Primis Financial Corp

For the period ended Mar 31, 2024. Filed Oct 25, 2024.

About 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.

Mar 31, 2024 · Filed Oct 25, 2024

FRST$14.68+1.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share amounts)


· March 31, · December 31,
· · 2024 · · 2023
· · (unaudited) · ·
ASSETS · · · · ·
Cash and cash equivalents: · ·
Cash and due from financial institutions	$5,817	$1,863
Interest-bearing deposits in other financial institutions	82,900	75,690
Total cash and cash equivalents	88,717	77,553

Securities available-for-sale, at fair value (amortized cost of $260,415 and $255,891, respectively)	230,617	228,420

Securities held-to-maturity, at amortized cost (fair value of $10,052 and $10,839, respectively)	10,992	11,650

Loans held for sale, at fair value	72,217	57,691

Loans held for investment, collateralizing secured borrowings	21,406	20,505
Loans held for investment	3,206,259	3,198,909
Less: allowance for credit losses	(53,456)	(52,209)
Net loans	3,174,209	3,167,205

Stock in Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB)	14,225	14,246
Bank premises and equipment, net	20,412	20,611
Assets held for sale	6,359	6,735
Operating lease right-of-use assets	10,206	10,646
Cloud computing arrangement assets, net	9,953	10,699
Goodwill	93,459	93,459
Intangible assets, net	1,633	1,958
Bank-owned life insurance	67,685	67,588
Deferred tax assets, net	24,513	22,395
Consumer Program derivative asset	10,685	10,806
Other assets	54,097	54,884
Total assets	$3,889,979	$3,856,546

LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing demand deposits	$463,190	$472,941
Interest-bearing deposits:
NOW accounts	771,116	773,028
Money market accounts	834,514	794,530
Savings accounts	823,325	783,758
Time deposits	422,778	445,898
Total interest-bearing deposits	2,851,733	2,797,214
Total deposits	3,314,923	3,270,155

Securities sold under agreements to repurchase	3,038	3,044
Secured borrowings	21,298	20,393
FHLB advances	25,000	30,000
Junior subordinated debt	9,843	9,830
Senior subordinated notes	85,823	85,765
Operating lease liabilities	11,353	11,686
Other liabilities	24,102	28,080
Total liabilities	3,495,380	3,458,953

Commitments and contingencies (See Note 9)

Stockholders' equity:
Preferred stock, $0.01 par value. Authorized 5,000,000 shares; no shares issued and outstanding	—	—
Common stock, $0.01 par value. Authorized 45,000,000 shares; 24,696,672 and 24,693,172 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	247	247
Additional paid in capital	313,812	313,548
Retained earnings	84,133	84,143
Accumulated other comprehensive loss	(23,615)	(21,777)
Total Primis stockholders' equity	374,577	376,161
Noncontrolling interests	20,022	21,432
Total stockholders' equity	394,599	397,593
Total liabilities and stockholders' equity	$3,889,979	$3,856,546

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.