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Sep 30, 2021
Primis Q3 2021 Earnings Report
Net income was reported at $3.9 million and diluted earnings per share from continuing operations was reported at $0.25.
Key Takeaways
Primis Financial Corp. reported net income of $3.9 million for Q3 2021, with diluted earnings per share from continuing operations at $0.25. Total assets reached $3.45 billion, marking a 9.5% increase year-over-year, and gross loans, excluding PPP, grew at an annualized rate of 24%.
Net income from continuing operations totaled $6.2 million, or $0.25 per basic and diluted share.
Total assets were $3.45 billion, an increase of 9.5% versus the year ago period.
Gross loans, excluding PPP, balances grew an annualized 24%.
Total deposits increased to $2.81 billion, higher by 26.7% compared to the same period in 2020.
Forward Guidance
Management believes that incremental increases in noninterest expense will include the costs of the new digital banking effort as well as a slower build on leadership roles that has occurred in 2021. Repositioning some existing positions, consolidating some of its branch infrastructure and several other strategies are anticipated to offset some of the known increases and hold the overall growth rate to low single digits.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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