The following is a summary of the Primis Financial Corp. (FRST) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Primis Financial Corp reported Q3 results showcasing the correction of an accounting error on the consumer loan portfolio, which only represents 5% to 6% of total loans.

• Noninterest expense was reported at $31 million, impacting financial results alongside accounting changes.

• Pretax pre-provision earnings adjusted for nonrecurring items were noted at $10 million.

• Interest income from promotional loans added a net of $4.5 million to pretax pre-provision earnings.

Business Progress:

• Significant strides in the core bank's operations, notably a 40 to 50 basis points lower cost of deposits than Mid-Atlantic community bank peers.

• Impressive growth in building pipelines for new commercial relationships, seeing 3x growth compared to last year.

• A major expansion in mortgage loan activities, with a new milestone of $1 billion in annual production rate reached.

• The sale of Life Premium Finance aimed to improve the tangible common equity ratio and net interest margin.

• Launch of the mortgage warehouse, replacing the Life Premium portfolio, expected to significantly improve the return on assets.

Opportunities:

• The ongoing development of Panacea Financial's digital capabilities focusing on deposits and commercial loans presents new commercial opportunities.

• Expected improvements in net interest margin and return on assets from new pipelines in mortgage and commercial banking sectors.

• Potential margin improvement from a $1 billion of deposits repricing expected in the upcoming quarter.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.