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 ...

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 ...