MCLEAN, Va., Oct. 24, 2024 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company") today announced it received a notice from Nasdaq indicating that the temporary stay of delisting of the Company's common stock has been extended pending a hearing before the Nasdaq Hearings Panel (the "Panel") on December 3, 2024, and the issuance of a final Panel decision.Previously, the Company disclosed that, on October 3, 2024, it received a notice (the "Delisting Notice") from Nasdaq indicating ...

Financial Performance - Net income available to common shareholders for Q3 2024 was $1.2 million or $0.05 per diluted share, compared to a net loss of $6.0 million or $0.24 per diluted share in Q3 2023[1] - Year-to-date earnings for 2024 were $7.5 million or $0.30 per diluted share, compared to $0.3 million or $0.01 per diluted share in the same period in 2023[1] - Net income attributable to Primis' common shareholders for Q3 2024 was $1.2 million, compared to a loss of $6.0 million in Q3 2023[45] - Adjusted net income for Q3 2024 was $2.0 million, up from $5.3 million in Q3 2023[45] - Pre-tax pre-provision operating earnings for Q3 2024 were $9.5 million, compared to $8.2 million in Q3 2023[45] - Operating return on average assets for Q3 2024 was 0.20%, up from 0.54% in Q3 2023[45] - Operating return on average common equity for Q3 2024 was 2.11%, compared to 5.35% in Q3 2023[45] - Operating efficiency ratio improved to 80.35% in Q3 2024 from 75.17% in Q3 2023[45] - Basic operating earnings per common share were $0.08 in Q3 2024, down from $0.21 in Q3 2023[45] - Return on average assets improved to 0.12% in 3Q 2024, compared to (0.85)% in 4Q 2023 and (0.62)% in 3Q 2023[29] - Operating return on average common equity rose to 2.11% in 3Q 2024, up from (7.91)% in 4Q 2023 and 5.35% in 3Q 2023[29] Interest Income and Margin - Net interest income increased by $3.2 million or 13% to $28.0 million in Q3 2024 compared to Q2 2024, with a net interest margin of 2.97%[7] - Interest income increased by 9.4% to $57.1 million in Q3 2024 compared to $52.2 million in Q2 2024[8] - Net interest margin increased to 2.97% in 3Q 2024, compared to 2.72% in 2Q 2024 and 2.70% in 3Q 2023[29] - Net interest income rose to $28,023 thousand in 3Q 2024, up from $24,853 thousand in 2Q 2024[35] - Interest and dividend income grew to $57,112 thousand in 3Q 2024, up from $52,199 thousand in 2Q 2024[35] - Net interest income after provision for credit losses was $20,512 thousand in 3Q 2024, down from $21,734 thousand in 2Q 2024[35] - Net interest margin for loans held for sale was 6.44% in 3Q 2024, down from 7.25% in 2Q 2024 but up from 6.90% in 4Q 2023[43] - Net Interest Margin improved to 2.97% from 2.61%[44] - Net Interest Spread widened to 2.37% from 2.13%[44] Loans and Deposits - Loans held for investment decreased to $2.97 billion at September 30, 2024, compared to $3.30 billion at June 30, 2024, with the Panacea and Life Premium Finance divisions showing loan growth of 4.4% and 11.1%, respectively[13] - Total deposits slightly decreased to $3.31 billion in Q3 2024 from $3.34 billion in Q2 2024, with noninterest-bearing deposits at $421 million[17] - Panacea Financial Division grew outstanding loans to $392 million in Q3 2024, up $16.5 million from Q2 2024, with deposits at $90 million and a weighted average cost of 2.00%[19] - Gross loans to deposits ratio decreased to 89.68% in 3Q 2024, down from 98.95% in 2Q 2024 and 96.37% in 3Q 2023[29] - Net loans decreased to $2,913,988 thousand in 3Q 2024 from $3,248,988 thousand in 2Q 2024[33] - Total deposits slightly decreased to $3,306,431 thousand in 3Q 2024 from $3,335,463 thousand in 2Q 2024[34] - Loans held for sale increased significantly to $467.3 million in 3Q 2024, up from $94.6 million in 2Q 2024[38] - Total real estate loans remained stable at $2.02 billion in 3Q 2024, compared to $2.03 billion in 2Q 2024[38] - Commercial loans decreased to $526.8 million in 3Q 2024 from $619.4 million in 2Q 2024[38] - Loans increased to 6.31% from 5.32%[44] - NOW accounts increased to 2.46% from 1.88%[44] - Savings accounts grew to 4.10% from 3.78%[44] - CDs decreased to 4.09% from 3.01%[44] Noninterest Income and Expense - Noninterest income decreased to $9.3 million in Q3 2024 compared to $11.2 million in Q2 2024, with a $1.2 million reduction in income related to the Consumer Program[10] - Noninterest expense was $31.0 million in Q3 2024, with a core expense burden of $19.8 million, in line with the average for the last five quarters[11][12] - Mortgage banking income increased to $6.8 million in the latest quarter, up from $5.6 million in the previous quarter[36] - Noninterest income decreased to $9.3 million from $10.3 million in the prior quarter[36] Credit Quality and Provisions - Net charge-offs increased to $8.0 million in Q3 2024, up from $5.0 million in Q2 2024, with Consumer Program net charge-offs at $6.7 million and Core net charge-offs at $1.3 million (0.15% of average loans)[16] - Provision for credit losses increased to $7,511 thousand in 3Q 2024 from $3,119 thousand in 2Q 2024[35] - Allowance for credit losses ending balance was $(51.1) million in 3Q 2024, slightly improved from $(51.6) million in 2Q 2024[39] - Provision for credit losses was $(7.5) million in 3Q 2024, compared to $(3.1) million in 2Q 2024[39] - Reserve for unfunded commitments decreased to $(1.1) million in 3Q 2024 from $(1.0) million in 2Q 2024[40] - Non-performing assets increased to $16,138 in 3Q 2024, up from $13,186 in 2Q 2024 and $10,809 in 4Q 2023[41] - Net charge-offs as a percent of average loans (annualized) increased to 0.93% in 3Q 2024, up from 0.60% in 2Q 2024 and 0.53% in 4Q 2023[30] - SBA guaranteed portion of non-performing loans rose to $5,954 in 3Q 2024, up from $3,268 in 2Q 2024 and $3,115 in 4Q 2023[41] - Accruing loans delinquent 90 days or more decreased to 1,714 in 3Q 2024, down from 1,897 in 2Q 2024 and 1,714 in 4Q 2023[41] Capital and Equity - Book value per common share increased to $15.43 in Q3 2024, up $0.20 from Q2 2024, with tangible book value per share at $11.61[21] - Common shareholders' equity stood at $381 million (9.48% of total assets) in Q3 2024, with tangible common equity at $287 million (7.30% of tangible assets)[21] - After-tax unrealized losses on available-for-sale securities decreased by $6.0 million to $17.1 million in Q3 2024 due to lower market interest rates[21] - Total risk-based capital ratio increased to 12.66% in 3Q 2024, up from 12.45% in 2Q 2024 and 12.61% in 1Q 2024[29] - Common equity to assets ratio slightly decreased to 9.48% in 3Q 2024, compared to 9.49% in 2Q 2024 and 9.84% in 4Q 2023[30] - Tangible common equity to tangible assets ratio improved to 7.30% in 3Q 2024, up from 7.27% in 2Q 2024 and 7.53% in 4Q 2023[30] - Leverage ratio decreased to 8.06% in 3Q 2024, down from 8.25% in 2Q 2024 and 8.60% in 4Q 2023[30] - Tangible book value per common share increased to $11.61 in Q3 2024 from $11.42 in Q3 2023[45] - Total Primis common stockholders' equity grew to $381.4 million in Q3 2024 from $377.6 million in Q3 2023[45] - Tangible common equity increased to $286.9 million in Q3 2024 from $281.6 million in Q3 2023[45] - Common equity to assets ratio ranges from 9.48% to 9.84%[46] - Effect of goodwill and other intangible assets ranges from (2.18)% to (2.31)%[46] - Tangible common equity to tangible assets ratio ranges from 7.30% to 7.53%[46] Asset and Liability Management - As of September 30, 2024, Primis had $4.0 billion in total assets, $2.9 billion in total loans, and $3.3 billion in total deposits[22] - Total assets increased to $4,024,603 thousand in 3Q 2024, up from $3,966,364 thousand in 2Q 2024[33] - Total liabilities increased to $3,627,283 thousand in 3Q 2024 from $3,571,807 thousand in 2Q 2024[34] - Tangible common equity stood at $286,908 thousand in 3Q 2024, up from $281,625 thousand in 2Q 2024[34] - Federal Home Loan Bank advances surged to $165,000 thousand in 3Q 2024 from $80,000 thousand in 2Q 2024[34] - Total earning assets grew to $3,748,303 in 3Q 2024, compared to $3,669,045 in 2Q 2024 and $3,564,935 in 4Q 2023[42] - Total deposits reached $3,321,711 in 3Q 2024, slightly down from $3,324,688 in 2Q 2024 but up from $3,281,979 in 4Q 2023[43] - Loans held for sale increased to $98,110 in 3Q 2024, up from $84,389 in 2Q 2024 and $48,380 in 4Q 2023[42] - Total funding costs increased to $29,089 in 3Q 2024, up from $27,346 in 2Q 2024 and $24,437 in 4Q 2023[43] - Total liabilities and stockholders' equity reached $3,992,275 in 3Q 2024, up from $3,912,245 in 2Q 2024 and $3,827,912 in 4Q 2023[42] - Investments slightly decreased to 2.95% from 2.97%[44] - Total Earning Assets rose to 6.06% from 5.10%[44] - Cost of Interest-Bearing Deposits rose to 3.48% from 2.84%[44] - Total Cost of Funds increased to 3.25% from 2.61%[44] Dividends and Shareholder Returns - Primis Financial Corp. declared a dividend of $0.10 per share, marking its fifty-second consecutive quarterly dividend[21] Business Developments - The sale of the Life Premium Finance Division to EverBank is expected to result in a pre-tax gain of $4.5 million in Q4 2024[3] - EverBank will acquire approximately $370 million of loans from the Life Premium Finance Division, with Primis Bank providing interim servicing until the final closing on January 31, 2025[4] - Primis hired a seasoned mortgage warehouse lending team in early October 2024, with four key individuals joining and an additional four to five support staff expected in the coming months[5] - Primis Mortgage pre-tax income rose to $1.0 million in Q3 2024, with locked loan volumes averaging $56.1 million per month, up from $52.0 million in Q2 2024[20] - V1BE platform users grew by 5% in Q3 2024, reaching over 2,400 users, while digital accounts totaled 17,000 with $911 million in deposits and average balances of $53 thousand[17]

Announces Sale of Life Premium Finance DivisionAnnounces Expansion of Mortgage Warehouse Lending TeamDeclares Quarterly Cash Dividend of $0.10 Per ShareMCLEAN, Va., Oct. 24, 2024 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), and its wholly-owned subsidiary, Primis Bank (the "Bank"), today reported net income available to common shareholders of $1.2 million or $0.05 per diluted share for the quarter ended September 30, 2024, compared to a net loss available to common shar ...

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 ...