Q4 2024 Primis Financial Corp Earnings Call Transcript
Key Points
- Primis Financial Corp (FRST) successfully moved a portfolio into held for sale, which helped neutralize $20 million in credit costs and improved the company's strategic positioning.
- The core bank has $2.1 billion in core deposits with a cost of deposits at 1.87%, significantly lower than larger peers and community bank competition.
- The company has consolidated its branch footprint from 42 to 24 branches while maintaining a 95% customer retention rate.
- The digital banking platform has grown to 18,000 customers, offering one of the nation's only fully-digital, full-service checking accounts.
- The Panacea division, focused on doctors and dentists, has grown to $435 million in total loans and nearly $100 million in low-cost funding, with growth rates accelerating.
- Primis Financial Corp (FRST) reported a pre-tax loss of $17.4 million, largely due to the consumer loan book's cleanup and associated provisions.
- The company faced $1.25 million in fraud losses on consumer loans and $2.5 million in interest reversals related to charged-off consumer loans.
- The Life Premium Finance business was sold, resulting in a temporary loss of spread until the Mortgage Warehouse reaches scale.
- The digital platform lagged in rate adjustments due to a planned technology change, costing approximately $1 million in interest carry for the fourth quarter.
- Retail mortgage operations were seasonally slow in the fourth quarter, contributing to a pre-tax earnings drag of roughly $0.5 million.
Good morning. My name is Audra and I will be your conference operator today.
At this time, I would like to welcome everyone to the Primis Financial Corp., fourth-quarter earnings call.
Today's conference is being recorded. (Operator Instructions)
At this time, I would like to turn the conference over to Matthew Switzer, Chief Financial Officer. Please go ahead.
Good morning and thank you for joining us for Primis Financial Corp.'s 2024 fourth-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.
Further discussion of the company's risk factors and other important information regarding our forward-looking statements are part of our
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