Primis Financial Corp. Amends Q2 2023 10-Q Filing

TL;DR

Primis Financial Corp. is amending its Q2 2023 10-Q filing from August 9, 2023, to correct/clarify items. No new financials, just a fix.

AI Summary

Primis Financial Corp. filed an amendment (10-Q/A) on November 1, 2024, to its quarterly report for the period ending June 30, 2023. This amendment revises specific items previously reported in the original 10-Q filed on August 9, 2023. The filing does not introduce new financial results but corrects or clarifies previously disclosed information.

Why It Matters

This filing indicates a need for correction or clarification in previously reported financial information, which could affect the accuracy of the company's historical financial statements.

Risk Assessment

Risk Level: low — This is an amendment to a previous filing to correct or clarify information, not a new report of financial results or significant operational changes.

Key Players & Entities

• Primis Financial Corp. (company) — Filer of the 10-Q/A
• Southern National Bancorp of Virginia Inc (company) — Former company name of Primis Financial Corp.
• August 9, 2023 (date) — Date of original 10-Q filing
• November 1, 2024 (date) — Filing date of the 10-Q/A
• June 30, 2023 (date) — Quarter end date for the report being amended

FAQ

Key Financial Figures

• $0.01 — ch registered: Common Stock, par value $0.01 per share FRST NASDAQ Global Market

Filing Documents

• frst-20230630x10qa.htm (10-Q/A) — 8112KB
• frst-20230630xex31d1.htm (EX-31.1) — 14KB
• frst-20230630xex31d2.htm (EX-31.2) — 12KB
• frst-20230630xex32d1.htm (EX-32.1) — 12KB
• 0001558370-24-014136.txt ( ) — 35309KB
• frst-20230630.xsd (EX-101.SCH) — 72KB
• frst-20230630_cal.xml (EX-101.CAL) — 96KB
• frst-20230630_def.xml (EX-101.DEF) — 483KB
• frst-20230630_lab.xml (EX-101.LAB) — 671KB
• frst-20230630_pre.xml (EX-101.PRE) — 694KB
• frst-20230630x10qa_htm.xml (XML) — 11450KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

- Financial Statements (Revised and Restated)

Item 1 - Financial Statements (Revised and Restated) Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 (R evised and Restated) 2 Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the three and six months ended June 30, 2023 and 2022 (R evised and Restated) 3 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2023 and 2022 (R evised and Restated) 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (R evised and Restated) 6 Notes to Unaudited Condensed Consolidated Financial Statements (R evised and Restated) 7

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

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations (R evised and Restated) 42

– Quantitative and Qualitative Disclosures about Market Risk (Revised and restated)

Item 3 – Quantitative and Qualitative Disclosures about Market Risk (Revised and restated) 60

– Controls and Procedures (Restated)

Item 4 – Controls and Procedures (Restated) 61

- OTHER INFORMATION

PART II - OTHER INFORMATION

– Legal Proceedings

Item 1 – Legal Proceedings 63

– Risk Factors (Restated)

Item 1A – Risk Factors (Restated) 63

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 64

– Defaults Upon Senior Securities

Item 3 – Defaults Upon Senior Securities 64

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 64

– Other Information

Item 5 – Other Information 64

- Exhibits (Restated)

Item 6 - Exhibits (Restated) 64

Signatures

Signatures 66 Table of Contents PRIMIS FINANCIAL CORP . CONDENSED CONSOLIDATED BALANCE SHEETS ( dollars in thousands, except per share amounts) June 30, December 31, 2023 2022 ASSETS (unaudited) Cash and cash equivalents: (Revised and Restated) Cash and due from financial institutions $ 6,720 $ 6,868 Interest-bearing deposits in other financial institutions 94,148 70,991 Total cash and cash equivalents 100,868 77,859 Securities available-for-sale, at fair value (amortized cost of $ 256,101 and $ 269,036 , respectively) 223,087 236,315 Securities held-to-maturity, at amortized cost (fair value of $ 11,369 and $ 12,449 , respectively) 12,378 13,520 Loans held for sale, at fair value 57,704 27,626 Loans held for investment, collateralizing secured borrowings 20,714 — Loans held for investment 3,172,254 2,946,637 Less: allowance for credit losses ( 38,541 ) ( 34,544 ) Net loans 3,154,427 2,912,093 Stock in Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB) 12,083 25,815 Bank premises and equipment, net 25,298 25,257 Assets held for sale 3,115 3,115 Operating lease right-of-use assets 10,707 5,335 Goodwill 104,609 104,609 Intangible assets, net 2,606 3,254 Bank-owned life insurance 67,985 67,201 Deferred tax assets, net 22,639 19,874 Consumer Program derivative 10,627 — Other assets 58,079 44,791 Total assets $ 3,866,212 $ 3,566,664 LIABILITIES AND STOCKHOLDERS' EQUITY Noninterest-bearing demand deposits $ 480,832 $ 582,572 Interest-bearing deposits: NOW accounts 817,725 617,687 Money market accounts 850,359 811,365 Savings accounts 696,750 245,786 Time deposits 471,330 465,057 Total interest-bearing deposits 2,836,164 2,139,895 Total deposits 3,316,996 2,722,467 Securities sold under agreements to repurchase - short term 3,921 6,445 FHLB advances — 325,000 Secured borrowings

View Full Filing

View this 10-Q/A filing on SEC EDGAR