Primis Financial Corp. reported net income available to common shareholders of $1.2 million, or $0.05 per diluted share, for the third quarter ended September 30, 2024. This compares to a net loss of $6.0 million, or $0.24 per diluted share, in the same period of 2023. Adjusted operating net income was $2.0 million, or $0.08 per diluted share, for Q3 2024.
The company announced the sale of its Life Premium Finance Division to EverBank, N.A. for a premium of $6.0 million, expecting a pre-tax gain of $4.5 million in the fourth quarter of 2024. EverBank will acquire approximately $370 million of loans from the division, with the first closing on October 31, 2024, and the final closing expected on January 31, 2025.
Primis also expanded its Mortgage Warehouse Lending team in early October 2024, hiring seasoned professionals. Management expects this expansion to replace the divested life premium business with assets yielding 125 to 150 basis points higher. Net interest income increased by approximately $3.2 million, or 13%, to $28.0 million during the quarter, with the net interest margin expanding to 2.97% from 2.72% in the prior quarter.
The Consumer Program loan portfolio continued to impact results, with $4.0 million of the $7.5 million provision for loan losses attributed to it. Net charge-offs for the quarter were $8.0 million, including $6.7 million from the Consumer Program. Total outstanding balances in the Consumer Program were $180 million as of September 30, 2024, down from $194 million at June 30, 2024.
Total deposits decreased slightly to $3.31 billion from $3.34 billion at June 30, 2024. The digital platform continued to grow, attracting over 17,000 accounts with $911 million in total deposits. The Panacea Financial Division also showed growth, with outstanding loans increasing by $16.5 million to $392 million.
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