Primis Financial Corp. (NASDAQ:FRST) Q2 2024 Earnings Conference Call July 26, 2024 10:00 AM ET

Company Participants

Dennis Zember - President and Chief Executive Officer
Matthew Switzer - Chief Financial Officer

Conference Call Participants

Christopher Marinac - Janney Montgomery Scott
Russell Gunther - Stephens

Operator

Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primis Financial Corp. Second Quarter Earnings Call. [Operator Instructions].

I will now turn the call over to Matt Switzer, CFO. You may begin.

Matthew Switzer

Good morning, and thank you for joining us. Before we begin, please note that many of our comments during this call will be forward-looking statements, which involve risk and uncertainty. There are many factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements.

Further discussion of the company's risk factors and other important information regarding our forward-looking statements are part of our recent filings with the Securities and Exchange Commission, including our recently filed earnings release, which has also been posted to the Investor Relations section of our corporate site, primisbank.com.

We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. In addition, some of the financial measures that we may discuss this morning are non-GAAP financial measures. How a non-GAAP measure relates to the most comparable GAAP measure will be discussed when the non-GAAP measures used if not readily apparent.

I will now turn the call over to our President and Chief Executive Officer, Dennis Zember.

Dennis Zember

Thank you, Matt, and thank you to all of you who have joined our call today. Starting at the top, earnings for the quarter improved to $7.8 million when compared to a net loss of $311,000 for the same quarter a year ago. Both quarters have some noise, and Matt will outline that shortly.

But when you exclude the noise, we're showing pretax earnings of approximately $11.7 million for the current quarter, which would be one of our strongest quarters to date. These results are mostly across the board and come before we really -- before we experience any real lift in net interest margins.

Results from the core bank, our lines of business, steady margins just over 3%, operating expense controls from the initiatives that we undertook a year ago, have all played a significant part in these results. Consolidating the company, is reporting a net interest margin of 3.03%.