Primis Financial Corp. Reports Preliminary Earnings Per Share for the Second Quarter of 2024
Declares Quarterly Cash Dividend of
While Primis works diligently to complete the pre-clearance process with the
Preliminary Financial Results (Unaudited) – Q2 2024 versus Q2 2023 |
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(Dollars in thousands except per share) |
Q2 2024 |
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Q2 2023 |
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Total Assets |
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Loans HFI |
3,300,562 |
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3,194,352 |
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Allowance for Credit Losses |
(41,519) |
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(38,544) |
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Total Deposits |
3,335,463 |
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3,316,996 |
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Common Stockholders' Equity |
405,856 |
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392,831 |
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Book Value per Common Share |
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Effect of Intangible Assets |
(3.84) |
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(4.34) |
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Tangible Book Value per Common Share |
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Net Interest Income |
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Provision For Credit Losses |
3,929 |
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4,355 |
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Noninterest Income |
14,491 |
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8,305 |
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Noninterest Expense |
30,166 |
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30,554 |
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Pre-Tax Income / (Loss) |
8,021 |
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(369) |
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Tax Expense / (Benefit) |
2,100 |
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(58) |
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Net Income / (Loss) |
5,921 |
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(311) |
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Loss Attributable to Noncontrolling Interest |
1,900 |
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- |
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Net Income / (Loss) Avail. To Common |
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( |
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Basic Earnings per Common Share |
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( |
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Diluted Earnings per Common Share |
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( |
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Return on Average Assets |
0.80 |
% |
(0.03) |
% |
Return on Average Common Equity |
7.86 |
% |
(0.31) |
% |
Net Interest Margin |
3.03 |
% |
2.64 |
% |
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Nonperforming Assets (excluding SBA Guarantees) |
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NPAs (excl. SBA Guarantees) / Total Assets |
0.25 |
% |
0.64 |
% |
Net Charge-offs |
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Net Charge-offs (excluding third-party covered) |
590 |
|
195 |
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Net C/O's / Avg. Loans (annualized) |
0.60 |
% |
0.20 |
% |
Net C/O's (excl. third-party covered) / Avg. Loans (ann.) |
0.07 |
% |
0.02 |
% |
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Beginning in the fourth quarter of 2023, results include consolidated results for
Declaration of Cash Dividend
The Board of Directors declared a dividend of
About
As of
Contacts: |
Address: |
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Phone: (703) 893-7400 |
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Website: www.primisbank.com |
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Conference Call
The Company's management will host a conference call to discuss its preliminary second quarter results on
Forward-Looking Statements
This press release and certain of our other filings with the
Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: the result of the "pre-clearance" process with the
Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company's management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company's filings with the
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