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Mar 31, 2022
Primis Q1 2022 Earnings Report
Reported a decrease in net income and EPS compared to the previous quarter, while also announcing the acquisition of SeaTrust Mortgage Company.
Key Takeaways
Primis Financial Corp. reported a net income of $4.6 million and EPS of $0.19 for Q1 2022, a decrease compared to the previous quarter. The company also announced a definitive agreement to acquire SeaTrust Mortgage Company and declared a quarterly cash dividend of $0.10 per share.
Net income from continuing operations totaled $4.6 million, or $0.19 per basic and diluted share.
Total assets were $3.22 billion, a decrease of 3.3% compared to Q1 2021.
Gross loans, excluding PPP balances, grew at an annualized pace of 17.6% during the quarter.
Total deposits were $2.69 billion.
Forward Guidance
Management expects there to be only a minimal impact to tangible book value per share at closing and expects the business to be neutral to earnings and ROA for the remainder of 2022 as earnings are reinvested in recruiting and other growth-oriented systems.
Positive Outlook
- Momentum from investments made in 2021 with earning assets growth across the organization.
- Panacea and Life Premium Finance started the year strong and should begin adding to profitability this year.
- Core community bank continues to grow and become more profitable.
- Primis Mortgage will contribute in the near future and will have synergies with our other business lines.
- Digital offerings are going live and will provide the base for us to build our future on.
Challenges Ahead
- Equity balances were reduced by $10.6 million from December 31, 2021 to March 31, 2022 because of unrealized mark-to-market adjustments on the Company's available-for-sale securities portfolio due to dramatic increases in market interest rates during the quarter.
- Primis anticipates closing this all-cash acquisition in the second quarter of 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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