users by
During the third quarter of 2024, the Bank opened approximately
As of September 30, 2024, the Bank has
Lines of Business
The Panacea Financial Division continues to experience substantial growth alongside the development of the nationally-recognized Panacea Financial brand. The Panacea Financial Division finished the third quarter of 2024 with approximately
Primis Mortgage had pre-tax income of
Shareholders' Equity
Book value per common share as of September 30, 2024 was
The Board of Directors declared a dividend of
About Primis Financial Corp.
As of September 30, 2024, Primis had
Contacts: | Address: |
Dennis J. Zember, Jr., President and CEO | Primis Financial Corp. |
Matthew A. Switzer, EVP and CFO | 1676 International Drive, Suite 900 |
Phone: (703) 893-7400 | |
Primis Financial Corp., NASDAQ Symbol FRST | |
Website: www.primisbank.com |
Conference Call
The Company's management will host a conference call to discuss its third quarter results on Friday, October 25, 2024 at 10:00 a.m. (ET). A live Webcast of the conference call is available at the following website: https://events.q4inc.com/attendee/853860984. Participants may also call 1-888-330-3573 and ask for the Primis Financial Corp. call. A replay of the teleconference will be available for 7 days by calling 1-800-770-2030 and providing Replay Access Code 4440924.
Non-GAAP Measures
Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables. Primis uses non-GAAP financial measures to analyze its performance. The measures entitled net income adjusted for nonrecurring income and expenses; pre-tax pre-provision operating earnings; operating return on average assets; pre-tax pre-provision operating return on average assets; operating return on average equity; operating return on average tangible equity; operating efficiency ratio; operating earnings per share – basic; operating earnings per share – diluted; tangible book value per share; tangible common equity; tangible common equity to tangible assets; and core net interest margin are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. We use the term "operating" to describe a financial measure that excludes income or expense considered to be non-recurring in nature. Items identified as non-operating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward-looking trends in our business. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is provided in the Reconciliation of Non-GAAP Items table.
Management believes that these non-GAAP financial measures provide additional useful information about Primis that allows management and investors to evaluate the ongoing operating results, financial strength and performance of Primis and provide meaningful comparison to its peers. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider Primis' performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Primis. Non-GAAP financial measures are not standardized and, therefore, it may not be possible to compare these measures with other companies that present measures having the same or similar names.
Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.
Forward-Looking Statements
This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," and other similar words or expressions of the future or otherwise regarding the outlook for the Company's future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, but are not limited to, our expectations regarding our future operating and financial performance, including the preliminary estimated financial and operating information presented herein, which is subject to adjustment; our outlook and long-term goals for future growth and new offerings and services; our expectations regarding net interest margin; expectations on our growth strategy, expense management, capital management and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations.
Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: the result of the "pre-clearance" process with the Office of the Chief Accountant of the SEC and the impact on the Company's financial statements; the possibility that the Company is unable to regain compliance with, or thereafter continue to comply with, applicable Nasdaq Listing Rules, or experience violations of additional Nasdaq Listing Rules; the possibility that Nasdaq may deny the Company's appeal and delist the Company's securities; the Company's ability to implement its various strategic and growth initiatives, including the sale of the Life Premium Finance Division and the impact on the Company's operating results and its recently established Panacea Financial Division, digital banking platform, V1BE fulfillment service and Primis Mortgage Company; competitive pressures among financial institutions increasing significantly; changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices; changes in management's plans for the future; credit risk associated with our lending activities; the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within our primary market areas; changes in interest rates, inflation, loan demand, real estate values, or competition, as well as labor shortages and supply chain disruptions; changes in accounting principles, policies, or guidelines; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; potential increases in the provision for credit losses; our ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties; fraud or misconduct by internal or external actors, which we may not be able to prevent, detect or mitigate; acts of God or of war or other conflicts, including the current
Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company's management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company's filings with the Securities and Exchange Commission, the Company's Annual Report on Form 10-K for the year ended December 31, 2023, under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors," and in the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.
(1) | Non-GAAP financial measure. Please see "Reconciliation of Non-GAAP Items" in the financial tables for more information and for a reconciliation to GAAP. |
Primis Financial Corp. | |||||||||||
Financial Highlights (unaudited) | |||||||||||
(Dollars in thousands, except per share data) | For Three Months Ended: | For Nine Months Ended: | |||||||||
Selected Performance Ratios: | 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 3Q 2024 | 3Q 2023 | ||||
Return on average assets | 0.12 % | 0.39 % | 0.26 % | (0.85 %) | (0.62 %) | 0.25 % | 0.01 % | ||||
Operating return on average assets(1) | 0.20 % | 0.50 % | 0.29 % | (0.79 %) | 0.54 % | 0.33 % | 0.43 % | ||||
Pre-tax pre-provision return on average assets(1) | 0.85 % | 0.78 % | 1.02 % | 0.96 % | (0.33 %) | 0.88 % | 0.48 % | ||||
Pre-tax pre-provision operating return on average assets(1) | 0.95 % | 0.92 % | 1.05 % | 1.01 % | (0.30 %) | 0.98 % | 0.91 % | ||||
Return on average common equity | 1.28 % | 4.06 % | 2.62 % | (8.43 %) | (6.11 %) | 2.66 % | 0.11 % | ||||
Operating return on average common equity(1) | 2.11 % | 5.18 % | 2.99 % | (7.91 %) | 5.35 % | 3.44 % | 4.32 % | ||||
Operating return on average tangible common equity(1) | 2.80 % | 6.93 % | 3.98 % | (10.53 %) | 7.35 % | 4.60 % | 5.92 % | ||||
Cost of funds | 3.25 % | 3.16 % | 2.97 % | 2.85 % | 2.75 % | 3.13 % | 2.61 % | ||||
Net interest margin | 2.97 % | 2.72 % | 2.84 % | 2.86 % | 2.70 % | 2.85 % | 2.61 % | ||||
Gross loans to deposits | 89.68 % | 98.95 % | 97.37 % | 98.45 % | 96.37 % | 89.68 % | 96.37 % | ||||
Efficiency ratio | 83.22 % | 82.62 % | 77.41 % | 81.31 % | 108.50 % | 81.12 % | 86.30 % | ||||
Operating efficiency ratio(1) | 80.35 % | 78.86 % | 76.17 % | 79.43 % | 75.17 % | 78.49 % | 74.56 % | ||||
Per Common Share Data: | |||||||||||
Earnings per common share - Basic | $ 0.05 | $ 0.15 | $ 0.10 | $ (0.33) | $ (0.24) | $ 0.30 | $ 0.01 | ||||
Operating earnings per common share - Basic(1) | $ 0.08 | $ 0.20 | $ 0.11 | $ (0.31) | $ 0.21 | $ 0.39 | $ 0.52 | ||||
Earnings per common share - Diluted | $ 0.05 | $ 0.15 | $ 0.10 | $ (0.33) | $ (0.24) | $ 0.30 | $ 0.01 | ||||
Operating earnings per common share - Diluted(1) | $ 0.08 | $ 0.20 | $ 0.11 | $ (0.31) | $ 0.21 | $ 0.39 | $ 0.52 | ||||
Book value per common share | $ 15.43 | $ 15.23 | $ 15.16 | $ 15.23 | $ 15.30 | $ 15.43 | $ 15.30 | ||||
Tangible book value per common share(1) | $ 11.61 | $ 11.40 | $ 11.31 | $ 11.37 | $ 11.42 | $ 11.61 | $ 11.42 | ||||
Cash dividend per common share | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 | ||||
Weighted average shares outstanding - Basic | 24,695,685 | 24,683,734 | 24,673,857 | 24,647,728 | 24,641,981 | 24,683,556 | 24,635,535 | ||||
Weighted average shares outstanding - Diluted | 24,719,920 | 24,708,484 | 24,707,113 | 24,687,993 | 24,641,981 | 24,710,345 | 24,635,535 | ||||
Shares outstanding at end of period | 24,722,734 | 24,708,234 | 24,708,588 | 24,693,172 | 24,686,764 | 24,722,734 | 24,686,764 | ||||
Asset Quality Ratios: | |||||||||||
Non-performing assets as a percent of total assets, excluding SBA guarantees | 0.25 % | 0.25 % | 0.23 % | 0.20 % | 0.51 % | 0.25 % | 0.51 % | ||||
Net charge-offs (recoveries) as a percent of average loans (annualized) | 0.93 % | 0.60 % | 0.64 % | 0.61 % | 0.53 % | 0.52 % | 0.32 % | ||||
Core net charge-offs (recoveries) as a percent of average loans (annualized)(2) | 0.15 % | 0.07 % | 0.11 % | 0.24 % | 0.27 % | (0.10 %) | 0.12 % | ||||
Allowance for credit losses to total loans | 1.72 % | 1.56 % | 1.66 % | 1.62 % | 1.13 % | 1.72 % | 1.13 % | ||||
Capital Ratios: | |||||||||||
Common equity to assets | 9.48 % | 9.49 % | 9.63 % | 9.75 % | 9.84 % | ||||||
Tangible common equity to tangible assets(1) | 7.30 % | 7.27 % | 7.36 % | 7.46 % | 7.53 % | ||||||
Leverage ratio(3) | 8.06 % | 8.25 % | 8.38 % | 8.37 % | 8.60 % | ||||||
Common equity tier 1 capital ratio(3) | 8.98 % | 8.85 % | 8.97 % | 8.96 % | 9.36 % | ||||||
Tier 1 risk-based capital ratio(3) | 9.28 % | 9.14 % | 9.26 % | 9.25 % | 9.66 % | ||||||
Total risk-based capital ratio(3) | 12.66 % | 12.45 % | 12.61 % | 13.44 % | 13.05 % |
(1) | See Reconciliation of Non-GAAP financial measures. |
(2) | Excludes third-party charge-offs |
(3) | Ratios are estimated and may be subject to change pending the final filing of the FR Y-9C. |
Primis Financial Corp. | |||||||
(Dollars in thousands) | As Of : | ||||||
Condensed Consolidated Balance Sheets (unaudited) | 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | ||
Assets | |||||||
Cash and cash equivalents | $ 77,274 | $ 66,580 | $ 88,717 | $ 77,553 | $ 93,865 | ||
Investment securities-available for sale | 242,543 | 232,867 | 230,617 | 228,420 | 216,875 | ||
Investment securities-held to maturity | 9,766 | 10,649 | 10,992 | 11,650 | 11,975 | ||
Loans held for sale | 467,325 | 94,644 | 72,217 | 57,691 | 66,266 | ||
Loans receivable, net of deferred fees | 2,965,120 | 3,300,562 | 3,227,665 | 3,219,414 | 3,173,788 | ||
Allowance for credit losses | (51,132) | (51,574) | (53,456) | (52,209) | (35,862) | ||
Net loans | 2,913,988 | 3,248,988 | 3,174,209 | 3,167,205 | 3,137,926 | ||
Stock in Federal Reserve Bank and Federal Home Loan Bank | 20,875 | 16,837 | 14,225 | 14,246 | 12,796 | ||
Bank premises and equipment, net | 19,668 | 19,946 | 20,412 | 20,611 | 24,878 | ||
Operating lease right-of-use assets | 10,465 | 10,293 | 10,206 | 10,646 | 11,402 | ||
Goodwill and other intangible assets | 94,444 | 94,768 | 95,092 | 95,417 | 95,741 | ||
Assets held for sale, net | 3,898 | 5,136 | 6,359 | 6,735 | 3,115 | ||
Bank-owned life insurance | 67,010 | 66,578 | 67,685 | 67,588 | 67,176 | ||
Deferred tax assets, net | 25,582 | 25,232 | 24,513 | 22,395 | 24,179 | ||
Consumer Program derivative asset | 9,763 | 9,929 | 10,685 | 10,806 | 12,818 | ||
Other assets | 62,002 | 63,917 | 64,050 | 65,583 | 59,847 | ||
Total assets | $ 4,024,603 | $ 3,966,364 | $ 3,889,979 | $ 3,856,546 | $ 3,838,859 | ||
Liabilities and stockholders' equity | |||||||
Demand deposits | $ 421,231 | $ 420,241 | $ 463,190 | $ 472,941 | $ 490,719 | ||
NOW accounts | 748,833 | 793,608 | 771,116 | 773,028 | 803,276 | ||
Money market accounts | 835,099 | 831,834 | 834,514 | 794,530 | 800,951 | ||
Savings accounts | 873,810 | 866,279 | 823,325 | 783,758 | 746,608 | ||
Time deposits | 427,458 | 423,501 | 422,778 | 445,898 | 451,850 | ||
Total deposits | 3,306,431 | 3,335,463 | 3,314,923 | 3,270,155 | 3,293,404 | ||
Securities sold under agreements to repurchase - short term | 3,677 | 3,273 | 3,038 | 3,044 | 3,838 | ||
Federal Home Loan Bank advances | 165,000 | 80,000 | 25,000 | 30,000 | - | ||
Secured borrowings | 17,495 | 21,069 | 21,298 | 20,393 | 29,649 | ||
Subordinated debt and notes | 95,808 | 95,737 | 95,666 | 95,595 | 95,524 | ||
Operating lease liabilities | 11,704 | 11,488 | 11,353 | 11,686 | 12,347 | ||
Other liabilities | 27,168 | 24,777 | 24,102 | 28,080 | 26,487 | ||
Total liabilities | 3,627,283 | 3,571,807 | 3,495,380 | 3,458,953 | 3,461,249 | ||
Total Primis common stockholders' equity | 381,352 | 376,393 | 374,577 | 376,161 | 377,610 | ||
Noncontrolling interest | 15,968 | 18,164 | 20,022 | 21,432 | - | ||
Total stockholders' equity | 397,320 | 394,557 | 394,599 | 397,593 | 377,610 | ||
Total liabilities and stockholders' equity | $ 4,024,603 | $ 3,966,364 | $ 3,889,979 | $ 3,856,546 | $ 3,838,859 | ||
Tangible common equity(1) | $ 286,908 | $ 281,625 | $ 279,485 | $ 280,744 | $ 281,869 |
Primis Financial Corp. | |||||||||||
(Dollars in thousands) | For Three Months Ended: | For Nine Months Ended: | |||||||||
Condensed Consolidated Statement of Operations (unaudited) | 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 3Q 2024 | 3Q 2023 | ||||
Interest and dividend income | $ 57,112 | $ 52,199 | $ 50,345 | $ 50,163 | $ 48,027 | $ 159,656 | $ 142,485 | ||||
Interest expense | 29,089 | 27,346 | 25,076 | 24,437 | 23,697 | 81,511 | 69,499 | ||||
Net interest income | 28,023 | 24,853 | 25,269 | 25,726 | 24,330 | 78,145 | 72,986 | ||||
Provision for credit losses | 7,511 | 3,119 | 6,508 | 21,310 | 1,616 | 17,138 | 11,231 | ||||
Net interest income after provision for credit losses | 20,512 | 21,734 | 18,761 | 4,416 | 22,714 | 61,007 | 61,755 | ||||
Account maintenance and deposit service fees | 1,468 | 1,861 | 1,393 | 1,518 | 1,534 | 4,722 | 4,215 | ||||
Income from bank-owned life insurance | 431 | 1,327 | 564 | 420 | 787 | 2,322 | 1,601 | ||||
Mortgage banking income | 6,803 | 6,402 | 5,574 | 3,210 | 4,922 | 18,779 | 14,435 | ||||
Gain (loss) on sale of loans | - | (29) | 336 | 526 | 217 | 307 | 268 | ||||
Consumer Program derivative | 79 | 1,272 | 2,041 | 2,886 | 2,033 | 3,392 | 15,233 | ||||
Gain (loss) on other investments | 51 | 136 | 206 | 190 | 30 | 393 | (6) | ||||
Gain (loss) on bank premises and equipment | 352 | 124 | - | (478) | 2 | 476 | 2 | ||||
Other | 99 | 105 | 193 | 169 | 201 | 397 | 584 | ||||
Noninterest income | 9,283 | 11,198 | 10,307 | 8,441 | 9,726 | 30,788 | 36,332 | ||||
Employee compensation and benefits | 16,764 | 16,088 | 15,735 | 14,645 | 13,809 | 48,587 | 44,120 | ||||
Occupancy and equipment expenses | 3,071 | 3,099 | 3,106 | 2,982 | 3,170 | 9,276 | 9,637 | ||||
Amortization of intangible assets | 318 | 317 | 317 | 317 | 317 | 952 | 952 | ||||
Goodwill impairment | - | - | - | - | 11,150 | - | 11,150 | ||||
631 | 632 | 631 | 849 | 849 | 1,894 | 2,546 | |||||
Data processing expense | 2,552 | 2,347 | 2,231 | 2,216 | 2,250 | 7,130 | 7,329 | ||||
Marketing expense | 449 | 499 | 459 | 352 | 377 | 1,407 | 1,467 | ||||
Telecommunication and communication expense | 330 | 341 | 346 | 358 | 356 | 1,017 | 1,149 | ||||
Professional fees | 2,914 | 2,976 | 1,365 | 1,586 | 1,118 | 7,255 | 3,055 | ||||
Miscellaneous lending expenses | 1,098 | 285 | 451 | 1,128 | 424 | 1,834 | 1,878 | ||||
Other expenses | 2,918 | 3,202 | 2,897 | 3,347 | 3,130 | 9,017 | 11,060 | ||||
Noninterest expense | 31,045 | 29,786 | 27,538 | 27,780 | 36,950 | 88,369 | 94,343 | ||||
Income (loss) before income taxes | (1,250) | 3,146 | 1,530 | (14,923) | (4,510) | 3,426 | 3,744 | ||||
Income tax expense (benefit) | (304) | 1,265 | 718 | (4,472) | 1,519 | 1,679 | 3,405 | ||||
Net Income (loss) | (946) | 1,881 | 812 | (10,451) | (6,029) | 1,747 | 339 | ||||
Noncontrolling interest | 2,158 | 1,901 | 1,654 | 2,280 | - | 5,713 | - | ||||
Net income (loss) attributable to Primis' common shareholders | $ 1,212 | $ 3,782 | $ 2,466 | $ (8,171) | $ (6,029) | $ 7,460 | $ 339 |
(1) | See Reconciliation of Non-GAAP financial measures. |
Primis Financial Corp | |||||||
(Dollars in thousands) | As Of: | ||||||
Loan Portfolio Composition | 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | ||
Loans held for sale | $ 467,325 | $ 94,644 | $ 72,217 | $ 57,691 | $ 66,266 | ||
Loans secured by real estate: | |||||||
Commercial real estate - owner occupied | 463,848 | 463,328 | 458,026 | 455,397 | 432,367 | ||
Commercial real estate - non-owner occupied | 609,743 | 612,428 | 577,752 | 578,600 | 605,508 | ||
Secured by farmland | 4,356 | 4,758 | 4,341 | 5,044 | 5,082 | ||
Construction and land development | 105,541 | 104,886 | 146,908 | 164,742 | 170,849 | ||
Residential 1-4 family | 607,313 | 608,049 | 602,124 | 606,226 | 600,389 | ||
Multi-family residential | 169,368 | 171,512 | 128,599 | 127,857 | 129,586 | ||
Home equity lines of credit | 62,421 | 62,138 | 57,765 | 59,670 | 59,996 | ||
Total real estate loans | 2,022,590 | 2,027,099 | 1,975,515 | 1,997,536 | 2,003,777 | ||
Commercial loans | 526,772 | 619,365 | 623,804 | 602,623 | 603,637 | ||
Paycheck Protection Program loans | 1,941 | 1,969 | 2,003 | 2,023 | 2,105 | ||
Consumer loans | 408,378 | 646,590 | 620,745 | 611,583 | 558,277 | ||
Total Non-PCD loans | 2,959,681 | 3,295,023 | 3,222,067 | 3,213,765 | 3,167,796 | ||
PCD loans | 5,439 | 5,539 | 5,598 | 5,649 | 5,992 | ||
Total loans receivable, net of deferred fees | $ 2,965,120 | $ 3,300,562 | $ 3,227,665 | $ 3,219,414 | $ 3,173,788 | ||
Loans by Risk Grade: | |||||||
Pass, not graded | $ - | $ - | $ - | $ - | $ - | ||
Pass Grade 1 - Highest Quality | 820 | 692 | 633 | 875 | 851 | ||
Pass Grade 2 - Good Quality | 169,285 | 488,728 | 412,593 | 405,019 | 383,306 | ||
Pass Grade 3 - Satisfactory Quality | 1,509,280 | 1,503,918 | 1,603,053 | 1,626,380 | 1,632,256 | ||
Pass Grade 4 - Pass | 1,184,671 | 1,204,268 | 1,177,065 | 1,154,971 | 1,095,264 | ||
Pass Grade 5 - Special Mention | 53,473 | 87,471 | 19,454 | 14,930 | 33,299 | ||
Grade 6 - Substandard | 47,591 | 15,485 | 14,867 | 17,239 | 28,812 | ||
Grade 7 - Doubtful | - | - | - | - | - | ||
Grade 8 - Loss | - | - | - | - | - | ||
Total loans | $ 2,965,120 | $ 3,300,562 | $ 3,227,665 | $ 3,219,414 | $ 3,173,788 | ||
(Dollars in thousands) | As Of or For Three Months Ended: | ||||||
Asset Quality Information | 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | ||
Allowance for Credit Losses: | |||||||
Balance at beginning of period | $ (51,574) | $ (53,456) | $ (52,209) | $ (35,862) | $ (38,541) | ||
Provision for for credit losses | (7,511) | (3,119) | (6,508) | (21,310) | (1,616) | ||
Net charge-offs | 7,953 | 5,001 | 5,261 | 4,963 | 4,295 | ||
Ending balance | $ (51,132) | $ (51,574) | $ (53,456) | $ (52,209) | $ (35,862) | ||
Reserve for Unfunded Commitments: | |||||||
Balance at beginning of period | $ (1,031) | $ (1,577) | $ (1,579) | $ (1,025) | $ (1,282) | ||
(Expense for) / recovery of unfunded loan commitment reserve | (96) | 546 | 2 | (554) | 257 | ||
Total Reserve for Unfunded Commitments | $ (1,127) | $ (1,031) | $ (1,577) | $ (1,579) | $ (1,025) | ||
As Of: | |||||||
Non-Performing Assets: | 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | ||
Nonaccrual loans | $ 14,424 | $ 11,289 | $ 10,139 | $ 9,095 | $ 20,171 | ||
Accruing loans delinquent 90 days or more | 1,714 | 1,897 | 1,714 | 1,714 | 1,625 | ||
Total non-performing assets | $ 16,138 | $ 13,186 | $ 11,853 | $ 10,809 | $ 21,796 | ||
SBA guaranteed portion of non-performing loans | $ 5,954 | $ 3,268 | $ 3,095 | $ 3,115 | $ 2,290 |
Primis Financial Corp. | |||||||||||
(Dollars in thousands) | For Three Months Ended: | For Nine Months Ended: | |||||||||
Average Balance Sheet | 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 3Q 2024 | 3Q 2023 | ||||
Assets | |||||||||||
Loans held for sale | $ 98,110 | $ 84,389 | $ 58,896 | $ 48,380 | $ 55,775 | $ 80,530 | $ 43,384 | ||||
Loans, net of deferred fees | 3,324,157 | 3,266,651 | 3,206,888 | 3,208,295 | 3,193,236 | 3,266,111 | 3,099,225 | ||||
Investment securities | 242,631 | 244,308 | 241,179 | 228,335 | 234,601 | 242,706 | 240,525 | ||||
Other earning assets | 83,405 | 73,697 | 77,067 | 79,925 | 93,159 | 78,076 | 348,831 | ||||
Total earning assets | 3,748,303 | 3,669,045 | 3,584,030 | 3,564,935 | 3,576,771 | 3,667,423 | 3,731,965 | ||||
Other assets | 243,972 | 243,200 | 248,082 | 262,977 | 268,038 | 244,913 | 260,474 | ||||
Total assets | $ 3,992,275 | $ 3,912,245 | $ 3,832,112 | $ 3,827,912 | $ 3,844,809 | $ 3,912,336 | $ 3,992,439 | ||||
Liabilities and equity | |||||||||||
Demand deposits | $ 421,908 | $ 433,315 | $ 458,306 | $ 473,750 | $ 472,485 | $ 440,172 | $ 500,459 | ||||
Interest-bearing liabilities: | |||||||||||
NOW and other demand accounts | 748,202 | 778,458 | 773,943 | 782,305 | 806,339 | 766,800 | 785,480 | ||||
Money market accounts | 859,988 | 823,156 | 814,147 | 790,971 | 850,892 | 832,531 | 844,752 | ||||
Savings accounts | 866,375 | 866,652 | 800,328 | 783,432 | 703,809 | 844,531 | 775,024 | ||||
Time deposits | 425,238 | 423,107 | 431,340 | 451,521 | 460,961 | 426,557 | 481,813 | ||||
Total Deposits | 3,321,711 | 3,324,688 | 3,278,064 | 3,281,979 | 3,294,486 | 3,310,591 | 3,387,528 | ||||
Borrowings | 238,994 | 158,919 | 120,188 | 120,213 | 119,797 | 172,942 | 172,662 | ||||
Total Funding | 3,560,705 | 3,483,607 | 3,398,252 | 3,402,192 | 3,414,283 | 3,483,533 | 3,560,190 | ||||
Other Liabilities | 36,527 | 34,494 | 34,900 | 39,056 | 39,303 | 35,344 | 35,457 | ||||
Total liabilites | 3,597,232 | 3,518,101 | 3,433,152 | 3,441,248 | 3,453,586 | 3,518,877 | 3,595,647 | ||||
Primis common stockholders' equity | 377,595 | 374,735 | 378,008 | 384,332 | 391,223 | 374,189 | 396,792 | ||||
Noncontrolling interest | 17,448 | 19,409 | 20,952 | 2,332 | - | 19,270 | - | ||||
Total stockholders' equity | 395,043 | 394,144 | 398,960 | 386,664 | 391,223 | 393,459 | 396,792 | ||||
Total liabilities and stockholders' equity | $ 3,992,275 | $ 3,912,245 | $ 3,832,112 | $ 3,827,912 | $ 3,844,809 | $ 3,912,336 | $ 3,992,439 | ||||
Net Interest Income | |||||||||||
Loans held for sale | $ 1,589 | $ 1,521 | $ 907 | $ 842 | $ 873 | $ 4,017 | $ 1,964 | ||||
Loans | 52,707 | 48,032 | 46,825 | 46,723 | 44,439 | 147,564 | 123,289 | ||||
Investment securities | 1,799 | 1,805 | 1,715 | 1,645 | 1,593 | 5,319 | 4,728 | ||||
Other earning assets | 1,017 | 841 | 898 | 953 | 1,122 | 2,756 | 12,504 | ||||
Total Earning Assets Income | 57,112 | 52,199 | 50,345 | 50,163 | 48,027 | 159,656 | 142,485 | ||||
Non-interest bearing DDA | - | - | - | - | - | - | - | ||||
NOW and other interest-bearing demand accounts | 4,630 | 4,827 | 4,467 | 4,334 | 4,460 | 13,924 | 11,070 | ||||
Money market accounts | 7,432 | 6,788 | 6,512 | 6,129 | 6,555 | 20,732 | 17,587 | ||||
Savings accounts | 8,918 | 8,912 | 8,045 | 7,860 | 6,760 | 25,876 | 21,915 | ||||
Time deposits | 4,371 | 4,095 | 3,990 | 3,964 | 3,801 | 12,455 | 10,831 | ||||
Total Deposit Costs | 25,351 | 24,622 | 23,014 | 22,287 | 21,576 | 72,987 | 61,403 | ||||
Borrowings | 3,738 | 2,724 | 2,062 | 2,150 | 2,121 | 8,524 | 8,096 | ||||
Total Funding Costs | 29,089 | 27,346 | 25,076 | 24,437 | 23,697 | 81,511 | 69,499 | ||||
Net Interest Income | $ 28,023 | $ 24,853 | $ 25,269 | $ 25,726 | $ 24,330 | $ 78,145 | $ 72,986 | ||||
Net Interest Margin | |||||||||||
Loans held for sale | 6.44 % | 7.25 % | 6.19 % | 6.90 % | 6.21 % | 6.66 % | 6.05 % | ||||
Loans | 6.31 % | 5.91 % | 5.87 % | 5.78 % | 5.52 % | 6.04 % | 5.32 % | ||||
Investments | 2.95 % | 2.97 % | 2.86 % | 2.86 % | 2.69 % | 2.93 % | 2.63 % | ||||
Other Earning Assets | 4.85 % | 4.59 % | 4.69 % | 4.73 % | 4.78 % | 4.72 % | 4.79 % | ||||
Total Earning Assets | 6.06 % | 5.72 % | 5.65 % | 5.58 % | 5.33 % | 5.82 % | 5.10 % | ||||
NOW | 2.46 % | 2.49 % | 2.32 % | 2.20 % | 2.19 % | 2.43 % | 1.88 % | ||||
MMDA | 3.44 % | 3.32 % | 3.22 % | 3.07 % | 3.06 % | 3.33 % | 2.78 % | ||||
Savings | 4.10 % | 4.14 % | 4.04 % | 3.98 % | 3.81 % | 4.09 % | 3.78 % | ||||
CDs | 4.09 % | 3.89 % | 3.72 % | 3.48 % | 3.27 % | 3.90 % | 3.01 % | ||||
Cost of Interest Bearing Deposits | 3.48 % | 3.42 % | 3.28 % | 3.15 % | 3.03 % | 3.40 % | 2.84 % | ||||
Cost of Deposits | 3.04 % | 2.98 % | 2.82 % | 2.69 % | 2.60 % | 2.94 % | 2.42 % | ||||
Other Funding | 6.22 % | 6.89 % | 6.90 % | 7.10 % | 7.02 % | 6.58 % | 6.27 % | ||||
Total Cost of Funds | 3.25 % | 3.16 % | 2.97 % | 2.85 % | 2.75 % | 3.13 % | 2.61 % | ||||
Net Interest Margin | 2.97 % | 2.72 % | 2.84 % | 2.86 % | 2.70 % | 2.85 % | 2.61 % | ||||
Net Interest Spread | 2.37 % | 2.12 % | 2.22 % | 2.27 % | 2.13 % | 2.24 % | 2.49 % |
Primis Financial Corp. | |||||||||||
(Dollars in thousands, except per share data) | For Three Months Ended: | For Nine Months Ended: | |||||||||
Reconciliation of Non-GAAP items: | 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 3Q 2024 | 3Q 2023 | ||||
Net income (loss) attributable to Primis' common shareholders | $ 1,212 | $ 3,782 | $ 2,466 | $ (8,171) | $ (6,029) | $ 7,460 | $ 339 | ||||
Non-GAAP adjustments to Net Income: | |||||||||||
Branch Consolidation / Other restructuring | - | - | - | 449 | - | - | 1,488 | ||||
Loan officer fraud, operational losses | - | - | - | - | 200 | - | 200 | ||||
Professional fee expenses related to the SEC pre-clear process and financial reporting restatements | 1,352 | 1,453 | 438 | - | - | 3,243 | - | ||||
Professional fee expenses related to Panacea investment | - | - | - | 194 | - | - | - | ||||
Goodwill impairment | - | - | - | - | 11,150 | - | 11,150 | ||||
Gains on sale of closed bank branch buildings | (352) | (124) | - | - | - | (476) | - | ||||
Income tax effect | (216) | (287) | (95) | (139) | (44) | (598) | (365) | ||||
Net income (loss) attributable to Primis' common shareholders adjusted for nonrecurring income and expenses | $ 1,996 | $ 4,824 | $ 2,809 | $ (7,667) | $ 5,277 | $ 9,629 | $ 12,813 | ||||
Net income (loss) attributable to Primis' common shareholders | $ 1,212 | $ 3,782 | $ 2,466 | $ (8,171) | $ (6,029) | $ 7,460 | $ 339 | ||||
Income tax expense (benefit) | (304) | 1,265 | 718 | (4,472) | 1,519 | 1,679 | 3,405 | ||||
Provision for credit losses (incl. unfunded commitment expense) | 7,607 | 2,573 | 6,506 | 21,864 | 1,359 | 16,686 | 10,685 | ||||
Pre-tax pre-provision earnings | $ 8,515 | $ 7,620 | $ 9,690 | $ 9,221 | $ (3,151) | $ 25,825 | $ 14,429 | ||||
Effect of adjustment for nonrecurring income and expenses | 1,000 | 1,329 | 438 | 643 | 11,350 | 2,767 | 12,838 | ||||
Pre-tax pre-provision operating earnings | $ 9,515 | $ 8,949 | $ 10,128 | $ 9,864 | $ 8,199 | $ 28,592 | $ 27,267 | ||||
Return on average assets | 0.12 % | 0.39 % | 0.26 % | (0.85 %) | (0.62 %) | 0.25 % | 0.01 % | ||||
Effect of adjustment for nonrecurring income and expenses | 0.08 % | 0.11 % | 0.04 % | 0.05 % | 1.17 % | 0.07 % | 0.42 % | ||||
Operating return on average assets | 0.20 % | 0.50 % | 0.29 % | (0.79 %) | 0.54 % | 0.33 % | 0.43 % | ||||
Return on average assets | 0.12 % | 0.39 % | 0.26 % | (0.85 %) | (0.62 %) | 0.25 % | 0.01 % | ||||
Effect of tax expense | (0.03 %) | 0.13 % | 0.08 % | (0.46 %) | 0.16 % | 0.06 % | 0.11 % | ||||
Effect of provision for credit losses (incl. unfunded commitment expense) | 0.76 % | 0.26 % | 0.68 % | 2.27 % | 0.14 % | 0.57 % | 0.36 % | ||||
Pre-tax pre-provision return on average assets | 0.85 % | 0.78 % | 1.02 % | 0.96 % | (0.33 %) | 0.88 % | 0.48 % | ||||
Effect of adjustment for nonrecurring income and expenses and expenses | 0.10 % | 0.14 % | 0.04 % | 0.05 % | 0.02 % | 0.09 % | 0.43 % | ||||
Pre-tax pre-provision operating return on average assets | 0.95 % | 0.92 % | 1.05 % | 1.01 % | (0.30 %) | 0.98 % | 0.91 % | ||||
Return on average common equity | 1.28 % | 4.06 % | 2.62 % | (8.43 %) | (6.11 %) | 2.66 % | 0.11 % | ||||
Effect of adjustment for nonrecurring income and expenses | 0.83 % | 1.12 % | 0.37 % | 0.52 % | 11.47 % | 0.77 % | 4.20 % | ||||
Operating return on average common equity | 2.11 % | 5.18 % | 2.99 % | (7.91 %) | 5.35 % | 3.44 % | 4.32 % | ||||
Effect of goodwill and other intangible assets | 0.69 % | 1.75 % | 0.99 % | (2.61 %) | 2.00 % | 1.17 % | 1.60 % | ||||
Operating return on average tangible common equity | 2.80 % | 6.93 % | 3.98 % | (10.53 %) | 7.35 % | 4.60 % | 5.92 % | ||||
Efficiency ratio | 83.22 % | 82.62 % | 77.41 % | 81.31 % | 108.50 % | 81.12 % | 86.30 % | ||||
Effect of adjustment for nonrecurring income and expenses | (2.87 %) | (3.76 %) | (1.23 %) | (1.88 %) | (33.33 %) | (2.63 %) | (11.74 %) | ||||
Operating efficiency ratio | 80.35 % | 78.86 % | 76.17 % | 79.43 % | 75.17 % | 78.49 % | 74.56 % | ||||
Earnings per common share - Basic | $ 0.05 | $ 0.15 | $ 0.10 | $ (0.33) | $ (0.24) | $ 0.30 | $ 0.01 | ||||
Effect of adjustment for nonrecurring income and expenses | 0.03 | 0.05 | 0.01 | 0.02 | 0.45 | 0.09 | 0.51 | ||||
Operating earnings per common share - Basic | $ 0.08 | $ 0.20 | $ 0.11 | $ (0.31) | $ 0.21 | $ 0.39 | $ 0.52 | ||||
Earnings per common share - Diluted | $ 0.05 | $ 0.15 | $ 0.10 | $ (0.33) | $ (0.24) | $ 0.30 | $ 0.01 | ||||
Effect of adjustment for nonrecurring income and expenses | 0.03 | 0.05 | 0.01 | 0.02 | 0.45 | 0.09 | 0.51 | ||||
Operating earnings per common share - Diluted | $ 0.08 | $ 0.20 | $ 0.11 | $ (0.31) | $ 0.21 | $ 0.39 | $ 0.52 | ||||
Book value per common share | $ 15.43 | $ 15.23 | $ 15.16 | $ 15.23 | $ 15.30 | $ 15.43 | $ 15.30 | ||||
Effect of goodwill and other intangible assets | (3.82) | (3.83) | (3.85) | (3.86) | (3.88) | (3.82) | (3.88) | ||||
Tangible book value per common share | $ 11.61 | $ 11.40 | $ 11.31 | $ 11.37 | $ 11.42 | $ 11.61 | $ 11.42 | ||||
Total Primis common stockholders' equity | $ 381,352 | $ 376,393 | $ 374,577 | $ 376,161 | $ 377,610 | $ 381,352 | $ 377,610 | ||||
Less goodwill and other intangible assets | (94,444) | (94,768) | (95,093) | (95,417) | (95,741) | (94,444) | (95,741) | ||||
Tangible common equity | $ 286,908 | $ 281,625 | $ 279,484 | $ 280,744 | $ 281,869 | $ 286,908 | $ 281,869 | ||||
Common equity to assets | 9.48 % | 9.49 % | 9.63 % | 9.75 % | 9.84 % | 9.48 % | 9.84 % | ||||
Effect of goodwill and other intangible assets | (2.18 %) | (2.22 %) | (2.27 %) | (2.29 %) | (2.31 %) | (2.18 %) | (2.31 %) | ||||
Tangible common equity to tangible assets | 7.30 % | 7.27 % | 7.36 % | 7.46 % | 7.53 % | 7.30 % | 7.53 % |
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SOURCE Primis Financial Corp.
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