Group 1 - Primis Financial Corp. will release its third quarter 2024 results after market close on October 24, 2024 [1] - A conference call and audio webcast for analysts and investors will take place on October 25, 2024, at 10:00 a.m. Eastern Time [1] - The company had total assets of $4.0 billion, total loans of $3.3 billion, and total deposits of $3.3 billion as of June 30, 2024 [2] Group 2 - Primis Bank, the banking subsidiary of Primis Financial Corp., operates twenty-four full-service branches in Virginia and Maryland [2] - The bank provides a range of financial services to individuals and small- and medium-sized businesses [2]

Core Viewpoint - Primis Financial Corp. has received non-objection from the SEC regarding its accounting conclusions for a consumer loan portfolio, allowing the company to proceed with delayed financial filings and restatements for previous periods [1][10]. Group 1: Accounting Methodology - The SEC's non-objection pertains to the accounting for loans and third-party agreements as separate units of account, following a "multi-unit" approach under U.S. GAAP [1][4]. - Primis initially accounted for the loan program as a single unit, aligning with the intended economics, but later attempted to adjust to a multi-unit approach, which introduced complexity and confusion in financial reporting [3][4]. - The company is pursuing a consultation with the SEC to revert to a single-unit accounting method, but the success and timing of this process remain uncertain [1][11]. Group 2: Financial Impact - The accounting changes are expected to result in a cumulative reduction of approximately $30 million in net income for prior periods and through the second quarter of 2024 [8][9]. - As of June 30, 2024, about 42% of the loan portfolio was in a promotional period, with approximately $15 million of customer interest deferred [9]. - The changes will affect various items on the income statement and balance sheet, including the deferral of interest income and the reversal of credit enhancement income previously recorded [6][7]. Group 3: Next Steps - The company is working with its independent auditor and external accounting advisors to implement the necessary accounting changes and complete its delayed filings, with expectations to make initial filings by the end of August 2024 [10][11]. - The company believes that the current accounting methodology does not provide the most useful picture of the loan program and is advocating for a single-unit accounting style with substantial disclosures [11]. Group 4: Company Overview - As of June 30, 2024, Primis Financial Corp. reported total assets of $4.0 billion, total loans of $3.3 billion, and total deposits of $3.3 billion [13]. - Primis Bank offers a range of financial services to individuals and small- to medium-sized businesses through 24 branches in Virginia and Maryland, as well as online and mobile services [13].

Exhibit 99.1 Declares Quarterly Cash Dividend of $0.10 Per Share While Primis works diligently to complete the pre-clearance process with the SEC, the Company is providing the preliminary results for the second quarter of 2024 below. These results reflect the same accounting methodology as in prior periods for the consumer portfolio identified above for comparison purposes and to demonstrate underlying trends in the Company's performance. The Company's independent auditor has not reviewed or audited these p ...

Core Viewpoint - Primis Financial Corp. has reported preliminary financial results for Q2 2024, indicating ongoing consultation with the SEC regarding accounting for a consumer loan portfolio, which may affect future financial statements [3][10]. Financial Performance - Total assets increased to $3.998 billion in Q2 2024 from $3.869 billion in Q2 2023, reflecting a growth of approximately 3.3% [10]. - Loans held for investment (HFI) rose to $3.301 billion, up from $3.194 billion, marking an increase of about 3.4% [10]. - Total deposits slightly increased to $3.335 billion from $3.317 billion, a growth of approximately 0.6% [10]. - Net interest income for Q2 2024 was $27.625 million, compared to $26.235 million in Q2 2023, representing an increase of about 5.3% [10]. - Noninterest income surged to $14.491 million from $8.305 million, a significant increase of approximately 74.5% [10]. - Net income for Q2 2024 was reported at $5.921 million, a turnaround from a net loss of $311,000 in Q2 2023 [10][11]. Credit Quality - Net charge-offs for Q2 2024 were $5.002 million, up from $1.614 million in Q2 2023, indicating a notable increase in credit losses [4]. - The annualized net charge-offs as a percentage of average loans rose to 0.60% from 0.20% [4]. Equity and Dividends - Common stockholders' equity increased to $405.856 million from $392.831 million, reflecting a growth of approximately 3.2% [10]. - The book value per common share rose to $16.43 from $15.91, an increase of about 3.3% [10]. - The Board of Directors declared a quarterly cash dividend of $0.10 per share, marking the fifty-first consecutive quarterly dividend [12]. Operational Highlights - As of June 30, 2024, Primis had 24 full-service branches in Virginia and Maryland, providing a range of financial services [13]. - The company is in the process of consolidating results for Panacea Financial Holdings, which is partially owned by Primis, impacting pre-tax income [11].

MCLEAN, Va., July 11, 2024 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) (the "Company") today announced that it will release second quarter 2024 results after the market closes on Thursday, July 25, 2024. Following the release, the Company will host a conference call and audio webcast for analysts and investors at 10:00 a.m. Eastern Time on Friday, July 26, 2024. To participate in the call, please use one of the following telephone numbers and request the Primis Financial Corp. earnings call. Parti ...

Panacea Financial to provide ASDA members with financial services specifically tailored to the needs of dental students. LITTLE ROCK, Ark., May 15, 2024 /PRNewswire/ -- Panacea Financial and the American Student Dental Association (ASDA) today announced that they are partnering to provide ASDA dental student members with financial services including personal loans and checking and savings accounts designed for the needs of dental students. ASDA has 23,000 student members, located in the U.S. and Puerto Rico ...

Exhibit 99.1 | (Dollars in thousands except per share) | | Q1 2024 | | Q1 2023 | | --- | --- | --- | --- | --- | | Total Assets | $ | 3,916,737 | $ | 4,218,099 | | Loans HFI | | 3,221,428 | | 3,056,674 | | Allowance for Credit Losses | | (42,592) | | (35,803) | | Total Deposits | | 3,314,923 | | 3,667,997 | | Common Stockholders' Equity | | 399,608 | | 398,145 | | Book Value per Common Share | $ | 16.17 | $ | 16.13 | | Effect of Intangible Assets | | (3.85) | | (4.36) | | Tangible Book Value per Common Shar ...

Declares Quarterly Cash Dividend of $0.10 Per Share MCLEAN, Va., April 25, 2024 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), and its wholly-owned subsidiary, Primis Bank (the "Bank"), today reported preliminary results for the first quarter of 2024. As previously discussed in its Form 12b-25/A filed on April 1, 2024, Primis is currently pursuing a "pre-clearance" process with the Office of the Chief Accountant of the Securities and Exchange Commission ("SEC") regarding ...

MCLEAN, Va., April 18, 2024 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) (the "Company") today announced that it will release first quarter 2024 results after the market closes on Thursday, April 25, 2024. Following the release, the Company will host a conference call and audio webcast for analysts and investors at 10:00 a.m. Eastern Time on Friday, April 26, 2024. The webcast of the earnings call can be found at the following address: https://events.q4inc.com/attendee/796190683  To participate in ...

MCLEAN, Va., April 9, 2024 /PRNewswire/ -- On April 4, 2024, Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company") received a letter (the "Letter") from The NASDAQ Stock Market LLC ("NASDAQ") indicating that, as a result of not having timely filed its Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K") with the Securities and Exchange Commission (the "SEC"), the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1), which requires timely filing of al ...