Primis(US:FRST) Prnewswireยท2024-07-25 21:00Core Viewpoint - Primis Financial Corp. has reported preliminary financial results for Q2 2024, indicating ongoing consultation with the SEC regarding accounting for a consumer loan portfolio, which may affect future financial statements [3][10]. Financial Performance - Total assets increased to $3.998 billion in Q2 2024 from $3.869 billion in Q2 2023, reflecting a growth of approximately 3.3% [10]. - Loans held for investment (HFI) rose to $3.301 billion, up from $3.194 billion, marking an increase of about 3.4% [10]. - Total deposits slightly increased to $3.335 billion from $3.317 billion, a growth of approximately 0.6% [10]. - Net interest income for Q2 2024 was $27.625 million, compared to $26.235 million in Q2 2023, representing an increase of about 5.3% [10]. - Noninterest income surged to $14.491 million from $8.305 million, a significant increase of approximately 74.5% [10]. - Net income for Q2 2024 was reported at $5.921 million, a turnaround from a net loss of $311,000 in Q2 2023 [10][11]. Credit Quality - Net charge-offs for Q2 2024 were $5.002 million, up from $1.614 million in Q2 2023, indicating a notable increase in credit losses [4]. - The annualized net charge-offs as a percentage of average loans rose to 0.60% from 0.20% [4]. Equity and Dividends - Common stockholders' equity increased to $405.856 million from $392.831 million, reflecting a growth of approximately 3.2% [10]. - The book value per common share rose to $16.43 from $15.91, an increase of about 3.3% [10]. - The Board of Directors declared a quarterly cash dividend of $0.10 per share, marking the fifty-first consecutive quarterly dividend [12]. Operational Highlights - As of June 30, 2024, Primis had 24 full-service branches in Virginia and Maryland, providing a range of financial services [13]. - The company is in the process of consolidating results for Panacea Financial Holdings, which is partially owned by Primis, impacting pre-tax income [11].