Le Lézard
Classified in: Business, Covid-19 virus
Subjects: ERN, ERP

Primis Financial Corp. Reports Basic and Diluted Earnings per Share from Continuing Operations for the Second Quarter of 2022


Completed the Previously Announced Acquisition of SeaTrust Mortgage Company

Declares Quarterly Cash Dividend of $0.10 Per Share

MCLEAN, Va., July 28, 2022 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), and its wholly-owned subsidiary, Primis Bank (the "Bank"), today reported net income from continuing operations of $5.0 million for the quarter ended June 30, 2022, compared to $4.6 million for the quarter ended March 31, 2022 and $8.8 million for the quarter ended June 30, 2021.  Earnings per share ("EPS") from continuing operations for the three months ended June 30, 2022 were $0.20 on a basic and diluted basis, compared to $0.19 on a basic and diluted basis for the three months ended March 31, 2022.  

Net income from continuing operations adjusted for nonrecurring income and expenses(1) was $6.0 million for the three months ended June 30, 2022 versus $4.7 million for the three months ended March 31, 2022.  Adjustments, as described further below, include nonrecurring expenses due to branch closures and merger-related expenses.  Operating earnings per share from continuing operations(1) were $0.25 on a basic and $0.24 on a diluted basis, compared to $0.19 on a basic and diluted basis for the three months ended March 31, 2022.

Net income from continuing operations for the six months ended June 30, 2022 was $9.6 million compared to $17.2 million for the six months ended June 30, 2021. Earnings per share from continuing operations for the six months ended June 30, 2022 were $0.39 on a basic and diluted basis, compared to $0.71 basic and $0.70 diluted for the six months ended June 30, 2021.

As previously disclosed, on May 31, 2022, Primis Bank completed the previously announced acquisition of 100% of the stock of SeaTrust Mortgage Company ("SeaTrust"), a bank-owned mortgage company based in Wilmington, North Carolina, which was subsequently renamed Primis Mortgage Company ("Primis Mortgage"). 

Commenting on the quarter, Dennis Zember, Jr., President and CEO said "We have made significant progress in several areas of the Bank that we believe were limiting our market value.  We have remixed our deposits with a focus on core deposits and checking accounts and built some unique lines of business that will change the market's opinion about our ability to grow.  We have built a culture that is catching on in our local markets and beyond and have improved expertise and skills in our workforce rapidly.  I believe this quarter's results and the movement in some of our key ratios are evidence that we are being successful."

(1) Non-GAAP financial measure.  Please see "Reconciliation of Non-GAAP Items"in the financial tables for more information and for a reconciliation to GAAP.

Financial Highlights for the Period Ended June 30, 2022

Operating Performance

The Company reported strong increases in key ratios and growth rates for the second quarter of 2022.  Speaking about the performance improvement, Mr. Zember said, "Our primary focus is on two areas right now.  First, to tweak the core bank's performance while rationalizing its cost base.  We consolidated six branches in the current quarter and are planning to consolidate two additional in the third quarter.  Secondly, to bring the lines of business quickly to the kind of profitability that moves the needle for our organization.  Both Panacea and Life Premium Finance had substantial growth in the quarter and while their pipelines and expectations are just as substantial, the costs to produce and book this growth have already been incurred.  I expect all of these decisions will compound and that our second half of the year will be exciting."

Lines of Business

While the Company's main business continues to be the core bank, management has invested diligently in certain lines of business that augment the profitability and growth rates a core community bank can offer shareholders.  These businesses are resource light, digitally oriented and produce return on assets that are superior to bank only returns with better than average long-term credit quality.  The table below highlights revenue and expenses directly attributable to the Company's various business lines.  Net interest income in the table below also includes an assumed cost of funds given to each business line for illustrative purposes, with offsetting benefit to net interest income included in the bank column.  The bank column includes all activities not captured in the business lines, including parent company activities.

(Dollars in thousands)

Bank


Panacea


LPF


Mortgage















Consolidated Statement of Operations (unaudited)

Q2 '22

Q1 '22

Chg

Q2 '22

Q1 '22

Chg

Q2 '22

Q1 '22

Chg

Q2 '22

Q1 '22

Chg

Net Interest Income *

$         23,341

$         22,226

5.0 %

$             905

$             559

62.0 %

$             294

$               70

323.3 %

$               65

$                -

N/A

Noninterest Income

2,029

2,090

(2.9 %)

2

0

N/A

5

-

N/A

593

-

N/A

Operating Noninterest Expense (excl. res. for unfunded)

17,774

17,636

0.8 %

799

844

(5.3 %)

(37)

132

N/A

759

-

N/A

Pre-Tax Pre-Provision Net Income

7,596

6,680

13.7 %

108

(285)

N/A

337

(63)

N/A

(102)

-

N/A














Gross Loans (inc. HFS)

$    2,368,601

$    2,258,206

4.9 %

$       142,670

$         81,232

75.6 %

$         99,675

$         22,826

336.7 %

$         16,096

$                -

N/A

Total Deposits

2,669,212

2,679,331

(0.4 %)

10,778

6,913

55.9 %

2,717

-


-

-



* Net interest income assumes business line funding requirements are provided by the Company at it's cost of funds plus 100 basis points.  

 

Panacea has successfully built a nationally-recognized brand and now has ten national and state association partnerships.  The division has banking relationships with over 2,000 doctor households across all 50 states. Panacea finished the second quarter of 2022 with approximately $143 million in outstanding loans, an increase of $61.4 million, or 76%, from March 31, 2022. At the end of the second quarter, Panacea's loan portfolio was 52% commercial, 28% consumer and 20% student loan refinance.  As previously discussed, Panacea became profitable on a direct basis in the first quarter.  Including an assumed cost of funds, Panacea became profitable on a funded basis in the second quarter as well as highlighted above. 

Commenting on Panacea's recent momentum, Tyler Stafford, President of the division stated, "The success of Panacea's doctor-centric relationship banking model continues to compound within our target market of doctors across the country, evidenced with a 5.0-star customer review rating and the #1 ranking on TrustPilot within the "Bank" category. With our recently added bankers continuing to ramp, our pipeline of loan opportunities is well over $150 million and continues to build. As a result, we are increasing our loan growth expectations for 2022 from a range of $125 to $150 million to $175 to $200 million. Importantly, the credit quality of our portfolio remains pristine and, given the robustness of our pipeline, we are in a position to be even more selective on pursuing the strongest credits that maximize our profitability. Lastly, we have several deposit-focused initiatives underway which we expect to translate into stronger core deposit growth in the coming quarters."

The Life Premium Finance Division, launched in late 2021, ended the second quarter of 2022 with outstanding balances, net of deferred fees, of $99.7 million, compared to $13.0 million at the end of the fourth quarter of 2021.  The Life Premium Finance Division is already showing a healthy level of profitability (including assumed cost of funds) with just 7 months of operations.  The division's emphasis on technology, operational efficiencies and a superior customer experience continues to resonate with the marketplace. Total approved credit in the division finished the second quarter of 2022 at $413 million with remaining funding of premiums over the next three to five years.    

Primis acquired Primis Mortgage Company on May 31, 2022 and successfully integrated its operations in June.  On July 11, Primis Mortgage Company welcomed Chris Blevins to the team as a regional executive.  Chris came from a large independent mortgage company where he managed a large region that generated annual production of approximately $6 billion.  As previously discussed, the Company expects marginal contribution to earnings from mortgage in 2022 as Primis Mortgage builds out its team and achieves the needed scale and production capacity to make a meaningful earnings contribution in 2023.

As of July 25, Primis now offers a full service, full-featured checking account powered by its new digital platform.  The account's low cost of acquisition and management allows the Bank to offer hyper-competitive terms.  The account includes free overdrafts, refunds to the customer of debit and credit interchange income on its cards, free ATM transactions nationwide, bill pay, peer-to-peer capabilities and delivery of almost any conceivable banking service directly to customers' doorsteps in select markets. 

Net Interest Income

Net interest income increased 12.9% to $24.6 million for the three months ended June 30, 2022 from $21.8 million for the three months ended June 30, 2021.  The Company's reported net interest margin for the second quarter of 2022 was 3.33% compared to 2.80% in the second quarter of 2021.  Net interest income, excluding the effect of PPP fees, was $24.6 million in the second quarter of 2022, compared to $20.0 million in the second quarter of 2021, an increase of $4.6 million or 23.1%.  Also excluding the effects of PPP, the Company's net interest margin expanded to 3.35% in the second quarter of 2022 compared to 2.77% in the same quarter of 2022. 

The Company's loan growth over the past several quarters and the improved asset mix has been the driver of positive movements in both margins and net interest income.   Loans held for investment represented 84.7% of total average interest earning assets in the second quarter of 2022, compared to 74.6% in the same quarter of 2021.  Yield on loans for the second quarter of 2022 was 4.20% compared to 4.34% in the second quarter of 2021.  Loan yields in the second quarter, excluding the effect of PPP, were 4.23%, down from 4.46% in the same quarter of 2021. 

Total cost of funds in the second quarter of 2022 was 0.53%, down from 0.66% in the same quarter of 2021.  Continued growth in checking accounts as a percentage of total deposits and lower rates on other deposits led to the improvement.   Total demand deposits and total non-time deposits at the end of the second quarter of 2022 were 24.3% and 87.7%, respectively, compared 19.1% and 85.9%, respectively, in the second quarter of 2021.

Non-interest Income

During the three months ended June 30, 2022, Primis had non-interest income of $2.63 million, compared to $2.09 million for the three months ended March 31, 2022.  The increase was primarily due to revenues associated with Primis Mortgage for only one month as the acquisition closed on May 31, 2022.  The Company closed $27.0 million in loans in June, down 5.6% from May as the team transitioned to Primis.  The rapid slowdown in the mortgage and housing markets have caused many mortgage companies to restructure substantially, reducing headcount in servicing, support and production.  While the current market conditions are not ideal for substantial revenues and profitability in this sector, the opportunity to add the needed production capacity at much more reasonable terms than a year ago are real.  The division expects to recruit profitable teams and the necessary support throughout the remainder of 2022 and be a material contributor to the Company's results in 2023.

Non-interest Expense

Non-interest expense was $20.4 million for the three months ended June 30, 2022, which included $0.4 million in merger costs, $0.9 million in branch closure costs, and new mortgage expenses of approximately $0.8 million.  Non-interest expense also included a recovery of unfunded commitment reserve of $168 thousand in the second quarter of 2022. Excluding merger costs, branch closure costs, new mortgage expenses and unfunded commitment reserve impacts, the Company's adjusted operating expense was $18.5 million for the second quarter of 2022, compared to $18.6 million in the first quarter of 2022 and $17.0 million for the second quarter of 2021.  

The Company's operating efficiency ratio from continuing operations(1) in the second quarter of 2022 was 70.2% compared to 75.7% in the first quarter of 2022.  The Bank intends to consolidate two more branch locations in the third quarter of 2022.   Additionally, management has identified other areas of savings including consolidation of certain staffing positions, contract renegotiations and other opportunities that we expect could save between $3 million and $4 million per year.  These amounts, combined with operating performance improvements at the Company's lines of business, could reduce the operating efficiency to below 63% by year end.

Loan Portfolio and Asset Quality

Loans held for investment increased to $2.63 billion at June 30, 2022, compared to $2.39 billion at March 31, 2022.  Loans held for investment grew at an annualized rate of 24.7% for the first six months of 2022 or 30.8% net of a decline in PPP balances.  Loan growth was robust across the organization, particularly the Panacea and Life Premium Finance divisions which saw their growth rates accelerate in the second quarter.  The Company believes loan growth will continue at a similar pace as the first half of 2022 for the rest of the year.

Nonperforming assets, excluding portions guaranteed by the SBA, were $19.9 million at June 30, 2022 compared to $15.1 million at March 31, 2022 driven by a large residential loan that had been adversely rated and is now subject to foreclosure.  The loan-to-value on the property is less than 50% and no loss is anticipated.  Loans rated substandard or doubtful increased to $27.1 million in the second quarter of 2022 from $23.6 million at the end of the first quarter of 2022.    

The allowance for credit losses was $30.2 million at June 30, 2022, up $0.83 million from $29.4 million at March 31, 2022.  The Company recorded a provision for credit losses of $0.4 million compared to $0.1 million in the first quarter of 2022.  As a percentage of loans, excluding PPP balances, the allowance declined to 1.16% at the end of the second quarter of 2022 compared to 1.24% at the end of the first quarter of 2022.  The Company recorded $0.4 million in net recoveries in the second quarter of 2022 compared to net recoveries of $0.2 million in the first quarter of 2022.   

Deposits

Total deposits decreased slightly to $2.68 billion at June 30, 2022, compared to $2.69 billion at March 31, 2022.  Non-interest bearing demand deposits now represent 24.3% of total deposits and time deposits represent only 12.3% of total deposits at June 30, 2022. 

Shareholders' Equity

Book value per share as of June 30, 2022 was $16.17, a decrease of $0.25 since March 31, 2022.  Tangible book value per share(1) at the end of the second quarter of 2022 was $11.77, a decrease of $0.34 since March 31, 2022.  Shareholders' equity was $399 million, or 12.3% of total assets, at June 30, 2022.  Tangible common equity(1) at June 30, 2022 was $290 million, or 9.3% of tangible assets(1).  Equity balances decreased from March 31, 2022 to June 30, 2022 because of $8.5 million of unrealized losses on the Company's available-for-sale securities portfolio due to continued increases in market interest rates during the quarter.  The Company has the wherewithal to hold these securities until maturity or recovery of the value and does not anticipate realizing any losses on the investments.

Additionally, the Board of Directors announced and declared a dividend of $0.10 per share payable on August 26, 2022 to shareholders of record on August 12, 2022.  This is Primis' forty-third consecutive quarterly dividend. 

About Primis Financial Corp.

As of June 30, 2022, Primis had $3.24 billion in total assets, $2.63 billion in total loans and $2.68 billion in total deposits. Primis Bank provides a range of financial services to individuals and small- and medium-sized businesses through thirty-four full-service branches in Virginia and Maryland and provides services to customers through certain online and mobile applications.

Contacts
Dennis J. Zember, Jr., President and CEO
Matthew A. Switzer, EVP and CFO 
Phone: (703) 893-7400                                                                                         

Primis Financial Corp., NASDAQ Symbol FRST
Website: www.primisbank.com

Address: 
Primis Financial Corp. 
6830 Old Dominion Drive
McLean, VA 22101

Conference Call

The Company's management will host a conference call to discuss its second quarter results on Friday, July 29, 2022 at 10:00 a.m. (ET). A live Webcast of the conference call is available at the following website: https://app.webinar.net/Dn1WKpOkRPb.  Participants may also call 1-888-346-2613 and ask for the Primis Financial Corp. call.  A replay of the teleconference will be available for 5 days by calling 1-877-344-7529 and providing Replay Access Code 7372270.

Non-GAAP Measures

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables. Primis uses non-GAAP financial measures to analyze its performance. The measures entitled net income from continuing operations adjusted for nonrecurring income and expenses; pre-tax pre-provision operating earnings from continuing operations; operating return on average assets from continuing operations; pre-tax pre-provision operating return on average assets from continuing operations; operating return on average equity from continuing operations; operating return on average tangible equity from continuing operations; operating efficiency ratio from continuing operations; operating earnings per share from continuing operations ? basic; operating earnings per share from continuing operations ? diluted; tangible book value per share; tangible common equity; tangible common equity to tangible assets; and net interest margin excluding PPP loans are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. We use the term "operating" to describe a financial measure that excludes income or expense considered to be non-recurring in nature.  Items identified as non-operating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward-looking trends in our business.  A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is provided in the Reconciliation of Non-GAAP items table.

Management believes that these non-GAAP financial measures provide additional useful information about Primis that allows management and investors to evaluate the ongoing operating results, financial strength and performance of Primis and provide meaningful comparison to its peers. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider Primis' performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Primis.  Non-GAAP financial measures are not standardized and, therefore, it may not be possible to compare these measures with other companies that present measures having the same or similar names.

Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," and other similar words or expressions of the future or otherwise regarding the outlook for the Company's future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, but are not limited to, our expectations regarding our future operating and financial performance, including our outlook and long-term goals for future growth and new offerings and services; our expectations regarding net interest margin; expectations on our growth strategy, expense management, capital management and future profitability; expectations on credit quality and performance; statements regarding the effects of the ongoing COVID-19 pandemic and related variants on our business and financial results and conditions; and the assumptions underlying our expectations.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: the Company's ability to implement its various strategic and growth initiatives, including its recently established Panacea Financial and Life Premium Finance Divisions, new digital bank and V1BE fulfillment service and recent acquisition of SeaTrust; competitive pressures among financial institutions increasing significantly; changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices; changes in management's plans for the future; credit risk associated with our lending activities; changes in interest rates, inflation, loan demand, real estate values, or competition, as well as labor shortages and supply chain disruptions; changes in accounting principles, policies, or guidelines; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company's participation in and execution of government programs related to the COVID-19 pandemic; the ongoing impact of the COVID-19 pandemic on the Company's assets, business, cash flows, financial condition, liquidity, prospects and results of operations; potential increases in the provision for credit losses; and other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services.

Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company's management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company's filings with the Securities and Exchange Commission, the Company's Annual Report on Form 10-K for the year ended December 31, 2021, under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors," and in the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.

 

Primis Financial Corp.   

















Financial Highlights (unaudited)

















(Dollars in thousands, except per share data)

For Three Months Ended:


Variance - 2Q 2022 vs.



For Six Months Ended:


Variance





















Selected Performance Ratios:

2Q 2022

1Q 2022

4Q 2021

3Q 2021

2Q 2021


1Q 2022


2Q 2021



2Q 2022

2Q 2021


YTD


Return on average assets from continuing operations

0.63 %

0.55 %

0.88 %

0.72 %

1.05 %


7

bps

(43)

bps


0.59 %

1.06 %


(47)

bps

Operating return on average assets from continuing operations(1)

0.76 %

0.57 %

0.83 %

0.72 %

1.05 %


19


(30)



0.66 %

1.07 %


(41)


Pre-tax pre-provision operating return on average assets from continuing operations(1)

1.00 %

0.77 %

0.91 %

0.98 %

0.86 %


23


14



0.86 %

1.07 %


(21)


Return on average equity from continuing operations

4.92 %

4.49 %

7.37 %

6.01 %

8.81 %


43


(389)



4.71 %

8.69 %


(399)


Operating return on average equity from continuing operations(1)

5.93 %

4.58 %

6.94 %

6.01 %

8.81 %


135


(288)



5.25 %

8.77 %


(352)


Operating return on average tangible equity from continuing operations(1)

8.08 %

6.16 %

9.36 %

8.12 %

12.03 %


192


(395)



7.09 %

12.02 %


(493)


Cost of funds


0.53 %

0.52 %

0.56 %

0.57 %

0.66 %


1


(13)



0.52 %

0.72 %


(20)


Net interest margin

3.33 %

2.96 %

3.00 %

2.87 %

2.80 %


37


53



3.14 %

3.10 %


4


Gross loans to deposits

97.99 %

89.11 %

84.68 %

82.46 %

83.11 %


9

pts

15

pts


97.99 %

83.11 %


15

pts

Efficiency ratio from continuing operations

75.01 %

76.11 %

68.16 %

64.80 %

71.00 %


(1)


401



75.54 %

68.36 %


718


Operating efficiency ratio from continuing operations(1)

70.23 %

75.65 %

69.63 %

64.80 %

71.00 %


(5)


(77)



72.82 %

67.97 %


486





















Per Share Data:

















Earnings per share from continuing operations - Basic

$          0.20

$          0.19

$          0.31

$          0.25

$           0.36


5.26

%

(44.45)

%


$          0.39

$          0.71


(45.07)

%

Earnings per share from discontinued operations - Basic 

-

-

-

(0.09)

0.06


-


(100.00)



$             -

$          0.10


(100.00)


Earnings per share - Basic

$          0.20

$          0.19

$          0.31

$          0.16

$           0.42


5.26


(52.41)



$          0.05

$          0.81


(94.24)


Operating earnings per share from continuing operations - Basic(1)

$          0.25

$          0.19

$          0.29

$          0.25

$           0.36


-


-



$          0.44

$          0.71


-


Earnings per share from continuing operations - Diluted

$          0.20

$          0.19

$          0.31

$          0.25

$           0.36


5.26


(44.08)



$          0.39

$          0.70


(44.29)


Earnings per share from discontinued operations - Diluted 

-

-

-

(0.09)

0.06


-


(100.00)



-

0.10


(100.00)


Earnings per share - Diluted

$          0.20

$          0.19

$          0.31

$          0.16

$           0.42


5.26


(52.08)



$          0.39

$          0.80


(51.25)


Operating earnings per share from continuing operations - Diluted(1)

$          0.24

$          0.19

$          0.29

$          0.25

$           0.36


-


-



$          0.43

$          0.70


-


Book value per share

$        16.17

$        16.42

$        16.76

$        16.63

$          16.59


(1.52)


(2.53)



$        16.17

$        16.59


(2.53)


Tangible book value per share(1)

$        11.77

$        12.11

$        12.43

$        12.28

$          12.22


(2.81)


(3.68)



$        11.77

$        12.22


(3.68)


Cash dividend per share

$          0.10

$          0.10

$          0.10

$          0.10

$           0.10


-


-



$          0.20

$          0.20


-


Weighted average shares outstanding - Basic

24,562,753

24,503,945

24,476,569

24,474,104

24,450,916


0.24


0.46



24,533,512

24,489,050


0.18


Weighted average shares outstanding - Diluted

24,681,425

24,662,588

24,653,363

24,634,384

24,616,824


0.08


0.26



24,666,486

24,562,719


0.42


Shares outstanding at end of period

24,650,239

24,622,739

24,574,619

24,574,619

24,537,269


0.11

%

0.46

%


24,650,239

24,537,269


0.46

%




















Asset Quality Ratios:

















Non-performing assets as a percent of total assets, excluding SBA guarantees

0.61 %

0.47 %

0.44 %

0.47 %

0.43 %


14

bps

19

bps


0.61 %

0.43 %


19

bps

Net charge-offs (recoveries) as a percent of average loans (annualized)

(0.07 %)

(0.03 %)

(0.00 %)

0.34 %

(0.10 %)


(4)


4



(0.04 %)

(0.04 %)


-


Allowance for credit losses to total loans

1.15 %

1.23 %

1.24 %

1.31 %

1.37 %


(8)


(22)



1.15 %

1.37 %


(22)


Allowance for credit losses to total loans  (excluding PPP loans)

1.16 %

1.24 %

1.29 %

1.40 %

1.52 %


(9)


(37)



1.16 %

1.52 %


(37)





















Capital Ratios:


















Tangible common equity to tangible assets(1)

9.27 %

9.57 %

9.26 %

9.02 %

9.12 %


(30)

bps

16

bps







Leverage ratio (2)


10.21 %

10.13 %

9.41 %

9.15 %

9.38 %


8


83








Common equity tier 1 capital ratio (2)

12.60 %

13.99 %

13.09 %

13.85 %

13.77 %


(139)


(117)








Tier 1 risk-based capital ratio (2)

13.01 %

14.45 %

13.52 %

14.31 %

14.23 %


(144)


(122)








Total risk-based capital ratio (2)

17.58 %

19.41 %

18.52 %

19.60 %

19.52 %


(183)


(194)














































(1) See Reconciliation of Non-GAAP financial measures.

















(2) June 30, 2022 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C.
















 

Primis Financial Corp.   











(Dollars in thousands)

As Of :


Variance - 2Q 2022 vs.















Condensed Consolidated Balance Sheets (unaudited)

2Q 2022

1Q 2022

4Q 2021

3Q 2021

2Q 2021


1Q 2022


2Q 2021


Assets 












Cash and cash equivalents

$      70,721

$     298,230

$     530,167

$     650,746

$      620,839


(76.29)

%

(88.61)

%

Investment securities-available for sale

257,180

271,626

271,332

206,821

201,977


(5.32)


27.33


Investment securities-held to maturity

14,978

16,138

22,940

26,412

28,669


(7.19)


(47.76)


Loans held for sale

16,096

-

-

-

-


-


-


Loans receivable, net of deferred fees

2,628,797

2,393,669

2,339,986

2,314,584

2,286,355


9.82


14.98


Allowance for credit losses

(30,209)

(29,379)

(29,105)

(30,386)

(31,265)


2.83


(3.38)



Net loans


2,598,588

2,364,290

2,310,881

2,284,198

2,255,090


9.91


15.23


Stock in Federal Reserve Bank and Federal Home Loan Bank

12,940

11,927

15,521

15,521

15,521


8.49


(16.63)


Investments in mortgage affiliate - held for sale

-

-

-

10,050

12,949


-


(100.00)


Bank premises and equipment, net

26,113

29,872

30,410

30,686

30,099


(12.58)


(13.24)


Operating lease right-of-use assets

4,777

5,305

5,866

6,331

6,386


(9.95)


(25.20)


Goodwill and other intangible assets

108,524

106,075

106,416

106,757

107,098


2.31


1.33


Assets held for sale, net

3,127

-

-

-

-


-


-


Bank-owned life insurance

67,339

67,099

66,724

66,336

65,949


0.36


2.11


Other real estate owned

1,041

1,041

1,163

1,312

1,274


-


(18.29)


Deferred tax assets, net

14,658

12,380

9,571

13,571

14,442


18.40


1.50


Other assets


40,496

35,893

36,362

33,676

34,858


12.82


16.17



Total assets

$  3,236,578

$  3,219,876

$  3,407,353

$  3,452,417

$   3,395,151


0.52

%

(4.67)

%














Liabilities and stockholders' equity











Demand deposits

$     653,181

$     559,682

$     530,282

$     535,706

$      525,244


16.71

%

24.36

%

NOW accounts


677,237

730,235

849,738

921,667

912,666


(7.26)


(25.80)


Money market accounts

802,953

831,580

799,759

758,259

714,759


(3.44)


12.34


Savings accounts

220,211

225,291

222,862

216,470

209,441


(2.25)


5.14


Time deposits


329,223

339,456

360,575

374,965

388,954


(3.01)


(15.36)


    Total deposits


2,682,805

2,686,244

2,763,216

2,807,067

2,751,064


(0.13)


(2.48)


Securities sold under agreements to repurchase - short term

10,020

11,231

9,962

13,348

12,521


(10.78)


(19.97)


Federal Home Loan Bank advances

25,000

-

100,000

100,000

100,000


-


(75.00)


Subordinated debt and notes

95,170

95,099

95,028

95,442

95,404


0.07


(0.25)


Operating lease liabilities

5,299

5,897

6,498

7,000

7,014


(10.14)


(24.45)


Other liabilities


19,647

17,210

20,768

20,931

22,208


14.16


(11.53)



Total liabilities

2,837,941

2,815,681

2,995,472

3,043,788

2,988,211


0.79


(5.03)


Stockholders' equity

398,637

404,195

411,881

408,629

406,940


(1.38)


(2.04)



Total liabilities and stockholders' equity

$  3,236,578

$  3,219,876

$  3,407,353

$  3,452,417

$   3,395,151


0.52

%

(4.67)

%














Tangible common equity(1)

$     290,113

$     298,120

$     305,465

$     301,872

$      299,842


(2.69)

%

(3.24)

%

 

Primis Financial Corp.   

















(Dollars in thousands)

For Three Months Ended:


Variance - 2Q 2022 vs.



For Six Months Ended:


Variance





















Condensed Consolidated Statement of Operations (unaudited)

2Q 2022

1Q 2022

4Q 2021

3Q 2021

2Q 2021


1Q 2022


2Q 2021



2Q 2022

2Q 2021


YTD


Interest and dividend income

$      28,258

$      26,585

$      28,503

$      27,801

$        26,631


6.29

%

6.11

%


$      54,843

$      56,939


(3.68)

%

Interest expense


3,652

3,731

4,262

4,594

4,831


(2.12)


(24.40)



7,383

10,184


(27.50)



Net interest income

24,606

22,854

24,241

23,207

21,800


7.67


12.87



47,460

46,755


1.51


Provision for (recovery of) credit losses

422

99

(1,299)

1,085

(4,215)


 NM 


(110.01)



521

(5,587)


(109.33)



Net interest income after provision for (recovery of) credit losses

24,184

22,755

25,540

22,122

26,015


6.28


(7.04)



46,939

52,342


(10.32)


Account maintenance and deposit service fees

1,442

1,351

1,420

1,509

1,586


6.74


(9.08)



2,793

3,250


(14.06)


Income from bank-owned life insurance

378

375

535

387

379


0.80


(0.26)



753

765


(1.57)


Gain on debt extinguishment

-

-

573

-

-


-


-



-

-


-


Gain (loss) on sale of mortgage loans

593

-

-

-

-


-


-



593

-


-


Other 


217

364

359

455

453


(40.38)


(52.10)



581

752


(22.74)



Noninterest income

2,630

2,090

2,887

2,351

2,418


25.84


8.77



4,720

4,767


(0.99)


Employee compensation and benefits

10,573

9,625

9,527

9,032

8,810


9.85


20.01



20,198

18,182


11.09


Occupancy and equipment expenses

2,546

2,557

2,487

2,523

2,311


(0.43)


10.17



5,103

4,666


9.37


Amortization of core deposit intangible

341

341

342

341

341


-


-



682

682


-


Virginia franchise tax expense

814

813

733

732

759


0.12


7.25



1,627

1,434


13.46


Data processing expense

1,293

1,197

934

1,003

1,016


8.02


27.26



2,783

1,815


53.33


Telecommunication and communication expense

366

382

439

415

414


(4.19)


(11.59)



748

936


(20.09)


Net (gain) loss on other real estate owned

-

(59)

70

-

77


100.00


(100.00)



(59)

17


 NM 


Net (gain) loss on fixed assets

620

-

-

-

-


-


-



620

-


-


Professional fees


827

1,387

1,238

874

1,091


(40.37)


(24.20)



1,921

2,225


(13.66)


Other expenses


3,050

2,744

2,722

1,640

2,376


11.15


28.37



5,794

5,261


10.13



Noninterest expense

20,430

18,987

18,492

16,560

17,195


7.60


18.81



39,417

35,218


11.92


Income from continuing operations before income taxes

6,384

5,858

9,935

7,913

11,238


8.98


(43.19)



12,242

21,891


(44.08)


Income tax expense 

1,375

1,265

2,284

1,702

2,434


8.70


(43.51)



2,640

4,735


(44.24)



Income from continuing operations

5,009

4,593

7,651

6,211

8,804


9.06


(43.10)



9,602

17,156


(44.03)


Income (loss) from discontinued operations before income taxes

-

-

-

(2,899)

1,878


-


(100.00)



-

3,193


(100.00)


Income tax expense (benefit)

-

-

-

(627)

407


-


(100.00)



-

691


(100.00)



Income (loss) from discontinued operations

-

-

-

(2,272)

1,471


-


(100.00)



-

2,502


(100.00)



Net income 

$        5,009

$        4,593

$        7,651

$        3,939

$        10,275


9.06

%

(51.25)

%


$        9,602

$      19,658


(51.15)

%




















(1) See Reconciliation of Non-GAAP financial measures.

















 The company defines "NM" as not meaningful for increases or decreases greater than 300 percent.
















 

Primis Financial Corp.   











(Dollars in thousands)

As Of:


Variance - 2Q 2022 vs.















Loan Portfolio Composition

2Q 2022

1Q 2022

4Q 2021

3Q 2021

2Q 2021


1Q 2022


2Q 2021


Loans secured by real estate:












Commercial real estate - owner occupied

$     433,840

$     406,285

$     389,109

$     421,940

$     417,489


6.78

%

3.92

%


Commercial real estate - non-owner occupied

600,436

615,682

590,523

631,423

563,114


(2.48)


6.63



Secured by farmland

9,305

8,896

10,003

10,721

11,861


4.60


(21.55)



Construction and land development

117,604

116,365

121,520

109,763

109,719


1.06


7.19



Residential 1-4 family

607,548

575,946

548,830

531,556

516,475


5.49


17.63



Multi-family residential

144,406

152,266

164,071

153,310

130,221


(5.16)


10.89



Home equity lines of credit

69,860

72,440

73,877

75,775

80,262


(3.56)


(12.96)



     Total real estate loans

1,982,999

1,947,880

1,897,933

1,934,488

1,829,141


1.80


8.41















Commercial loans

448,582

336,961

303,697

203,243

194,610


33.13


130.50


Paycheck Protection Program loans

17,525

31,404

77,319

140,465

234,315


(44.20)


(92.52)


Consumer loans


179,691

77,424

61,037

36,388

28,289


132.09


 NM 



Loans receivable, net of deferred fees

$  2,628,797

$  2,393,669

$  2,339,986

$  2,314,584

$  2,286,355


9.82

%

14.98

%














Loans by Risk Grade:











  Pass, not graded

$               -

$               -

$               -

$               -

$               -


-

%

-

%

  Pass Grade 1 - Highest Quality

609

786

641

789

1,054


(22.52)


(42.22)


  Pass Grade 2 - Good Quality

129,571

8,734

103,496

153,834

247,664


 NM 


(47.68)


  Pass Grade 3 - Satisfactory Quality

1,513,054

1,413,480

1,327,718

1,248,233

1,142,784


7.04


32.40


  Pass Grade 4 - Pass

890,709

895,197

836,610

841,451

823,866


(0.50)


8.11


  Pass Grade 5 - Special Mention

67,736

51,884

31,112

25,008

29,844


30.55


126.97


  Grade 6 - Substandard

27,118

23,588

40,409

45,269

39,613


14.97


(31.54)


  Grade 7 - Doubtful

-

-

-

-

1,530


-


(100.00)


  Grade 8 - Loss


-

-

-

-

-


-


-


Total loans


$  2,628,797

$  2,393,669

$  2,339,986

$  2,314,584

$  2,286,355


9.82

%

14.98

%



























(Dollars in thousands)

As Of or For Three Months Ended:



















Asset Quality Information

2Q 2022

1Q 2022

4Q 2021

3Q 2021

2Q 2021






Allowance for Credit Losses: 








Balance at beginning of period

$     (29,379)

$     (29,105)

$     (30,386)

$     (31,265)

$     (34,893)






(Provision for) / recovery of allowance for credit losses

(422)

(99)

1,299

(1,085)

4,215






Net charge-offs


(408)

(175)

(18)

1,964

(587)






Ending balance


$     (30,209)

$     (29,379)

$     (29,105)

$     (30,386)

$     (31,265)



















Reserve for Unfunded Commitments:








Balance at beginning of period

$       (1,237)

$          (977)

$       (1,129)

$       (1,599)

$       (1,450)






(Expense for) / recovery of unfunded loan commitment reserve

168

(260)

152

470

(149)






Total Reserve for Unfunded Commitments

$       (1,069)

$       (1,237)

$          (977)

$       (1,129)

$       (1,599)



































As Of:


Variance - 2Q 2022 vs.















Non-Performing Assets:

2Q 2022

1Q 2022

4Q 2021

3Q 2021

2Q 2021


1Q 2022


2Q 2021


Nonaccrual loans

$      19,635

$      14,941

$      15,029

$      18,352

$      14,604


31.42

%

34.45

%

Accruing loans delinquent 90 days or more

1,512

1,817

283

-

-


(16.79)


-


Total non-performing loans

21,147

16,758

15,312

18,352

14,604


26.19


44.80


Other real estate owned

1,041

1,041

1,163

1,312

1,274


-


(18.29)


Total non-performing assets

$      22,188

$      17,799

$      16,475

$      19,664

$      15,878


24.66


39.74


SBA guaranteed portion of non-performing loans

$        2,319

$        2,651

$        1,388

$        3,361

$        1,380


(12.52)


68.04















Troubled debt restructuring

$        2,695

$        3,103

$        3,401

$        3,710

$        2,766


(13.15)


(2.6)


Loans deferred under COVID-19 modifications

$               -

$               -

$               -

$        6,985

$      25,977


-

%

(100.00)

%



























 The company defines "NM" as not meaningful for increases or decreases greater than 300 percent.










 

Primis Financial Corp.   

















(Dollars in thousands)

For Three Months Ended:


Variance - 2Q 2021 vs.



For Six Months Ended:


Variance





















Average Balance Sheet

2Q 2022

1Q 2022

4Q 2021

3Q 2021

2Q 2021


1Q 2022


2Q 2021



2Q 2022

2Q 2021


YTD


Assets


















Loans held for sale

$        6,936

$               -

$               -

$               -

$               -


-

%

-

%


$        3,487

$               -


-

%

Loans, net of deferred fees 

2,509,978

2,360,782

2,317,260

2,291,945

2,327,162


6.32


7.86



2,435,792

2,381,635


2.27


Investment securities

287,722

302,431

258,265

229,906

215,713


(4.86)


33.38



295,036

204,600


44.20


Other earning assets

158,817

466,952

632,841

689,084

577,939


(65.99)


(72.52)



312,033

459,368


(32.07)


Total earning assets

2,963,453

3,130,165

3,208,366

3,210,935

3,120,814


(5.33)


(5.04)



3,046,348

3,045,603


0.02


Investment in STM - Held for sale

?

?

9,941

12,621

12,728


-


(100.00)



-

12,679


(100.00)


Other assets


228,893

226,320

229,718

230,116

226,836


1.14


0.91



227,614

227,468


0.06


Total assets


$  3,192,346

$  3,356,485

$  3,448,025

$  3,453,672

$  3,360,378


(4.89)

%

(5.00)

%


$  3,273,962

$  3,285,750


(0.36)

%




















Liabilities and stockholders' equity

















Demand deposits

$     596,714

$     545,530

$     547,504

$     547,500

$     516,877


9.38

%

15.45

%


$     571,264

$     497,452


14.84

%

Interest-bearing liabilities:

















NOW and other demand accounts

695,481

817,430

878,652

920,203

867,499


(14.92)


(19.83)



756,118

820,892


(7.89)


Money market accounts

810,781

809,460

784,942

744,280

719,925


0.16


12.62



810,124

686,867


17.94


Savings accounts

222,274

224,716

219,823

213,859

206,507


(1.09)


7.64



223,489

199,419


12.07


Time deposits 


329,198

350,368

368,603

380,233

409,247


(6.04)


(19.56)



339,724

437,440


(22.34)


   Total Deposits

2,654,448

2,747,504

2,799,524

2,806,075

2,720,055


(3.39)


(2.41)



2,700,719

2,642,070


2.22


Borrowings


107,784

171,293

209,215

208,689

210,505


(37.08)


(48.80)



139,363

214,444


(35.01)


  Total Funding


2,762,232

2,918,797

3,008,739

3,014,764

2,930,560


(5.36)


(5.74)



2,840,082

2,856,514


(0.58)


Other Liabilities


22,095

23,057

27,407

28,699

29,013


(4.17)


(23.84)



22,573

31,249


(27.76)


Stockholders' equity

408,019

414,631

411,879

410,209

400,805


(1.59)


1.80



411,307

397,987


3.35


Total liabilities and stockholders' equity

$  3,192,346

$  3,356,485

$  3,448,025

$  3,453,672

$  3,360,378


(4.89)

%

(5.00)

%


$  3,273,962

$  3,285,750


(0.36)

%




















Memo:  Average PPP loans

$      23,950

$      51,491

$     102,078

$     191,504

$     294,019


(53.49)

%

(91.85)

%


$      37,644

$     313,474


(87.99)

%




















Net Interest Income

















Loans held for sale

$             93

$               -

$               -

$               -

$               -


-

%

-

%


$             93

$               -


-

%

Loans



26,272

24,749

26,701

26,181

25,182


6.15


4.33



51,021

54,139


(5.76)


Investment securities

1,445

1,430

1,242

1,083

1,073


1.05


34.67



2,874

2,115


35.89


Other earning assets

448

406

560

537

376


10.34


19.15



854

685


24.67


   Total Earning Assets

28,258

26,585

28,503

27,801

26,631


6.29


6.11



54,842

56,939


(3.68)





















Non-interest bearing DDA

-

-

-

-

-


-


-



-

-


-


NOW and other interest-bearing demand accounts

556

666

832

1,062

1,022


(16.52)


(45.60)



1,222

2,116


(42.25)


Money market accounts

938

859

952

1,056

1,153


9.20


(18.65)



1,797

2,238


(19.71)


Savings accounts

142

149

154

165

157


(4.70)


(9.55)



291

299


(2.68)


Time deposits 


674

700

809

877

1,057


(3.71)


(36.23)



1,374

2,552


(46.16)


  Total Deposit Costs

2,310

2,374

2,747

3,160

3,389


(2.70)


(31.84)



4,684

7,205


(34.99)





















Borrowings


1,342

1,357

1,515

1,434

1,442


(1.11)


(6.93)



2,699

2,979


(9.40)


  Total Funding Costs

3,652

3,731

4,262

4,594

4,831


(2.12)


(24.40)



7,383

10,184


(27.50)





















Net Interest Income

$      24,606

$      22,854

$      24,241

$      23,207

$      21,800


7.67

%

12.87

%


$      47,459

$      46,755


1.51

%




















Memo:  SBA PPP loan interest and fee income

$             59

$           435

$        2,503

$        3,146

$        2,559


(86.44)

%

(97.69)

%


$           494

$        8,337


(94.07)

%

Memo:  SBA PPP loan funding costs

$             21

$             44

$             90

$           169

$           257


(52.27)

%

(91.83)

%


$             65

$           544


(88.05)

%


























































Net Interest Margin

















Loans held for sale

5.38 %

0.00 %

0.00 %

0.00 %

0.00 %


538

bps

538

bps


5.38 %

0.00 %


538

bps

Loans



4.20 %

4.25 %

4.57 %

4.53 %

4.34 %


(5)


(14)



4.22 %

4.58 %


(36)


Investments


2.01 %

1.92 %

1.91 %

1.87 %

2.00 %


9


1



1.96 %

2.08 %


(12)


Other Earning Assets

1.13 %

0.35 %

0.35 %

0.31 %

0.26 %


78


87



0.55 %

0.30 %


25


  Total Earning Assets

3.82 %

3.44 %

3.52 %

3.44 %

3.42 %


38


40



3.63 %

3.77 %


(14)





















NOW



0.32 %

0.33 %

0.38 %

0.46 %

0.47 %


(1)


(15)



0.33 %

0.52 %


(19)


MMDA


0.46 %

0.43 %

0.48 %

0.56 %

0.64 %


3


(18)



0.45 %

0.66 %


(21)


Savings


0.26 %

0.27 %

0.28 %

0.31 %

0.30 %


(1)


(4)



0.26 %

0.30 %


(4)


CDs 



0.82 %

0.81 %

0.87 %

0.92 %

1.04 %


1


(22)



0.82 %

1.18 %


(36)


  Cost of Interest Bearing Deposits

0.45 %

0.44 %

0.48 %

0.56 %

0.62 %


1


(17)



0.44 %

0.68 %


(24)


  Cost of Deposits

0.35 %

0.35 %

0.39 %

0.45 %

0.50 %


-


(15)



0.35 %

0.55 %


(20)



















-


Other Funding


4.99 %

3.22 %

2.87 %

2.73 %

2.75 %


177


224



3.91 %

2.80 %


111


  Total Cost of Funds

0.53 %

0.52 %

0.56 %

0.57 %

0.66 %


1


(13)



0.52 %

0.72 %


(20)





















Net Interest Margin

3.33 %

2.96 %

3.00 %

2.87 %

2.80 %


37


53



3.14 %

3.10 %


4


Net Interest Spread

3.15 %

2.81 %

2.96 %

2.83 %

2.76 %


34


39



2.97 %

3.05 %


(8)





















Memo:  Excluding SBA PPP loans


















Loans


4.23 %

4.27 %

4.33 %

4.35 %

4.46 %


(4)

bps

(23)

bps


4.25 %

4.47 %


(22)

bps


Total Earning Assets

3.85 %

3.44 %

3.32 %

3.24 %

3.42 %


40


43



3.64 %

3.59 %


6



Net Interest Margin*

3.35 %

2.96 %

2.79 %

2.66 %

2.77 %


39


59



3.15 %

2.88 %


28








































*Net interest margin excluding the effect of SBA PPP loans assumes a funding cost of 35bps on average PPP balances in all applicable periods
















 

Primis Financial Corp.   










(Dollars in thousands, except per share data)

For Three Months Ended:


For Six Months Ended:













Reconciliation of Non-GAAP items:

2Q 2022

1Q 2022

4Q 2021

3Q 2021

2Q 2021


2Q 2022

2Q 2021

Net income from continuing operations

$        5,009

$        4,593

$        7,651

$        6,211

$        8,804


$     9,602


$   17,156

Non-GAAP adjustments to Net Income from continuing operations:











Management Restructure / Recruiting

-

-

-

-

-


-


200


Branch Closures/ Consolidations

901

-

-

-

-


901


-


Merger expenses

401

115

-

-

-


516


-


(Gain) on debt extinguishment

-

-

(573)

-

-


-


-


Income tax effect

(281)

(25)

124

-

-


(306)


(43)


Net income from continuing operations adjusted for nonrecurring income and expenses

$        6,030

$        4,683

$        7,202

$        6,211

$        8,804


$   10,713


$   17,313













Net income from continuing operations

$        5,009

$        4,593

$        7,651

$        6,211

$        8,804


$     9,602


$   17,156


Income tax expense

1,375

1,265

2,284

1,702

2,434


2,640


4,735


Provision for credit losses (incl. unfunded commitment expense)

254

359

(1,451)

615

(4,066)


353


(4,727)

Pre-tax pre-provision earnings from continuing operations

$        6,638

$        6,217

$        8,484

$        8,528

$        7,172


$   12,595


$   17,164


Effect of adjustment for nonrecurring income and expenses

1,302

115

(573)

-

-


1,417


200

Pre-tax pre-provision operating earnings from continuing operations

$        7,940

$        6,332

$        7,911

$        8,528

$        7,172


$   14,012


$   17,364













Return on average assets from continuing operations

0.63 %

0.55 %

0.88 %

0.72 %

1.05 %


0.59 %


1.06 %


Effect of adjustment for nonrecurring income and expenses

0.13 %

0.01 %

(0.05 %)

0.00 %

0.00 %


0.07 %


0.01 %

Operating return on average assets from continuing operations

0.76 %

0.57 %

0.83 %

0.72 %

1.05 %


0.66 %


1.07 %













Return on average assets from continuing operations

0.63 %

0.55 %

0.88 %

0.72 %

1.05 %


0.59 %


1.06 %


Effect of tax expense

0.17 %

0.15 %

0.26 %

0.20 %

0.29 %


0.16 %


0.29 %


Effect of provision for credit losses

0.03 %

0.04 %

(0.17 %)

0.07 %

(0.49 %)


0.02 %


(0.29 %)

Pre-tax pre-provision return on average assets from continuing operations

0.83 %

0.75 %

0.98 %

0.98 %

0.86 %


0.78 %


1.06 %


Effect of adjustment for nonrecurring income and expenses

0.16 %

0.01 %

(0.07 %)

0.00 %

0.00 %


0.09 %


0.01 %

Pre-tax pre-provision operating return on average assets from continuing operations

1.00 %

0.77 %

0.91 %

0.98 %

0.86 %


0.86 %


1.07 %













Return on average equity from continuing operations

4.92 %

4.49 %

7.37 %

6.01 %

8.81 %


4.71 %


8.69 %


Effect of adjustment for nonrecurring income and expenses

1.00 %

0.09 %

(0.43 %)

0.00 %

0.00 %


0.54 %


0.08 %

Operating return on average equity from continuing operations

5.93 %

4.58 %

6.94 %

6.01 %

8.81 %


5.25 %


8.77 %


Effect of goodwill and other intangible assets

2.15 %

1.58 %

2.42 %

2.12 %

3.22 %


1.84 %


3.24 %

Operating return on average tangible equity from continuing operations

8.08 %

6.16 %

9.36 %

8.12 %

12.03 %


7.09 %


12.02 %













Efficiency ratio from continuing operations

75.01 %

76.11 %

68.16 %

64.80 %

71.00 %


75.54 %


68.36 %


Effect of adjustment for nonrecurring income and expenses

(4.78 %)

(0.46 %)

1.47 %

0.00 %

0.00 %


(2.72 %)


(0.39 %)

Operating efficiency ratio from continuing operations

70.23 %

75.65 %

69.63 %

64.80 %

71.00 %


72.82 %


67.97 %













Earnings per share from continuing operations - Basic

$          0.20

$          0.19

$          0.31

$          0.25

$          0.36


$      0.39


$      0.71


Effect of adjustment for nonrecurring income and expenses

0.05

0.00

(0.02)

0.00

-


0.05


(0.00)

Operating earnings per share from continuing operations - Basic

$          0.25

$          0.19

$          0.29

$          0.25

$          0.36


$      0.44


$      0.71













Earnings per share from continuing operations - Diluted

$          0.20

$          0.19

$          0.31

$          0.25

$          0.36


$      0.39


$      0.70


Effect of adjustment for nonrecurring income and expenses

0.04

(0.00)

(0.02)

0.00

-


0.04


0.00

Operating earnings per share from continuing operations - Diluted

$          0.24

$          0.19

$          0.29

$          0.25

$          0.36


$      0.43


$      0.70













Book value per share

$        16.17

$        16.42

$        16.76

$        16.63

$        16.59


$     16.17


$     16.59


Effect of goodwill and other intangible assets

(4.40)

(4.31)

(4.34)

(4.35)

(4.37)


(4.40)


(4.36)

Tangible book value per share

$        11.77

$        12.11

$        12.43

$        12.28

$        12.22


$     11.77


$     12.22













Stockholders' equity

$     398,637

$     404,195

$     411,881

$     408,629

$     406,940


$ 398,637


$ 406,940


Less goodwill and other intangible assets

(108,524)

(106,075)

(106,416)

(106,757)

(107,098)


(108,524)


(107,098)

Tangible common equity

$     290,113

$     298,120

$     305,465

$     301,872

$     299,842


$ 290,113


$ 299,842













Equity to assets


12.32 %

12.55 %

12.10 %

11.84 %

11.99 %


12.32 %


11.99 %


Effect of goodwill and other intangible assets

(3.04 %)

(2.98 %)

(2.84 %)

(2.81 %)

(2.87 %)


(3.04 %)


(2.87 %)

Tangible common equity to tangible assets

9.27 %

9.57 %

9.26 %

9.02 %

9.12 %


9.27 %


9.12 %













Net interest margin

3.33 %

2.96 %

3.00 %

2.87 %

2.80 %


3.14 %


3.10 %


Effect of adjustment for PPP associated balances*

0.02 %

(0.00 %)

(0.21 %)

(0.21 %)

(0.03 %)


0.01 %


(0.22 %)

Net interest margin excluding PPP

3.35 %

2.96 %

2.79 %

2.66 %

2.77 %


3.15 %


2.88 %

























*Net interest margin excluding the effect of PPP loans assumes a funding cost of 35bps on average PPP balances in all applicable periods






 

SOURCE Primis Financial Corp.


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