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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2022

Commission File No. 001-33037

PRIMIS FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Virginia

20-1417448

(State or other jurisdiction

(I.R.S. Employer Identification No.)

of incorporation or organization)

6830 Old Dominion Drive

McLean, Virginia 22101

(Address of principal executive offices) (zip code)

(703) 893-7400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading symbol

Name of each exchange on which registered:

Common Stock, par value $0.01 per share

FRST

NASDAQ Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes        No 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes        No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b–2 of the Exchange Act:

Large accelerated filer 

Accelerated filer 

Smaller reporting company 

Non-accelerated filer 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  No 

As of May 2, 2022, there were 24,622,739 shares of common stock, $0.01 par value, outstanding.

PRIMIS FINANCIAL CORP.

FORM 10-Q

March 31, 2022

TABLE OF CONTENTS

    

PAGE

PART I - FINANCIAL INFORMATION

Item 1 - Financial Statements

Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

2

Consolidated Statements of Income and Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021

3

Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2022 and 2021

4

Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021

5

Notes to Unaudited Consolidated Financial Statements

6

Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3 – Quantitative and Qualitative Disclosures about Market Risk

42

Item 4 – Controls and Procedures

44

PART II - OTHER INFORMATION

Item 1 – Legal Proceedings

45

Item 1A – Risk Factors

45

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

45

Item 3 – Defaults Upon Senior Securities

45

Item 4 – Mine Safety Disclosures

45

Item 5 – Other Information

45

Item 6 - Exhibits

46

Signatures

48

PRIMIS FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share amounts)

    

March 31, 

    

December 31, 

2022

2021

(unaudited)

*

ASSETS

Cash and cash equivalents:

 

  

 

  

Cash and due from financial institutions

$

7,220

 

$

8,380

Interest-bearing deposits in other financial institutions

 

291,010

 

521,787

Total cash and cash equivalents

 

298,230

 

530,167

Securities available-for-sale, at fair value

 

271,626

 

271,332

Securities held-to-maturity, at amortized cost (fair value of $15,927 and $23,364, respectively)

 

16,138

 

22,940

Total loans

 

2,393,669

 

2,339,986

Less allowance for credit losses

 

(29,379)

 

(29,105)

Net loans

 

2,364,290

 

2,310,881

Stock in Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB)

 

11,927

 

15,521

Bank premises and equipment, net

 

29,872

 

30,410

Operating lease right-of-use assets

5,305

5,866

Goodwill

 

101,954

 

101,954

Core deposit intangibles, net

 

4,121

 

4,462

Bank-owned life insurance

 

67,099

 

66,724

Other real estate owned

 

1,041

 

1,163

Deferred tax assets, net

 

12,380

 

9,571

Other assets

 

35,893

 

36,362

Total assets

$

3,219,876

 

$

3,407,353

LIABILITIES AND STOCKHOLDERS' EQUITY

 

  

 

  

Noninterest-bearing demand deposits

$

559,682

 

$

530,282

Interest-bearing deposits:

 

  

 

  

NOW accounts

 

730,235

 

849,738

Money market accounts

 

831,580

 

799,759

Savings accounts

 

225,291

 

222,862

Time deposits

 

339,456

 

360,575

Total interest-bearing deposits

 

2,126,562

 

2,232,934

Total deposits

 

2,686,244

 

2,763,216

Securities sold under agreements to repurchase - short term

 

11,231

 

9,962

FHLB advances

 

 

100,000

Junior subordinated debt - long term

 

9,743

 

9,731

Senior subordinated notes - long term

 

85,356

 

85,297

Operating lease liabilities

5,897

6,498

Other liabilities

 

17,210

 

20,768

Total liabilities

 

2,815,681

 

2,995,472

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; 24,622,739 and 24,574,619 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively

 

245

 

245

Additional paid in capital

 

311,872

 

311,127

Retained earnings

 

101,533

 

99,397

Accumulated other comprehensive income (loss)

 

(9,455)

 

1,112

Total stockholders' equity

 

404,195

 

411,881

Total liabilities and stockholders' equity

$

3,219,876

 

$

3,407,353

* Derived from audited consolidated financial statements

See accompanying notes to unaudited consolidated financial statements.

2

PRIMIS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

(dollars in thousands, except per share amounts) (Unaudited)

For the Three Months Ended

March 31, 

    

2022

    

2021

    

Interest and dividend income:

 

  

 

  

 

Interest and fees on loans

$

24,749

$

28,957

Interest and dividends on taxable securities

 

1,325

 

919

Interest and dividends on tax exempt securities

 

105

 

123

Interest and dividends on other earning assets

 

406

 

309

Total interest and dividend income

 

26,585

 

30,308

Interest expense:

 

  

 

  

Interest on deposits

 

2,373

 

3,816

Interest on repurchase agreements

 

13

 

26

Interest on other borrowings

 

1,345

 

1,511

Total interest expense

 

3,731

 

5,353

Net interest income

 

22,854

 

24,955

Provision for (recovery of) credit losses

 

99

 

(1,372)

Net interest income after (recovery of) provision for credit losses

 

22,755

 

26,327

Noninterest income:

 

  

 

  

Account maintenance and deposit service fees

 

1,351

 

1,664

Income from bank-owned life insurance

 

375

 

386

Other noninterest income

 

364

 

299

Total noninterest income

 

2,090

 

2,349

Noninterest expenses:

 

  

 

  

Salaries and benefits

 

9,625

 

9,372

Occupancy expenses

 

1,457

 

1,539

Furniture and equipment expenses

 

1,100

 

816

Amortization of core deposit intangible

 

341

 

341

Virginia franchise tax expense

 

813

 

675

Data processing expense

 

1,490

 

799

Telephone and communication expense

 

382

 

522

Net gain on other real estate owned

 

(59)

 

(60)

Professional fees

 

1,094

 

1,134

Other operating expenses

 

2,744

 

2,885

Total noninterest expenses

 

18,987

 

18,023

Income from continuing operations before income taxes

 

5,858

 

10,653

Income tax expense

 

1,265

 

2,301

Income from continuing operations

4,593

8,352

Income from discontinued operation before income taxes

 

1,315

Income tax expense

284

Income from discontinued operation

 

1,031

Net income

$

4,593

$

9,383

Other comprehensive income (loss):

 

  

 

Unrealized loss on available-for-sale securities

$

(13,376)

$

(1,736)

Accretion of amounts previously recorded upon transfer to held-to-maturity from available-for-sale

 

189

Net unrealized loss

 

(13,376)

(1,547)

Tax effect

 

(2,809)

(325)

Other comprehensive loss

 

(10,567)

(1,222)

Comprehensive income (loss)

$

(5,974)

$

8,161

Earnings per share from continuing operations, basic

$

0.19

$

0.35

Earnings per share from discontinued operation, basic

$

0.00

$

0.04

Earnings per share from continuing operations, diluted

$

0.19

$

0.34

Earnings per share from discontinued operation, diluted

$

0.00

$

0.04

     

See accompanying notes to unaudited consolidated financial statements.

3

PRIMIS FINANCIAL CORP.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

(dollars in thousands, except per share amounts) (Unaudited)

For the Three Months Ended March 31, 2022

Accumulated

Additional

Other

Common

Paid in

Retained

Comprehensive

    

Stock

    

Capital

    

Earnings

    

Income (loss)

    

Total

Balance December 31, 2021

$

245

$

311,127

$

99,397

$

1,112

$

411,881

Net income

 

 

 

4,593

 

 

4,593

Changes in other comprehensive loss on investment securities (net of tax benefit, $2,809)

(10,567)

(10,567)

Dividends on common stock ($0.10 per share)

 

 

 

(2,457)

 

 

(2,457)

Repurchase of restricted stock

(6)

(6)

Stock-based compensation expense

 

 

751

 

 

 

751

Balance - March 31, 2022

$

245

$

311,872

$

101,533

$

(9,455)

$

404,195

For the Three Months Ended March 31, 2021

Accumulated

Additional

Other

Common

Paid in

Retained

Comprehensive

    

Stock

    

Capital

    

Earnings

    

Income

    

Total

Balance December 31, 2020

$

243

$

308,870

$

77,956

$

3,485

$

390,554

Net income

 

 

 

9,383

 

 

9,383

Changes in other comprehensive income on investment securities (net of tax benefit, $325)

(1,222)

(1,222)

Dividends on common stock ($0.10 per share)

 

 

 

(2,442)

 

 

(2,442)

Stock options exercised

 

1

 

1,237

 

 

 

1,238

Repurchase of restricted stock

(7)

(7)

Stock-based compensation expense

 

482

 

 

 

482

Balance - March 31, 2021

$

244

$

310,582

$

84,897

$

2,263

$

397,986

See accompanying notes to unaudited consolidated financial statements.

4

PRIMIS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

(dollars in thousands, except per share amounts) (Unaudited)