Multi-family residential 158,426 169,368 171,512 128,599 127,857
Home equity lines of
credit 62,955 62,421 62,152 57,765 59,670
----------------- ----------------- ----------------- ----------------- -----------------
Total real estate
loans 2,001,550 2,022,590 2,027,099 1,975,515 1,997,536
Commercial loans 614,162 533,998 619,365 623,804 602,623
Paycheck Protection
Program loans 1,927 1,941 1,969 2,003 2,023
Consumer loans 284,955 409,754 646,590 620,745 611,583
Total Non-PCD loans 2,902,594 2,968,283 3,295,023 3,222,067 3,213,765
PCD loans 5,320 5,440 5,539 5,598 5,649
Total loans receivable,
net of deferred fees $ 2,907,914 $ 2,973,723 $ 3,300,562 $ 3,227,665 $ 3,219,414
================= ================= ================= ================= =================
Loans by Risk Grade:
Pass Grade 1 - Highest
Quality 872 820 692 633 875
Pass Grade 2 - Good
Quality 195,669 177,763 488,728 412,593 405,019
Pass Grade 3 -
Satisfactory Quality 1,567,228 1,509,405 1,503,918 1,603,053 1,626,380
Pass Grade 4 - Pass 1,042,404 1,184,671 1,204,268 1,177,065 1,154,971
Pass Grade 5 - Special
Mention 30,111 53,473 87,471 19,454 14,930
Grade 6 - Substandard 71,630 47,591 15,485 14,867 17,239
Grade 7 - Doubtful - - - - -
Grade 8 - Loss - - - - -
Total loans $ 2,907,914 $ 2,973,723 $ 3,300,562 $ 3,227,665 $ 3,219,414
================= ================= ================= ================= =================
(Dollars in thousands) For Three Months Ended:
Asset Quality Information 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023
-------------------------
Allowance for Credit
Losses:
------------------------------------ -------------------------------------------------------
Balance at beginning of
period $ (51,132) $ (51,574) $ (53,456) $ (52,209) $ (38,541)
Provision for for credit
losses (23,046) (7,511) (3,119) (6,508) (21,310)
Net charge-offs 30,951 7,953 5,001 5,261 7,642
Ending balance $ (43,227) $ (51,132) $ (51,574) $ (53,456) $ (52,209)
================= ================= ================= ================= =================
Reserve for Unfunded
Commitments:
------------------------------------ -------------------------------------------------------
Balance at beginning of
period $ (1,127) $ (1,031) $ (1,577) $ (1,579) $ (1,025)
(Expense for) / recovery
of unfunded loan
commitment reserve 6 (96) 546 2 $(554.SI)$
Total Reserve for
Unfunded Commitments $ (1,121) $ (1,127) $ (1,031) $ (1,577) $ (1,579)
================= ================= ================= ================= =================
Non-Performing Assets: 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023
Nonaccrual loans $ 15,027 $ 14,424 $ 11,289 $ 10,139 $ 9,095
Accruing loans delinquent
90 days or more 1,713 1,714 1,897 1,714 1,714
----------------- ----------------- ----------------- ----------------- -----------------
Total non-performing
assets $ 16,740 $ 16,138 $ 13,186 $ 11,853 $ 10,809
================= ================= ================= ================= =================
SBA guaranteed portion of
non-performing loans $ 5,921 $ 5,954 $ 3,268 $ 3,095 $ 3,115
Primis Financial Corp.
(Dollars in thousands) For Three Months Ended: For Twelve Months Ended:
Average Balance Sheet 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 4Q 2024 4Q 2023
Assets
Loans held for sale $ 100,027 $ 98,110 $ 84,389 $ 58,896 $ 48,380 $ 85,430 $ 44,643
Loans, net of deferred
fees 3,127,472 3,324,157 3,266,651 3,206,888 3,208,295 3,231,262 3,126,717
Investment securities 253,120 242,631 244,308 241,179 228,335 245,323 237,452
Other earning assets 96,697 83,405 73,697 77,067 79,925 82,757 281,052
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Total earning assets 3,577,316 3,748,303 3,669,045 3,584,030 3,564,935 3,644,772 3,689,864
Other assets 237,793 243,715 243,196 248,082 262,977 242,566 261,265
Total assets $ 3,815,109 $ 3,992,018 $ 3,912,241 $ 3,832,112 $ 3,827,912 $ 3,887,338 $ 3,951,129
================ ================ ================ ================ ================ ============= =============
Liabilities and equity
Demand deposits $ 437,388 $ 421,908 $ 433,315 $ 458,306 $ 473,750 $ 441,520 $ 495,107
Interest-bearing
liabilities:
NOW and other demand
accounts 787,884 748,202 778,458 773,943 782,305 772,099 784,680
Money market accounts 819,803 859,988 823,156 814,147 790,971 829,331 831,196
Savings accounts 767,342 866,375 866,652 800,328 783,432 825,129 777,143
Time deposits 404,682 425,238 423,107 431,340 451,521 421,058 474,178
Total Deposits 3,217,099 3,321,711 3,324,688 3,278,064 3,281,979 3,289,137 3,362,304
Borrowings 160,886 238,994 158,919 120,188 120,213 169,912 159,442
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Total Funding 3,377,985 3,560,705 3,483,607 3,398,252 3,402,192 3,459,049 3,521,746
Other Liabilities 39,566 36,527 34,494 34,900 39,056 36,421 35,494
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Total liabilites 3,417,551 3,597,232 3,518,101 3,433,152 3,441,248 3,495,470 3,557,240
Primis common
stockholders' equity 382,466 377,314 374,731 378,008 379,442 373,637 393,302
Noncontrolling interest 15,092 17,472 19,409 20,952 7,222 18,231 587
Total stockholders'
equity 397,558 394,786 394,140 398,960 386,664 391,868 393,889
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Total liabilities and
stockholders' equity $ 3,815,109 $ 3,992,018 $ 3,912,241 $ 3,832,112 $ 3,827,912 $ 3,887,338 $ 3,951,129
================ ================ ================ ================ ================ ============= =============
Net Interest Income
-------------------------
Loans held for sale $ 1,553 $ 1,589 $ 1,521 $ 907 $ 842 $ 5,570 $ 2,806
(MORE TO FOLLOW) Dow Jones Newswires
January 28, 2025 17:00 ET (22:00 GMT)
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