The following is a summary of the Primis Financial Corp. (FRST) Q1 2024 Earnings Call Transcript:
Financial Performance:
Primis Financial reported Q1 2024 earnings available to common, amounting to $6.3 million or $0.26 per diluted share. Core earnings were $7.2 million or $0.29 per share, which showed a significant increase from $0.23 in the same period last year.
Total assets stood at $3.9 billion as of March 31, displaying growth from the end of December.
Despite a decrease in core net interest income to $27.0 million in Q1, the core provision for credit losses was notably only $1.6 million in Q1.
Business Progress:
The bank reported improvements, including enhancement in pre-tax pre-provision by about $3.2 million compared to a year ago.
Despite consolidating 25% of its bank branch infrastructure, about 95% of the associated deposits were retained.
Primis Financial Corp. expects to achieve about 10% growth in terms of net loan from its life premium finance and loan volumes from Panacea.
The company is aiming to achieve a 1% return on assets (ROA) by the latter half of 2024 and is also considering share buyback opportunities.
More details: Primis Financial IR
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