Primis Financial Corp. · NASDAQ:FRST
Primis Financial — Q4 2024 Earnings Presentation
12 slides from Primis Financial's earnings presentation, Jan 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 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 Secur
Slide 3: Non-GAAP financial measures
Statements included in this presentation 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 adjusted for nonrecurring income and expenses; pre-tax pre-provisio
Slide 4: Corporate snapshot 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 0.79x Price / Tangible Book Value(1): 1.08x Price / 2025 Estimated EPS(2): 8.16x Price / 2026 Estimated EPS(2): 7.48x Dividen
Slide 5: Business lines: loans and deposits
Total Loans: $2.91 billion Total Customer Deposits: $3.31 billion Digital Platform / Core Community Bank Primis Mortgage Panacea Financial National LOBs Loans: $2.1 billion Loans: $231 billion Loans (Portfolio & HFS): $200 Loans: $433 million Customer Deposits: $2.2 billion Customer Deposits: $981 m
Slide 6: Core Community Bank Leveraged Our Digital Franchise
Deposits per Branch(1) Core Community Bank Leveraged Our Digital Franchise • Core franchise leveraged our Digital Platform success to focus only on $137,822 $137,834 strong, profitable relationships (fewer rate shoppers) • Cost of Deposits about 100bps below our Community Bank Competition and more i
Slide 7: Our core bank is focused on new relationships
• Our core bank is focused on new relationships, not Net Interest Spread – Core Bank just new business with existing relationships 4.10% 4.00% • No pressure to lunge at commercial real estate or 3.90% high-rate deposits because of the leverage from remaining Company • Commercial real estate concentr
Slide 8: Primis Mortgage: closed volume and geographic reach
Closed Mortgage Volume ($MM) Geographic Reach $1,250 $801 $605 $291 2022 2023 2024 2025 Est. • 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 incl
Slide 9: Simple and Scalable National Lending and Digital Deposit Platform
Simple and Scalable National Lending Digital Deposit Platform One-Time Close Const/Perm National Mortage as Preferred Lender for National Digital – Existing National Digital – Affinity Warehouse National Builders Launched in December 2024 Gained Preferred Status for a $15 Launched in November 2022 U
Slide 10: 2025 Expectations – New Strategies
2024 Approx. Results – Sold Assets 2025 Expectations – New Strategies Approx. Avg. Bal. Approx. Avg. Bal. Pricing Yield/Cost ($MM) Pricing Yield/Cost ($MM) Life Premium Finance Various SOFR Terms 7.25% $ 275 Warehouse Lending SOFR + 315bps 7.47% $ 350 National Const-Perm Prime + 100bps 8.50% 100 Dig
Slide 11: Panacea Financial Q4'24 Summary
Q4’24 Loan Composition ($433.8 million) Q4’24 Summary 13.7% • 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 17.0% • 1/1/25 deposit cost of 1.65% • 2024 pre-tax earnings con
Slide 12: Tangible book value per share reconciliation
Book value per common share – December 31, 2024 $ 14.58 Effect of goodwill and other intangible assets (3.81) Tangible book value per common share – December 31, 2024 $ 10.77 12