Primis restates Q4 2024 net loss to $23.3M; amends for reserve and fraud adjustments

Primis Financial Corp.

2025-Q1 EPS reported $0.92

Net loss of $0.94 per diluted share for Q4 2024 vs $0.33 loss a year ago; full-year loss $0.66 vs $0.32.
Amended to increase reserves for one credit and fraud losses; reclassified $133M in consumer loans to held for sale.
Consumer program winddown drove $20M additional provision/charge-offs in Q4; program ceased origination Jan 31, 2025.
Quarterly dividend declared $0.10 per share payable Feb 26, 2025; book value $14.23, tangible book $10.42.
Core bank deposit cost 1.87%; mortgage warehouse launched with $400M committed lines; Panacea loans $434M.

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