Primis Financial Corp. Files 2023 10-K

TL;DR

Primis Financial Corp. 2023 10-K filed. Shows financials for 2023, 2022, 2021. VA-based bank.

AI Summary

Primis Financial Corp. filed its 2023 10-K on October 15, 2024, reporting its financial performance for the fiscal year ending December 31, 2023. The filing details various financial statement items, including subordinated debt, retained earnings, and additional paid-in capital for the years 2023, 2022, and 2021. The company is incorporated in Virginia and operates in the commercial banking sector.

Why It Matters

This 10-K filing provides investors and analysts with a comprehensive overview of Primis Financial Corp.'s financial health and performance for the fiscal year 2023, enabling informed investment decisions.

Risk Assessment

Risk Level: low — This filing is a standard annual report and does not contain immediate, high-impact risk disclosures.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2022-12-31 — Prior Year End (Comparison period for financial data)
• 2021-12-31 — Prior Year End (Comparison period for financial data)

Key Players & Entities

• Primis Financial Corp. (company) — Filer of the 10-K
• 2023-12-31 (date) — Fiscal year end
• 2024-10-15 (date) — Filing date
• VA (location) — State of incorporation
• Southern National Bancorp of Virginia Inc (company) — Former company name

FAQ

Key Financial Figures

• $0.01 — ge on which registered Common Stock , $0.01 par value FRST Nasdaq Global Market
• $3.9 billion — . As of December 31, 2023, Primis had $3.9 billion in total assets, $3.2 billion in total
• $3.2 billion — rimis had $3.9 billion in total assets, $3.2 billion in total loans, $3.3 billion in total d
• $3.3 billion — al assets, $3.2 billion in total loans, $3.3 billion in total deposits and $397.6 million in
• $397.6 million — ans, $3.3 billion in total deposits and $397.6 million in total stockholders' equity. As of De
• $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-20231231x10k.htm (10-K) — 9629KB
• frst-20231231xex4d5.htm (EX-4.5) — 18KB
• frst-20231231xex10d14.htm (EX-10.14) — 30KB
• frst-20231231xex10d15.htm (EX-10.15) — 30KB
• frst-20231231xex10d16.htm (EX-10.16) — 150KB
• frst-20231231xex21.htm (EX-21) — 6KB
• frst-20231231xex23d1.htm (EX-23.1) — 3KB
• frst-20231231xex31d1.htm (EX-31.1) — 9KB
• frst-20231231xex31d2.htm (EX-31.2) — 9KB
• frst-20231231xex32d1.htm (EX-32.1) — 4KB
• frst-20231231xex97.htm (EX-97) — 80KB
• frst-20231231x10k001.jpg (GRAPHIC) — 65KB
• frst-20231231xex10d14001.jpg (GRAPHIC) — 1KB
• frst-20231231xex10d15001.jpg (GRAPHIC) — 1KB
• 0001558370-24-013277.txt ( ) — 38678KB
• frst-20231231.xsd (EX-101.SCH) — 120KB
• frst-20231231_cal.xml (EX-101.CAL) — 156KB
• frst-20231231_def.xml (EX-101.DEF) — 684KB
• frst-20231231_lab.xml (EX-101.LAB) — 1076KB
• frst-20231231_pre.xml (EX-101.PRE) — 979KB
• frst-20231231x10k_htm.xml (XML) — 10783KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 37 Item 1C. Cybersecurity 37 Item 2.

Properties

Properties 39 Item 3.

Legal Proceedings

Legal Proceedings 39 Item 4. Mine Safety Disclosures 39 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 Item 6. [Reserved ] 41 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 67 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 67 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 132 Item 9A.

Controls and Procedures

Controls and Procedures 132 Item 9B. Other Information 134 PART III Item 10. Directors, Executive Officers and Corporate Governance 134 Item 11.

Executive Compensation

Executive Compensation 140 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 156 Item 13. Certain Relationships and Related Transactions, and Director Independence 158 Item 14. Principal Accounting Fees and Services 159 PART IV Item 15. Exhibits and Financial Statement Schedules 160 Item 16. Form 10-K Summary 163 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K 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 of future result

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, 2023, Primis had $3.9 billion in total assets, $3.2 billion in total loans, $3.3 billion in total deposits and $397.6 million in total stockholders' equity. As of December 31, 2023, Primis Bank had twenty-four full-service branches in Virginia and Maryland and also provides services to customers through certain online and mobile applications. Twenty-two 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 an administrative office in Glen Allen, Virginia and an operations center in Atlee, Virginia. Primis Mortgage Company, a residential mortgage lender headquartered in Wilmington, North Carolina, is also a consolidated subsidiary of Primis Bank. PFH, is a consolidated subsidiary of Primis and owns the rights to the Panacea Financial brand and its intellectual property and partners with the Bank to offer a suite of financial products and services for doctors, their practices, and ultimately the broader healthcare industry. Our deposits are insured, up to applicable limits, by the Federal Deposit Insurance Corporation (the "FDIC"). 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 focuse

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View this 10-K filing on SEC EDGAR