Fri, Oct 25, 9:07 PM (68 days ago)
**Primis Financial Corp. (FRST) Q1 2024 Summary:** For the quarter ending March 31, 2024, Primis Financial Corp. reported a net income of $2.5 million, significantly down 71% from $8.4 million in Q1 2023. Earnings per share were $0.10, compared to $0.34 a year prior. Total assets grew slightly to $3.89 billion, driven by a 1% increase in deposits to $3.31 billion. Total loans remained stable at $3.22 billion. The net interest margin improved to 2.84% from 2.81% year-over-year, despite rising interest costs on deposits, which increased to 3.28%. The provision for credit losses rose to $6.5 million from $5.3 million, reflecting higher expected losses in the Consumer Program loan portfolio, which accounted for a significant portion of net charge-offs totaling $5.3 million. Noninterest income decreased sharply by 42% to $10.3 million, primarily due to a $9.4 million drop in derivative gains. Noninterest expenses increased slightly to $27.5 million, reflecting higher personnel costs. Asset quality remained stable, with nonperforming assets at 0.23% of total assets. Looking ahead, Primis faces challenges from a competitive deposit environment and rising interest rates, impacting net interest income and overall profitability.