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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 September 30, 2023

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)

1676 International Drive, Suite 900

McLean, Virginia 22102

(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 November 2, 2023, there were 24,681,764 shares of common stock, $0.01 par value, outstanding.

PRIMIS FINANCIAL CORP.

FORM 10-Q

September 30, 2023

TABLE OF CONTENTS

    

PAGE

PART I - FINANCIAL INFORMATION

Item 1 - Financial Statements

Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

2

Condensed Consolidated Statements of (Loss) Income and Comprehensive Loss for the three and nine months ended September 30, 2023 and 2022

3

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2023 and 2022

4

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022

6

Notes to Unaudited Condensed Consolidated Financial Statements

7

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

35

Item 3 – Quantitative and Qualitative Disclosures about Market Risk

53

Item 4 – Controls and Procedures

55

PART II - OTHER INFORMATION

Item 1 – Legal Proceedings

55

Item 1A – Risk Factors

55

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

55

Item 3 – Defaults Upon Senior Securities

56

Item 4 – Mine Safety Disclosures

56

Item 5 – Other Information

56

Item 6 - Exhibits

57

Signatures

59

PRIMIS FINANCIAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share amounts)

    

September 30, 

    

December 31, 

2023

2022

ASSETS

(unaudited)

Cash and cash equivalents:

 

  

 

  

Cash and due from financial institutions

$

23,966

 

$

6,868

Interest-bearing deposits in other financial institutions

 

69,899

 

 

70,991

Total cash and cash equivalents

 

93,865

 

 

77,859

Securities available-for-sale, at fair value (amortized cost of $255,446 and $269,036, respectively)

 

216,875

 

 

236,315

Securities held-to-maturity, at amortized cost (fair value of $10,582 and $12,449, respectively)

 

11,975

 

 

13,520

Loans held for sale, at fair value

57,511

27,626

Loans held for sale, at lower of cost or market

8,755

Total loans held for sale

66,266

27,626

Loans held for investment

 

3,145,867

 

 

2,946,637

Less: allowance for credit losses

 

(35,767)

 

 

(34,544)

Net loans

 

3,110,100

 

 

2,912,093

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

 

12,796

 

 

25,815

Bank premises and equipment, net

 

24,878

 

 

25,257

Goodwill

 

93,459

 

 

104,609

Intangible assets, net

 

2,282

 

 

3,254

Bank-owned life insurance

 

67,176

 

 

67,201

Deferred tax assets, net

 

22,456

 

 

18,289

Other assets

 

91,647

 

 

57,661

Total assets

$

3,813,775

 

$

3,569,499

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

  

Noninterest-bearing demand deposits

$

490,719

 

$

582,556

Interest-bearing deposits:

 

 

 

NOW accounts

 

803,276

 

 

617,687

Money market accounts

 

800,951

 

 

811,365

Savings accounts

 

746,608

 

 

245,713

Time deposits

 

451,850

 

 

465,057

Total interest-bearing deposits

 

2,802,685

 

 

2,139,822

Total deposits

 

3,293,404

 

 

2,722,378

Securities sold under agreements to repurchase

 

3,838

 

 

6,445

FHLB advances

 

 

 

325,000

Junior subordinated debt

 

9,818

 

 

9,781

Senior subordinated notes

 

85,706

 

 

85,531

Other liabilities

 

38,143

 

 

27,999

Total liabilities

 

3,430,909

 

 

3,177,134

Commitments and contingencies (See Note 8)

 

 

 

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; 24,686,764 and 24,680,097 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively

 

246

 

 

246

Additional paid in capital

 

313,052

 

 

312,722

Retained earnings

 

100,039

 

 

105,247

Accumulated other comprehensive loss

 

(30,471)

 

 

(25,850)

Total stockholders' equity

 

382,866

 

 

392,365

Total liabilities and stockholders' equity

$

3,813,775

 

$

3,569,499

See accompanying notes to unaudited condensed consolidated financial statements.

2

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

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

For the Three Months Ended September 30, 

For the Nine Months Ended September 30, 

    

2023

    

2022

    

2023

    

2022

    

Interest and dividend income:

 

  

 

  

 

  

 

  

 

Interest and fees on loans

$

47,771

$

30,488

$

133,047

$

81,548

Interest and dividends on taxable securities

 

1,491

 

1,417

 

4,423

 

4,082

Interest and dividends on tax exempt securities

 

102

 

101

 

305

 

311

Interest and dividends on other earning assets

 

1,122

 

555

 

12,504

 

1,409

Total interest and dividend income

 

50,486

 

32,561

 

150,279

 

87,350

Interest expense:

 

  

 

 

  

 

Interest on deposits

 

21,576

 

3,287

 

61,403

 

7,971

Interest on other borrowings

 

1,785

 

1,859

 

7,229

 

4,558

Total interest expense

 

23,361

 

5,146

 

68,632

 

12,529

Net interest income

 

27,125

 

27,415

 

81,647

 

74,821

Provision for credit losses

 

1,648

 

2,890

 

11,136

 

3,411

Net interest income after provision for credit losses

 

25,477

 

24,525

 

70,511

 

71,410

Noninterest income:

 

  

 

 

  

 

Account maintenance and deposit service fees

 

1,503

 

1,525

 

4,149

 

4,318

Income from bank-owned life insurance

 

787

 

394

 

1,601

 

1,147

Mortgage banking income

 

4,922

 

2,197

 

14,435

 

2,790

Gain on sale of loans

451

1,111

Credit enhancement income

2,047

1,220

8,085

1,220

Other noninterest income

 

232

 

284

 

579

 

865

Total noninterest income

 

9,942

 

5,620

 

29,960

 

10,340

Noninterest expenses:

 

  

 

 

  

 

Salaries and benefits

 

13,809

 

12,594

 

44,120

 

32,792

Occupancy expenses

 

1,633

 

1,402

 

4,671

 

4,277

Furniture and equipment expenses

 

1,537

 

1,455

 

4,966

 

3,683

Amortization of intangible assets

 

317

 

326

 

952

 

1,008

Virginia franchise tax expense

 

849

 

813

2,546

 

2,440

FDIC insurance assessment

820

199

2,254

658

Data processing expense

 

2,250

 

1,528

 

7,329

 

4,311

Marketing expense

377

938

1,467

2,134

Telephone and communication expense

 

356

 

342

 

1,149

 

1,090

Professional fees

 

1,118

 

1,261

 

3,055

 

3,182

Credit enhancement costs

337

1,725

Goodwill impairment

11,150

11,150

Other operating expenses

 

2,521

 

2,903

 

9,646

 

7,695

Total noninterest expenses

 

37,074

 

23,761

 

95,030

 

63,270

(Loss) income before income taxes

 

(1,655)

 

6,384

 

5,441

 

18,480

Income tax expense

 

1,912

 

1,359

 

3,243

 

3,971

Net (loss) income

$

(3,567)

$

5,025

$

2,198

$

14,509

Other comprehensive loss:

 

  

 

 

  

 

Unrealized loss on available-for-sale securities

$

(5,557)

$

(12,068)

 

(5,850)

(36,167)

Tax benefit

 

(1,167)

(2,534)

 

(1,229)

(7,595)

Other comprehensive loss

 

(4,390)

(9,534)

 

(4,621)