Q3 2024 Primis Financial Corp Earnings Call Transcript
Key Points
- Primis Financial Corp (FRST) reported improvement in core bank's cost of deposits, which was 2.21% for the quarter, lower than community bank peers in the Mid Atlantic.
- The company is building new commercial relationships at a rapid pace, with the pipeline for new relationships being three times what it was a year ago.
- The Panacea division has seen significant growth, with endorsements from large national medical associations and an influx of new commercial deposits.
- The mortgage team achieved a milestone by locking $277 million of mortgage loans, marking a 67% increase compared to the same quarter in 2023.
- The company expects to improve its tangible common equity ratio by about 75 basis points and net interest margin by 6 to 7 basis points due to strategic moves in its life premium finance division.
- Primis Financial Corp (FRST) faced challenges due to an accounting error in the consumer loan portfolio, which has caused delays in SEC filings.
- The company is experiencing volatility in reported earnings due to the timing of interest recognition on promotional loans.
- There is an ongoing consultation with the SEC regarding the accounting for the consumer loan portfolio, with no predictable outcome.
- Non-interest expenses increased to $31 million, including $2.7 million of consolidated PFH expenses, compared to $27.4 million last quarter.
- The company downgraded a commercial real estate property due to slow lease-up and vacancies, although no loss is expected.
Thank you for standing by. My name is Ian, and I will be your conference operator today.
At this time. I would like to welcome everyone to the Primis Financial Corp third quarter earnings call.
(Operator Instructions)
I would like to hand the call over to Matt Switzer, Chief Financial Officer. You may begin your conference.
Good morning and thank you for joining us for Primis Financial Corps 2024 third quarter, webcast and conference call. Before we begin, please note that many of our comments during this call will be forward-looking statements which involve risk and uncertainty.
There are many factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements for discussion of the company's risk factors and other important information regarding our forward-looking statements are part of our recent filings with the
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