Primis Financial Corp Stock Price, News & Analysis

Primis Financial Corp. (NASDAQ: FRST) has provided an update on its consultation process with the SEC regarding the accounting for a consumer loan portfolio. The SEC has given non-objection to the company's accounting conclusions, allowing for the completion of delayed financial reports and restatements. The accounting changes will result in an approximately $30 million reduction to net income over prior periods through Q2 2024.

Key changes include:

• Deferring interest income on loans with promotional features
• Reversing credit enhancement income
• Discontinuing certain interest income and noninterest expense recordings
• Accounting for interest reimbursement and performance fees as derivatives

Primis is pursuing a consultation with the SEC for a single-unit accounting approach, which it believes would provide a more useful picture of the Program.

Primis Financial Corp. (NASDAQ: FRST) reported preliminary results for Q2 2024, with diluted earnings per share of $0.32, compared to a loss of $0.01 in Q2 2023. The company's total assets reached $3.99 billion, up from $3.87 billion year-over-year. Net income available to common shareholders was $7.82 million, a significant improvement from a loss of $311,000 in the same period last year.

Key financial metrics include:

• Net interest income: $27.63 million (up from $26.24 million)
• Noninterest income: $14.49 million (up from $8.31 million)
• Return on average assets: 0.80% (up from -0.03%)
• Net interest margin: 3.03% (up from 2.64%)

The Board of Directors declared a quarterly cash dividend of $0.10 per share, payable on August 23, 2024.

Primis Financial Corp. (NASDAQ: FRST) has scheduled the release of its second quarter 2024 financial results after market close on July 25, 2024. The following day, July 26, 2024, at 10:00 a.m. Eastern Time, the company will hold a conference call and audio webcast for analysts and investors. Primis Financial Corp., as of March 31, 2024, reported total assets of $3.9 billion, total loans of $3.2 billion, and total deposits of $3.3 billion. The company's banking subsidiary, Primis Bank, operates 24 full-service branches in Virginia and Maryland.

On May 16, 2024, Primis Financial Corp. (NASDAQ: FRST) received a delinquency notification from Nasdaq for failing to timely file its Quarterly Report for Q1 2024 and its Annual Report for 2023. The notification follows a series of delayed filings, including notices on March 18, April 1, and May 13, 2024, due to the company's need for additional time for restatement and pre-clearance with the SEC. Although the letter has no immediate effect on Primis's Nasdaq listing, the company must submit a compliance plan by June 3, 2024. If accepted, Primis has until September 30, 2024, to regain compliance. As of March 31, 2024, Primis reported $3.9 billion in assets, $3.2 billion in loans, and $3.3 billion in deposits. Primis aims to file the delayed reports promptly to meet Nasdaq’s requirements.

Panacea Financial has announced a partnership with the American Student Dental Association (ASDA) to offer tailored financial services to ASDA's 23,000 dental student members in the U.S. and Puerto Rico. The services include personal loans, checking accounts, and savings accounts specifically designed for the unique needs of dental students. This partnership aims to support dental students through their education and into their professional careers. Panacea Financial, founded by medical professionals, understands the financial challenges faced by dental students, such as high debt and frequent relocations, and aims to provide comprehensive banking solutions. More information is available at the Panacea Financial website.