Primis Financial Corp

For the period ended Sep 30, 2024. Filed Dec 11, 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.

Sep 30, 2024 · Filed Dec 11, 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)


· September 30, · December 31,
· · 2024 · · 2023
· · (unaudited) · ·
ASSETS · · · · ·
Cash and cash equivalents: · ·
Cash and due from financial institutions	$10,854	$1,863
Interest-bearing deposits in other financial institutions	66,420	75,690
Total cash and cash equivalents	77,274	77,553

Securities available-for-sale, at fair value (amortized cost of $264,151 and $255,891, respectively)	242,543	228,420

Securities held-to-maturity, at amortized cost (fair value of $9,162 and $10,839, respectively)	9,766	11,650

Loans held for sale, at fair value	96,897	57,691
Loans held for sale, at lower of cost or market	361,825	—
Total loans held for sale	458,722	57,691

Loans held for investment, collateralizing secured borrowings	17,591	20,505
Loans held for investment	2,956,132	3,198,909
Less: allowance for credit losses	(51,132)	(52,209)
Net loans	2,922,591	3,167,205

Stock in Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB)	20,875	14,246
Bank premises and equipment, net	19,668	20,611
Assets held for sale	9,864	6,735
Operating lease right-of-use assets	10,465	10,646
Cloud computing arrangement assets, net	8,460	10,699
Goodwill	93,459	93,459
Intangible assets, net	985	1,958
Bank-owned life insurance	66,750	67,588
Deferred tax assets, net	25,582	22,395
Consumer Program derivative asset	7,146	10,806
Other assets	50,197	54,884
Total assets	$4,024,347	$3,856,546

LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing demand deposits	$421,231	$472,941
Interest-bearing deposits:
NOW accounts	748,833	773,028
Money market accounts	835,099	794,530
Savings accounts	873,810	783,758
Time deposits	427,458	445,898
Total interest-bearing deposits	2,885,200	2,797,214
Total deposits	3,306,431	3,270,155

Securities sold under agreements to repurchase	3,677	3,044
Secured borrowings	17,495	20,393
FHLB advances	165,000	30,000
Junior subordinated debt	9,867	9,830
Senior subordinated notes	85,941	85,765
Operating lease liabilities	11,704	11,686
Other liabilities	27,169	28,080
Total liabilities	3,627,284	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; 24,722,734 and 24,693,172 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	247	247
Additional paid in capital	314,066	313,548
Retained earnings	83,854	84,143
Accumulated other comprehensive loss	(17,145)	(21,777)
Total Primis stockholders' equity	381,022	376,161
Noncontrolling interests	16,041	21,432
Total stockholders' equity	397,063	397,593
Total liabilities and stockholders' equity	$4,024,347	$3,856,546

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)


· · · · ·
· · For the Three Months Ended September 30, · · For the Nine Months Ended September 30, ·
· 2024 · 2023 · 2024 · 2023
Interest and dividend income: · · · · ·
Interest and fees on loans	$54,296	$45,312	$151,581	$125,253
Interest and dividends on taxable securities	1,702	1,491	5,022	4,423
Interest and dividends on tax exempt securities	97	102	297	305
Interest and dividends on other earning assets	1,017	1,122	2,756	12,504
Total interest and dividend income	57,112	48,027	159,656	142,485
Interest expense:
Interest on deposits	25,351	21,576	72,987	61,403
Interest on other borrowings	3,738	2,121	8,524	8,096
Total interest expense	29,089	23,697	81,511	69,499
Net interest income	28,023	24,330	78,145	72,986
Provision for credit losses	7,511	1,616	17,138	11,231
Net interest income after provision for credit losses	20,512	22,714	61,007	61,755

Noninterest income:
Account maintenance and deposit service fees	1,468	1,534	4,722	4,215
Income from bank-owned life insurance	431	787	1,975	1,601
Mortgage banking income	6,803	4,922	18,779	14,435
Gain on sale of loans	—	217	307	268
Consumer Program derivative gains	79	2,033	3,392	15,233
Other noninterest income	501	231	1,266	578
Total noninterest income	9,282	9,724	30,441	36,330

Noninterest expenses:
Salaries and benefits	16,764	13,809	48,587	44,120
Occupancy expenses	1,248	1,633	3,988	4,671
Furniture and equipment expenses	1,823	1,537	5,288	4,966
Amortization of intangible assets	318	317	952	952
Virginia franchise tax expense	631	849	1,894	2,546
FDIC insurance assessment	545	820	1,744	2,254
Data processing expense	2,552	2,250	7,130	7,329
Marketing expense	449	377	1,407	1,467
Telephone and communication expense	330	356	1,017	1,149
Professional fees	2,914	1,118	7,255	3,055
Goodwill impairment	—	11,150	—	11,150
Fraud losses	61	267	59	2,719
Miscellaneous lending expenses	1,098	424	1,835	1,878
Other operating expenses	2,222	2,041	7,123	6,085
Total noninterest expenses	30,955	36,948	88,279	94,341
Income (loss) before income taxes	(1,161)	(4,510)	3,169	3,744
Income tax expense (benefit)	(304)	1,519	1,679	3,405
Net income (loss)	(857)	(6,029)	1,490	339
Net income attributable to noncontrolling interests	2,085	—	5,640	—
Net income (loss) attributable to Primis' common stockholders	$1,228	$(6,029)	$7,130	$339

Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities	$7,601	$(5,557)	5,863	(5,850)
Tax expense (benefit)	1,595	(1,167)	1,231	(1,229)
Other comprehensive income (loss)	6,006	(4,390)	4,632	(4,621)
Comprehensive income (loss)	$7,234	$(10,419)	$11,762	$(4,282)
Earnings (loss) per share, basic	$0.05	$(0.24)	$0.29	$0.01
Earnings (loss) per share, diluted	$0.05	$(0.24)	$0.29	$0.01

See accompanying notes to unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023


· · For the Three Months Ended September 30, 2024
· · · · · · · · · · · · · · Accumulated · · · · ·
· · · · · · · · Additional · · · · Other · · · ·
· · Common Stock · · Paid in · · Retained · · Comprehensive · · Noncontrolling · ·
· Shares · Amount · Capital · Earnings · Income (Loss) · Interests · Total
Balance - June 30, 2024		24,708,234		$247		$313,852		$85,099		$(23,151)	$18,164	$394,211
Net income (loss)		—		—		—		1,228		—	(2,085)	(857)
Other comprehensive income		—		—		—		—		6,006	—	6,006
Other net changes in noncontrolling interests		—		—		—		—		—	(38)	(38)
Dividends on common stock ($0.10 per share)		—		—		—		(2,473)		—	—	(2,473)
Stock option exercises		15,500		—		173		—		—	—	173
Restricted stock forfeited		(1,000)		—		—		—		—	—	—
Stock-based compensation expense		—		—		41		—		—	—	41
Balance - September 30, 2024		24,722,734		$247		$314,066		$83,854		$(17,145)	$16,041	$397,063

		For the Three Months Ended September 30, 2023
									Accumulated
					Additional			Other
	Common Stock		Paid in	Retained	Comprehensive		Noncontrolling
	Shares		Amount	Capital	Earnings		Income (Loss)	Interests	Total
Balance - June 30, 2023		24,690,064		$246		$312,976		$103,281		$(26,081)	$—	$390,422
Net loss		—		—		—		(6,029)		—	—	(6,029)
Other comprehensive loss		—		—		—		—		(4,390)	—	(4,390)
Dividends on common stock ($0.10 per share)		—		—		—		(2,469)		—	—	(2,469)
Restricted stock forfeited		(3,300)		—		—		—		—	—	—
Stock-based compensation expense		—		—		76		—		—	—	76
Balance - September 30, 2023		24,686,764		$246		$313,052		$94,783		$(30,471)	$—	$377,610

See accompanying notes to unaudited condensed consolidated financial statements.*


· · · · · For the Nine Months Ended September 30, 2024
· · · · · · · · · · · · · · Accumulated · · · · ·
· · · · · · · · Additional · · · · Other · · · ·
· · Common Stock · · Paid in · · Retained · · Comprehensive · · Noncontrolling · ·
· Shares · Amount · Capital · Earnings · Income (Loss) · Interests · Total
Balance - December 31, 2023		24,693,172		$247		$313,548		$84,143		$(21,777)	$21,432	$397,593
Net income (loss)		—		—		—		7,130		—	(5,640)	1,490
Other comprehensive income		—		—		—		—		4,632	—	4,632
Other net changes in noncontrolling interests		—		—		—		—		—	249	249
Dividends on common stock ($0.30 per share)		—		—		—		(7,419)		—	—	(7,419)
Stock option exercises		30,916		—		210		—		—	—	210
Restricted stock forfeited		(1,000)		—		—		—		—	—	—
Repurchase of restricted stock		(354)		—		(4)		—		—	—	(4)
Stock-based compensation expense		—		—		312		—		—	—	312
Balance - September 30, 2024		24,722,734		$247		$314,066		$83,854		$(17,145)	$16,041	$397,063

		For the Nine Months Ended September 30, 2023
									Accumulated
				Additional			Other
	Common Stock		Paid in	Retained	Comprehensive		Noncontrolling
	Shares		Amount	Capital	Earnings		Income (Loss)	Interests	Total
Balance - December 31, 2022		24,680,097		$246		$312,722		$101,850		$(25,850)	$—	$388,968
Net income		—		—		—		339		—	—	339
Other comprehensive loss		—		—		—		—		(4,621)	—	(4,621)
Dividends on common stock ($0.30 per share)		—		—		—		(7,406)		—	—	(7,406)
Shares retired to unallocated		(1,033)		—		—		—		—	—	—
Stock option exercises		8,000		—		85		—		—	—	85
Restricted stock granted		5,000		—		—		—		—	—	—
Restricted stock forfeited		(5,300)		—		—		—		—	—	—
Repurchase of restricted stock		—		—		(12)		—		—	—	(12)
Stock-based compensation expense		—		—		257		—		—	—	257
Balance - September 30, 2023		24,686,764		$246		$313,052		$94,783		$(30,471)	$—	$377,610

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