Primis Financial Corp. Q2 2024 10-Q Filing

TL;DR

**PRIMIS FINANCIAL CORP. 10-Q FILED: Q2 2024 RESULTS SHOWING SUBORDINATED DEBT & RETAINED EARNINGS.**

AI Summary

Primis Financial Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and position, including assets and liabilities. Key figures such as subordinated debt and retained earnings are reported for the periods ending June 30, 2024, and December 31, 2023.

Why It Matters

This filing provides investors and analysts with a detailed look at Primis Financial Corp.'s financial health and operational performance during the second quarter of 2024.

Risk Assessment

Risk Level: medium — The filing contains detailed financial data which requires careful analysis to assess the company's risk profile.

Key Numbers

• 24693172 — Subordinated Debt (As of June 30, 2024)
• 24708234 — Subordinated Debt (As of December 31, 2023)

Key Players & Entities

• Primis Financial Corp. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of reporting period
• December 31, 2023 (date) — Prior period comparison

FAQ

Key Financial Figures

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

Filing Documents

• frst-20240630x10q.htm (10-Q) — 7956KB
• frst-20240630xex31d1.htm (EX-31.1) — 14KB
• frst-20240630xex31d2.htm (EX-31.2) — 12KB
• frst-20240630xex32d1.htm (EX-32.1) — 12KB
• 0001558370-24-016160.txt ( ) — 33616KB
• frst-20240630.xsd (EX-101.SCH) — 75KB
• frst-20240630_cal.xml (EX-101.CAL) — 98KB
• frst-20240630_def.xml (EX-101.DEF) — 507KB
• frst-20240630_lab.xml (EX-101.LAB) — 703KB
• frst-20240630_pre.xml (EX-101.PRE) — 662KB
• frst-20240630x10q_htm.xml (XML) — 10762KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

- Financial Statements

Item 1 - Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Income and Comprehensive income for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7

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

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 38

– Quantitative and Qualitative Disclosures about Market Risk

Item 3 – Quantitative and Qualitative Disclosures about Market Risk 55

– Controls and Procedures

Item 4 – Controls and Procedures 56

- OTHER INFORMATION

PART II - OTHER INFORMATION

– Legal Proceedings

Item 1 – Legal Proceedings 57

– Risk Factors

Item 1A – Risk Factors 57

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 57

– Defaults Upon Senior Securities

Item 3 – Defaults Upon Senior Securities 57

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 57

– Other Information

Item 5 – Other Information 57

- Exhibits

Item 6 - Exhibits 58

Signatures

Signatures 60 Table of Contents PRIMIS FINANCIAL CORP . CONDENSED CONSOLIDATED BALANCE SHEETS ( dollars in thousands, except per share amounts) June 30, December 31, 2024 2023 (unaudited) ASSETS Cash and cash equivalents: Cash and due from financial institutions $ 5,305 $ 1,863 Interest-bearing deposits in other financial institutions 61,275 75,690 Total cash and cash equivalents 66,580 77,553 Securities available-for-sale, at fair value (amortized cost of $ 262,076 and $ 255,891 , respectively) 232,867 228,420 Securities held-to-maturity, at amortized cost (fair value of $ 9,692 and $ 10,839 , respectively) 10,649 11,650 Loans held for sale, at fair value 94,644 57,691 Loans held for investment, collateralizing secured borrowings 21,174 20,505 Loans held for investment 3,279,388 3,198,909 Less: allowance for credit losses ( 51,574 ) ( 52,209 ) Net loans 3,248,988 3,167,205 Stock in Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB) 16,837 14,246 Bank premises and equipment, net 19,946 20,611 Assets held for sale 5,136 6,735 Operating lease right-of-use assets 10,293 10,646 Cloud computing arrangement assets, net 9,206 10,699 Goodwill 93,459 93,459 Intangible assets, net 1,309 1,958 Bank-owned life insurance 66,319 67,588 Deferred tax assets, net 25,232 22,395 Consumer Program derivative 9,929 10,806 Other assets 54,624 54,884 Total assets $ 3,966,018 $ 3,856,546 LIABILITIES AND STOCKHOLDERS' EQUITY Noninterest-bearing demand deposits $ 420,241 $ 472,941 Interest-bearing deposits: NOW accounts 793,608 773,028 Money market accounts 831,834 794,530 Savings accounts 866,279 783,758 Time deposits 423,501 445,898 Total interest-bearing deposits 2,915,222 2,797,214 Total deposits 3,335,463 3,270,155 Securities sold under agreements to repurchase 3,273

View Full Filing

View this 10-Q filing on SEC EDGAR