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Primis Financial (FRST)
NASDAQ:FRST
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Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.11Last Year’s EPS
$0.35Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 24, 2024
|% Change Since: 1.78%
|Next Earnings Date:Jan 23, 2025
Earnings Call Sentiment|Positive
The earnings call presented a positive outlook with strong growth in new relationships and mortgage lending, strategic divestment of Life Premium Finance, and stable credit quality. However, these were partially offset by challenges related to accounting errors and earnings volatility.Company Guidance
During the Primis Financial Corp's third-quarter earnings call for 2024, key guidance was provided on various financial metrics and strategic initiatives. The core bank's cost of deposits was highlighted at 2.21% for the quarter, an increase from 1.97% a year ago, reflecting adjustments made to maintain margin stability amidst recent rate cuts. The pipeline for new commercial relationships has seen substantial growth, achieving three times the pace compared to the previous year. Mortgage loan production marked a significant milestone with a run rate of $1 billion, locking $277 million in the quarter, which was a 67% increase from the same period in 2023. The company is also transitioning from the Life Premium Finance division to a mortgage warehouse operation, expecting a 75 basis point improvement in the tangible common equity ratio and a 6 to 7 basis point increase in the net interest margin. Credit quality remained stable with nonperforming assets at 25 basis points, consistent with past quarters and half of the previous year's third quarter. The company aims to achieve a sustainable 1% return on assets by the second half of 2025, driven by these strategic shifts and operational improvements.Core Bank's Improved Performance
The core bank's contribution to results continues to improve with a cost of deposits at 2.21% for the quarter, which is consistently 40 to 50 basis points lower than community bank peers in the Mid-Atlantic.
Growth in New Relationships
The pipeline for new relationships is growing at a pace 3x higher than a year ago, indicating strong momentum in the second half of the year.
Panacea Division Success
Panacea achieved significant wins with endorsements from large national medical associations and secured up to $20 million in noninterest-bearing balances.
Mortgage Lending Growth
Locked mortgage loans reached an annual production run rate of $1 billion, with $277 million locked in the quarter, marking a 67% increase compared to the same quarter in 2023.
Life Premium Finance Strategic Move
The strategic move to divest Life Premium Finance is expected to improve tangible common equity ratio by 75 basis points and improve net interest margin by 6 to 7 basis points immediately.
Stable Credit Quality
Nonperforming assets remained at 25 basis points, half of what it was in the third quarter of 2023, indicating stable credit quality.
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FRST Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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FRST Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 24, 2024 | $11.70 | $11.26 | -3.76% |
| Jul 25, 2024 | $12.74 | $13.04 | +2.35% |
| Apr 25, 2024 | $10.41 | $9.91 | -4.80% |
| Jan 25, 2024 | $12.23 | $12.73 | +4.09% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Primis Financial (FRST) report earnings?
Primis Financial (FRST) is schdueled to report earning on Jan 23, 2025, TBA Not Confirmed.
What is Primis Financial (FRST) earnings time?
Primis Financial (FRST) earnings time is at Jan 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FRST EPS forecast?
FRST EPS forecast for the fiscal quarter 2024 (Q4) is $0.11.
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