Primis Financial Corp.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| TABLE OF CONTENTS · PAGE | ||
|---|---|---|
| PART I - FINANCIAL INFORMATION | | |
| | | |
| Item 1 - Financial Statements | | 4 |
| | | |
| Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 | | 4 |
| Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 | | 5 |
| Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024 | | 6 |
| Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 | | 7 |
| Notes to Unaudited Condensed Consolidated Financial Statements | | 8 |
| | | |
| Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations | | 46 |
| | | |
| Item 3 – Quantitative and Qualitative Disclosures about Market Risk | | 77 |
| | | |
| Item 4 – Controls and Procedures | | 79 |
| | | |
| PART II - OTHER INFORMATION | | |
| | | |
| Item 1 – Legal Proceedings | | 80 |
| | | |
| Item 1A – Risk Factors | | 80 |
| | | |
| Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds | | 80 |
| | | |
| Item 3 – Defaults Upon Senior Securities | | 80 |
| | | |
| Item 4 – Mine Safety Disclosures | | 81 |
| | | |
| Item 5 – Other Information | | 81 |
| | | |
| Item 6 - Exhibits | | 82 |
| | | |
| Signatures | | 84 |
| | | |
GLOSSARY OF ACRONYMS AND DEFINED TERMS
In this Quarterly Report on Form 10-Q, except as otherwise indicated or the context suggests otherwise, references to the “Company” refers to Primis Financial Corp., and the terms “Primis”, “we”, “us” and “our” refer to the Company and its subsidiaries, including Primis Bank, which we refer to as “Primis Bank” or the “Bank.”
“PMC” refers to Primis Mortgage Company, a residential mortgage lender headquartered in Wilmington, North Carolina, a consolidated subsidiary of Primis Bank.
“PFH” refers to Panacea Financial Holdings, Inc., headquartered in Little Rock, Arkansas, which owns the rights to the Panacea Financial brand and its intellectual property and partners with the Bank to offer a suite of financial products and services for doctors, their practices, and the broader healthcare industry.
| | |
|---|---|
| | |
| ACL | Allowance for credit losses |
| AFS | Available-for-sale |
| ALCO | Asset-Liability Committee |
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
| Basel III | Basel Committee's 2010 Regulatory Capital Framework |
| CECL | Current expected credit losses |
| CEO | Chief Executive Officer |
| CFO | Chief Financial Officer |
| DEI | Diversity, equity and inclusion |
| Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act |
| EPS | Earnings per share |
| ESG | Environmental, social and governance |
| EVE | Economic value of equity |
| FASB | Financial Accounting Standards Board |
| FDIC | Federal Deposit Insurance Corporation |
| FHLB | Federal Home Loan Bank of Atlanta |
| FRB | Federal Reserve Bank |
| FOMC | Federal Open Market Committee |
| FVO | Fair value option |
| GAAP | U.S. generally accepted accounting principles |
| HTM | Held-to-maturity |
| IRLC | Interest rate lock commitments |
| LHFI | Loans held for investment |
| LHFS | Loans held for sale |
| NII | Net interest income |
| NASDAQ | National Association of Securities Dealers Automated Quotations |
| PCA | Prompt corrective action |
| PCD | Purchased credit deteriorated |
| PPP | Paycheck Protection Program |
| SEC | Securities and Exchange Commission |
| SOFR | Secured Overnight Financing Rate |
| VIE | Variable interest entity |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.