Primis Financial Corp. · NASDAQ:FRST
Primis Financial — Q4 2024 Earnings Presentation
12 slides from Primis Financial's earnings presentation, Apr 29, 2025
Slide 1: Fourth Quarter 2024
Fourth Quarter 2024 NASDAQ: FRST
Slide 2: Forward-looking statements
This presentation and certain of our other filings with the Securities and Exchange Commission contain statements that consti tut e “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 S
Slide 3: Non-GAAP financial measures
Statements included in this presentation include non - GAAP financial measures and should be read along with the accompanying tabl es. Primis uses non - GAAP financial measures to analyze its performance. The measures entitled net income adjusted for nonrecurring income a nd expenses; pre - tax pre
Slide 4: Company overview and valuation
Corp. Headquarters: McLean, VA Bank Headquarters: Glen Allen, VA Branches: 24 Ticker (NASDAQ): FRST Valuation Market Capitalization: $287 million Price / Book Value per Share 0.80x Price / Tangible Book Value (1) : 1.09x Price / 2025 Estimated EPS (2) : 8.16x Price / 2026 Estimated EPS (2) : 7.48x D
Slide 5: Loans, deposits and business lines overview
Loans: $231 billion Customer Deposits: $981 million Lending now focused on Mortgage Warehouse and c onstruction - perm lending alongside national builder. Deposit strategy focused on leveraging uniqueness and checking ability with Primis - owned affinity brands and influential sponsors and brand end
Slide 6: Deposit mix and cost of deposits
6 4Q24 CoD Reg. Bank YE Cost % of Tot. Amount ($B) Category 2.47% AUB 0% 19.7% 0.43 DDA 2.91% FVCB 0.94% 22.4% 0.49 NOW 2.07% TOWNE 2.98% 35.2% 0.76 MMDA 2.20% UCB 0.23% 6.9% 0.15 Savings 1.94% PEBO 3.75% 15.7% 0.34 CDs 1.81% SSB 1.87% 2.17 1.97% WSBC • Core franchise leveraged our Digital Platform
Slide 7: Core bank focus and loan pipeline
7 • Our core bank is focused on new relationships, not just new business with existing relationships • No pressure to lunge at commercial real estate or high - rate deposits because of the leverage from remaining Company • Commercial real estate concentrations well below regulatory guidelines • Orga
Slide 8: Primis Mortgage closed volume
8 Closed Mortgage Volume ($MM) $291 $605 $801 $1,250 2022 2023 2024 2025 Est. Geographic Reach • Demonstrated growth in difficult mortgage environment with disciplined recruiting • Volume per loan officer approximately $1 million in 2024, over twice the level of 2022 • Expectations for 2025 don’t in
Slide 9: Digital checking, mortgage warehouse and construction-perm
Launched in November 2022 • One of only a handful of fully - functional, all - digital checking accounts in the U.S. • 18,000 customers • Average customer has been with Primis for 1.5 years • 19% of customers are new customers in our footprint • Incremental offering is FF less 15bps • Virtually no m
Slide 10: Revenue opportunity from new lending lines
10 • Margin opportunity approximately 50% greater than Life Premium Finance • Combined revenue opportunity as much as $44 million annually at run - rate balances ($1 to $1.3 billion combined) and implied margin and doesn’t require additional Fed moves • The combination of efficient and scalable busi
Slide 11: Panacea Financial Q4'24 summary
11 • Life - to - date loan originations of ~ $ 615 mil. (committed bal.) , +35% y/y • Q4’24 originations of $59 mil. • Total deposits of $ 92 mil., + 65 % y/y • Opened 346 deposit accounts • 1/1/25 deposit cost of 1.65 % • 2024 pre - tax earnings contribution of $6.6 mil., or 1.90% pre - tax ROA • #
Slide 12: Tangible book value per share reconciliation
12 $ 14.23 Book value per common share – December 31, 2024 (3.81) Effect of goodwill and other intangible assets $ 10.42 Tangible book value per common share – December 31, 2024