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Sep 30, 2022
Primis Q3 2022 Earnings Report
Reported basic and diluted earnings per share from continuing operations.
Key Takeaways
Primis Financial Corp. reported net income from continuing operations of $5.1 million for the quarter ended September 30, 2022. Earnings per share from continuing operations were $0.21 on a basic and $0.20 on diluted basis.
Net income from continuing operations was $5.1 million.
Earnings per share from continuing operations were $0.21 on a basic and $0.20 on diluted basis.
Total revenue of $33.0 million, up 29.4% from the same period in 2021.
Net interest margin of 3.57%, up from 2.87% in the same period last year.
Forward Guidance
Management successfully renegotiated the Bank's core processing contract in the third quarter and expects savings of approximately $0.5 million quarterly beginning in the fourth quarter of 2022. Combined with operating performance improvements at the Company's lines of business and other efficiency improvements, management believes the operating efficiency ratio should moderate to below 65% by year end.
Positive Outlook
- Industry low deposit beta
- Capitalized on the chaos in the national mortgage scene and recruited two teams with annual production of approximately $700 million
- Introduced the digital bank into existing markets
- Unique V1BE delivery service
- Interchange cash back feature that averages about 5% of the account balance
Challenges Ahead
- Mortgage results center on signing bonuses for two substantial teams
- Full run rates on staff reductions and restructures
- Branch closings
Historical Earnings Impact
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Avg. Return Before/After Earnings
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