Primis Financial Corp. ( (FRST) ) has released its Q4 earnings. Here is a breakdown of the information Primis Financial Corp. presented to its investors.
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Primis Financial Corp. is a financial services company operating through Primis Bank, offering a variety of banking services to individuals and businesses across Virginia and Maryland. The company is recognized for its community banking approach, complemented by online and mobile applications.
Primis Financial Corp. reported a challenging fourth quarter in 2024, with a net loss of $14.7 million, equating to a $0.59 loss per share. This loss was notably impacted by the strategic decision to move a consumer loan portfolio to held for sale status, which had significant credit cost implications.
Key financial metrics for Primis included a decrease in net interest income by 7% to $26.1 million during the fourth quarter. However, the company initiated several strategic shifts in 2024, such as selling its Life Premium Finance business and expanding into mortgage warehouse lending, which is expected to enhance future profitability. The core community bank reported $2.2 billion in low-cost customer deposits, leveraging its V1BE service to drive new growth. Meanwhile, Primis Mortgage is poised for increased production, and Panacea Financial continues to grow rapidly in the healthcare financial services sector.
Looking ahead, Primis Financial Corp. remains focused on maximizing shareholder value through strategic repositioning and operational improvements. The management anticipates that recent changes will clear the way for improved earnings and contribute to the long-term profitability of its core and emerging business lines.
