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Mar 31, 2021
Primis Q1 2021 Earnings Report
Reported diluted earnings per share of $0.38 and announced the fourth quarter launch of a digital bank.
Key Takeaways
Primis Financial Corp. reported a strong first quarter with net income of $9.4 million, a significant increase from the $27 thousand reported in the same quarter of the previous year. The company also announced a new digital banking initiative and declared a quarterly cash dividend of $0.10 per share.
Rebranded the Corporation and the Bank from Southern National Bancorp of Virginia, Inc. and Sonabank, respectively.
Return on average assets was 1.19%.
Net income reached $9.4 million.
Total assets grew to $3.33 billion, a 20.6% increase.
Forward Guidance
The Company anticipates normalization of a deposit relationship with a mortgage company in the second quarter, which should reduce cash balances by approximately $100 million. They continue to focus on building core deposits while anticipating a more robust lending environment in the latter half of 2021 as the economy continues to open.
Positive Outlook
- Building core deposits
- More robust lending environment in the latter half of 2021
- Liquidity build in the quarter
- Successful rebranding effort
- New digital banking effort
Challenges Ahead
- Normalization of deposit relationship with a mortgage company in the second quarter will reduce cash by approximately $100 million.
- Gross loans declined 7.1% over the same period excluding PPP balances.
- Loans on deferral were $112.8 million or 5.5% of gross loans excluding PPP balances.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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