earnings
confidence high
sentiment negative
materiality 0.80
Primis reports Q2 net loss of $0.2M; initiates $9.4M annual cost savings
Primis Financial Corp.
2023-Q2 EPS reported
$0.23
- Basic and diluted EPS loss of $0.01 vs. earnings of $0.24 in Q1 2023 and $0.20 in Q2 2022.
- Cost savings initiative: consolidate 8 branches, reduce staff, expected annual savings of $9.4M.
- Discovered employee loan fraud with ~$2.5M exposure; recoverable under insurance, not yet recorded.
- Declared $0.10/share dividend payable Aug 25, record Aug 11 (47th consecutive quarterly dividend).
- Pro forma non-performing assets fell to 0.13% of total assets after planned sales.