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Mar 31, 2023
Primis Q1 2023 Earnings Report
Reported an increase in net income and earnings per share due to the successful deployment of a new digital platform.
Key Takeaways
Primis Financial Corp. reported a net income of $5.8 million for Q1 2023, with earnings per share of $0.23. The company's new digital platform drove deposit growth, improved liquidity, and reduced the loans to deposits ratio.
Successfully deployed a new digital platform, attracting approximately 11,500 customers and $980 million in deposits.
Grew total cash and equivalents to $607 million and repaid $340 million of short-term borrowings.
Total deposits grew 34.7% un-annualized linked-quarter to $3.67 billion.
Completed first Panacea loan sale with a pre-tax gain of $427 thousand.
Forward Guidance
Primis Financial anticipates continued growth on the digital platform, developing sweep arrangements, and converting new customers into core customers. They expect some amount of incremental net revenue from the platform in the short-term that could positively impact the net interest margin by 5 to 10 basis points.
Positive Outlook
- Expect to continue growing deposits on the digital platform.
- Developing sweep arrangements to manage capital and liquidity.
- Will convert new customers into core customers over the next 12 months.
- Continue tweaking and improving the functionality of our technology.
- Finish building and rolling out the lower cost deposit strategies including small business.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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