Financial Performance - Primis Financial Corp. reported a net loss of 14.7millionor0.59 loss per share for Q4 2024, compared to a net loss of 8.2millionor0.33 loss per share in Q4 2023[2]. - For the full year 2024, the net loss available to common shareholders was 7.5millionor0.31 per share, an improvement from a loss of 7.8millionor0.32 per share in 2023[2]. - Net income attributable to Primis' common shareholders was a loss of 14,670thousandinQ42024,comparedtoaprofitof1,228 thousand in Q3 2024[48]. - Earnings per common share (diluted) for Q4 2024 was (0.59),comparedto0.05 in Q3 2024[43]. - Return on average assets for Q4 2024 was (1.53)%, a decline from 0.12% in Q3 2024, highlighting challenges in asset utilization[52]. - The operating return on average common equity for Q4 2024 was (16.64)%, compared to 2.15% in Q3 2024[43]. - Pre-tax pre-provision operating earnings decreased to 3,251thousandinQ42024from9,531 thousand in Q3 2024, showing a downward trend in operational performance[52]. - The efficiency ratio for Q4 2024 was 94.59%, up from 82.98% in Q3 2024[43]. Income and Expenses - Noninterest income for Q4 2024 was 13.2million,anincreasefrom9.3 million in Q3 2024, although it decreased to 8.4millionwhenexcludingthenetgainfromtheLifePremiumFinancesale[20].−Netinterestincomedecreasedbyapproximately1.9 million, or 7%, to 26.1millioninQ42024comparedtoQ32024,impactedbyinterestreversalsoncharged−offloans[17].−Netinterestincomeafterprovisionforcreditlosseswas3,094 thousand in Q4 2024, down from 20,512thousandinQ32024,adecreaseofapproximately85.023,046 thousand in Q4 2024 from 7,511thousandinQ32024,anincreaseofapproximately206.515,717 thousand in Q4 2024 from 16,764thousandinQ32024,adecreaseofapproximately6.3119 million, with 88% representing new customers, compared to 51millionand213.17 billion at December 31, 2024, from 3.31billionatSeptember30,2024,whilenoninterestbearingdemanddepositsrose4.2439 million[27]. - Total loans receivable, net of deferred fees decreased to 2,907,914thousandinQ42024from2,973,723 thousand in Q3 2024, representing a decline of 2.2%[49]. - Loans held for investment decreased to 2.91billionatDecember31,2024,from2.97 billion at September 30, 2024, reflecting a 2.2% unannualized increase when including reclassified loans[23]. - Total real estate loans stood at 2,001,550thousandinQ42024,aslightdecreasefrom2,022,590 thousand in Q3 2024, showing a decline of 1.6%[49]. - Consumer loans decreased to 284,955thousandinQ42024from409,754 thousand in Q3 2024, a significant drop of 30.4%[49]. - Commercial loans increased to 614,162thousandinQ42024,upfrom533,998 thousand in Q3 2024, representing a growth of 15.0%[49]. Asset Quality - Nonperforming assets were 0.29% of total assets, or 10.8million,atDecember31,2024,comparedto0.2510.2 million at September 30, 2024[24]. - Net charge-offs increased to 31.0millioninQ42024from8.0 million in Q3 2024, with Consumer Program net charge-offs at 30.5million[26].−Theallowanceforcreditlossestototalloanswas1.4916,740 thousand in Q4 2024, up from 16,138thousandinQ32024,indicatingariseof3.7(43,227) thousand, a decrease from (51,132)thousandinQ32024,reflectinganimprovementinassetquality[49].CapitalandEquity−Thecommonequitytier1capitalratioforQ42024was8.64360,462 thousand in Q4 2024 from 381,022thousandinQ32024,indicatingareductioninshareholderequity[52].−Bookvaluepercommonsharedecreasedto14.58 in Q4 2024 from 15.41inQ32024,reflectingadeclineinthecompany′snetassetvalue[52].−Primiscommonstockholders′equityincreasedto382,466 in Q4 2024 from 377,314inQ32024,ariseof1.50.10 per share, marking the fifty-third consecutive quarterly dividend[32]. - Cash dividend per common share remained stable at $0.10 for the last four quarters[43].
Primis(FRST)2025-01-28 22:00