Q2 2024 Primis Financial Corp Earnings Call Transcript
Key Points
- Earnings for the quarter improved to $7.8 million compared to a net loss of $311,000 for the same quarter a year ago.
- Pretax earnings, excluding noise, were approximately $11.7 million, marking one of the strongest quarters to date.
- Net interest margin improved to 3.03%, with the Community Bank margin increasing to 3.25% from 2.82% a year ago.
- Lines of business, including Panacea, Life Premium Finance, and the digital platform, showed strong performance with $835 million in total loans and just under $1 billion in total deposits.
- Tangible book value improved to $12.59 per share, an 8.8% increase from the same time last year.
- Cost of deposits increased to 2.98%, while the cost of funds rose to 3.16% in the quarter.
- Noninterest expense was $27.8 million, excluding the impact of PFH, with mortgage expenses rising to $6.1 million from $5.1 million last quarter.
- Provision for credit losses included a release of $600,000, indicating some volatility in credit loss provisions.
- The company incurred approximately $1.3 million in accounting and advisory costs related to SEC filings.
- Average noninterest-bearing deposits declined by 5% versus the first quarter due to remixing.
Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primis Financial Corp. second-quarter earnings call. (Operator Instructions)
I will now turn the call over to Matt Switzer, CFO. You may begin.
Good morning, and thank you for joining us. Before we begin, please note that many of our comments during this call will be forward-looking statements, which involve risk and uncertainties. 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 recent filings with the Securities and Exchange Commission, including our recently filed earnings release, which has also been posted to the Investor Relations
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