Primis Financial Corp. Amends 2022 10-K Filing

TL;DR

Primis Financial Corp. updated its 2022 10-K, showing $24.6B in derivative assets.

AI Summary

Primis Financial Corp. filed an amended 10-K for the fiscal year ending December 31, 2022. The filing, dated October 4, 2024, provides updated financial information. Key figures include $24.57 million in derivative gains/losses and $24.68 million in derivative assets for 2022.

Why It Matters

This amended filing provides updated financial disclosures for Primis Financial Corp., crucial for investors and analysts assessing the company's performance and financial health.

Risk Assessment

Risk Level: low — This is an amendment to a previous filing, likely for clarification or minor corrections, rather than a new material event.

Key Numbers

• $24.57M — Derivative Gain/Loss Net (Reported for the fiscal year 2022.)
• $24.68M — Derivative Assets (Reported as of December 31, 2022.)
• $101.95M — Derivative Liabilities (Reported as of December 31, 2022.)

Key Players & Entities

• Primis Financial Corp. (company) — Filer
• Southern National Bancorp of Virginia Inc (company) — Former company name
• 20221231 (date) — Fiscal year end
• 20241004 (date) — Filing date
• $24.57 million (dollar_amount) — Derivative Gain/Loss Net for 2022
• $24.68 million (dollar_amount) — Derivative Assets for 2022

FAQ

Key Financial Figures

• $0.01 — ge on which registered Common Stock , $0.01 par value FRST Nasdaq Global Market
• $3.6 billion — es. As of December 31, 2022, Primis had $3.6 billion in total assets, $2.9 billion in total
• $2.9 billion — rimis had $3.6 billion in total assets, $2.9 billion in total loans, $2.7 billion in total d
• $2.7 billion — al assets, $2.9 billion in total loans, $2.7 billion in total deposits and $389.0 million in
• $389.0 million — ans, $2.7 billion in total deposits and $389.0 million in total stockholders' equity. At Decem
• $50,000 — s offers unsecured personal loans up to $50,000 and overdraft protection loans up to $1
• $10,000, b — 00 and overdraft protection loans up to $10,000, based on specified underwriting criteria.

Filing Documents

• frst-20221231x10ka.htm (10-K/A) — 8386KB
• frst-20221231xex4d5.htm (EX-4.5) — 18KB
• frst-20221231xex10d14.htm (EX-10.14) — 142KB
• frst-20221231xex21d0.htm (EX-21.0) — 6KB
• frst-20221231xex23d1.htm (EX-23.1) — 3KB
• frst-20221231xex23d2.htm (EX-23.2) — 2KB
• frst-20221231xex31d1.htm (EX-31.1) — 9KB
• frst-20221231xex31d2.htm (EX-31.2) — 9KB
• frst-20221231xex32d1.htm (EX-32.1) — 4KB
• frst-20221231xex99d1.htm (EX-99.1) — 1200KB
• frst-20221231x10ka001.jpg (GRAPHIC) — 42KB
• frst-20221231xex99d1001.jpg (GRAPHIC) — 16KB
• frst-20221231xex99d1003.jpg (GRAPHIC) — 15KB
• frst-20221231xex99d1004.jpg (GRAPHIC) — 11KB
• frst-20221231xex99d1005.jpg (GRAPHIC) — 3KB
• 0001558370-24-013150.txt ( ) — 38779KB
• frst-20221231.xsd (EX-101.SCH) — 114KB
• frst-20221231_cal.xml (EX-101.CAL) — 148KB
• frst-20221231_def.xml (EX-101.DEF) — 719KB
• frst-20221231_lab.xml (EX-101.LAB) — 1038KB
• frst-20221231_pre.xml (EX-101.PRE) — 1006KB
• frst-20221231x10ka_htm.xml (XML) — 10805KB

Properties

Properties 37 Item 3.

Legal Proceedings

Legal Proceedings 37 Item 4. Mine Safety Disclosures 38 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38 Item 6. [Reserved] 40 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations (Restated)

Management's Discussion and Analysis of Financial Condition and Results of Operations (Restated) 40 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 64 Item 8.

Financial Statements and Supplementary Data (Restated)

Financial Statements and Supplementary Data (Restated) 64 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure (Restated) 126 Item 9A.

Controls and Procedures (Restated)

Controls and Procedures (Restated) 128 Item 9B. Other Information 129 PART III Item 10. Directors, Executive Officers and Corporate Governance 129 Item 11.

Executive Compensation

Executive Compensation 129 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 130 Item 13. Certain Relationships and Related Transactions, and Director Independence 130 Item 14. Principal Accounting Fees and Services (Restated) 130 PART IV Item 15. Exhibits and Financial Statement Schedules 131 Item 16. Form 10-K Summary/A 134 3 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K/A contains statements about future expectations, activities and events that constitute forward-looking statements within the meaning of, and subject to the protection of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provided by the same. Forward-looking statements are not historical facts and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. The words "believe," "may," "forecast," "should," "anticipate," "contemplate," "estimate," "expect," "project," "predict," "intend," "continue," "would," "could," "hope," "might," "assume," "objective," "seek," "plan," "strive" or similar words, or the negatives of these words, identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations o

Business

Item 1. Business Overview Primis Financial Corp. ("Primis," "we," "us," "our" or the "Company") is the bank holding company for Primis Bank ("Primis Bank" or the "Bank"), a Virginia state-chartered bank which commenced operations on April 14, 2005. Primis Bank provides a range of financial services to individuals and small and medium-sized businesses. As of December 31, 2022, Primis had $3.6 billion in total assets, $2.9 billion in total loans, $2.7 billion in total deposits and $389.0 million in total stockholders' equity. At December 31, 2022, Primis Bank had thirty-two full-service branches in Virginia and Maryland and also provides services to customers through certain online and mobile applications. Thirty full-service retail branches are in Virginia and two full-service retail branches are in Maryland. The Company is headquartered in McLean, Virginia and has administrative offices in Tysons Corner, Virginia and Glen Allen, Virginia and an operations center in Atlee, Virginia. Our deposits are insured, up to applicable limits, by the Federal Deposit Insurance Corporation (the "FDIC"). Primis Bank also owns Primis Mortgage Company, a residential mortgage lender. We make our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act available free of charge on our website at www.primisbank.com as soon as reasonably practicable after we electronically file such material with the SEC. These reports are also available without charge on the SEC's website at www.sec.gov. Strategy Primis is focused on building a new, innovative, and better banking experience for its consumers and small and medium-sized businesses. The bank intends to grow its business, expand its customer base and improve profitability. This is being achieved through a seven-pronged approach: 1. Ensuring deposit and lending products are competitive, easy to und

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View this 10-K/A filing on SEC EDGAR