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Primis Financial (FRST)
NASDAQ:FRST
Earnings Data
Report Date
Apr 24, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
0.26Last Year’s EPS
0.26Same Quarter Last Year
Moderate Buy
Based on 0 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Jan 28, 2025
|% Change Since: -7.24%
|Next Earnings Date:Apr 24, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a mix of strategic shifts and challenges. While the company is taking significant steps towards improving its financial position by focusing on core bank growth, digital strategy, and successful divisions like Panacea, it also faces hurdles from legacy issues such as the consumer loan book. The strategic decisions are aimed at positioning the company for cleaner earnings and profitability in 2025.Company Guidance
During the Primis Financial Corp. fourth quarter earnings call for fiscal year 2024, the company provided detailed guidance on various financial metrics. The core bank ended the year with $2.1 billion in core deposits and a deposit cost of $1.87 billion, which is 25 to 50 basis points lower than some larger peers. The company reported a pre-tax loss of $17.4 million, primarily due to a $20.8 million provision for the consumer loan book and related charges. Excluding these items, Primis would have made $7.1 million in pre-tax income, with core profitability closer to $10 million. The bank's tangible book value is expected to improve with strategic moves, including the exit from the consumer loan portfolio and the deconsolidation of Panacea, anticipated to add a meaningful gain. Primis has strategically reduced its digital deposit rates by 75 basis points and increased asset yields by 200 basis points, targeting a net interest margin of 3.25% to 3.50% as they scale their mortgage warehouse business in 2025. The mortgage division has shown consistent growth, with production increasing 30% to 40% year-over-year, and Panacea, focusing on medical professionals, has grown to nearly $435 million in loans and $100 million in low-cost funding, aiming to reach 10,000 clients.Core Bank Deposit Growth
At December 31, 2024, the core bank had $2.1 billion in core deposits with a cost of deposits significantly lower than larger peers and community bank competition, contributing to a significant pricing advantage.
Digital Strategy and Customer Growth
Digital full-service checking account offering has grown to about 18,000 customers, with strategies in place to improve margins through lower rates on deposits and higher yields on assets.
Mortgage Division Expansion
The mortgage division has been growing production by 30% to 40% compared to the previous year, with a move from $250 million in production to over $1 billion.
Panacea Division Growth
Panacea division grew to just under $435 million in total loans and almost $100 million in low-cost funding, with growth rates around 30% to 40% and a potential client base of 10,000.
Net Interest Margin Improvement
The net interest margin is expected to improve to a range of 3.25% to 3.50% as strategies to reduce deposit costs and improve asset yields are implemented.
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FRST Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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FRST Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Jan 28, 2025 | $11.33 | $10.51 | -7.24% |
| Oct 24, 2024 | $11.60 | $11.16 | -3.79% |
| Jul 25, 2024 | $12.63 | $12.92 | +2.30% |
| Apr 25, 2024 | $10.32 | $9.82 | -4.84% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Primis Financial (FRST) report earnings?
Primis Financial (FRST) is schdueled to report earning on Apr 24, 2025, TBA Not Confirmed.
What is Primis Financial (FRST) earnings time?
Primis Financial (FRST) earnings time is at Apr 24, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FRST EPS forecast?
FRST EPS forecast for the fiscal quarter 2025 (Q1) is 0.26.
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