Primis Financial Corp. (FRST) reports earnings
The report was filed on December 11, 2024
Primis Financial Corp. (FRST) has submitted its Form 10-Q filing for the quarterly period ended June 30, 2024.
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The filing reports net income available to common shareholders of $3.4 million for the three months ended June 30, 2024, compared to a net loss of $2.0 million for the same period in 2023. This improvement was driven by higher net interest income, increased noninterest income, and reduced noninterest expenses.
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Net interest income for the quarter was $24.9 million, up from $23.3 million in the previous year, with a net interest margin of 2.72% compared to 2.36% in the prior year. The increase was attributed to higher yields on interest-earning assets.
The provision for credit losses was $3.1 million for the quarter, down from $4.4 million in the prior year. This decrease was driven by reduced provisions related to the Consumer Program loan portfolio.
Noninterest income increased to $10.9 million, primarily due to higher mortgage banking income and income from bank-owned life insurance.
Noninterest expenses decreased to $29.8 million, driven by lower fraud losses, FDIC insurance assessments, and data processing costs.
Total assets were $4.0 billion as of June 30, 2024, reflecting a 2.8% increase from December 31, 2023. Total loans increased by $81.1 million to $3.3 billion, with growth in multi-family residential, non-owner occupied commercial real estate, and consumer loans.
Total deposits rose to $3.3 billion, a 2.0% increase from December 31, 2023, with non-time deposits increasing by $87.7 million.
The allowance for credit losses to total loans was 1.56% as of June 30, 2024, compared to 1.62% at the end of 2023. Nonperforming assets were 0.25% of total assets, slightly up from 0.20% at the end of 2023.
Primis Bank remains well-capitalized with a leverage ratio of 9.86% and a total risk-based capital ratio of 12.30% as of June 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Primis Financial Corp. quarterly 10-Q report dated December 11, 2024. To report an error, please email [email protected].