Primis Financial Q3 net income $1.2M; sells Life Premium Finance division to EverBank for $6M premium

Primis Financial Corp.

2024-Q3 EPS reported $0.29

Q3 net income available to common $1.2M ($0.05 diluted) vs loss of $6.0M a year ago; operating EPS $0.08 vs $0.21.
Sells Life Premium Finance division to EverBank for $6M premium; expects $4.5M pre-tax gain in Q4; two closings start Oct 31.
Declares $0.10 quarterly dividend payable Nov 22 to shareholders of record Nov 8.
Hires mortgage warehouse lending team from larger bank; yields expected 125-150bps higher than life premium business.
Provision for loan losses $7.5M (incl $4M consumer program); net charge-offs $8.0M; substandard loans rise to $47.6M.

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