Financial Performance - Primis Financial Corp. reported a net loss 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 in Q4 2023[2]. - For the full year 2024, the net loss available to common shareholders was $7.5 million or $0.31 per share, an improvement from a loss of $7.8 million or $0.32 per share in 2023[2]. - Net income attributable to Primis' common shareholders was a loss of $14,670 thousand in Q4 2024, compared to a profit of $1,228 thousand in Q3 2024[48]. - Earnings per common share (diluted) for Q4 2024 was $(0.59), compared to $0.05 in Q3 2024[43]. - Return on average assets for Q4 2024 was (1.53)%, a decline from 0.12% in Q3 2024, highlighting challenges in asset utilization[52]. - The operating return on average common equity for Q4 2024 was (16.64)%, compared to 2.15% in Q3 2024[43]. - Pre-tax pre-provision operating earnings decreased to $3,251 thousand in Q4 2024 from $9,531 thousand in Q3 2024, showing a downward trend in operational performance[52]. - The efficiency ratio for Q4 2024 was 94.59%, up from 82.98% in Q3 2024[43]. Income and Expenses - Noninterest income for Q4 2024 was $13.2 million, an increase from $9.3 million in Q3 2024, although it decreased to $8.4 million when excluding the net gain from the Life Premium Finance sale[20]. - Net interest income decreased by approximately $1.9 million, or 7%, to $26.1 million in Q4 2024 compared to Q3 2024, impacted by interest reversals on charged-off loans[17]. - Net interest income after provision for credit losses was $3,094 thousand in Q4 2024, down from $20,512 thousand in Q3 2024, a decrease of approximately 85.0%[47]. - Provision for credit losses increased significantly to $23,046 thousand in Q4 2024 from $7,511 thousand in Q3 2024, an increase of approximately 206.5%[47]. - The company reported a significant increase in employee compensation and benefits to $15,717 thousand in Q4 2024 from $16,764 thousand in Q3 2024, a decrease of approximately 6.3%[48]. Loans and Deposits - The Bank's loan pipeline at the end of 2024 was approximately $119 million, with 88% representing new customers, compared to $51 million and 21% at the end of 2023[7]. - Total deposits decreased to $3.17 billion at December 31, 2024, from $3.31 billion at September 30, 2024, while noninterest bearing demand deposits rose 4.2% to $439 million[27]. - Total loans receivable, net of deferred fees decreased to $2,907,914 thousand in Q4 2024 from $2,973,723 thousand in Q3 2024, representing a decline of 2.2%[49]. - Loans held for investment decreased to $2.91 billion at December 31, 2024, from $2.97 billion at September 30, 2024, reflecting a 2.2% unannualized increase when including reclassified loans[23]. - Total real estate loans stood at $2,001,550 thousand in Q4 2024, a slight decrease from $2,022,590 thousand in Q3 2024, showing a decline of 1.6%[49]. - Consumer loans decreased to $284,955 thousand in Q4 2024 from $409,754 thousand in Q3 2024, a significant drop of 30.4%[49]. - Commercial loans increased to $614,162 thousand in Q4 2024, up from $533,998 thousand in Q3 2024, representing a growth of 15.0%[49]. Asset Quality - Nonperforming assets were 0.29% of total assets, or $10.8 million, at December 31, 2024, compared to 0.25% or $10.2 million at September 30, 2024[24]. - Net charge-offs increased to $31.0 million in Q4 2024 from $8.0 million in Q3 2024, with Consumer Program net charge-offs at $30.5 million[26]. - The allowance for credit losses to total loans was 1.49% in Q4 2024, down from 1.72% in Q3 2024[43]. - Non-performing assets increased to $16,740 thousand in Q4 2024, up from $16,138 thousand in Q3 2024, indicating a rise of 3.7%[49]. - The allowance for credit losses at the end of Q4 2024 was $(43,227) thousand, a decrease from $(51,132) thousand in Q3 2024, reflecting an improvement in asset quality[49]. Capital and Equity - The common equity tier 1 capital ratio for Q4 2024 was 8.64%, an increase from 8.23% in Q3 2024[43]. - The total risk-based capital ratio improved to 12.35% in Q4 2024 from 11.68% in Q3 2024[43]. - Total Primis common stockholders' equity decreased to $360,462 thousand in Q4 2024 from $381,022 thousand in Q3 2024, indicating a reduction in shareholder equity[52]. - Book value per common share decreased to $14.58 in Q4 2024 from $15.41 in Q3 2024, reflecting a decline in the company's net asset value[52]. - Primis common stockholders' equity increased to $382,466 in Q4 2024 from $377,314 in Q3 2024, a rise of 1.5%[50]. Dividends - The Board of Directors declared a dividend of $0.10 per share, marking the fifty-third consecutive quarterly dividend[32]. - Cash dividend per common share remained stable at $0.10 for the last four quarters[43].
Primis(FRST) - 2024 Q4 - Annual Results