Primis Financial (FRST) closed the last trading session at $12.34, gaining 0.2% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $15.75 indicates a 27.6% upside potential.The mean estimate comprises three short-term price targets with a standard deviation of $0.66. While the lowest estimate of $15 indicates a 21.6% increase from the current price level, the most optimistic analyst e ...

Core Bank Avg. NIB $ 472,630 $ 471,813 $ 472,416 $ 555,771 $ 648,051 Core Bank Avg. IBD $2,008,386 $2,099,617 $2,155,212 $2,149,650 $2,027,211 Digital Platform Avg. IBD $ 800,963 $ 723,145 $1,052,603 $ 481,072 $ 14,691 • Hotel portfolio down to $195 million from almost $300 million in early 2020 • Occupancy, RevPAR, and ADR exceeding 2019 performance • Debt coverage over 1.50x NPAs / Loans (Ex. PPP) + OREO • Nonperforming assets and classified loans decreased by $11.9 million and $9.8 million, respectively, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 Commission File No. 001-33037 PRIMIS FINANCIAL CORP. (Exact name of registrant as specified in its charter) of incorporation or organization) Virginia 20-1417448 McLean, Virginia 22102 (Address of principal executive offices) (zip code) (703) 893-7400 (Registrant's teleph ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 Commission File No. 001-33037 PRIMIS FINANCIAL CORP. (Exact name of registrant as specified in its charter) McLean, Virginia 22102 (Address of principal executive offices) (zip code) (703) 893-7400 (Registrant's telephone number, including area code) Securities registered purs ...

Primis Financial Corp. (NASDAQ:FRST) Q2 2023 Earnings Conference Call July 28, 2023 10:00 AM ET Company Participants Matthew Switzer - CFO Dennis Zember - President & CEO Conference Call Participants Casey Whitman - Piper Sandler Russell Gunther - Stephens Christopher Marinac - Janney Montgomery Scott Operator Good morning. My name is David, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Primis Financial Corp. Second Quarter Earnings Call. Today's conference is ...

PART I - FINANCIAL INFORMATION [Item 1 - Financial Statements](index=4&type=section&id=Item%201%20-%20Financial%20Statements) The report presents unaudited condensed consolidated financial statements for the quarter ended March 31, 2023 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total Assets | $4,205,406 | $3,571,537 | | Net Loans | $3,008,005 | $2,914,292 | | Total Deposits | $3,667,997 | $2,722,378 | | Total Liabilities | $3,805,141 | $3,177,134 | | Total Stockholders' Equity | $400,265 | $394,403 | Condensed Consolidated Statements of Income Highlights (in thousands) | Account | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net Interest Income | $28,410 | $22,854 | | Provision for Credit Losses | $5,187 | $99 | | Total Noninterest Income | $11,532 | $2,090 | | Total Noninterest Expenses | $27,397 | $18,987 | | Net Income | $5,775 | $4,593 | | Earnings Per Share, Diluted | $0.23 | $0.19 | [Notes to Condensed Unaudited Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Unaudited%20Consolidated%20Financial%20Statements) These notes detail accounting policies, segment data, and key financial statement item breakdowns - The company operates through two reportable segments: **Primis Bank** (traditional banking) and **Primis Mortgage** (mortgage origination)[18](index=18&type=chunk)[23](index=23&type=chunk)[105](index=105&type=chunk) - The company adopted ASU 2022-02 in Q1 2023, eliminating troubled debt restructuring (TDR) accounting guidance, with **no material impact**[26](index=26&type=chunk) [Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%202%20-%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q1 2023 financial performance and condition compared to prior periods - **Net income increased by 26% year-over-year** to $5.8 million in Q1 2023, driven by higher interest income and new mortgage banking income[120](index=120&type=chunk) - A **$5.2 million provision for credit losses** was recorded, with $4.8 million related to a specific loan portfolio being fully offset by a corresponding gain in noninterest income[128](index=128&type=chunk)[129](index=129&type=chunk) Q1 2023 Financial Highlights | Metric | Q1 2023 | Change vs. Q4 2022 | | :--- | :--- | :--- | | Total Assets | $4.21 billion | +18% | | Total Deposits | $3.67 billion | +35% | | Net Interest Margin | 3.15% | N/A (vs. 2.96% in Q1 2022) | | Gross Loans to Deposits | 83% | from 108% | | Allowance for Credit Losses to Total Loans | 1.17% | Unchanged | [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Net income grew 26% year-over-year, driven by higher interest and noninterest income - **Noninterest income surged 452%** to $11.5 million, mainly from $4.9 million in credit enhancement income and $4.3 million from the mortgage banking business[131](index=131&type=chunk) - **Noninterest expenses increased by 44%** to $27.4 million, primarily driven by a $5.4 million increase in salaries and benefits from higher headcount[133](index=133&type=chunk) Net Interest Income and Margin Comparison | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net Interest Income | $28.4 million | $22.9 million | | Net Interest Margin | 3.15% | 2.96% | | Yield on Avg. Earning Assets | 5.24% | 3.44% | | Cost of Avg. Interest-Bearing Deposits | 2.32% | 0.44% | [Financial Condition](index=52&type=section&id=Financial%20Condition) Total assets grew 18% to $4.21 billion, fueled by a 35% surge in deposits from a new digital platform - **Total deposits increased by $950 million (35%)** from year-end 2022, primarily due to substantial growth in the Bank's new digital deposit platform[155](index=155&type=chunk) - Uninsured and uncollateralized deposits were approximately **26% of total deposits**, with available liquidity sources representing approximately **180% of these uninsured deposits**[157](index=157&type=chunk)[167](index=167&type=chunk) Nonperforming Assets (in thousands) | Category | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Nonaccrual loans | $33,397 | $35,484 | | Loans past due 90+ days and accruing | $1,625 | $3,361 | | **Total nonperforming assets** | **$35,022** | **$38,845** | [Liquidity and Capital Resources](index=59&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position and exceeded all regulatory capital requirements - The company has multiple liquidity sources, including **$541.6 million in FHLB borrowing capacity** and **$165.0 million from the BTFP**, with no outstanding borrowings[163](index=163&type=chunk)[164](index=164&type=chunk) Primis Financial Corp. Capital Ratios | Ratio | March 31, 2023 | Minimum Requirement | | :--- | :--- | :--- | | Common equity tier 1 | 10.04% | 4.50% | | Tier 1 risk-based capital | 10.36% | 6.00% | | Total risk-based capital | 14.20% | 8.00% | | Leverage ratio | 8.59% | 4.00% | [Item 3 – Quantitative and Qualitative Disclosures about Market Risk](index=63&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, managed via simulation modeling Sensitivity of Economic Value of Equity (EVE) at March 31, 2023 | Rate Shock (Basis Points) | % Change From Base | | :--- | :--- | | +400 | (7.12)% | | +200 | (4.05)% | | +100 | (0.13)% | | Base | 0.00% | | -100 | (4.19)% | | -200 | (13.29)% | [Item 4 – Controls and Procedures](index=67&type=section&id=Item%204%20%E2%80%93%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023 - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** as of the end of the reporting period[187](index=187&type=chunk) - The company is in the process of integrating the recently acquired **Primis Mortgage** into its internal control over financial reporting framework[189](index=189&type=chunk) PART II - OTHER INFORMATION [Item 1 – Legal Proceedings](index=67&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) Ordinary course legal matters are not expected to have a material adverse effect on the company - As of March 31, 2023, there are **no pending or threatened legal proceedings** that represent a significant risk to the company[190](index=190&type=chunk) [Item 1A – Risk Factors](index=69&type=section&id=Item%201A%20%E2%80%93%20Risk%20Factors) A new risk factor addresses potential impacts from recent negative developments in the banking industry - A new risk factor was added regarding **recent bank failures and market volatility**, which could negatively impact customer confidence and increase funding costs[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk) [Item 6 - Exhibits](index=70&type=section&id=Item%206%20-%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including required certifications

Primis Financial Corp. (NASDAQ:FRST) Q1 2023 Earnings Conference Call April 28, 2023 10:00 AM ET Company Participants Matthew Switzer - Chief Financial Officer Dennis Zember - President and CEO Conference Call Participants Casey Whitman - Piper Sandler Russell Gunther - Stephens Christopher Marinac - Janney Montgomery Scott Operator Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primis Financial Corp. First Quarter Earnings ...

Equity to assets 9.52% 11.04% 11.67% 12.32% 12.55% 9.52% 12.55% Effect of goodwill and other intangible assets (2.37%) (2.77%) (2.94%) (3.04%) (2.98%) (2.37%) (2.98%) Tangible common equity to tangible assets 7.14% 8.27% 8.73% 9.27% 9.57% 7.14% 9.57% NASDAQ: FRST This Presentation and certain of our other filings with the Securities and Exchange Commission contain statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities A ...

Part I [Business Overview](index=7&type=section&id=Item%201.%20Business) Primis Financial Corp. operates Primis Bank, a **$3.57 billion asset** bank with 32 branches in Virginia and Maryland, specializing in commercial and consumer lending, digital banking, and strategic acquisitions - The company's strategy is a seven-pronged approach focused on competitive products, robust business services, differentiable lines of business, pioneering electronic banking, a relationship-oriented approach, employee development, and community support[27](index=27&type=chunk)[28](index=28&type=chunk) - Primis has expanded its services through specialized divisions, including Panacea Financial for healthcare professionals, a Life Premium Financing division for high net worth individuals, and Primis Mortgage Company for residential mortgages[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) - The company launched a new digital banking platform in 2022 and the V1BE service, a bank delivery app for on-demand branch services, enabling growth without a large branch presence[54](index=54&type=chunk)[55](index=55&type=chunk) - As of December 31, 2022, the company had **565 employees**, with approximately **66% being female** and **21% minorities**[64](index=64&type=chunk) Company Snapshot as of December 31, 2022 | Metric | Value | | :--- | :--- | | Total Assets | $3.57 billion | | Total Loans | $2.95 billion | | Total Deposits | $2.72 billion | | Total Stockholders' Equity | $394.4 million | | Full-Service Branches | 32 (30 in VA, 2 in MD) | [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) The company faces material risks including significant credit concentration in real estate loans, market sensitivity to economic conditions and interest rates, operational challenges from growth and cybersecurity, and liquidity and capital adequacy concerns - A significant portion of the loan portfolio is concentrated in real estate, with commercial real estate loans at **$1.19 billion (40.3%)** and total real estate lending at **$2.01 billion (68.2%)** as of December 31, 2022, making the company vulnerable to declines in real estate values[144](index=144&type=chunk)[145](index=145&type=chunk) - Nonperforming assets increased by **135.8% to $38.8 million (1.32% of total loans and OREO)** at year-end 2022 from **$16.5 million** at year-end 2021, which could adversely affect net income[149](index=149&type=chunk) - The company faces significant operational risks from its reliance on third-party vendors for key business infrastructure, potential failures in integrating acquisitions, and the threat of cyber-attacks, which has increased with the expansion of remote work and digital banking channels[193](index=193&type=chunk)[196](index=196&type=chunk)[200](index=200&type=chunk) - Liquidity risks are heightened by recent events in the financial services industry, such as the failures of Silicon Valley Bank and Signature Bank, which could impact customer confidence and deposit stability[210](index=210&type=chunk)[212](index=212&type=chunk) [Unresolved Staff Comments](index=63&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission for the year ended December 31, 2022 - Primis Financial Corp. has no unresolved staff comments from the SEC as of the year ended December 31, 2022[236](index=236&type=chunk) [Properties](index=63&type=section&id=Item%202.%20Properties) The company operates 32 full-service branches and administrative offices across Virginia and Maryland, owning 32 properties and leasing 17, all in good operating condition - The company owns **32 properties** and leases **17 properties**, which include its 32 full-service branches in Virginia and Maryland, administrative offices, and operational units[237](index=237&type=chunk) [Legal Proceedings](index=63&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine legal proceedings, with management assessing no material adverse effect on financial condition or operations, and no significant pending matters as of December 31, 2022 - Management does not believe that any ongoing legal proceedings will have a material adverse effect on the company's financial condition or results of operations[239](index=239&type=chunk) [Mine Safety Disclosures](index=63&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Mine safety disclosures are not applicable to Primis Financial Corp[240](index=240&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=64&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock, traded as "FRST" on Nasdaq, had **24,685,458 shares outstanding** as of March 6, 2023, with consistent quarterly dividends subject to regulatory limits, and underperformed benchmark indices over the past five years - Primis' common stock is traded on the Nasdaq Global Market under the symbol "FRST". As of March 6, 2023, there were **24,685,458 shares outstanding**[243](index=243&type=chunk) - The company has declared a cash dividend on its common stock every quarter from February 2012 through 2022. Dividend payments are subject to FRB policy and the Bank's ability to distribute funds to the holding company[247](index=247&type=chunk) 5-Year Cumulative Total Shareholder Return Comparison | Year | Primis Financial Corp. | Russell 2000 Index | NASDAQ Bank Index | | :--- | :--- | :--- | :--- | | 2017 | $100.00 | $100.00 | $100.00 | | 2018 | $84.09 | $88.99 | $83.60 | | 2019 | $106.48 | $111.70 | $137.18 | | 2020 | $81.85 | $134.00 | $87.20 | | 2021 | $104.47 | $153.85 | $137.31 | | 2022 | $84.77 | $122.41 | $115.65 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=67&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income decreased to **$17.7 million** in 2022 due to higher expenses and a **$11.3 million** provision for credit losses, despite **4.8% asset growth** to **$3.57 billion** and improved net interest margin, while asset quality saw an increase in nonperforming assets - The decrease in net income was primarily driven by higher noninterest expenses, particularly a **$12.3 million increase in employee compensation**, and a significant swing in the provision for credit losses due to robust loan growth[269](index=269&type=chunk)[284](index=284&type=chunk) - Total loans, excluding PPP balances, grew by **$681.6 million**, or **30.1%**, from December 31, 2021[267](index=267&type=chunk) - Nonperforming assets increased to **$38.8 million** at year-end 2022 from **$16.5 million** in 2021, largely due to the downgrade of one relationship involving multiple assisted living facilities, which resulted in a **$5.0 million provision** in Q4 2022[299](index=299&type=chunk)[301](index=301&type=chunk) - Stockholders' equity decreased by **$27.0 million** during 2022, primarily due to unrealized mark-to-market losses on the available-for-sale securities portfolio caused by rising interest rates[288](index=288&type=chunk) Financial Highlights (2022 vs. 2021) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Net Income | $17.7 million | $31.2 million | | Diluted EPS | $0.72 | $1.27 | | Total Assets | $3.57 billion | $3.40 billion | | Total Loans (ex-PPP) | $2.94 billion | $2.26 billion | | Total Deposits | $2.72 billion | $2.76 billion | | Net Interest Margin | 3.39% | 3.01% | | Provision for (Recovery of) Credit Losses | $11.3 million | ($5.8 million) | | ROAA (continuing operations) | 0.53% | 0.93% | [Quantitative and Qualitative Disclosures about Market Risk](index=104&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section incorporates market risk disclosures from Item 7, focusing on interest rate sensitivity analysis and its impact on Economic Value of Equity and Net Interest Income - Information regarding quantitative and qualitative disclosures about market risk is incorporated by reference from Item 7 of the Annual Report[370](index=370&type=chunk) [Financial Statements and Supplementary Data](index=104&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents consolidated financial statements and FORVIS, LLP's unqualified audit opinion, highlighting Critical Audit Matters related to the Allowance for Credit Losses and Goodwill Impairment Assessment due to significant management judgment - The independent auditor, FORVIS, LLP, issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting as of December 31, 2022[373](index=373&type=chunk)[375](index=375&type=chunk)[389](index=389&type=chunk) - The auditor identified two Critical Audit Matters: the Allowance for Credit Losses (ACL) and the Goodwill Impairment Assessment. The audit of these areas was considered challenging due to the high degree of subjectivity and judgment required by management in determining forecasts and qualitative factors[380](index=380&type=chunk)[381](index=381&type=chunk)[384](index=384&type=chunk)[385](index=385&type=chunk) - On May 31, 2022, Primis Bank acquired 100% of SeaTrust Mortgage Company (now Primis Mortgage Company) for an aggregate purchase price of **$7.0 million** in cash, resulting in **$2.7 million of goodwill**[418](index=418&type=chunk)[496](index=496&type=chunk)[498](index=498&type=chunk) - The company adopted the CECL methodology for its allowance for credit losses, which stood at **$34.5 million** for loans as of December 31, 2022, up from **$29.1 million** in 2021[450](index=450&type=chunk)[542](index=542&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=189&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no disagreements with its accountants regarding accounting principles, financial disclosure, or auditing scope - There were no changes in or disagreements with accountants on accounting and financial disclosure[640](index=640&type=chunk) [Controls and Procedures](index=189&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2022, with the recently acquired Primis Mortgage Company excluded from the internal control assessment scope during its ongoing integration - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[641](index=641&type=chunk)[643](index=643&type=chunk) - Management's assessment of internal control over financial reporting as of December 31, 2022, excluded the recently acquired Primis Mortgage Company, which represented **1% of consolidated total assets**[645](index=645&type=chunk) - The company is in the process of integrating Primis Mortgage into its internal control over financial reporting process[647](index=647&type=chunk) [Other Information](index=191&type=section&id=Item%209B.%20Other%20Information) No other information is reported under this item - No information was reported under Item 9B[648](index=648&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=191&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2023 definitive Proxy Statement - The required information for this item is incorporated by reference from the registrant's 2023 definitive proxy statement[650](index=650&type=chunk) [Executive Compensation](index=191&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive and director compensation is incorporated by reference from the 2023 definitive Proxy Statement - The required information for this item is incorporated by reference from the registrant's 2023 definitive proxy statement[651](index=651&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=193&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Shareholder%20Matters) Information on security ownership and equity compensation plans is incorporated by reference from the 2023 definitive Proxy Statement and Part II, Item 5 of this report - The required information for this item is incorporated by reference from the registrant's 2023 definitive proxy statement and Part II, Item 5 of this report[653](index=653&type=chunk)[654](index=654&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=193&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information on certain relationships, related party transactions, and director independence is incorporated by reference from the 2023 definitive Proxy Statement - The required information for this item is incorporated by reference from the registrant's 2023 definitive proxy statement[655](index=655&type=chunk) [Principal Accounting Fees and Services](index=193&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services provided by FORVIS, LLP is incorporated by reference from the 2023 definitive Proxy Statement - The required information for this item is incorporated by reference from the registrant's 2023 definitive proxy statement[656](index=656&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=194&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements and exhibits filed with the Annual Report on Form 10-K, noting the omission of schedules and the inclusion of corporate governance documents and certifications - This item lists the consolidated financial statements filed in Part II, Item 8, and notes that all financial statement schedules have been omitted[659](index=659&type=chunk)[660](index=660&type=chunk) - A comprehensive list of exhibits is provided, including corporate governance documents, material contracts, and required certifications[661](index=661&type=chunk)[663](index=663&type=chunk)[666](index=666&type=chunk) [Form 10-K Summary](index=200&type=section&id=Item%2016.%20Form%2010-K%20Summary) No Form 10-K summary is provided under this item - No summary is provided under this item[670](index=670&type=chunk)

Life Insurance Premium Finance Update $791.8 Million Projected Balance at Maturity 29 Placement Ratio Facilitators 47 Fourth Quarter Highlights • Loans held for investment grew at a rate of 26.0% for 2022 or 30.1%, net of a decline in Paycheck Protection Program ("PPP") loan balances. Loans held for investment grew at an annualized rate of 31.5% in the fourth quarter compared to the linked-quarter, net of a decline in PPP balances. • Allowance for credit losses to total loans was 1.17% at December 31, 2022, ...