Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company's man ...

Financial Performance - Primis Financial Corp. reported a net loss of $14.7 million or $0.59 loss per share for Q4 2024, compared to a net loss of $8.2 million or $0.33 loss per share in Q4 2023[2]. - For the full year 2024, the net loss available to common shareholders was $7.5 million or $0.31 per share, an improvement from a loss of $7.8 million or $0.32 per share in 2023[2]. - Net income attributable to Primis' common shareholders was a loss of $14,670 thousand in Q4 2024, compared to a profit of $1,228 thousand in Q3 2024[48]. - Earnings per common share (diluted) for Q4 2024 was $(0.59), compared to $0.05 in Q3 2024[43]. - Return on average assets for Q4 2024 was (1.53)%, a decline from 0.12% in Q3 2024, highlighting challenges in asset utilization[52]. - The operating return on average common equity for Q4 2024 was (16.64)%, compared to 2.15% in Q3 2024[43]. - Pre-tax pre-provision operating earnings decreased to $3,251 thousand in Q4 2024 from $9,531 thousand in Q3 2024, showing a downward trend in operational performance[52]. - The efficiency ratio for Q4 2024 was 94.59%, up from 82.98% in Q3 2024[43]. Income and Expenses - Noninterest income for Q4 2024 was $13.2 million, an increase from $9.3 million in Q3 2024, although it decreased to $8.4 million when excluding the net gain from the Life Premium Finance sale[20]. - Net interest income decreased by approximately $1.9 million, or 7%, to $26.1 million in Q4 2024 compared to Q3 2024, impacted by interest reversals on charged-off loans[17]. - Net interest income after provision for credit losses was $3,094 thousand in Q4 2024, down from $20,512 thousand in Q3 2024, a decrease of approximately 85.0%[47]. - Provision for credit losses increased significantly to $23,046 thousand in Q4 2024 from $7,511 thousand in Q3 2024, an increase of approximately 206.5%[47]. - The company reported a significant increase in employee compensation and benefits to $15,717 thousand in Q4 2024 from $16,764 thousand in Q3 2024, a decrease of approximately 6.3%[48]. Loans and Deposits - The Bank's loan pipeline at the end of 2024 was approximately $119 million, with 88% representing new customers, compared to $51 million and 21% at the end of 2023[7]. - Total deposits decreased to $3.17 billion at December 31, 2024, from $3.31 billion at September 30, 2024, while noninterest bearing demand deposits rose 4.2% to $439 million[27]. - Total loans receivable, net of deferred fees decreased to $2,907,914 thousand in Q4 2024 from $2,973,723 thousand in Q3 2024, representing a decline of 2.2%[49]. - Loans held for investment decreased to $2.91 billion at December 31, 2024, from $2.97 billion at September 30, 2024, reflecting a 2.2% unannualized increase when including reclassified loans[23]. - Total real estate loans stood at $2,001,550 thousand in Q4 2024, a slight decrease from $2,022,590 thousand in Q3 2024, showing a decline of 1.6%[49]. - Consumer loans decreased to $284,955 thousand in Q4 2024 from $409,754 thousand in Q3 2024, a significant drop of 30.4%[49]. - Commercial loans increased to $614,162 thousand in Q4 2024, up from $533,998 thousand in Q3 2024, representing a growth of 15.0%[49]. Asset Quality - Nonperforming assets were 0.29% of total assets, or $10.8 million, at December 31, 2024, compared to 0.25% or $10.2 million at September 30, 2024[24]. - Net charge-offs increased to $31.0 million in Q4 2024 from $8.0 million in Q3 2024, with Consumer Program net charge-offs at $30.5 million[26]. - The allowance for credit losses to total loans was 1.49% in Q4 2024, down from 1.72% in Q3 2024[43]. - Non-performing assets increased to $16,740 thousand in Q4 2024, up from $16,138 thousand in Q3 2024, indicating a rise of 3.7%[49]. - The allowance for credit losses at the end of Q4 2024 was $(43,227) thousand, a decrease from $(51,132) thousand in Q3 2024, reflecting an improvement in asset quality[49]. Capital and Equity - The common equity tier 1 capital ratio for Q4 2024 was 8.64%, an increase from 8.23% in Q3 2024[43]. - The total risk-based capital ratio improved to 12.35% in Q4 2024 from 11.68% in Q3 2024[43]. - Total Primis common stockholders' equity decreased to $360,462 thousand in Q4 2024 from $381,022 thousand in Q3 2024, indicating a reduction in shareholder equity[52]. - Book value per common share decreased to $14.58 in Q4 2024 from $15.41 in Q3 2024, reflecting a decline in the company's net asset value[52]. - Primis common stockholders' equity increased to $382,466 in Q4 2024 from $377,314 in Q3 2024, a rise of 1.5%[50]. Dividends - The Board of Directors declared a dividend of $0.10 per share, marking the fifty-third consecutive quarterly dividend[32]. - Cash dividend per common share remained stable at $0.10 for the last four quarters[43].

Core Financial Performance - Primis Financial Corp reported a net loss of $14.7 million or $0.59 loss per share for Q4 2024, compared to a net loss of $8.2 million or $0.33 loss per share in Q4 2023 [1] - For the full year 2024, the net loss available to common shareholders was $7.5 million or $0.31 per share, slightly improved from a loss of $7.8 million or $0.32 per share in 2023 [1] - The company's net interest income decreased by approximately $1.9 million, or 7%, to $26.1 million in Q4 2024 compared to Q3 2024 [16] Strategic Initiatives - The company has repositioned its business focus towards more profitable lines, including mortgage warehouse lending and a new partnership with a national builder [2][7] - Primis sold its Life Premium Finance business and moved a significant portion of its consumer loan portfolio to held for sale, which is expected to enhance shareholder value [2][14] - The mortgage warehouse lending division is anticipated to add up to 15 basis points of additional return on assets once it reaches scale in 2025 [2] Core Community Bank Operations - The core community bank has 24 branches in Virginia and Maryland, with customer deposits totaling $2.2 billion at the end of 2024 [4] - The cost of deposits was 1.87%, which is lower than many larger regional competitors [4] - The bank's loan pipeline ended 2024 at approximately $119 million, with 88% representing new customers, a significant increase from $51 million and 21% in 2023 [5] Mortgage Operations - Primis Mortgage generated approximately $2.6 million in pre-tax earnings in 2024, with production reaching approximately $800 million, up from $600 million in 2023 [6] - The company anticipates production of $1.25 billion in 2025, driven by operational improvements and new partnerships [6][9] Digital Banking and Technology - The bank's digital platform has grown to 18,000 customers with nearly $1 billion in deposits since its launch in November 2022 [10] - The proprietary V1BE service supports approximately $200 million in checking accounts and has driven growth in new relationships [4][29] Panacea Financial Growth - Panacea Financial's loans outstanding increased by 11% to $434 million by the end of 2024, with a goal of reaching 10,000 customers by the end of 2025 [11] - The company owns approximately 19% of Panacea Financial Holdings, valued at nearly $20 million at the time of the capital raise [11] Consumer Loan Program Changes - The company decided to cease originating new loans under the Consumer Program effective January 31, 2025, and moved a large portion of the portfolio to loans held for sale [14] - The outstanding balances in the Consumer Program were $173 million as of December 31, 2024, down from $180 million in September 2024 [13][14] Shareholder Returns - The Board of Directors declared a quarterly cash dividend of $0.10 per share, marking the company's fifty-third consecutive quarterly dividend [33]

MCLEAN, Va., Jan. 15, 2025 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) (the "Company") today announced that it will release fourth quarter 2024 results after the market closes on Tuesday, January 28, 2025. 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 Wednesday, January 29, 2025.The webcast of the earnings call can be found at the following address: https://events.q4inc.com/attendee/384098079To participate ...

Core Viewpoint - Primis Financial Corp. has announced a stock repurchase program for up to 740,600 shares of its common stock, which will run from December 19, 2024, to December 19, 2025, unless terminated or extended by the Board [1] Group 1: Stock Repurchase Program - The stock repurchase program allows the company to buy back shares through open market purchases or privately negotiated transactions, adhering to legal requirements [2] - The timing and extent of repurchases will depend on various factors, including stock performance, market conditions, regulatory requirements, and availability of funds [2] - The company is not obligated to repurchase any specific number of shares under this program [2] Group 2: Compliance and Financial Status - Primis Financial Corp. has received a Compliance Decision from the Nasdaq Hearings Panel, confirming its compliance with Listing Rule 5250(c)(1) as of December 11, 2024 [3] - As of September 30, 2024, the company reported total assets of $4.0 billion, total loans of $2.9 billion, and total deposits of $3.3 billion [4] - Primis Bank operates 24 full-service branches in Virginia and Maryland, offering financial services to individuals and small- to medium-sized businesses [4]

Financial Performance - The company reported a net income of $83,854 million for the period, compared to $84,143 million in the previous period, indicating a decrease of 0.3%[9]. - The net income attributable to Primis' common stockholders for Q3 2024 was $1,228, compared to a net loss of $6,029 in Q3 2023[13]. - Comprehensive income for Q3 2024 was $7,234, a significant improvement from a loss of $10,419 in Q3 2023[13]. - Net income for the nine months ended September 30, 2024, was $1,490,000, compared to $339,000 for the same period in 2023, representing a significant increase[19]. - Basic EPS for the nine months ended September 30, 2024 was $0.29, compared to $0.01 for the same period in 2023[162]. - The net income for Primis for the three months ended September 30, 2024, was $1,652,000, compared to a net loss of $2,509,000 in the same period of 2023, marking a turnaround in profitability[168]. Assets and Liabilities - Total assets increased to $4,024,347 million as of September 30, 2024, compared to $3,856,546 million at December 31, 2023, reflecting a growth of approximately 4.4%[9]. - Total liabilities increased to $3,627,284 million from $3,458,953 million, reflecting a growth of 4.9%[9]. - Total deposits increased to $3,306,431 million, up from $3,270,155 million, representing a growth of 1.1%[9]. - Total cash and cash equivalents at the end of the period were $77,274,000, down from $93,865,000 at the end of September 30, 2023[19]. - The company had operating lease liabilities totaling $11.7 million as of September 30, 2024, consistent with the amount reported as of December 31, 2023[131]. Loans and Credit Quality - Total loans held for investment as of September 30, 2024, were $3.0 billion, a decrease of 7.6% from December 31, 2023[182]. - The total past due loans as of September 30, 2024, were $53,186 thousand, with $4,021 thousand classified as 90 days or more past due[62]. - Nonaccrual loans totaled $14,424 thousand as of September 30, 2024, compared to $9,095 thousand on December 31, 2023, indicating a rise in nonperforming assets[66]. - The allowance for credit losses is a critical accounting policy due to the estimation and judgment involved in determining expected losses in the loan portfolio[56]. - The total allowance for credit losses on loans as of September 30, 2024, is $51.132 million, an increase from $40.378 million as of December 31, 2023[106]. Income and Expenses - Total interest and dividend income for Q3 2024 was $57,112, an increase of 19.5% from $48,027 in Q3 2023[13]. - Net interest income after provision for credit losses decreased to $20,512 in Q3 2024 from $22,714 in Q3 2023, reflecting a decline of 9.7%[13]. - Total noninterest expenses decreased to $30,955 in Q3 2024 from $36,948 in Q3 2023, a reduction of 16.2%[13]. - The company reported a provision for credit losses of $7,511 for the nine months ended September 30, 2024, compared to $11,231 for the same period in 2023[13]. Investment Securities - Securities available-for-sale increased to $242,543 million from $228,420 million, representing a growth of 6.2%[9]. - The total amortized cost of available-for-sale investment securities was $264.15 million, with a fair value of $242.54 million, reflecting unrealized losses of $22.42 million[45]. - The fair value of residential government-sponsored mortgage-backed securities was $92.28 million as of September 30, 2024, down from $96.81 million as of December 31, 2023[45]. - The company did not record any allowance for credit losses on held-to-maturity securities as of September 30, 2024, indicating a stable credit outlook[49]. Strategic Initiatives - The company aims to enhance its market expansion strategies and product development initiatives in the upcoming quarters[93]. - Primis is focusing on strategic growth initiatives, including the development of a new digital banking platform and cost-saving projects to enhance operational efficiency[170]. - The management emphasizes that results for the three and nine months ended September 30, 2024, are not indicative of future performance, highlighting the inherent uncertainties in forward-looking statements[170]. Risk Management - The company manages credit risk by selecting financially strong counterparties and spreading risk among multiple parties[122]. - The allowance for credit losses incorporates an estimate of lifetime expected credit losses based on historical loss information, including losses from modifications[80]. - The provisions for credit losses were influenced by economic conditions and the nature of lending, particularly for loans originated from Q3 2022 to Q1 2023[200].

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, 2024 Commission File No. 001-33037 PRIMIS FINANCIAL CORP. (Exact name of registrant as specified in its charter) Virginia 20-1417448 (State or other jurisdiction (I.R.S. Employer Identification No.) of incorporation or organization) 1676 International Drive, Suite 900 McLean, Virgi ...

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 March 31, 2024 Commission File No. 001-33037 PRIMIS FINANCIAL CORP. (Exact name of registrant as specified in its charter) Virginia 20-1417448 (State or other jurisdiction (I.R.S. Employer Identification No.) of incorporation or organization) 1676 International Drive, Suite 900 McLean, Virg ...

Primis Financial Corp. (NASDAQ:FRST) Q3 2024 Earnings Conference Call October 25, 2024 10:00 AM ET Company Participants Matthew Switzer - Chief Financial Officer Dennis Zember - President and Chief Executive Officer Conference Call Participants Nicholas Lorenzoni - Stephens Inc. Christopher Marinac - Janney Montgomery Scott Operator Thank you for standing by. My name is Ian, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primis Financial Corp. Third Quart ...

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 ...