Primis Financial Corp.
For the period ended Oct 23, 2025. Filed Oct 23, 2025.
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Oct 23, 2025 · Filed Oct 23, 2025
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Contents
EX-99.1 · Average Balance Sheet
Average Balance Sheet
| For Three Months Ended: · For Nine Months Ended: | |||||||
|---|---|---|---|---|---|---|---|
| 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 3Q 2025 | 3Q 2024 | |
| Assets | |||||||
| Loans held for sale | $130,061 | $108,693 | $170,509 | $100,243 | $98,110 | $136,273 | $80,530 |
| Loans, net of deferred fees | 3,143,155 | 3,074,993 | 2,897,481 | 3,127,249 | 3,324,157 | 3,039,443 | 3,266,111 |
| Investment securities | 247,008 | 249,485 | 245,216 | 253,120 | 242,631 | 247,243 | 242,706 |
| Other earning assets | 101,278 | 98,369 | 86,479 | 96,697 | 83,405 | 95,430 | 78,076 |
| Total earning assets | 3,621,502 | 3,531,540 | 3,399,685 | 3,577,309 | 3,748,303 | 3,518,389 | 3,667,423 |
| Other assets | 232,636 | 272,910 | 241,912 | 237,704 | 243,715 | 245,786 | 244,886 |
| Total assets | $3,854,138 | $3,804,450 | $3,641,597 | $3,815,013 | $3,992,018 | $3,764,175 | $3,912,309 |
| Liabilities and equity | |||||||
| Demand deposits | $481,697 | $467,493 | $446,404 | $437,388 | $421,908 | $465,327 | $440,172 |
| Interest-bearing liabilities: | |||||||
| NOW and other demand accounts | 834,839 | 821,893 | 805,522 | 787,884 | 748,202 | 820,859 | 766,800 |
| Money market accounts | 756,361 | 759,107 | 788,067 | 819,803 | 859,988 | 767,729 | 832,531 |
| Savings accounts | 922,048 | 882,227 | 754,304 | 767,342 | 866,375 | 853,474 | 844,531 |
| Time deposits | 324,614 | 329,300 | 335,702 | 404,682 | 425,238 | 329,832 | 426,557 |
| Total Deposits | 3,319,559 | 3,260,020 | 3,129,999 | 3,217,099 | 3,321,711 | 3,237,221 | 3,310,591 |
| Borrowings | 117,697 | 117,701 | 116,955 | 160,886 | 238,994 | 117,454 | 172,942 |
| Total Funding | 3,437,256 | 3,377,721 | 3,246,954 | 3,377,985 | 3,560,705 | 3,354,675 | 3,483,533 |
| Other Liabilities | 36,720 | 36,649 | 38,280 | 39,566 | 36,527 | 37,211 | 35,344 |
| Total liabilites | 3,473,976 | 3,414,370 | 3,285,234 | 3,417,551 | 3,597,232 | 3,391,886 | 3,518,877 |
| Primis common stockholders' equity | 380,162 | 380,080 | 344,381 | 382,370 | 377,314 | 368,295 | 374,154 |
| Noncontrolling interest | — | — | 11,982 | 15,092 | 17,472 | 3,994 | 19,278 |
| Total stockholders' equity | 380,162 | 380,080 | 356,363 | 397,462 | 394,786 | 372,289 | 393,432 |
| Total liabilities and stockholders' equity | $3,854,138 | $3,794,450 | $3,641,597 | $3,815,013 | $3,992,018 | $3,764,175 | $3,912,309 |
| Net Interest Income | |||||||
| Loans held for sale | $2,085 | $1,754 | $2,564 | $1,553 | $1,589 | $4,895 | $4,017 |
| Loans | 46,772 | 42,963 | 42,400 | 46,831 | 52,707 | 133,643 | 147,564 |
| Investment securities | 1,894 | 1,928 | 1,906 | 1,894 | 1,799 | 5,728 | 5,319 |
| Other earning assets | 1,015 | 982 | 853 | 1,060 | 1,017 | 2,850 | 2,756 |
| Total Earning Assets Income | 51,766 | 47,627 | 47,723 | 51,338 | 57,112 | 147,116 | 159,656 |
| Non-interest bearing DDA | - | - | - | - | - | - | - |
| NOW and other interest-bearing demand accounts | 4,549 | 4,603 | 4,515 | 4,771 | 4,630 | 13,667 | 13,924 |
| Money market accounts | 5,229 | 5,271 | 5,420 | 6,190 | 7,432 | 15,920 | 20,732 |
| Savings accounts | 8,070 | 7,793 | 6,418 | 7,587 | 8,918 | 22,281 | 25,876 |
| Time deposits | 2,723 | 2,830 | 3,039 | 4,127 | 4,371 | 8,592 | 12,455 |
| Total Deposit Costs | 20,571 | 20,497 | 19,392 | 22,675 | 25,351 | 60,460 | 72,987 |
| Borrowings | 2,163 | 1,950 | 1,967 | 2,586 | 3,738 | 6,080 | 8,524 |
| Total Funding Costs | 22,734 | 22,447 | 21,359 | 25,261 | 29,089 | 66,540 | 81,511 |
| Net Interest Income | $29,032 | $25,180 | $26,364 | $26,077 | $28,023 | $80,576 | $78,145 |
| Net Interest Margin | |||||||
| Loans held for sale | 6.36% | 6.47% | 6.10% | 6.16% | 6.44% | 4.80% | 6.66% |
| Loans | 5.90% | 5.60% | 5.93% | 5.96% | 6.31% | 5.88% | 6.04% |
| Investments | 3.04% | 3.10% | 3.15% | 2.98% | 2.95% | 3.10% | 2.93% |
| Other Earning Assets | 3.98% | 4.00% | 4.00% | 4.36% | 4.85% | 3.99% | 4.72% |
| Total Earning Assets | 5.67% | 5.41% | 5.69% | 5.71% | 6.06% | 5.59% | 5.82% |
| NOW | 2.16% | 2.25% | 2.27% | 2.41% | 2.46% | 2.23% | 2.43% |
| MMDA | 2.74% | 2.79% | 2.79% | 3.00% | 3.44% | 2.77% | 3.33% |
| Savings | 3.47% | 3.54% | 3.45% | 3.93% | 4.10% | 3.49% | 4.09% |
| CDs | 3.33% | 3.45% | 3.67% | 4.06% | 4.09% | 3.48% | 3.90% |
| Cost of Interest Bearing Deposits | 2.88% | 2.94% | 2.93% | 3.25% | 3.48% | 2.92% | 3.40% |
| Cost of Deposits | 2.46% | 2.52% | 2.52% | 2.80% | 3.04% | 2.50% | 2.94% |
| Other Funding | 7.29% | 6.65% | 6.82% | 6.39% | 6.22% | 6.92% | 6.58% |
| Total Cost of Funds | 2.62% | 2.67% | 2.67% | 2.97% | 3.25% | 2.65% | 3.13% |
| Net Interest Margin | 3.18% | 2.86% | 3.15% | 2.90% | 2.97% | 3.06% | 2.85% |
| Net Interest Spread | 2.62% | 2.32% | 2.60% | 2.30% | 2.37% | 2.51% | 2.24% |
(Dollars in thousands, except per share data)
| For Three Months Ended: · For Nine Months Ended: | |||||||
|---|---|---|---|---|---|---|---|
| Reconciliation of Non-GAAP items: | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 3Q 2025 | 3Q 2024 |
| Net income (loss) attributable to Primis' common shareholders | $6,830 | $2,437 | $22,636 | $(23,335) | $1,228 | $31,903 | $7,130 |
| Non-GAAP adjustments to Net Income: | |||||||
| Branch Consolidation / Other restructuring | - | - | 144 | - | - | 144 | - |
| Professional fee expense related to accounting matters and LPF sale | - | 232 | 893 | 1,782 | 1,352 | 1,125 | 3,243 |
| Gains on Panacea Financial Holdings investment | - | (7,450) | (24,578) | - | - | (32,028) | - |
| Gains on sale of closed bank branch buildings | - | - | 107 | - | (352) | 107 | (476) |
| Gain on sale of Life Premium Finance portfolio, net of broker fees | - | - | - | (4,723) | - | - | - |
| Consumer program fraud losses | - | - | - | 1,904 | - | - | - |
| Income tax effect | - | 1,559 | 4,370 | 224 | (216) | 5,929 | (598) |
| Net income (loss) attributable to Primis' common shareholders adjusted for nonrecurring income and expenses | $6,830 | $(3,222) | $3,572 | $(24,148) | $2,012 | $7,180 | $9,299 |
| Net income (loss) attributable to Primis' common shareholders | $6,830 | $2,437 | $22,636 | $(23,335) | $1,228 | $31,903 | $7,130 |
| Income tax expense (benefit) | 1,907 | 528 | 5,553 | (5,917) | (304) | 7,988 | 1,679 |
| Provision (benefit) for credit losses (incl. unfunded commitment expense/benefit) | (68) | 8,321 | 1,609 | 33,477 | 7,607 | 9,862 | 16,686 |
| Pre-tax pre-provision earnings | $8,669 | $11,286 | $29,798 | $4,225 | $8,531 | $49,753 | $25,495 |
| Effect of adjustment for nonrecurring income and expenses | - | (7,218) | (23,434) | (1,037) | 1,000 | (30,652) | 2,767 |
| Pre-tax pre-provision operating earnings | $8,669 | $4,068 | $6,364 | $3,188 | $9,531 | $19,101 | $28,262 |
| Return on average assets | 0.70% | 0.26% | 2.52% | (2.43)% | 0.12% | 1.13% | 0.24% |
| Effect of adjustment for nonrecurring income and expenses | 0.00% | (0.60)% | (2.12)% | (0.08)% | 0.08% | (0.88)% | 0.07% |
| Operating return on average assets | 0.70% | (0.34)% | 0.40% | (2.51)% | 0.20% | 0.25% | 0.31% |
| Return on average assets | 0.70% | 0.26% | 2.52% | (2.43)% | 0.12% | 1.13% | 0.24% |
| Effect of tax expense | 0.20% | 0.06% | 0.62% | (0.62)% | (0.03)% | 0.28% | 0.06% |
| Effect of provision for credit losses (incl. unfunded commitment expense) | (0.01)% | 0.88% | 0.18% | 3.49% | 0.77% | 0.35% | 0.57% |
| Pre-tax pre-provision return on average assets | 0.89% | 1.20% | 3.32% | 0.44% | 0.86% | 1.76% | 0.87% |
| Effect of adjustment for nonrecurring income and expenses | 0.00% | (0.76)% | (2.61)% | (0.11)% | 0.10% | (1.09)% | 0.09% |
| Pre-tax pre-provision operating return on average assets | 0.89% | 0.44% | 0.71% | 0.33% | 0.96% | 0.67% | 0.96% |
| Return on average common equity | 7.13% | 2.57% | 26.66% | (24.28)% | 1.31% | 11.58% | 2.55% |
| Effect of adjustment for nonrecurring income and expenses | 0.00% | (5.97)% | (22.45)% | (0.85)% | 0.84% | (8.97)% | 0.77% |
| Operating return on average common equity | 7.13% | (3.40)% | 4.21% | (25.13)% | 2.15% | 2.61% | 3.32% |
| Effect of goodwill and other intangible assets | 2.32% | (1.11)% | 1.57% | (8.20)% | 0.71% | 0.89% | 1.13% |
| Operating return on average tangible common equity | 9.45% | (4.51)% | 5.78% | (33.33)% | 2.86% | 3.50% | 4.45% |
| Efficiency ratio | 78.81% | 73.92% | 55.39% | 96.36% | 82.98% | 67.71% | 81.30% |
| Effect of adjustment for nonrecurring income and expenses | 0.00% | 14.75% | 36.58% | 2.54% | (2.87)% | 18.32% | (2.55)% |
| Operating efficiency ratio | 78.81% | 88.67% | 91.97% | 98.90% | 80.11% | 86.03% | 78.75% |
| Earnings per common share - Basic | $0.28 | $0.10 | $0.92 | $(0.94) | $0.05 | $1.29 | $0.29 |
| Effect of adjustment for nonrecurring income and expenses | - | (0.23) | (0.78) | (0.04) | 0.03 | (1.00) | 0.09 |
| Operating earnings per common share - Basic | $0.28 | $(0.13) | $0.14 | $(0.98) | $0.08 | $0.29 | $0.38 |
| Earnings per common share - Diluted | $0.28 | $0.10 | $0.92 | $(0.94) | $0.05 | $1.29 | $0.29 |
| Effect of adjustment for nonrecurring income and expenses | - | (0.23) | (0.78) | (0.04) | 0.03 | (1.00) | 0.09 |
| Operating earnings per common share - Diluted | $0.28 | $(0.13) | $0.14 | $(0.98) | $0.08 | $0.29 | $0.38 |
| Book value per common share | $15.51 | $15.27 | $15.19 | $14.23 | $15.41 | $15.51 | $15.41 |
| Effect of goodwill and other intangible assets | (3.80) | (3.79) | (3.79) | (3.81) | (3.82) | (3.80) | (3.82) |
| Tangible book value per common share | $11.71 | $11.48 | $11.40 | $10.42 | $11.59 | $11.71 | $11.59 |
| Net charge-offs as a percent of average loans (annualized) | 0.14% | 0.80% | 1.47% | 3.83% | 0.93% | 0.79% | 0.52% |
| Impact of third-party consumer portfolio | (0.11)% | (0.65)% | (1.41)% | (3.78)% | (0.82)% | (0.71)% | (0.62)% |
| Core net charge-offs (recoveries) as a percent of average loans (annualized) | 0.03% | 0.15% | 0.06% | 0.05% | 0.11% | 0.08% | (0.10)% |
| Total Primis common stockholders' equity | $382,153 | $376,415 | $375,563 | $351,756 | $381,022 | $382,153 | $381,022 |
| Less goodwill and other intangible assets | (93,502) | (93,508) | (93,804) | (94,124) | (94,444) | (93,502) | (94,444) |
| Tangible common equity | $288,651 | $282,907 | $281,759 | $257,632 | $286,578 | $288,651 | $286,578 |
| Common equity to assets | 9.66% | 9.72% | 10.16% | 9.53% | 9.47% | 9.66% | 9.47% |
| Effect of goodwill and other intangible assets | (2.18)% | (2.23)% | (2.34)% | (2.37)% | (2.18)% | (2.18)% | (2.18)% |
| Tangible common equity to tangible assets | 7.48% | 7.49% | 7.82% | 7.16% | 7.29% | 7.48% | 7.29% |
| Net interest margin | 3.18% | 2.86% | 3.15% | 2.90% | 2.97% | 3.06% | 2.85% |
| Effect of adjustment for Consumer Portfolio | (0.03)% | 0.26% | (0.02)% | 0.01% | (0.17)% | 0.07% | (0.02)% |
| Core net interest margin | 3.15% | 3.12% | 3.13% | 2.91% | 2.80% | 3.13% | 2.83% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.