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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-33037 PRIMIS FINANCIAL CORP. (Exact name of registrant as specified in its charter) Virginia (State or other jurisdiction of ...

MCLEAN, Va., Oct. 8, 2024 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) (the "Company") today announced that it will release third quarter 2024 results after the market closes on Thursday, October 24, 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, October 25, 2024. The webcast of the earnings call can be found at the following address: https://events.q4inc.com/attendee/853860984 To participate in ...

MCLEAN, Va., Aug. 12, 2024 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), and its wholly-owned subsidiary, Primis Bank (the "Bank"), today provided an update on its consultation process with the Office of the Chief Accountant of the Securities and Exchange Commission ("SEC") regarding the accounting for a consumer loan portfolio originated and serviced through a third-party (the "Program"). On August 9th, the SEC provided its non-objection to the Company's accounting conc ...

Primis Financial Corp. (NASDAQ:FRST) Q2 2024 Earnings Conference Call July 26, 2024 10:00 AM ET Company Participants Dennis Zember - President and Chief Executive Officer Matthew Switzer - Chief Financial Officer Conference Call Participants Christopher Marinac - Janney Montgomery Scott Russell Gunther - Stephens Operator Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primis Financial Corp. Second Quarter Earni ...

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 ...

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 preliminary estimated financial results. The Company's actual resu ...

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 ...