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Dec 31, 2024
Primis Q4 2024 Earnings Report
Reported a net loss due to strategic moves, including neutralizing consumer loan credit impacts and selling the Life Premium Finance business.
Key Takeaways
Primis Financial Corp. reported a net loss available to common shareholders of $14.7 million, or $0.59 loss per share, for Q4 2024, compared to a net loss of $8.2 million, or $0.33 loss per share, for Q4 2023. The results were significantly impacted by the decision to move a third-party originated consumer loan portfolio to held for sale.
Made strategic moves to maximize strategic value, including neutralizing consumer loan credit impacts.
Sold Life Premium Finance business and launched a mortgage warehouse lending business.
Exploring avenues to maximize shareholder value, including improving earnings and deconsolidating Panacea Financial Holdings.
Core bank finished the year with $2.2 billion in customer deposits.
Revenue by Segment
Forward Guidance
The Company’s strategies are profitable and remarkably scalable given our size.
Positive Outlook
- Operate a successful and valuable community bank.
- Lines of business can deliver outsized growth and profits relative to our size.
- Made the moves necessary to deliver attractive operating results.
- Clearing the deck of the consumer loan noise was necessary for these results to be apparent.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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