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Dec 31, 2021
Primis Q4 2021 Earnings Report
Primis Financial Corp reported net income for Q4 2021, with earnings per share of $0.31.
Key Takeaways
Primis Financial Corp reported a net income of $7.7 million for the quarter ended December 31, 2021, an increase from $3.9 million in the previous quarter. The earnings per share were $0.31 on a basic and diluted basis. Total assets increased by 10.2% compared to the year-ago period, and gross loans, excluding PPP balances, grew an annualized 16% during the quarter. The company successfully launched its new digital bank offering and V1BE service.
Net income from continuing operations totaled $7.7 million, or $0.31 per basic and diluted share.
Total assets were $3.40 billion, a 10.2% increase versus the year ago period.
Gross loans, excluding PPP balances, grew an annualized 16% during the fourth quarter of 2021.
Total deposits were $2.76 billion, a 13.6% increase compared to the same period in 2020.
Forward Guidance
Primis anticipates branch consolidation throughout 2022 and estimates $3.0 million of run-rate expense reductions as a result with approximately $1.5 million of expense reductions realized in 2022, excluding branch consolidation costs. As discussed above, repositioning some existing positions, consolidating branch infrastructure and several other strategies are anticipated to offset some of the known increases in noninterest expense and hold the overall increase to a mid-single digits growth rate over 2021 levels, excluding branch consolidation costs, in 2022.
Historical Earnings Impact
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