Primis Financial Corp. Reports Earnings per Share for the Fourth Quarter of 2024

Core 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 [1] - For the full year 2024, the net loss available to common shareholders was $7.5 million or $0.31 per share, slightly improved from a loss of $7.8 million or $0.32 per share in 2023 [1] - The company's net interest income decreased by approximately $1.9 million, or 7%, to $26.1 million in Q4 2024 compared to Q3 2024 [16] Strategic Initiatives - The company has repositioned its business focus towards more profitable lines, including mortgage warehouse lending and a new partnership with a national builder [2][7] - Primis sold its Life Premium Finance business and moved a significant portion of its consumer loan portfolio to held for sale, which is expected to enhance shareholder value [2][14] - The mortgage warehouse lending division is anticipated to add up to 15 basis points of additional return on assets once it reaches scale in 2025 [2] Core Community Bank Operations - The core community bank has 24 branches in Virginia and Maryland, with customer deposits totaling $2.2 billion at the end of 2024 [4] - The cost of deposits was 1.87%, which is lower than many larger regional competitors [4] - The bank's loan pipeline ended 2024 at approximately $119 million, with 88% representing new customers, a significant increase from $51 million and 21% in 2023 [5] Mortgage Operations - Primis Mortgage generated approximately $2.6 million in pre-tax earnings in 2024, with production reaching approximately $800 million, up from $600 million in 2023 [6] - The company anticipates production of $1.25 billion in 2025, driven by operational improvements and new partnerships [6][9] Digital Banking and Technology - The bank's digital platform has grown to 18,000 customers with nearly $1 billion in deposits since its launch in November 2022 [10] - The proprietary V1BE service supports approximately $200 million in checking accounts and has driven growth in new relationships [4][29] Panacea Financial Growth - Panacea Financial's loans outstanding increased by 11% to $434 million by the end of 2024, with a goal of reaching 10,000 customers by the end of 2025 [11] - The company owns approximately 19% of Panacea Financial Holdings, valued at nearly $20 million at the time of the capital raise [11] Consumer Loan Program Changes - The company decided to cease originating new loans under the Consumer Program effective January 31, 2025, and moved a large portion of the portfolio to loans held for sale [14] - The outstanding balances in the Consumer Program were $173 million as of December 31, 2024, down from $180 million in September 2024 [13][14] Shareholder Returns - The Board of Directors declared a quarterly cash dividend of $0.10 per share, marking the company's fifty-third consecutive quarterly dividend [33]