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Exhibit 99.1
Primis Financial Corp. Reports 55% Increase in Diluted Earnings per Share for the Third Quarter of 2023
Declares Quarterly Cash Dividend of $0.10 Per Share
MCLEAN, Va., Oct. 26, 2023 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), and its wholly-owned subsidiary, Primis Bank (the "Bank"), today reported net income of $7.6 million for the quarter ended September 30, 2023, compared to net income of $5.0 million for the quarter ended September 30, 2022. Diluted earnings per share ("EPS") for the three months ended September 30, 2023 was $0.31, up 55% from $0.20 per diluted share reported in the third quarter of 2022. For the year-to-date period in 2023, the Company reported earnings and diluted earnings per share of $13.3 million and $0.54, respectively, compared to $14.5 million and $0.59, respectively, in the same period in 2022.
The results of the third quarter of 2023 reflected material improvement in operating results across several fronts. Notably, the Company:
Commenting on the quarterly results, Dennis J. Zember Jr., President and CEO stated, "We are excited about the improvement in our results and believe we are positioned very well for the current environment. The Bank experienced a great quarter with an improved margin, substantial new deposit account openings at low rates and downward trends on operating expenses ahead of the planned consolidation of eight retail banking offices in late October 2023. There is building momentum at the community bank with our technology and convenience factors, resulting in us seeing material deposit opportunities that otherwise would not be available to the Bank.
As far as our positioning in the current environment, we have existing liquidity levels that are substantial with deposit growth strategies that are very incremental. As of this press release, we have only 0.17% of non-performing assets with no concentrations of credit in areas of concern to investors. Lastly, we have strong capital levels that we expect to build further during the upcoming periods and believe position us to have all the strategic options we need."
Net Interest Income
Net interest income increased approximately $1.0 million to $27.1 million during the quarter compared to the second quarter of 2023 as higher earning asset yields offset increased funding costs. For the third quarter of 2023, the Company reported a net interest margin of 3.02% versus 2.65% for the second quarter of 2023. The second quarter included substantial excess cash which lowered margin prior to the sweep program implementation on June 30, 2023. Adjusting for excess cash, net interest margin in the second quarter would have been 3.00%.
Commenting on net interest margin trends, Mr. Zember said, "On a comparable basis, when you exclude the excess liquidity and deposits, our margin improved linked-quarter. Further, it was higher in the month of September at 3.05%. To be recording increasing margins in this environment is notable, but to do this alongside the substantial growth in deposit levels our bank is experiencing is remarkable. Our deposit growth engine, with unique technology and convenience factors combined with the sales intensity at our community bank is fueling this success. For the third quarter, we opened new deposit accounts totaling $73 million with a weighted average cost of 1.80%. We funded new loans in the Bank totaling $104 million with a weighted average yield of 7.95%, producing incremental spreads of 5.18% on new business in the quarter. This kind of incremental momentum is critical right now as the industry grapples with rising deposit costs and clearly gives us an advantage over our peers."
Interest income on earning assets decreased during the third quarter of 2023 to $50.5 million compared to $52.7 million during the second quarter of 2023 due to lower interest on excess cash balances. Yield on earning assets and loans held for investment were 5.63% and 5.86%, respectively, up 29 basis points and 26 basis points, respectively, from the second quarter of 2023.
Interest expense declined $3.2 million in the third quarter of 2023 from the second quarter of 2023 as a result of excess deposits swept off of the balance sheet beginning June 30, 2023. Cost of deposits declined 10 basis points to 2.60% in the third quarter from 2.70% in the second quarter of 2023 as higher cost deposits entered the sweep program. Management continues to leverage the strong liquidity generated by the Bank's digital platform to conservatively manage the cost of deposits in the core bank. As highlighted by the table below, core bank deposit costs increased 11 basis points in the third quarter while the cost of wholesale funding options, using three month FHLB advance rates as a proxy, increased 23 basis points in the quarter.
|
3Q23 |
2Q23 |
1Q23 |
4Q22 |
3Q22 |
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Core Bank IntExp |
$ 12,380 |
$ 11,823 |
$ 9,343 |
$ 5,183 |
$ 3,287 |
Digital Platform IntExp |
$ 9,196 |
$ 12,960 |
$ 5,701 |
$ 127 |
$ 0 |
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|
|
|
|
Core Bank Avg. Noninterest-bearing |
$ 471,813 |
$ 472,416 |
$ 555,771 |
$ 648,051 |
$ 665,000 |
Core Bank Avg. Interest-bearing deposits (IBD) |
$2,099,617 |
$2,155,212 |
$2,149,650 |
$2,027,211 |
$2,027,332 |
Digital Platform AvgIBD |
$ 723,145 |
$1,052,603 |
$ 481,072 |
$ 14,691 |
$ 89 |
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|
|
|
|
|
Core Bank Cost of IBD |
2.34 % |
2.20 % |
1.76 % |
1.01 % |
0.64 % |
Core Bank Cost of Deposits |
1.91 % |
1.80 % |
1.40 % |
0.77 % |
0.48 % |
Digital Platform Cost of IBD |
5.05 % |
4.94 % |
4.81 % |
3.42 % |
0.55 % |
|
|
|
|
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|
Avg. 3M FHLB Rate |
5.54 % |
5.31 % |
4.96 % |
4.40 % |
2.93 % |
Noninterest Income
Noninterest income increased during the third quarter to $9.9 million when compared to $8.5 million in the second quarter of 2023. Excluding credit enhancement income from a third-party managed portfolio, noninterest income increased $0.6 million to $7.9 million in the third quarter of 2023, largely due to increased gain on sale income and increased BOLI income.
During the third quarter of 2023, the Bank realized $0.4 million of gains associated with the sale of $15 million of Panacea commercial and consumer loans. Another $9 million of Panacea loans was classified as held for sale at September 30, 2023 and is expected to be sold early in the fourth quarter. Management sees continued interest in the division's consumer and commercial loans and believes fourth quarter loan sales will exceed third quarter amounts.
Noninterest Expense
Noninterest expense was $25.9 million for the third quarter of 2023, compared to $30.6 million for the second quarter of 2023. Noninterest expense for the third quarter of 2023 and the second quarter of 2023 included $337 thousand and $515 thousand, respectively, of servicing and other expenses for a third-party managed loan portfolio. The third quarter of 2023 also included $0.2 million of nonrecurring expenses while the second quarter included $1.5 million of branch consolidation costs. Noninterest expense adjusted for third-party portfolio expenses, branch consolidation costs, other nonrecurring costs and unfunded commitment reserve impacts was $25.6 million and $28.8 million for the third and second quarter of 2023, respectively. Included in noninterest expense was $5.1 million in expenses related to Primis Mortgage in the third quarter of 2023 versus $5.3 million in the second quarter of 2023 with decreased mortgage-related expenses driven by slightly lower activity.
Excluding mortgage, nonrecurring expenses, unfunded reserve expenses and the third party expenses described above, noninterest expense for the third quarter of 2023 was $20.5 million versus $23.5 million in the second quarter. Compensation and benefits excluding mortgage was $9.7 million in the third quarter of 2023, down from $10.8 million during the second quarter of 2023, primarily due to administrative cost saves announced last quarter and attrition. FDIC insurance costs decreased $0.25 million in the third quarter of 2023 due to lower balances as excess deposits were swept to other banks. Data processing costs were lower by $0.6 million due to low account opening activity in the third quarter of 2023. Other operating expenses declined $2.0 million from the second quarter due to generally tighter expense controls and lower customer fraud losses.
The Company continues to pursue efficiencies to enhance operating leverage. As previously disclosed, eight branch locations will be consolidated in the fourth quarter of 2023 which will positively impact noninterest expense going forward.
Loan Portfolio and Asset Quality
Loans held for investment decreased to $3.15 billion at September 30, 2023, compared to $3.17 billion at June 30, 2023. The Company sold or participated out approximately $25 million of loans in the third quarter and moved another $9 million to loans held for sale at September 30, 2023. Adjusting for these activities, loans would have increased slightly in the third quarter of 2023 versus the second quarter of 2023.
Nonperforming assets, excluding portions guaranteed by the SBA, were $19.6 million at September 30, 2023, compared to $24.7 million at June 30, 2023, while loans rated substandard or doubtful decreased to $28.8 million in the third quarter of 2023 from $33.7 million in the second quarter of 2023. Included in those balances is one remaining assisted living problem credit outstanding at September 30, 2023 related to the relationship discussed in previous quarters and with a book balance of $13.1 million. This credit was resolved in early October 2023 bringing pro forma nonperforming assets to $6.5 million as of September 30, 2023. The Bank had no other real estate owned at the end of the third quarter of 2023.
The Company recorded a provision for loan losses of $1.6 million for the third quarter of 2023 versus $4.3 million for the second quarter of 2023. Of this provision, $2.1 million was due to charge-offs for the loan portfolio with a third-party credit enhancement described previously. This portion of the provision is fully offset by a gain recorded in noninterest income and has no effect on net income. Excluding this provision amount, the recovery for loan losses would have been $0.5 million for the third quarter of 2023 due to lower loan balances and lowered modeled losses on certain portfolios, particularly Panacea and Life Premium Finance. As a percentage of loans, excluding PPP balances, the allowance for credit losses was 1.14% and 1.21% at the end of the third and second quarter of 2023, respectively.
Net charge-offs were $4.3 million for the third quarter of 2023, up from $1.6 million for the second quarter of 2023. Excluding the losses that are covered by a third-party, the third quarter of 2023 would have experienced $2.2 million of net charge-offs versus $0.2 million of net charge-offs in the second quarter of 2023. Over half of the core charge-offs were related to the partial resolution of the assisted living relationship detailed previously that had been reserved for in prior quarters.
Deposits and Funding
Total deposits on the balance sheet at September 30, 2023 decreased to $3.29 billion from $3.32 billion at June 30, 2023 with excess deposits and associated cash balances swept off the balance sheet to optimize liquidity. Swept deposits receive full FDIC coverage, bringing the Bank's percentage of uninsured or unsecured deposits down to 20%. Liquidity sources represent almost 185% of uninsured or unsecured deposits, up substantially from December 31, 2022.
Deposit growth in the community bank continues to benefit from better technology and unique convenience factors. During the third quarter, the community bank attracted $50 million in new deposit relationships with a weighted average cost of 0.39%. V1BE, the Bank's proprietary delivery tool increased total users by 21% during the quarter, from 838 at the end of the second quarter of 2023 to 1,013 at the end of the third quarter of 2023.
During the third quarter, the Bank opened 1,369 new deposit account relationships on the digital platform with a weighted average cost of 4.9%. This new customer growth is a direct result of referrals made to us by existing customers with no marketing costs incurred. At quarter end, the Bank had 13,740 digital accounts with $998.4 million in total deposits, average balances of $72,600 per account and an average age of 49.
The Bank has $75 million of brokered CDs that mature later in 2023. The Bank has no other wholesale funding and has $228.7 million of deposits currently sweeping to other banks. The cost of the swept deposits is materially cheaper than wholesale funding and available to fund further balance sheet growth as needed.
Digital Lines of Business
Panacea continues to experience substantial growth alongside the development of its nationally-recognized brand. Panacea finished the third quarter of 2023 with approximately $299 million in outstanding loans, an increase of $8 million from June 30, 2023. As highlighted above, Panacea sold approximately $15 million of loans in the third quarter of 2023 for a pre-tax gain of $0.4 million. Panacea has $9 million of loans categorized as held for sale at September 30, 2023 in advance of a near-term loan sale and expects further loan sales throughout the fourth quarter.
Panacea-related deposits increased to $53.3 million at September 30, 2023, up 15% from June 30, 2023 and a substantially higher growth rate than the growth in loans for the third quarter of 2023. Coupled with its loan sale strategy, Panacea expects to continue increasing the amount it self-funds its balance sheet.
The Life Premium Finance ("LPF") division, launched in late 2021, ended the third quarter of 2023 with outstanding balances, net of deferred fees, of $360.7 million, compared to $346.2 million at the end of the second quarter of 2023, or an increase of 4%. LPF also participated out approximately $10 million of loans in the third quarter.
Primis Mortgage was profitable for the third quarter of 2023 with pre-tax income of $697 thousand. The locked pipeline ended the third quarter of 2023 down 7% from June 30, 2023 while loans funded decreased to $169 million in the third quarter of 2023 from $184 million in the second quarter of 2023. Primis Mortgage continues to aggressively manage costs to preserve profitability in a lower volume environment.
Shareholders' Equity
Book value per share as of September 30, 2023 was $15.96, an increase of $0.03 from June 30, 2023. Tangible book value per share(1) at the end of the third quarter of 2023 was $11.63, an increase of $0.05 from June 30, 2023. Shareholders' equity was $394.0 million, or 10.3% of total assets, at September 30, 2023. Tangible common equity(1) at September 30, 2023 was $287.1 million, or 7.72% of tangible assets(1). Unrealized losses on the Company's available-for-sale securities portfolio increased by $4.6 million to $30.5 million due to increases in market interest rates during the third quarter of 2023. The Company has the intent and ability to hold these securities until maturity or recovery of the value and does not anticipate realizing any losses on the investments.
Additionally, the Board of Directors announced and declared a dividend of $0.10 per share payable on November 24, 2023 to shareholders of record on November 10, 2023. This is Primis' forty-eighth consecutive quarterly dividend.
About Primis Financial Corp.
As of September 30, 2023, Primis had $3.8 billion in total assets, $3.1 billion in total loans and $3.3 billion in total deposits. Primis Bank provides a range of financial services to individuals and small- and medium-sized businesses through thirty-two full-service branches in Virginia and Maryland and provides services to customers through certain online and mobile applications.
Contacts: |
Address: |
Dennis J. Zember, Jr., President and CEO |
Primis Financial Corp. |
Matthew A. Switzer, EVP and CFO |
1676 International Drive, Suite 900 |
Phone: (703) 893-7400 |
McLean, VA 22102 |
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Primis Financial Corp., NASDAQ Symbol FRST |
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Website: www.primisbank.com |
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Conference Call
The Company's management will host a conference call to discuss its third quarter results on Friday, October 27, 2023 at 10:00 a.m. (ET). A live Webcast of the conference call is available at the following website: https://events.q4inc.com/attendee/503221631. Participants may also call 1-888-330-3573 and ask for the Primis Financial Corp. call. A replay of the teleconference will be available for 7 days by calling 1-800-770-2030 and providing Replay Access Code 4440924.
Non-GAAP Measures
Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables. Primis uses non-GAAP financial measures to analyze its performance. The measures entitled net income adjusted for nonrecurring income and expenses; pre-tax pre-provision operating earnings; operating return on average assets; pre-tax pre-provision operating return on average assets; operating return on average equity; operating return on average tangible equity; operating efficiency ratio; operating earnings per share – basic; operating earnings per share – diluted; tangible book value per share; tangible common equity; tangible common equity to tangible assets; and core net interest margin are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. We use the term "operating" to describe a financial measure that excludes income or expense considered to be non-recurring in nature. Items identified as non-operating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward-looking trends in our business. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is provided in the Reconciliation of Non-GAAP Items table.
Management believes that these non-GAAP financial measures provide additional useful information about Primis that allows management and investors to evaluate the ongoing operating results, financial strength and performance of Primis and provide meaningful comparison to its peers. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider Primis' performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Primis. Non-GAAP financial measures are not standardized and, therefore, it may not be possible to compare these measures with other companies that present measures having the same or similar names.
Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.
Forward-Looking Statements
This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," and other similar words or expressions of the future or otherwise regarding the outlook for the Company's future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, but are not limited to, our expectations regarding our future operating and financial performance, including our outlook and long-term goals for future growth and new offerings and services; our expectations regarding net interest margin; expectations on our growth strategy, expense management, capital management and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations.
Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: the Company's ability to implement its various strategic and growth initiatives, including its recently established Panacea Financial and Life Premium Finance Divisions, new digital banking platform, V1BE fulfillment service and Primis Mortgage Company; competitive pressures among financial institutions increasing significantly; changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices; changes in management's plans for the future; credit risk associated with our lending activities; changes in interest rates, inflation, loan demand, real estate values, or competition, as well as labor shortages and supply chain disruptions; changes in accounting principles, policies, or guidelines; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions; potential impacts of the recent adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; potential increases in the provision for credit losses; and other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services.
Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company's management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company's filings with the Securities and Exchange Commission, the Company's Annual Report on Form 10-K for the year ended December 31, 2022, under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors," and in the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.
(1) |
Non-GAAP financial measure. Please see "Reconciliation of Non-GAAP Items" in the financial tables for more information and for a reconciliation to GAAP. |
Primis Financial Corp |
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Financial Highlights (unaudited) |
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(Dollars in thousands, except per share data) |
For Three Months Ended: |
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Variance - 3Q 2023 vs |
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For Nine Months Ended: |
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Variance |
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Selected Performance Ratios: |
3Q 2023 |
2Q 2023 |
1Q 2023 |
4Q 2022 |
3Q 2022 |
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2Q 2023 |
|
3Q 2022 |
|
|
3Q 2023 |
3Q 2022 |
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YTD |
||
Return on average assets |
0.79 % |
(0.02 %) |
0.62 % |
0.35 % |
0.61 % |
|
80 |
bps |
18 |
bps |
|
0.45 % |
0.59 % |
|
(14) |
||
Operating return on average assets(1) |
0.81 % |
0.09 % |
0.62 % |
0.08 % |
0.64 % |
|
72 |
|
18 |
|
|
0.49 % |
0.63 % |
|
(13) |
||
Pre-tax pre-provision return on average assets(1) |
1.13 % |
0.37 % |
1.31 % |
1.32 % |
1.16 % |
|
76 |
|
(3) |
|
|
0.92 % |
0.91 % |
|
1 |
||
Pre-tax pre-provision operating return on average assets(1) |
1.15 % |
0.51 % |
1.31 % |
0.98 % |
1.20 % |
|
64 |
|
(5) |
|
|
0.97 % |
0.96 % |
|
2 |
||
Return on average equity |
7.59 % |
(0.19 %) |
5.98 % |
3.04 % |
4.98 % |
|
778 |
|
262 |
|
|
4.46 % |
4.77 % |
|
(31) |
||
Operating return on average equity(1) |
7.75 % |
0.98 % |
5.98 % |
0.71 % |
5.22 % |
|
677 |
|
253 |
|
|
4.91 % |
5.22 % |
|
(31) |
||
Operating return on average tangible equity(1) |
10.61 % |
1.33 % |
8.14 % |
0.98 % |
7.15 % |
|
928 |
|
346 |
|
|
6.71 % |
7.09 % |
|
(38) |
||
Cost of funds |
|
2.73 % |
2.81 % |
2.19 % |
1.19 % |
0.71 % |
|
(8) |
|
202 |
|
|
2.59 % |
0.59 % |
|
200 |
|
Net interest margin |
3.02 % |
2.65 % |
3.15 % |
3.67 % |
3.57 % |
|
37 |
|
(54) |
|
|
2.93 % |
3.28 % |
|
(35) |
||
Core net interest margin(1) |
3.02 % |
2.65 % |
3.16 % |
3.68 % |
3.58 % |
|
36 |
|
(57) |
|
|
2.93 % |
3.30 % |
|
(36) |
||
Gross loans to deposits |
95.52 % |
95.68 % |
82.92 % |
108.24 % |
100.98 % |
|
(0) |
pts |
(5) |
pts |
|
95.52 % |
100.98 % |
|
(5) |
||
Efficiency ratio |
|
69.93 % |
81.34 % |
68.69 % |
71.82 % |
71.93 % |
|
(11) |
|
(200) |
|
|
75.16 % |
74.29 % |
|
86 |
|
Operating efficiency ratio(1) |
69.39 % |
77.06 % |
68.69 % |
76.78 % |
70.99 % |
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(8) |
|
(161) |
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|
73.64 % |
72.27 % |
|
138 |
||
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Per Share Data: |
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Earnings per share - Basic |
$ 0.31 |
$ (0.01) |
$ 0.24 |
$ 0.12 |
$ 0.21 |
|
(4,124.12) |
% |
43.50 |
% |
|
$ 0.54 |
$ 0.60 |
|
(9.85) |
||
Operating earnings per share - Basic(1) |
$ 0.32 |
$ 0.04 |
$ 0.24 |
$ 0.03 |
$ 0.21 |
|
NM |
|
51.24 |
|
|
$ 0.60 |
$ 0.63 |
|
(4.73) |
||
Earnings per share - Diluted |
$ 0.31 |
$ (0.01) |
$ 0.24 |
$ 0.12 |
$ 0.20 |
|
(4,124.12) |
|
51.20 |
|
|
$ 0.54 |
$ 0.59 |
|
(7.86) |
||
Operating earnings per share - Diluted(1) |
$ 0.32 |
$ 0.04 |
$ 0.24 |
$ 0.03 |
$ 0.21 |
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NM |
|
51.93 |
|
|
$ 0.60 |
$ 0.62 |
|
(4.25) |
||
Book value per share |
$ 15.96 |
$ 15.93 |
$ 16.14 |
$ 15.90 |
$ 15.82 |
|
0.22 |
|
0.91 |
|
|
$ 15.96 |
$ 15.82 |
|
0.91 |
||
Tangible book value per share(1) |
$ 11.63 |
$ 11.58 |
$ 11.78 |
$ 11.53 |
$ 11.43 |
|
0.41 |
|
1.77 |
|
|
$ 11.63 |
$ 11.43 |
|
1.77 |
||
Cash dividend per share |
$ 0.10 |
$ 0.10 |
$ 0.10 |
$ 0.10 |
$ 0.10 |
|
- |
|
- |
|
|
$ 0.30 |
$ 0.30 |
|
- |
||
Weighted average shares outstanding - Basic |
24,641,981 |
24,638,505 |
24,625,943 |
24,601,108 |
24,576,887 |
|
0.01 |
|
0.26 |
|
|
24,635,535 |
24,548,129 |
|
0.36 |
||
Weighted average shares outstanding - Diluted |
24,641,981 |
24,638,505 |
24,685,206 |
24,685,663 |
24,688,422 |
|
0.01 |
|
(0.19) |
|
|
24,635,535 |
24,674,014 |
|
(0.16) |
||
Shares outstanding at end of period |
24,686,764 |
24,690,064 |
24,685,064 |
24,680,097 |
24,650,239 |
|
(0.01) |
% |
0.15 |
% |
|
24,686,764 |
24,650,239 |
|
0.15 |
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Asset Quality Ratios: |
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Non-performing assets as a percent of total assets, excluding SBA guarantees |
0.51 % |
0.64 % |
0.78 % |
0.98 % |
1.11 % |
|
(13) |
bps |
(60) |
bps |
|
0.51 % |
1.11 % |
|
(60) |
||
Net charge-offs (recoveries) as a percent of average loans (annualized) |
0.53 % |
0.20 % |
0.53 % |
0.74 % |
0.17 % |
|
33 |
|
36 |
|
|
0.42 % |
0.02 % |
|
40 |
||
Core net charge-offs (recoveries) as a percent of average loans (annualized)(2) |
0.27 % |
0.02 % |
0.28 % |
0.53 % |
0.17 % |
|
25 |
|
10 |
|
|
0.14 % |
0.02 % |
|
12 |
||
Allowance for credit losses to total loans |
1.14 % |
1.21 % |
1.17 % |
1.17 % |
1.17 % |
|
(7) |
|
(3) |
|
|
1.14 % |
1.17 % |
|
(3) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets |
|
10.30 % |
10.22 % |
9.48 % |
10.99 % |
11.62 % |
|
8 |
bps |
(132) |
bps |
|
|
|
|
|
|
Tangible common equity to tangible assets(1) |
7.72 % |
7.64 % |
7.10 % |
8.22 % |
8.68 % |
|
8 |
|
(95) |
|
|
|
|
|
|
||
Leverage ratio(3) |
|
8.80 % |
8.14 % |
8.59 % |
9.48 % |
10.11 % |
|
66 |
|
(131) |
|
|
|
|
|
|
|
Common equity tier 1 capital ratio(3) |
9.76 % |
9.38 % |
10.04 % |
10.54 % |
11.17 % |
|
38 |
|
(141) |
|
|
|
|
|
|
||
Tier 1 risk-based capital ratio(3) |
10.07 % |
9.68 % |
10.36 % |
10.88 % |
11.53 % |
|
39 |
|
(146) |
|
|
|
|
|
|
||
Total risk-based capital ratio(3) |
13.54 % |
13.16 % |
14.20 % |
14.80 % |
15.71 % |
|
38 |
|
(217) |
|
|
|
|
|
|
(1) See Reconciliation of Non-GAAP financial measures. |
|
||
(2) Excludes third-party charge-offs. |
|
||
(3) September 30, 2023 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C. |
Primis Financial Corp |
||||||||||||
(Dollars in thousands) |
As Of : |
|
Variance - 3Q 2023 vs |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets (unaudited) |
3Q 2023 |
2Q 2023 |
1Q 2023 |
4Q 2022 |
3Q 2022 |
|
2Q 2023 |
|
3Q 2022 |
|
||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ 93,865 |
$ 100,868 |
$ 607,125 |
$ 77,859 |
$ 97,738 |
|
(6.94) |
% |
(3.96) |
% |
||
Investment securities-available for sale |
216,875 |
223,087 |
231,468 |
236,315 |
238,891 |
|
(2.78) |
|
(9.22) |
|
||
Investment securities-held to maturity |
11,975 |
12,378 |
13,115 |
13,520 |
14,391 |
|
(3.26) |
|
(16.79) |
|
||
Loans held for sale |
66,266 |
57,704 |
42,011 |
27,626 |
13,388 |
|
14.84 |
|
NM |
|
||
Loans receivable, net of deferred fees |
3,145,867 |
3,173,638 |
3,041,533 |
2,946,637 |
2,734,887 |
|
(0.88) |
|
15.03 |
|
||
Allowance for credit losses |
(35,767) |
(38,414) |
(35,727) |
(34,544) |
(31,956) |
|
(6.89) |
|
11.93 |
|
||
|
Net loans |
|
3,110,100 |
3,135,224 |
3,005,806 |
2,912,093 |
2,702,931 |
|
(0.80) |
|
15.06 |
|
Stock in Federal Reserve Bank and Federal Home Loan Bank |
12,796 |
12,083 |
12,083 |
25,815 |
16,689 |
|
5.90 |
|
(23.33) |
|
||
Bank premises and equipment, net |
24,878 |
25,298 |
25,136 |
25,257 |
25,534 |
|
(1.66) |
|
(2.57) |
|
||
Operating lease right-of-use assets |
11,402 |
10,707 |
9,352 |
5,335 |
5,511 |
|
6.49 |
|
106.90 |
|
||
Goodwill and other intangible assets |
106,891 |
107,215 |
107,539 |
107,863 |
108,170 |
|
(0.30) |
|
(1.18) |
|
||
Assets held for sale, net |
3,115 |
3,115 |
3,115 |
3,115 |
3,127 |
|
- |
|
(0.38) |
|
||
Bank-owned life insurance |
67,176 |
67,985 |
67,591 |
67,201 |
67,519 |
|
(1.19) |
|
(0.51) |
|
||
Other real estate owned |
- |
- |
- |
- |
1,041 |
|
- |
|
(100.00) |
|
||
Deferred tax assets, net |
22,456 |
20,391 |
18,825 |
18,289 |
17,892 |
|
10.13 |
|
25.51 |
|
||
Other assets |
|
77,130 |
72,438 |
60,161 |
49,211 |
42,428 |
|
6.48 |
|
81.79 |
|
|
|
Total assets |
$ 3,824,925 |
$ 3,848,493 |
$ 4,203,327 |
$ 3,569,499 |
$ 3,355,250 |
|
(0.61) |
% |
14.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
||
Demand deposits |
|
$ 490,719 |
$ 480,832 |
$ 497,531 |
$ 582,556 |
$ 687,272 |
|
2.06 |
% |
(28.60) |
% |
|
NOW accounts |
|
803,276 |
817,725 |
835,348 |
617,687 |
637,786 |
|
(1.77) |
|
25.95 |
|
|
Money market accounts |
800,951 |
850,359 |
865,115 |
811,365 |
803,050 |
|
(5.81) |
|
(0.26) |
|
||
Savings accounts |
|
746,608 |
696,750 |
971,439 |
245,713 |
217,220 |
|
7.16 |
|
243.71 |
|
|
Time deposits |
|
451,850 |
471,330 |
498,564 |
465,057 |
362,992 |
|
(4.13) |
|
24.48 |
|
|
Total deposits |
|
3,293,404 |
3,316,996 |
3,667,997 |
2,722,378 |
2,708,320 |
|
(0.71) |
|
21.60 |
|
|
Securities sold under agreements to repurchase - short term |
3,838 |
3,921 |
4,346 |
6,445 |
9,886 |
|
(2.12) |
|
(61.18) |
|
||
Federal Home Loan Bank advances |
- |
- |
- |
325,000 |
125,000 |
|
- |
|
(100.00) |
|
||
Subordinated debt and notes |
95,524 |
95,453 |
95,382 |
95,312 |
95,241 |
|
0.07 |
|
0.30 |
|
||
Operating lease liabilities |
12,347 |
11,546 |
9,799 |
5,767 |
6,044 |
|
6.94 |
|
104.29 |
|
||
Other liabilities |
|
25,796 |
27,361 |
27,397 |
22,232 |
20,863 |
|
(5.72) |
|
23.64 |
|
|
|
Total liabilities |
3,430,909 |
3,455,277 |
3,804,921 |
3,177,134 |
2,965,354 |
|
(0.71) |
|
15.70 |
|
|
Stockholders' equity |
394,016 |
393,216 |
398,406 |
392,365 |
389,896 |
|
0.20 |
|
1.06 |
|
||
|
Total liabilities and stockholders' equity |
$ 3,824,925 |
$ 3,848,493 |
$ 4,203,327 |
$ 3,569,499 |
$ 3,355,250 |
|
(0.61) |
% |
14.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity(1) |
$ 287,125 |
$ 286,001 |
$ 290,867 |
$ 284,502 |
$ 281,726 |
|
0.39 |
% |
1.92 |
% |
The company defines "NM" as not meaningful for increases or decreases greater than 300 percent. |
Primis Financial Corp |
|||||||||||||||||
(Dollars in thousands) |
For Three Months Ended: |
|
Variance - 3Q 2023 vs |
|
|
For Nine Months Ended: |
|
Variance |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Operations (unaudited) |
3Q 2023 |
2Q 2023 |
1Q 2023 |
4Q 2022 |
3Q 2022 |
|
2Q 2023 |
|
3Q 2022 |
|
|
3Q 2023 |
3Q 2022 |
|
YTD |
||
Interest and dividend income |
$ 50,486 |
$ 52,679 |
$ 47,114 |
$ 38,595 |
$ 32,561 |
|
(4.16) |
% |
55.05 |
% |
|
$ 150,279 |
$ 87,350 |
|
72.04 |
||
Interest expense |
|
23,361 |
26,522 |
18,749 |
9,058 |
5,146 |
|
(11.92) |
|
NM |
|
|
68,632 |
12,529 |
|
NM |
|
|
Net interest income |
27,125 |
26,157 |
28,365 |
29,537 |
27,415 |
|
3.70 |
|
(1.06) |
|
|
81,647 |
74,821 |
|
9.12 |
|
Provision for credit losses |
1,648 |
4,301 |
5,187 |
7,860 |
2,890 |
|
(61.68) |
|
NM |
|
|
11,136 |
3,411 |
|
226.47 |
||
|
Net interest income after provision for credit losses |
25,477 |
21,856 |
23,178 |
21,677 |
24,525 |
|
16.57 |
|
3.88 |
|
|
70,511 |
71,410 |
|
(1.26) |
|
Account maintenance and deposit service fees |
1,503 |
1,430 |
1,216 |
1,427 |
1,525 |
|
5.10 |
|
(1.44) |
|
|
4,149 |
4,318 |
|
(3.91) |
||
Income from bank-owned life insurance |
787 |
394 |
420 |
847 |
394 |
|
99.75 |
|
99.75 |
|
|
1,601 |
1,147 |
|
39.58 |
||
Mortgage banking income |
4,922 |
5,198 |
4,315 |
2,264 |
2,197 |
|
(5.31) |
|
124.03 |
|
|
14,435 |
2,790 |
|
NM |
||
Gain on sale of loans |
451 |
182 |
478 |
- |
- |
|
148.00 |
|
- |
|
|
1,111 |
- |
|
100.00 |
||
Credit enhancement income |
2,047 |
1,152 |
4,886 |
1,822 |
1,220 |
|
77.69 |
|
67.79 |
|
|
8,085 |
1,220 |
|
100.00 |
||
Gain on sale of other investment |
- |
- |
- |
4,411 |
- |
|
- |
|
- |
|
|
- |
- |
|
- |
||
Other |
|
|
232 |
130 |
217 |
217 |
284 |
|
78.46 |
|
(18.31) |
|
|
579 |
865 |
|
(33.06) |
|
Noninterest income |
9,942 |
8,486 |
11,532 |
10,988 |
5,620 |
|
17.16 |
|
76.91 |
|
|
29,960 |
10,340 |
|
189.75 |
|
Employee compensation and benefits |
13,809 |
15,283 |
15,028 |
16,213 |
12,594 |
|
(9.64) |
|
9.65 |
|
|
44,120 |
32,792 |
|
34.55 |
||
Occupancy and equipment expenses |
3,170 |
3,445 |
3,022 |
2,899 |
2,857 |
|
(7.98) |
|
10.96 |
|
|
9,637 |
7,960 |
|
21.07 |
||
Amortization of intangible assets |
317 |
318 |
317 |
317 |
326 |
|
(0.31) |
|
(2.76) |
|
|
952 |
1,008 |
|
(5.56) |
||
Virginia franchise tax expense |
849 |
848 |
849 |
814 |
813 |
|
0.12 |
|
4.43 |
|
|
2,546 |
2,440 |
|
4.34 |
||
Data processing expense |
2,250 |
2,828 |
2,251 |
1,702 |
1,528 |
|
(20.44) |
|
47.25 |
|
|
7,329 |
4,311 |
|
70.01 |
||
Marketing expense |
377 |
521 |
569 |
933 |
938 |
|
(27.64) |
|
(59.81) |
|
|
1,467 |
2,134 |
|
(31.26) |
||
Telecommunication and communication expense |
356 |
416 |
377 |
343 |
342 |
|
(14.42) |
|
4.09 |
|
|
1,149 |
1,090 |
|
5.41 |
||
Net (gain) loss on other real estate owned |
- |
- |
- |
131 |
- |
|
- |
|
- |
|
|
- |
(59) |
|
(100.00) |
||
Loss (gain) on bank premises and equipment |
(2) |
- |
- |
- |
64 |
|
- |
|
(103.13) |
|
|
(2) |
684 |
|
(100.29) |
||
Professional fees |
|
1,118 |
1,075 |
862 |
1,605 |
1,261 |
|
4.00 |
|
(11.34) |
|
|
3,055 |
3,182 |
|
(3.99) |
|
Credit enhancement costs |
337 |
515 |
873 |
1,369 |
- |
|
(34.56) |
|
- |
|
|
1,725 |
- |
|
100.00 |
||
Other expenses |
|
3,343 |
5,303 |
3,256 |
2,780 |
3,038 |
|
(36.96) |
|
10.04 |
|
|
11,902 |
7,728 |
|
54.01 |
|
|
Noninterest expense |
25,924 |
30,552 |
27,404 |
29,106 |
23,761 |
|
(15.15) |
|
9.10 |
|
|
83,880 |
63,270 |
|
32.57 |
|
Income before income taxes |
9,495 |
(210) |
7,306 |
3,559 |
6,384 |
|
(4,612.55) |
|
48.74 |
|
|
16,591 |
18,480 |
|
(10.23) |
||
Income tax expense |
1,912 |
(22) |
1,353 |
519 |
1,359 |
|
(8,790.91) |
|
40.69 |
|
|
3,243 |
3,971 |
|
(18.33) |
||
|
Net Income |
$ 7,583 |
$ (188) |
$ 5,953 |
$ 3,040 |
$ 5,025 |
|
(4,124.69) |
|
50.92 |
|
|
13,348 |
14,509 |
|
(8.00) |
(1) See Reconciliation of Non-GAAP financial measures. |
|
||
The company defines "NM" as not meaningful for increases or decreases greater than 300 percent. |
Primis Financial Corp |
|
|
|
|
|
|
|
|
|
|
||
(Dollars in thousands) |
As Of: |
|
Variance - 3Q 2023 vs |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio Composition |
3Q 2023 |
2Q 2023 |
1Q 2023 |
4Q 2022 |
3Q 2022 |
|
2Q 2023 |
|
3Q 2022 |
|
||
Loans held for sale |
$ 66,266 |
$ 57,704 |
$ 42,011 |
$ 27,626 |
$ 13,388 |
|
14.84 |
% |
NM |
% |
||
Loans secured by real estate: |
|
|
|
|
|
|
|
|
|
|
||
|
Commercial real estate - owner occupied |
433,039 |
448,624 |
460,245 |
461,126 |
437,636 |
|
(3.47) |
|
(1.05) |
|
|
|
Commercial real estate - non-owner occupied |
578,261 |
597,254 |
577,481 |
581,168 |
573,732 |
|
(3.18) |
|
0.79 |
|
|
|
Secured by farmland |
6,381 |
6,577 |
6,258 |
7,290 |
7,706 |
|
(2.98) |
|
(17.19) |
|
|
|
Construction and land development |
172,071 |
175,141 |
151,950 |
148,762 |
138,371 |
|
(1.75) |
|
24.35 |
|
|
|
Residential 1-4 family |
601,198 |
592,756 |
607,118 |
610,919 |
616,764 |
|
1.42 |
|
(2.52) |
|
|
|
Multi-family residential |
129,586 |
133,754 |
139,978 |
140,321 |
137,253 |
|
(3.12) |
|
(5.59) |
|
|
|
Home equity lines of credit |
59,996 |
62,808 |
64,606 |
65,152 |
65,852 |
|
(4.48) |
|
(8.89) |
|
|
|
Total real estate loans |
1,980,532 |
2,016,914 |
2,007,636 |
2,014,738 |
1,977,314 |
|
(1.80) |
|
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans |
|
593,767 |
585,442 |
546,042 |
522,057 |
469,881 |
|
1.42 |
|
26.37 |
|
|
Paycheck Protection Program loans |
2,105 |
2,143 |
2,603 |
4,564 |
8,014 |
|
(1.77) |
|
(73.73) |
|
||
Consumer loans |
|
569,463 |
569,139 |
485,252 |
405,278 |
279,678 |
|
0.06 |
|
103.61 |
|
|
|
Loans receivable, net of deferred fees |
$ 3,145,867 |
$ 3,173,638 |
$ 3,041,533 |
$ 2,946,637 |
$ 2,734,887 |
|
(0.88) |
% |
15.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk Grade: |
|
|
|
|
|
|
|
|
|
|
||
Pass, not graded |
$ - |
$ - |
$ - |
$ - |
$ - |
|
- |
% |
- |
% |
||
Pass Grade 1 - Highest Quality |
851 |
743 |
607 |
600 |
616 |
|
14.54 |
|
38.15 |
|
||
Pass Grade 2 - Good Quality |
383,306 |
367,950 |
253,665 |
209,605 |
149,389 |
|
4.17 |
|
156.58 |
|
||
Pass Grade 3 - Satisfactory Quality |
1,609,924 |
1,624,626 |
1,596,091 |
1,590,765 |
1,519,765 |
|
(0.90) |
|
5.93 |
|
||
Pass Grade 4 - Pass |
1,089,675 |
1,114,218 |
1,123,393 |
1,072,352 |
982,412 |
|
(2.20) |
|
10.92 |
|
||
Pass Grade 5 - Special Mention |
33,299 |
32,383 |
28,273 |
32,278 |
35,410 |
|
2.83 |
|
(5.96) |
|
||
Grade 6 - Substandard |
28,812 |
33,718 |
39,504 |
41,037 |
47,295 |
|
(14.55) |
|
(39.08) |
|
||
Grade 7 - Doubtful |
- |
- |
- |
- |
- |
|
- |
|
- |
|
||
Grade 8 - Loss |
|
- |
- |
- |
- |
- |
|
- |
|
- |
|
|
Total loans |
|
$ 3,145,867 |
$ 3,173,638 |
$ 3,041,533 |
$ 2,946,637 |
$ 2,734,887 |
|
(0.88) |
% |
15.03 |
% |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
As Of or For Three Months Ended: |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Information |
3Q 2023 |
2Q 2023 |
1Q 2023 |
4Q 2022 |
3Q 2022 |
|
|
|
|
|
||
Allowance for Credit Losses: |
|
|
|
|
|
|
|
|||||
Balance at beginning of period |
$ (38,414) |
$ (35,727) |
$ (34,544) |
$ (31,956) |
$ (30,209) |
|
|
|
|
|
||
Provision for for credit losses |
(1,648) |
(4,301) |
(5,187) |
(7,860) |
(2,890) |
|
|
|
|
|
||
Net charge-offs |
|
4,295 |
1,614 |
4,004 |
5,272 |
1,143 |
|
|
|
|
|
|
Ending balance |
|
$ (35,767) |
$ (38,414) |
$ (35,727) |
$ (34,544) |
$ (31,956) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for Unfunded Commitments: |
|
|
|
|
|
|
|
|||||
Balance at beginning of period |
$ (1,273) |
$ (1,507) |
$ (1,416) |
$ (1,380) |
$ (1,069) |
|
|
|
|
|
||
(Expense for) / recovery of unfunded loan commitment reserve |
249 |
234 |
(91) |
(36) |
(311) |
|
|
|
|
|
||
Total Reserve for Unfunded Commitments |
$ (1,024) |
$ (1,273) |
$ (1,507) |
$ (1,416) |
$ (1,380) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Of: |
|
Variance - 3Q 2023 vs |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing Assets: |
3Q 2023 |
2Q 2023 |
1Q 2023 |
4Q 2022 |
3Q 2022 |
|
2Q 2023 |
|
3Q 2022 |
|
||
Nonaccrual loans |
|
$ 20,171 |
$ 25,290 |
$ 33,397 |
$ 35,484 |
$ 36,851 |
|
(20.24) |
% |
(45.26) |
% |
|
Accruing loans delinquent 90 days or more |
1,714 |
1,714 |
1,625 |
3,361 |
1,855 |
|
- |
|
(7.60) |
|
||
Total non-performing loans |
21,885 |
27,004 |
35,022 |
38,845 |
38,706 |
|
(18.96) |
|
(43.46) |
|
||
Other real estate owned |
- |
- |
- |
- |
1,041 |
|
- |
|
(100.00) |
|
||
Total non-performing assets |
$ 21,885 |
$ 27,004 |
$ 35,022 |
$ 38,845 |
$ 39,747 |
|
(18.96) |
|
(44.94) |
|
||
SBA guaranteed portion of non-performing loans |
$ 2,290 |
$ 2,331 |
$ 2,206 |
$ 3,969 |
$ 2,573 |
|
(1.76) |
|
(11.00) |
|
Primis Financial Corp |
||||||||||||||||||
(Dollars in thousands) |
For Three Months Ended: |
|
Variance - 2Q 2021 vs |
|
|
For Nine Months Ended: |
|
Variance |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheet |
3Q 2023 |
2Q 2023 |
1Q 2023 |
4Q 2022 |
3Q 2022 |
|
2Q 2023 |
|
3Q 2022 |
|
|
3Q 2023 |
3Q 2022 |
|
YTD |
|
||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
$ 55,775 |
$ 48,698 |
$ 25,346 |
$ 22,413 |
$ 21,199 |
|
14.53 |
% |
163.10 |
% |
|
$ 43,384 |
$ 9,456 |
|
NM |
% |
||
Loans, net of deferred fees |
3,175,454 |
3,101,946 |
2,989,766 |
2,822,693 |
2,667,406 |
|
2.37 |
|
19.05 |
|
|
3,089,010 |
2,512,388 |
|
22.95 |
|
||
Investment securities |
234,601 |
240,700 |
246,402 |
253,345 |
269,780 |
|
(2.53) |
|
(13.04) |
|
|
240,525 |
286,525 |
|
(16.05) |
|
||
Other earning assets |
93,159 |
568,251 |
388,327 |
92,604 |
90,268 |
|
(83.61) |
|
3.20 |
|
|
348,831 |
237,299 |
|
47.00 |
|
||
Total earning assets |
3,558,989 |
3,959,595 |
3,649,841 |
3,191,055 |
3,048,653 |
|
(10.12) |
|
16.74 |
|
|
3,721,750 |
3,045,668 |
|
22.20 |
|
||
Other assets |
|
268,537 |
259,048 |
254,124 |
246,754 |
234,642 |
|
3.66 |
|
14.45 |
|
|
260,738 |
230,186 |
|
13.27 |
|
|
Total assets |
|
$ 3,827,526 |
$ 4,218,643 |
$ 3,903,965 |
$ 3,437,809 |
$ 3,283,295 |
|
(9.27) |
% |
16.58 |
% |
|
$ 3,982,488 |
$ 3,275,854 |
|
21.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Demand deposits |
|
$ 472,485 |
$ 473,295 |
$ 556,479 |
$ 648,151 |
$ 665,020 |
|
(0.17) |
% |
(28.95) |
% |
|
$ 500,456 |
$ 602,872 |
|
(16.99) |
% |
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
NOW and other demand accounts |
806,339 |
826,598 |
722,584 |
624,868 |
660,387 |
|
(2.45) |
|
22.10 |
|
|
785,480 |
723,857 |
|
8.51 |
|
||
Money market accounts |
850,892 |
858,532 |
824,541 |
805,303 |
803,860 |
|
(0.89) |
|
5.85 |
|
|
844,752 |
808,013 |
|
4.55 |
|
||
Savings accounts |
|
703,809 |
1,026,085 |
593,823 |
232,543 |
219,167 |
|
(31.41) |
|
221.13 |
|
|
775,024 |
222,032 |
|
249.06 |
|
|
Time deposits |
|
460,961 |
495,721 |
489,066 |
379,088 |
343,986 |
|
(7.01) |
|
34.01 |
|
|
481,813 |
341,160 |
|
41.23 |
|
|
Total Deposits |
|
3,294,486 |
3,680,231 |
3,186,493 |
2,689,953 |
2,692,420 |
|
(10.48) |
|
22.36 |
|
|
3,387,525 |
2,697,934 |
|
25.56 |
|
|
Borrowings |
|
99,104 |
99,794 |
284,946 |
325,100 |
166,621 |
|
(0.69) |
|
(40.52) |
|
|
160,601 |
148,549 |
|
8.11 |
|
|
Total Funding |
|
3,393,590 |
3,780,025 |
3,471,439 |
3,015,053 |
2,859,041 |
|
(10.22) |
|
18.70 |
|
|
3,548,126 |
2,846,483 |
|
24.65 |
|
|
Other Liabilities |
|
37,741 |
37,265 |
28,592 |
26,318 |
23,832 |
|
1.28 |
|
58.36 |
|
|
34,589 |
22,985 |
|
50.49 |
|
|
Stockholders' equity |
396,195 |
401,353 |
403,934 |
396,438 |
400,422 |
|
(1.29) |
|
(1.06) |
|
|
399,773 |
406,386 |
|
(1.63) |
|
||
Total liabilities and stockholders' equity |
$ 3,827,526 |
$ 4,218,643 |
$ 3,903,965 |
$ 3,437,809 |
$ 3,283,295 |
|
(9.27) |
% |
16.58 |
% |
|
$ 3,982,488 |
$ 3,275,854 |
|
21.57 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Average PPP loans |
$ 2,126 |
$ 2,407 |
$ 3,001 |
$ 5,926 |
$ 11,868 |
|
(11.67) |
% |
(82.09) |
% |
|
$ 2,508 |
$ 28,958 |
|
(91.34) |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Loans held for sale |
$ 873 |
$ 700 |
$ 391 |
$ 349 |
$ 263 |
|
24.71 |
% |
231.94 |
% |
|
$ 1,964 |
$ 356 |
|
NM |
% |
||
Loans |
|
|
46,898 |
43,270 |
40,915 |
35,841 |
30,225 |
|
8.39 |
|
55.16 |
|
|
131,083 |
81,192 |
|
61.45 |
|
Investment securities |
1,593 |
1,551 |
1,584 |
1,571 |
1,518 |
|
2.71 |
|
4.94 |
|
|
4,728 |
4,393 |
|
7.63 |
|
||
Other earning assets |
1,122 |
7,158 |
4,224 |
834 |
555 |
|
(84.33) |
|
102.16 |
|
|
12,504 |
1,409 |
|
NM |
|
||
Total Earning Assets |
50,486 |
52,679 |
47,114 |
38,595 |
32,561 |
|
(4.16) |
|
55.05 |
|
|
150,279 |
87,350 |
|
72.04 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing DDA |
- |
- |
- |
- |
- |
|
- |
|
- |
|
|
- |
- |
|
- |
|
||
NOW and other interest-bearing demand accounts |
4,460 |
4,343 |
2,267 |
544 |
536 |
|
2.69 |
|
NM |
|
|
11,070 |
1,758 |
|
NM |
|
||
Money market accounts |
6,555 |
6,231 |
4,801 |
2,894 |
1,667 |
|
5.20 |
|
293.22 |
|
|
17,587 |
3,464 |
|
NM |
|
||
Savings accounts |
|
6,760 |
10,405 |
4,750 |
305 |
141 |
|
(35.03) |
|
NM |
|
|
21,915 |
432 |
|
NM |
|
|
Time deposits |
|
3,801 |
3,804 |
3,226 |
1,567 |
943 |
|
(0.08) |
|
NM |
|
|
10,831 |
2,317 |
|
NM |
|
|
Total Deposit Costs |
21,576 |
24,783 |
15,044 |
5,310 |
3,287 |
|
(12.94) |
|
NM |
|
|
61,403 |
7,971 |
|
NM |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
1,785 |
1,739 |
3,705 |
3,748 |
1,859 |
|
2.65 |
|
(3.98) |
|
|
7,229 |
4,558 |
|
58.60 |
|
|
Total Funding Costs |
23,361 |
26,522 |
18,749 |
9,058 |
5,146 |
|
(11.92) |
|
NM |
|
|
68,632 |
12,529 |
|
NM |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
$ 27,125 |
$ 26,157 |
$ 28,365 |
$ 29,537 |
$ 27,415 |
|
3.70 |
% |
(1.06) |
% |
|
$ 81,647 |
$ 74,821 |
|
9.12 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: SBA PPP loan interest and fee income |
$ 5 |
$ 6 |
$ 3 |
$ 14 |
$ 28 |
|
(16.67) |
% |
(82.14) |
% |
|
$ 14 |
$ 522 |
|
(97.32) |
% |
||
Memo: SBA PPP loan funding costs |
$ 2 |
$ 2 |
$ 3 |
$ 5 |
$ 10 |
|
- |
% |
(80.00) |
% |
|
$ 7 |
$ 75 |
|
(90.67) |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Loans held for sale |
6.21 % |
5.77 % |
6.26 % |
6.18 % |
4.92 % |
|
44 |
bps |
129 |
bps |
|
6.05 % |
5.03 % |
|
102 |
bps |
||
Loans |
|
|
5.86 % |
5.60 % |
5.55 % |
5.04 % |
4.50 % |
|
26 |
|
136 |
|
|
5.67 % |
4.32 % |
|
135 |
|
Investments |
|
2.69 % |
2.58 % |
2.61 % |
2.46 % |
2.23 % |
|
11 |
|
46 |
|
|
2.63 % |
2.05 % |
|
58 |
|
|
Other Earning Assets |
4.78 % |
5.05 % |
4.41 % |
3.57 % |
2.44 % |
|
(27) |
|
234 |
|
|
4.79 % |
0.79 % |
|
400 |
|
||
Total Earning Assets |
5.63 % |
5.34 % |
5.24 % |
4.80 % |
4.24 % |
|
29 |
|
139 |
|
|
5.40 % |
3.83 % |
|
156 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW |
|
|
2.19 % |
2.11 % |
1.27 % |
0.35 % |
0.32 % |
|
8 |
|
187 |
|
|
1.88 % |
0.32 % |
|
156 |
|
MMDA |
|
3.06 % |
2.91 % |
2.36 % |
1.43 % |
0.82 % |
|
15 |
|
224 |
|
|
2.78 % |
0.57 % |
|
221 |
|
|
Savings |
|
3.81 % |
4.07 % |
3.24 % |
0.52 % |
0.26 % |
|
(26) |
|
355 |
|
|
3.78 % |
0.26 % |
|
352 |
|
|
CDs |
|
|
3.27 % |
3.08 % |
2.68 % |
1.64 % |
1.09 % |
|
19 |
|
218 |
|
|
3.01 % |
0.91 % |
|
210 |
|
Cost of Interest Bearing Deposits |
3.03 % |
3.10 % |
2.32 % |
1.03 % |
0.64 % |
|
(7) |
|
239 |
|
|
2.84 % |
0.51 % |
|
233 |
|
||
Cost of Deposits |
2.60 % |
2.70 % |
1.91 % |
0.78 % |
0.48 % |
|
(10) |
|
212 |
|
|
2.42 % |
0.40 % |
|
202 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
Other Funding |
|
7.15 % |
6.99 % |
5.27 % |
4.57 % |
4.43 % |
|
16 |
|
272 |
|
|
6.02 % |
4.10 % |
|
192 |
|
|
Total Cost of Funds |
2.73 % |
2.81 % |
2.19 % |
1.19 % |
0.71 % |
|
(8) |
|
202 |
|
|
2.59 % |
0.59 % |
|
200 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
3.02 % |
2.65 % |
3.15 % |
3.67 % |
3.57 % |
|
37 |
|
(54) |
|
|
2.93 % |
3.28 % |
|
(35) |
|
||
Net Interest Spread |
2.46 % |
2.12 % |
2.63 % |
3.28 % |
3.31 % |
|
34 |
|
(85) |
|
|
2.39 % |
3.09 % |
|
(70) |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Excluding SBA PPP loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Loans |
|
5.86 % |
5.60 % |
5.56 % |
5.05 % |
4.51 % |
|
26 |
bps |
135 |
bps |
|
5.68 % |
4.34 % |
|
133 |
bps |
|
Total Earning Assets |
5.63 % |
5.34 % |
5.24 % |
4.81 % |
4.25 % |
|
29 |
|
138 |
|
|
5.40 % |
3.85 % |
|
155 |
|
|
|
Net Interest Margin* |
3.02 % |
2.65 % |
3.15 % |
3.68 % |
3.58 % |
|
36 |
|
(56) |
|
|
2.93 % |
3.30 % |
|
(36) |
|
*Net interest margin excluding the effect of SBA PPP loans assumes a funding cost of 35bps on average PPP balances in all applicable periods |
|
|
|
||
The company defines "NM" as not meaningful for increases or decreases greater than 300 percent. |
|
|
Primis Financial Corp |
|||||||||||
(Dollars in thousands, except per share data) |
For Three Months Ended: |
|
For Nine Months Ended: |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP items: |
3Q 2023 |
2Q 2023 |
1Q 2023 |
4Q 2022 |
3Q 2022 |
|
3Q 2023 |
3Q 2022 |
|||
Net income |
|
$ 7,583 |
$ (188) |
$ 5,953 |
$ 3,040 |
$ 5,025 |
|
$ 13,348 |
|
$ 14,509 |
|
Non-GAAP adjustments to Net Income: |
|
|
|
|
|
|
|
|
|
||
|
Branch Consolidation / Other restructuring |
- |
1,488 |
- |
1,175 |
308 |
|
1,488 |
|
1,209 |
|
|
Gain on sale of Infinex investment |
- |
- |
- |
(4,144) |
- |
|
- |
|
- |
|
|
Loan officer fraud, operational losses |
200 |
- |
- |
- |
- |
|
200 |
|
- |
|
|
Income tax effect |
(44) |
(321) |
- |
641 |
(67) |
|
(365) |
|
(373) |
|
|
Net income adjusted for nonrecurring income and expenses |
$ 7,739 |
$ 979 |
$ 5,953 |
$ 712 |
$ 5,266 |
|
$ 14,671 |
|
$ 15,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ 7,583 |
$ (188) |
$ 5,953 |
$ 3,040 |
$ 5,025 |
|
$ 13,348 |
|
$ 14,509 |
|
|
Income tax expense (benefit) |
1,912 |
(22) |
1,353 |
519 |
1,359 |
|
3,243 |
|
3,971 |
|
|
Provision for credit losses (incl. unfunded commitment expense) |
1,399 |
4,067 |
5,278 |
7,896 |
3,201 |
|
10,744 |
|
3,814 |
|
Pre-tax pre-provision earnings |
$ 10,894 |
$ 3,857 |
$ 12,584 |
$ 11,455 |
$ 9,585 |
|
$ 27,335 |
|
$ 22,294 |
||
|
Effect of adjustment for nonrecurring income and expenses |
200 |
1,488 |
- |
(2,969) |
308 |
|
1,688 |
|
1,209 |
|
Pre-tax pre-provision operating earnings |
$ 11,094 |
$ 5,345 |
$ 12,584 |
$ 8,486 |
$ 9,893 |
|
$ 29,023 |
|
$ 23,503 |
||
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
0.79 % |
(0.02 %) |
0.62 % |
0.35 % |
0.61 % |
|
0.45 % |
|
0.59 % |
||
|
Effect of adjustment for nonrecurring income and expenses |
0.02 % |
0.11 % |
0.00 % |
(0.27 %) |
0.03 % |
|
0.04 % |
|
0.03 % |
|
Operating return on average assets |
0.81 % |
0.09 % |
0.62 % |
0.08 % |
0.64 % |
|
0.49 % |
|
0.63 % |
||
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
0.79 % |
(0.02 %) |
0.62 % |
0.35 % |
0.61 % |
|
0.45 % |
|
0.59 % |
||
|
Effect of tax expense |
0.20 % |
(0.00 %) |
0.14 % |
0.06 % |
0.16 % |
|
0.11 % |
|
0.16 % |
|
|
Effect of provision for credit losses (incl. unfunded commitment expense) |
0.14 % |
0.39 % |
0.55 % |
0.91 % |
0.39 % |
|
0.35 % |
|
0.16 % |
|
Pre-tax pre-provision return on average assets |
1.13 % |
0.37 % |
1.31 % |
1.32 % |
1.16 % |
|
0.92 % |
|
0.91 % |
||
|
Effect of adjustment for nonrecurring income and expenses and expenses |
0.02 % |
0.14 % |
0.00 % |
(0.34 %) |
0.04 % |
|
0.06 % |
|
0.05 % |
|
Pre-tax pre-provision operating return on average assets |
1.15 % |
0.51 % |
1.31 % |
0.98 % |
1.20 % |
|
0.97 % |
|
0.96 % |
||
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity |
7.59 % |
(0.19 %) |
5.98 % |
3.04 % |
4.98 % |
|
4.46 % |
|
4.77 % |
||
|
Effect of adjustment for nonrecurring income and expenses |
0.16 % |
1.17 % |
0.00 % |
(2.33 %) |
0.24 % |
|
0.45 % |
|
0.45 % |
|
Operating return on average equity |
7.75 % |
0.98 % |
5.98 % |
0.71 % |
5.22 % |
|
4.91 % |
|
5.22 % |
||
|
Effect of goodwill and other intangible assets |
2.86 % |
0.36 % |
2.16 % |
0.27 % |
1.93 % |
|
1.80 % |
|
1.87 % |
|
Operating return on average tangible equity |
10.61 % |
1.33 % |
8.14 % |
0.98 % |
7.15 % |
|
6.71 % |
|
7.09 % |
||
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
69.93 % |
81.34 % |
68.69 % |
71.82 % |
71.93 % |
|
75.16 % |
|
74.29 % |
|
|
Effect of adjustment for nonrecurring income and expenses |
(0.54 %) |
(4.28 %) |
0.00 % |
4.96 % |
(0.94 %) |
|
(1.51 %) |
|
(2.02 %) |
|
Operating efficiency ratio |
69.39 % |
77.06 % |
68.69 % |
76.78 % |
70.99 % |
|
73.64 % |
|
72.27 % |
||
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - Basic |
$ 0.31 |
$ (0.01) |
$ 0.24 |
$ 0.12 |
$ 0.21 |
|
$ 0.54 |
|
$ 0.60 |
||
|
Effect of adjustment for nonrecurring income and expenses |
$ 0.01 |
0.05 |
- |
(0.09) |
(0.00) |
|
$ 0.06 |
|
0.02 |
|
Operating earnings per share - Basic |
$ 0.32 |
$ 0.04 |
$ 0.24 |
$ 0.03 |
$ 0.21 |
|
$ 0.60 |
|
$ 0.63 |
||
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - Diluted |
$ 0.31 |
$ (0.01) |
$ 0.24 |
$ 0.12 |
$ 0.20 |
|
$ 0.54 |
|
$ 0.59 |
||
|
Effect of adjustment for nonrecurring income and expenses |
0.01 |
0.05 |
- |
(0.09) |
0.01 |
|
$ 0.06 |
|
0.03 |
|
Operating earnings per share - Diluted |
$ 0.32 |
$ 0.04 |
$ 0.24 |
$ 0.03 |
$ 0.21 |
|
$ 0.60 |
|
$ 0.62 |
||
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
$ 15.96 |
$ 15.93 |
$ 16.14 |
$ 15.90 |
$ 15.82 |
|
$ 15.96 |
|
$ 15.82 |
||
|
Effect of goodwill and other intangible assets |
(4.33) |
(4.35) |
(4.36) |
(4.37) |
(4.39) |
|
(4.33) |
|
(4.39) |
|
Tangible book value per share |
$ 11.63 |
$ 11.58 |
$ 11.78 |
$ 11.53 |
$ 11.43 |
|
$ 11.63 |
|
$ 11.43 |
||
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
$ 394,016 |
$ 393,216 |
$ 398,406 |
$ 392,365 |
$ 389,896 |
|
$ 394,016 |
|
$ 389,896 |
||
|
Less goodwill and other intangible assets |
(106,891) |
(107,215) |
(107,539) |
(107,863) |
(108,147) |
|
(106,891) |
|
(108,170) |
|
Tangible common equity |
$ 287,125 |
$ 286,001 |
$ 290,867 |
$ 284,502 |
$ 281,749 |
|
$ 287,125 |
|
$ 281,726 |
||
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets |
|
10.30 % |
10.22 % |
9.48 % |
10.99 % |
11.62 % |
|
10.30 % |
|
11.62 % |
|
|
Effect of goodwill and other intangible assets |
(2.58 %) |
(2.58 %) |
(2.38 %) |
(2.77 %) |
(2.94 %) |
|
(2.58 %) |
|
(2.94 %) |
|
Tangible common equity to tangible assets |
7.72 % |
7.64 % |
7.10 % |
8.22 % |
8.68 % |
|
7.72 % |
|
8.68 % |
||
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
3.02 % |
2.65 % |
3.15 % |
3.67 % |
3.57 % |
|
2.93 % |
|
3.28 % |
||
|
Effect of adjustments for PPP associated balances* |
0.00 % |
0.00 % |
0.01 % |
0.01 % |
0.01 % |
|
0.00 % |
|
0.02 % |
|
Core net interest margin |
3.02 % |
2.65 % |
3.16 % |
3.68 % |
3.58 % |
|
2.93 % |
|
3.30 % |
*Net interest margin excluding the effect of PPP loans assumes a funding cost of 35bps on average PPP balances in all applicable periods |
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Primis Financial Corp.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
Rating
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Our assessment of the Primis Bank reporting unit included the use of three approaches, each receiving various weightings to determine an ultimate fair value estimate: (1) the comparable transactions method that is based on comparison to pricing ratios recently paid in the sale or merger of comparable banking institutions; (2) the public market peers control premium approach that is based on market pricing ratios of public banking companies adjusted for an industry based control premium, and (3) a discounted cash flow method (an income method), taking into consideration expectations of the Company's growth and profitability going forward.
When excluding the non-cash goodwill impairment charge, total noninterest expenses increased 6% from the three months ended September 30, 2022, compared to the 56% increase described above that includes the impairment charge.
When considering forward-looking statements, you should refer to the risk factors and other cautionary statements in this Quarterly Report on Form 10-Q and in our periodic and current reports filed with the SEC for specific factors that could cause our actual results to be different from those expressed or implied by our forward-looking statements.
Noninterest expense for the nine months ended September 30, 2023 included $1.7 million of credit enhancement costs related to servicing and other expenses for a third-party managed loan portfolio due to significant growth and charge-offs in that loan portfolio during 2023.
The 50% increase in noninterest expenses was primarily attributable to a $11.2 million of goodwill impairment charge in the third quarter of 2023 and $11.3 million increase in employee compensation and benefits expense mainly related to increased head count at the Bank, Primis Mortgage and Panacea in the nine months ended September 30, 2023 compared to 2022 and also due to expenses associated with the branch consolidation announced in the second quarter of 2023.
? Basic and diluted earnings...Read more
Net interest margin was further...Read more
Increase in yield on average...Read more
Increase in yield on average...Read more
The 56% increase in noninterest...Read more
Failure to meet minimum capital...Read more
Whether losses and delinquencies in...Read more
When excluding the non-cash goodwill...Read more
Failure to meet minimum capital...Read more
Other notable drivers of the...Read more
Furniture and equipment expenses increased...Read more
Total income on interest-earning assets...Read more
If foreclosure occurs, we record...Read more
Earnings per basic and diluted...Read more
The provision for credit losses...Read more
As of September 30, 2023,...Read more
Total income on interest-earning assets...Read more
We also experienced an increase...Read more
Noninterest income also increased during...Read more
As of September 30, 2023,...Read more
The increase in noninterest income...Read more
The increase in noninterest income...Read more
Other operating expenses increased during...Read more
The combination in the industry...Read more
Our deposits are insured, up...Read more
Net interest margin for three...Read more
The increase was driven by...Read more
We believe we have chosen...Read more
However, loan growth in the...Read more
Debt investment securities that Primis...Read more
The decrease was also driven...Read more
Increase in noninterest income was...Read more
Liquidity sources represent almost 185%...Read more
The increase from prior year...Read more
In the first nine months...Read more
The decrease from the prior...Read more
The increase in the mortgage...Read more
The increase in deposits from...Read more
During the three and nine...Read more
As a result of the...Read more
Noninterest expense for the three...Read more
Changes in assumptions, market data...Read more
The increase was driven by...Read more
These obligations include the payment...Read more
We repaid our short-term FHLB...Read more
The following table presents the...Read more
The following table presents the...Read more
Our allowance for credit losses...Read more
The Basel III Capital Rules...Read more
As part of the testing,...Read more
? We continued to execute...Read more
Despite this economic uncertainty, our...Read more
Continued higher inflation, as well...Read more
The cost of average interest-bearing...Read more
The cost of average interest-bearing...Read more
Primis Bank's principal sources of...Read more
This increase was primarily a...Read more
Mortgage banking income includes fair...Read more
The increase in noninterest expense...Read more
Increase in noninterest expense was...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Primis Financial Corp. provided additional information to their SEC Filing as exhibits
Ticker: FRST
CIK: 1325670
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-23-018626
Submitted to the SEC: Thu Nov 09 2023 5:16:20 PM EST
Accepted by the SEC: Thu Nov 09 2023
Period: Saturday, September 30, 2023
Industry: State Commercial Banks