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Primis Financial Corp. (FRST+0.62%) has submitted its quarterly report filing for the period ended September 30, 2024.
The filing indicates net income available to common shareholders of $1.2 million for the three months ended September 30, 2024, compared to a net loss of $6.0 million for the same period in 2023. The improvement is attributed to higher net interest income and lower noninterest expenses.
Net interest income for the three months ended September 30, 2024, was $28.0 million, an increase from $24.3 million in the prior year period. This increase was driven by higher yields on interest-earning assets.
The provision for credit losses was $7.5 million for the three months ended September 30, 2024, compared to $1.6 million in the prior year period. The increase was primarily due to specific reserves on two loans and provisions related to the Consumer Program loan portfolio.
Noninterest income decreased to $9.3 million for the three months ended September 30, 2024, from $9.7 million in the prior year period, primarily due to lower Consumer Program derivative income.
Noninterest expenses decreased to $31.0 million for the three months ended September 30, 2024, from $36.9 million in the prior year period. The decrease was primarily driven by the absence of a goodwill impairment charge recognized in the prior year.
Total assets as of September 30, 2024, were $4.0 billion, an increase of 4.4% compared to December 31, 2023. Total loans held for investment were $3.0 billion, a decrease from $3.2 billion at year-end 2023, primarily due to the reclassification of certain loans to held for sale.
Total deposits were $3.3 billion as of September 30, 2024, an increase of 1.1% compared to December 31, 2023. The increase was driven by growth in money market and savings accounts.
The allowance for credit losses to total loans was 1.72% as of September 30, 2024, compared to 1.62% as of December 31, 2023. Nonperforming assets as a percent of total assets (excluding SBA guarantees) were 0.25% as of September 30, 2024, compared to 0.20% at year-end 2023.
Primis Financial Corp. continues to focus on its strategic initiatives, including its Panacea Financial Division and Primis Mortgage Company, while managing costs and improving operational efficiency.
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 earnings@qz.com.