Primis Financial Corp. Reports Earnings per Share for the Fourth Quarter of 2024

Declares Quarterly Cash Dividend of $0.10 Per Share MCLEAN, Va., Jan. 28, 2025 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), and its wholly-owned subsidiary, Primis Bank (the "Bank"), today reported a net loss available to common shareholders of $14.7 million or $0.59 loss per basic and diluted share for the quarter ended December 31, 2024, compared to a net loss available to common shareholders of $8.2 million or $0.33 loss per basic and diluted share for the quarter ended December 31, 2023. For the full year of 2024, the Company reported a net loss available to common shareholders and loss per basic and diluted share of $7.5 million and $0.31, respectively, compared to a loss of $7.8 million and $0.32, respectively, in 2023. Earnings for the three month and year-to-date periods of 2024 are highly affected by the Company's decision to move a third-party originated consumer loan portfolio to held for sale in the fourth quarter of 2024 as described further below. Strategic Options to Maximize Value Dennis J. Zember, Jr., President and Chief Executive Officer of Primis commented, "In the fourth quarter of 2024, we made several moves that were costly, but should better position the Company to maximize its strategic value. These moves in the current quarter include neutralizing the credit impacts of the consumer loan book by moving the majority of it to held for sale with substantial marks. Additionally, we sold our Life Premium Finance business and launched a meaningful mortgage warehouse lending business that should add up to 15 basis points of additional return on assets once it reaches scale in 2025." With the third-party consumer book marked, the Company is exploring various avenues to maximize its shareholder value. These include decisions needed to drive higher earnings and operating results that should no longer be overshadowed by the consumer portfolio's credit costs. Secondly, a more determined effort to highlight the value and opportunity in the core community bank with its funding advantage and growth opportunities. Lastly, moving to deconsolidate Panacea Financial Holdings and realize the economic gain which management believes has improved substantially since the unrealized $19.6 million market value at December 31, 2023. Other avenues are being explored alongside these operating strategies that would accelerate the recognition of unrealized market value in the Company. Strategic Repositioning The Company spent substantial time and energy in 2024 focusing the organization toward business lines it believes can drive the greatest long-term profitability and growth. Activities included continued moves to enhance operating leverage in the core bank, lender recruitment and scaling in mortgage, relieving balance sheet pressure through the sale of Life Premium Finance, leveraging existing infrastructure to expand the mortgage warehouse lending division and neutralizing the credit cost impact of the third-party consumer loan program. The result of these moves is a significantly more focused organization comprised of: The following discussion highlights the near-term opportunity for each of these strategies. Core Community Bank The core bank has 24 banking offices in Virginia and Maryland and finished 2024 with $2.2 billion of customer deposits. The core bank's cost of deposits of 1.87% at 2024 year-end is lower than most of its larger regional bank competitors and up to 100 basis points lower than equal sized peers in the greater Washington, D.C. region. The Bank's proprietary V1BE service directly supports approximately $200 million of checking accounts and is driving growth in new relationships focused on commercial and consumer checking accounts. The Bank has reorganized its lending team and added selective hires in key markets. Early signs of success from these efforts can be found in the loan pipeline which ended 2024 at approximately $119 million with 88% of that amount representing new customers to the Bank versus $51 million and 21%, respectively, at the end of 2023. The Bank's loan portfolio is diversified across the footprint and is well below regulatory concentration limits for commercial real estate. Primis Mortgage Primis Mortgage earned approximately $2.6 million pre-tax in 2024, including its managed portfolio, versus immaterial earnings in 2023. Primis Mortgage had approximately $800 million of production in 2024 versus approximately $600 million of production the prior year. Continued recruiting and operational improvements have current applications, locks and closings 40% to 50% higher than the same month a year ago and the Company anticipates production of $1.25 billion in the current rate environment. Not included in this outlook is the impact of the Bank's new construction-to-perm builder partnerships focused on government lending that should generate additional volume with strong profitability metrics. National Strategies With the sale of Life Premium Finance, the Company is focusing its national lending strategies on mortgage warehouse lending and a new partnership with a national builder leveraging the Bank's existing construction-to-perm loan product. While the Bank had mortgage warehouse lending capabilities, activity was insignificant until the team build-out in the fall of 2024. As of the end of January 2025, the team has grown to 54 approved customers with over $400 million of committed lines. Average yield, including fees, was SOFR plus 340 basis points in December. In addition to a growing customer pipeline, the mortgage warehouse team also plans to augment its growth with selective mortgage servicing rights ("MSR") relationships through 2025. The Bank also recently gained preferred lender status with a national builder by leveraging its one-time-close construction-to-permanent mortgage product. The partner builder had loan volume of $15 billion in 2024 and has approved the Bank to work with 85 of its offices across the country. Pricing on the mortgages is generally Prime or better with 50 to 100 basis points of fees and are based on government programs that make the mortgages eligible for sale in the secondary market (via Primis Mortgage). Funding for the national strategies is provided by the Bank's digital platform powering what we believe is one of only a handful of bank deposit offerings nationwide that is both fully functional and inherently app-based. Since the launch in November 2022, the platform has grown to 18 thousand customers with just under $1 billion of deposits priced around Fed Funds after the most recent rate adjustment. The Bank is leveraging the technology underpinning its digital platform to launch a unique affinity brand in March 2025. This brand will leverage well-known ambassadors and influencers to drive adoption of attractive deposit products in a unique niche. The Company believes this strategy is highly replicable and has the potential to be a significant driver of growth in the next few years. Panacea Financial Panacea's growth accelerated to end 2024 with loans outstanding up 11% from the third quarter of 2024 to $434 million funded by $92 million of deposits attributable to the division. Panacea is the number one ranked "Bank for doctors" on Google and banks approximately 6,000 professionals and practices nationwide with a goal of reaching 10,000 customers by the end of 2025. Panacea is utilizing the proceeds of the Panacea Financial Holdings capital raise from late 2023 to develop the initial phase of what is expected to be a sophisticated suite of technology products and services targeting the medical, dental and veterinary space. As previously disclosed, the Company owns approximately 19% of Panacea Financial Holdings and the value of our ownership was almost $20 million at the time of the capital raise. Consumer Loan Program Winddown As disclosed previously, the Company has originated consumer loans through a third-party (the "Consumer Program") since the second half of 2021. A subset of the Consumer Program has promotional characteristics where interest is deferred during the promotional period and is waived if the customer pays off the loan prior to the period end. In that event, the third-party reimburses the Bank for the waived interest. Until the end of the promotional period, the Company is unable to accrue interest on the loan under GAAP but does record a derivative representing the fair value of expected interest reimbursements from the third-party. Credit costs are also included in the Company's results, including estimated life of loan losses required by ASC 326 while potential credit enhancements from the Consumer Program are only reflected as received. Outstanding balances in the Consumer Program before fair value marks were $173 million as of December 31, 2024 with $39 million of balances in a promotional period versus $180 million and $60 million, respectively, at September 30, 2024. In the fourth quarter of 2024, the Company made the decision to cease originating new loans under the Consumer Program effective January 31, 2025 and moved a large portion of the portfolio, with an amortized cost of $133 million, to loans held for sale and marked them to fair market value. The adjustment to fair market value resulted in additional provision expense and charge-offs of $20.0 million in the fourth quarter of 2024. The remaining portion of the portfolio still classified as held for investment of approximately $39 million at December 31, 2024 has an associated allowance for credit losses of approximately $10 million and is expected to run off substantially in 2025. The table below highlights the drag on 2024 profitability from the program: Contribution ($000) Q4 '24 2024 Net Interest Income 288 2,430 Provision Expense (20,842) (34,025) Noninterest Income 928 4,320 Noninterest Expense (1,827) (2,660) Pre-Tax Contribution ($21,452) ($29,935) Outlook Mr. Zember commented, "The Company's strategies are profitable and remarkably scalable given our size. We operate a successful and valuable community bank and lines of business that can deliver outsized growth and profits relative to our size. As seen below, we have already made the moves necessary to deliver attractive operating results and clearing the deck of the consumer loan noise was necessary for these results to be apparent. " Reported 2024 ROAA (0.19) % Consumer Program Credit Costs 0.69 Lost Revenue on Promo Balances (@ 8%) 0.12 Gain on LPF sale (0.10) Nonrecurring Items (Restatements/Legal) 0.13 Adjusted 2024 ROAA 0.65 % Other Profitability Improvements Already Made and Potential Impact on 2025 Results: Trading out LPF for Mortgage Warehouse 0.15 % Mortgage Volume Run Rate Over 2024 0.09 Incremental Funding Rate Savings Since Dec. 2024 0.06 Net Interest Income Net interest income decreased approximately $1.9 million, or 7%, to $26.1 million during the fourth quarter of 2024 compared to the third quarter of 2024. Material items impacting the fourth quarter level of net interest income were $2.5 million of interest reversals on charged off Consumer Program loans and approximately $1.3 million of decline related to sale of the Life Premium Finance portfolio as of October 31, 2024. Higher spreads between loans and deposits were achieved through the quarter as deposit rates fell by approximately 20 basis points in the core Bank which mostly neutralized the impact of the sold Life Premium Finance portfolio. On a recurring basis excluding the impact of prior quarter reversals, net interest income would have been $28.6 million compared to $28.0 million in the third quarter of 2024 and up 11.3% compared to $25.7 million in the fourth quarter of 2023. Excluding the interest reversal described above, net interest margin for the fourth quarter of 2024 would have been 3.18% compared to 2.86% in the fourth quarter of 2023. Interest income, adjusted for the interest reversals noted above, was $53.9 million for the fourth quarter of 2024, higher by 7.4% when compared to $50.2 million in the same quarter in 2023. When adjusted for the interest reversals yield on earning assets was 5.99% in the fourth quarter of 2024 compared to 5.58% in the same quarter in 2023. In 2025, the Company has approximately $350 million of loans with a weighted average yield of 5.90% subject to repricing that indicate some level of opportunity for continued increases in interest income. The pace of declines in interest expense alongside steady levels of interest income accelerated in the fourth quarter and indicates stronger profitability moving into 2025. Cost of deposits decreased 24 basis points to 2.80% in the fourth quarter of 2024 from 3.04% in the third quarter of 2024 and did not include lower costs on almost $1 billion of digital deposits that repriced late in December 2024 and early in January 2025. Deposit costs on digital deposits have declined by approximately 65 basis points compared to fourth quarter levels implying additional savings of approximately $6.5 million annually. Noninterest Income Noninterest income was $13.2 million in the fourth quarter of 2024 versus $9.3 million in the third quarter of 2024. Excluding the net gain from the Life Premium Finance sale, noninterest income decreased to $8.4 million in the fourth quarter of 2024. Income from mortgage banking activity decreased $1.8 million during the fourth quarter of 2024 due to seasonally lower activity. Partially offsetting the decrease in mortgage banking income was an increase of $0.8 million in fee income related to the Consumer Program net of changes in the associated derivative fair market value. The fourth quarter of 2024 also had a $13 thousand loss on disposal of bank property versus $0.4 million of gains in the third quarter of 2024. Noninterest Expense Noninterest expense was $37.2 million for the fourth quarter of 2024, compared to $31.0 million for the third quarter of 2024. Noninterest expense also includes consolidated expenses from Panacea Financial Holdings ("PFH"). Management considers the core expense burden of the Bank that adjusts for certain items that are volume dependent such as mortgage banking-related expenses or expense related to changes in the reserve for unfunded commitments. The following table illustrates the Company's core operating expense burden during 2024: 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Reported Noninterest Expense 37,174 30,955 29,786 27,538 27,780 PFH Consolidated Expenses (3,641) (2,576) (2,347) (2,119) (2,813) Noninterest Expense Excl. PFH 33,533 28,379 27,439 25,419 24,967 Nonrecurring / Cons. Prog. Fraud Loss (3,032) (1,352) (1,453) (438) (165) Primis Mortgage Expenses (6,354) (6,436) (6,084) (5,122) (4,785) Consumer Program Servicing Fee (681) (699) (312) (312) (312) Reserve for Unfunded Commitment 6 (96) 546 2 (554) Total Adjustments (10,061) (8,583) (7,303) (5,870) (5,816) Core Operating Expense Burden 23,472 19,796 20,136 19,549 19,151 As noted above, the core expense burden increased $3.7 million in the fourth quarter of 2024 from the third quarter of 2024. Contributing to the increase was $1.0 million increase in compensation-related accruals, including restricted stock expense and mortgage warehouse signing bonuses, $0.4 million of miscellaneous lending expense, $0.3 million increase in FDIC insurance expense and other consulting expenses and implementation fees related to various technology projects. Many of these expense items are expected to decline beginning in the first quarter of 2025. Core operating expense burden is projected to be between $21 million and $22 million per quarter for 2025. Loan Portfolio and Asset Quality Loans held for investment decreased to $2.91 billion at December 31, 2024, compared to $2.97 billion at September 30, 2024. As noted above, the Bank reclassified $133 million of gross loan balances associated with the Consumer Program to loans held for sale at December 31, 2024. Including these balances, loans held for investment would have increased 2.2% unannualized in the fourth quarter of 2024. The Mortgage Warehouse and Panacea divisions drove the growth in the period with loan growth of $49 million and $41 million, respectively, in the fourth quarter of 2024. Nonperforming assets, excluding portions guaranteed by the SBA, were only 0.29% of total assets, or $10.8 million at December 31, 2024, compared to 0.25% or $10.2 million at September 30, 2024. The Bank had no other real estate owned at the end of the fourth quarter of 2024. The Company recorded a provision for loan losses of $23.0 million for the fourth quarter of 2024 versus $7.5 million for the third quarter of 2024. Of this provision, $20.8 million was due to Consumer Program activity including recording the fair market value adjustment for the portion of the portfolio that was moved to loans held for sale through the allowance for credit losses. As a percentage of loans held for investment, the allowance for credit losses was 1.49% and 1.72% at the end of the fourth and third quarter of 2024, respectively, with the decline due to the reclassification of Consumer Program loans. Net charge-offs were $31.0 million for the fourth quarter of 2024, up from $8.0 million for the third quarter of 2024. Consumer Program net charge-offs were $30.5 million in the fourth quarter versus $6.7 million in the third quarter of 2024. Core net charge-offs, excluding those losses from the Consumer Program, were $0.5 million, or 0.05% of average loans, in the fourth quarter of 2024 compared to $0.9 million, or 0.11%, in the third quarter of 2024(1). Deposits and Funding Total deposits at December 31, 2024 decreased to $3.17 billion from $3.31 billion at September 30, 2024 as the Bank paid off high cost brokered deposits and swept off excess liquidity during the quarter. Deposits swept off balance sheet totaled $137 million at December 31, 2024 versus none at September 30, 2024. Importantly, noninterest bearing demand deposits were $439 million at December 31, 2024, up 4.2% from $421 million at September 30, 2024 as the Company emphasizes driving up low cost deposit balances. Deposit growth in the Bank continues to benefit from better technology and unique convenience factors. V1BE, the Bank's proprietary invitation-only delivery tool, increased total users by 20% in 2024, and now has over 3,000 users on the platform as of December 31, 2024. The service completed over 40 thousand requests in 2024 and supports almost $200 million of deposits. During the fourth quarter of 2024, the Bank opened approximately $32.5 million new deposit accounts on the digital platform with very modest marketing expenses. At quarter end, the Bank had approximately 18,000 digital accounts with $981 million in total deposits and average balances of approximately $55 thousand. As of December 31, 2024, the Bank has no wholesale funding. Shareholders' Equity Book value per common share as of December 31, 2024 was $14.58, a decrease of $0.83 from September 30, 2024. Tangible book value per common share(1) at the end of the fourth quarter of 2024 was $10.77, a decrease of $0.82 from September 30, 2024. Common shareholders' equity was $360 million, or 9.75% of total assets, at December 31, 2024. Tangible common equity(1) at December 31, 2024 was $266 million, or 7.39% of tangible assets(1). After-tax unrealized losses on the Company's available-for-sale securities portfolio increased by $4.0 million to $21 million due to increases in market interest rates during the fourth quarter of 2024. The Company has the intent and ability to hold these securities until maturity or recovery of the value and does not anticipate realizing any losses on the investments. The Board of Directors declared a dividend of $0.10 per share payable on February 26, 2025 to shareholders of record on February 12, 2025. This is Primis' fifty-third consecutive quarterly dividend. About Primis Financial Corp. As of December 31, 2024, Primis had $3.7 billion in total assets, $2.9 billion in total loans held for investment and $3.2 billion in total deposits. Primis Bank provides a range of financial services to individuals and small- and medium-sized businesses through twenty-four full-service branches in Virginia and Maryland and provides services to customers through certain online and mobile applications. Contacts: Address: Dennis J. Zember, Jr., President and CEO Primis Financial Corp. Matthew A. Switzer, EVP and CFO 1676 International Drive, Suite 900 Phone: (703) 893-7400 McLean, VA 22102 Primis Financial Corp., NASDAQ Symbol FRST Website: www.primisbank.com Conference Call The Company's management will host a conference call to discuss its fourth quarter results on Wednesday, January 29, 2025 at 10:00 a.m. (ET). A live Webcast of the conference call is available at the following website: https://events.q4inc.com/attendee/384098079. Participants may also call 1-800-715-9871 and ask for the Primis Financial Corp. call. A replay of the teleconference will be available for 7 days by calling 1-800-770-2030 and providing Replay Access Code 4554342. Non-GAAP Measures Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables. Primis uses non-GAAP financial measures to analyze its performance. The measures entitled net income adjusted for nonrecurring income and expenses; pre-tax pre-provision operating earnings; operating return on average assets; pre-tax pre-provision operating return on average assets; operating return on average equity; operating return on average tangible equity; operating efficiency ratio; operating earnings per share – basic; operating earnings per share – diluted; tangible book value per share; tangible common equity; tangible common equity to tangible assets; and core net interest margin are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. We use the term "operating" to describe a financial measure that excludes income or expense considered to be non-recurring in nature. Items identified as non-operating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward-looking trends in our business. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is provided in the Reconciliation of Non-GAAP Items table. Management believes that these non-GAAP financial measures provide additional useful information about Primis that allows management and investors to evaluate the ongoing operating results, financial strength and performance of Primis and provide meaningful comparison to its peers. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider Primis' performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Primis. Non-GAAP financial measures are not standardized and, therefore, it may not be possible to compare these measures with other companies that present measures having the same or similar names. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP. Forward-Looking Statements This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," and other similar words or expressions of the future or otherwise regarding the outlook for the Company's future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, but are not limited to, our expectations regarding our future operating and financial performance, including the preliminary estimated financial and operating information presented herein, which is subject to adjustment; our outlook and long-term goals for future growth and new offerings and services; our expectations regarding net interest margin; expectations on our growth strategy, expense management, capital management and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: the Company's ability to implement its various strategic and growth initiatives, including its recently established Panacea Financial Division, digital banking platform, V1BE fulfillment service, mortgage warehouse division and Primis Mortgage Company; the risks associated with the Life Premium Finance sale, including failure to achieve the expected impact to our operating results; competitive pressures among financial institutions increasing significantly; changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices; changes in management's plans for the future; credit risk associated with our lending activities; the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within our primary market areas; changes in interest rates, inflation, loan demand, real estate values, or competition, as well as labor shortages and supply chain disruptions; the impacts of tariffs and trade policies; changes in accounting principles, policies, or guidelines; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; potential increases in the provision for credit losses; our ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties; fraud or misconduct by internal or external actors, which we may not be able to prevent, detect or mitigate; acts of God or of war or other conflicts, including the current Ukraine/Russia conflict and Israel/Hamas conflict, acts of terrorism, pandemics or other catastrophic events that may affect general economic conditions; and other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services. Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company's management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company's filings with the Securities and Exchange Commission, the Company's Annual Report on Form 10-K for the year ended December 31, 2023, under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors," and in the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements. (1) Non-GAAP financial measure. Please see "Reconciliation of Non-GAAP Items" in the financial tables for more information and for a reconciliation to GAAP. Primis Financial Corp. Financial Highlights (unaudited) (Dollars in thousands, except per share data) For Three Months Ended: For Twelve Months Ended: Selected Performance Ratios: 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 4Q 2024 4Q 2023 Return on average assets (1.53 %) 0.12 % 0.35 % 0.26 % (0.85 %) (0.19 %) (0.20 %) Operating return on average assets(1) (1.67 %) 0.20 % 0.46 % 0.29 % (0.80 %) (0.17 %) 0.13 % Pre-tax pre-provision return on average assets(1) 0.52 % 0.86 % 0.75 % 1.02 % 0.96 % 0.62 % 0.60 % Pre-tax pre-provision operating return on average assets(1) 0.34 % 0.96 % 0.85 % 1.06 % 1.03 % 0.65 % 0.94 % Return on average common equity (15.26 %) 1.31 % 3.69 % 2.59 % (8.54 %) (2.02 %) (1.99 %) Operating return on average common equity(1) (16.64 %) 2.15 % 4.81 % 2.95 % (8.01 %) (1.79 %) 1.31 % Operating return on average tangible common equity(1) (22.07 %) 2.86 % 6.42 % 3.94 % (10.71 %) (2.40 %) 1.78 % Cost of funds 2.97 % 3.25 % 3.16 % 2.97 % 2.85 % 3.09 % 2.67 % Net interest margin 2.91 % 2.97 % 2.72 % 2.84 % 2.86 % 2.86 % 2.68 % Gross loans to deposits 91.70 % 89.94 % 98.95 % 97.37 % 98.45 % 91.70 % 98.45 % Efficiency ratio 94.59 % 82.98 % 83.42 % 77.41 % 81.31 % 84.83 % 85.16 % Operating efficiency ratio(1) 98.74 % 80.11 % 79.63 % 76.17 % 79.43 % 83.52 % 75.80 % Per Common Share Data: Earnings per common share - Basic $ (0.59) $ 0.05 $ 0.14 $ 0.10 $ (0.33) $ (0.31) $ (0.32) Operating earnings per common share - Basic(1) $ (0.65) $ 0.08 $ 0.18 $ 0.11 $ (0.31) $ (0.27) $ 0.21 Earnings per common share - Diluted $ (0.59) $ 0.05 $ 0.14 $ 0.10 $ (0.33) $ (0.31) $ (0.32) Operating earnings per common share - Diluted(1) $ (0.65) $ 0.08 $ 0.18 $ 0.11 $ (0.31) $ (0.27) $ 0.21 Book value per common share $ 14.58 $ 15.41 $ 15.22 $ 15.16 $ 15.23 $ 14.58 $ 15.23 Tangible book value per common share(1) $ 10.77 $ 11.59 $ 11.38 $ 11.31 $ 11.37 $ 10.77 $ 11.37 Cash dividend per common share $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.40 $ 0.40 Weighted average shares outstanding - Basic 24,701,260 24,695,685 24,683,734 24,673,857 24,647,728 24,688,006 24,647,728 Weighted average shares outstanding - Diluted 24,701,260 24,719,920 24,708,484 24,707,113 24,647,728 24,688,006 24,647,728 Shares outstanding at end of period 24,722,734 24,722,734 24,708,234 24,708,588 24,693,172 24,722,734 24,693,172 Asset Quality Ratios: Non-performing assets as a percent of total assets, excluding SBA guarantees 0.29 % 0.25 % 0.25 % 0.23 % 0.20 % 0.29 % 0.20 % Net charge-offs (recoveries) as a percent of average loans (annualized) 3.84 % 0.93 % 0.60 % 0.64 % 0.94 % 1.48 % 0.45 % Core net charge-offs (recoveries) as a percent of average loans (annualized)(1) 0.05 % 0.11 % (0.07 %) 0.10 % 0.57 % 0.05 % 0.20 % Allowance for credit losses to total loans 1.49 % 1.72 % 1.56 % 1.66 % 1.62 % 1.49 % 1.62 % Capital Ratios: Common equity to assets 9.75 % 9.47 % 9.48 % 9.63 % 9.75 % Tangible common equity to tangible assets(1) 7.39 % 7.29 % 7.27 % 7.36 % 7.46 % Leverage ratio(2) 8.00 % 8.20 % 8.25 % 8.38 % 8.37 % Common equity tier 1 capital ratio(2) 8.64 % 8.23 % 8.85 % 8.98 % 8.96 % Tier 1 risk-based capital ratio(2) 8.94 % 8.51 % 9.14 % 9.27 % 9.25 % Total risk-based capital ratio(2) 12.35 % 11.68 % 12.45 % 12.62 % 13.44 % (1) See Reconciliation of Non-GAAP financial measures. (2) Ratios are estimated and may be subject to change pending the final filing of the FR Y-9C. Primis Financial Corp. (Dollars in thousands) For Three Months Ended: Condensed Consolidated Balance Sheets (unaudited) 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Assets Cash and cash equivalents $ 64,505 $ 77,274 $ 66,580 $ 88,717 $ 77,553 Investment securities-available for sale 235,903 242,543 232,867 230,617 228,420 Investment securities-held to maturity 9,448 9,766 10,649 10,992 11,650 Loans held for sale 227,235 458,722 94,644 72,217 57,691 Loans receivable, net of deferred fees 2,907,914 2,973,723 3,300,562 3,227,665 3,219,414 Allowance for credit losses (43,227) (51,132) (51,574) (53,456) (52,209) Net loans 2,864,687 2,922,591 3,248,988 3,174,209 3,167,205 Stock in Federal Reserve Bank and Federal Home Loan Bank 13,037 20,875 16,837 14,225 14,246 Bank premises and equipment, net 19,432 19,668 19,946 20,412 20,611 Operating lease right-of-use assets 10,279 10,465 10,293 10,206 10,646 Goodwill and other intangible assets 94,124 94,444 94,768 95,092 95,417 Assets held for sale, net 5,185 9,864 5,136 6,359 6,735 Bank-owned life insurance 67,184 66,750 66,319 67,685 67,588 Deferred tax assets, net 24,019 25,582 25,232 24,513 22,395 Consumer Program derivative asset 4,511 7,146 9,929 10,685 10,806 Other assets 59,272 58,657 63,830 64,050 65,583 Total assets $ 3,698,821 $ 4,024,347 $ 3,966,018 $ 3,889,979 $ 3,856,546 Liabilities and stockholders' equity Demand deposits $ 438,917 $ 421,231 $ 420,241 $ 463,190 $ 472,941 NOW accounts 817,715 748,833 793,608 771,116 773,028 Money market accounts 798,506 835,099 831,834 834,514 794,530 Savings accounts 775,719 873,810 866,279 823,325 783,758 Time deposits 340,178 427,458 423,501 422,778 445,898 Total deposits 3,171,035 3,306,431 3,335,463 3,314,923 3,270,155 Securities sold under agreements to repurchase - short term 3,918 3,677 3,273 3,038 3,044 Federal Home Loan Bank advances - 165,000 80,000 25,000 30,000 Secured borrowings 17,195 17,495 21,069 21,298 20,393 Subordinated debt and notes 95,878 95,808 95,737 95,666 95,595 Operating lease liabilities 11,566 11,704 11,488 11,353 11,686 Other liabilities 25,541 27,169 24,777 24,102 28,080 Total liabilities 3,325,133 3,627,284 3,571,807 3,495,380 3,458,953 Total Primis common stockholders' equity 360,462 381,022 376,047 374,577 376,161 Noncontrolling interest 13,226 16,041 18,164 20,022 21,432 Total stockholders' equity 373,688 397,063 394,211 394,599 397,593 Total liabilities and stockholders' equity $ 3,698,821 $ 4,024,347 $ 3,966,018 $ 3,889,979 $ 3,856,546 Tangible common equity(1) $ 266,338 $ 286,578 $ 281,279 $ 279,485 $ 280,744 Primis Financial Corp. (Dollars in thousands) For Three Months Ended: For Twelve Months Ended: Condensed Consolidated Statement of Operations (unaudited) 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 4Q 2024 4Q 2023 Interest and dividend income $ 51,400 $ 57,104 $ 52,191 $ 50,336 $ 50,163 $ 211,031 $ 192,618 Interest expense 25,260 29,081 27,338 25,067 24,437 106,746 93,907 Net interest income 26,140 28,023 24,853 25,269 25,726 104,285 98,711 Provision for credit losses 23,046 7,511 3,119 6,508 21,310 40,184 32,540 Net interest income after provision for credit losses 3,094 20,512 21,734 18,761 4,416 64,101 66,171 Account maintenance and deposit service fees 1,276 1,398 1,780 1,330 1,518 5,784 5,733 Income from bank-owned life insurance 434 431 981 564 420 2,410 2,021 Mortgage banking income 5,140 6,803 6,402 5,574 3,210 23,919 17,645 Gain (loss) on sale of loans (4) - (29) 336 526 303 794 Gain on sale of Life Premium Finance portfolio, net of broker fees 4,723 - - - - 4,723 - Consumer Program derivative 928 79 1,272 2,041 2,886 4,320 18,120 Gain on other investments 15 51 136 206 190 408 184 Gain (loss) on bank premises and equipment (13) 352 124 - (478) 463 - Other 663 168 186 256 169 1,273 753 Noninterest income 13,162 9,282 10,852 10,307 8,441 43,603 45,250 Employee compensation and benefits 15,717 16,764 16,088 15,735 14,645 64,304 58,765 Occupancy and equipment expenses 3,466 3,071 3,099 3,106 2,982 12,742 12,620 Amortization of intangible assets 313 318 317 317 317 1,265 1,269 Goodwill impairment - - - - - - 11,150 Virginia franchise tax expense 631 631 632 631 849 2,525 3,395 Data processing expense 3,434 2,552 2,347 2,231 2,216 10,564 9,545 Marketing expense 499 449 499 459 352 1,906 1,819 Telecommunication and communication expense 295 330 341 346 358 1,312 1,507 Professional fees 3,129 2,914 2,976 1,365 1,586 10,384 4,641 Miscellaneous lending expenses 1,446 1,098 285 451 1,128 3,280 3,006 Other expenses 8,244 2,828 3,202 2,897 3,347 17,171 14,883 Noninterest expense 37,174 30,955 29,786 27,538 27,780 125,453 122,600 Income (loss) before income taxes (20,918) (1,161) 2,800 1,530 (14,923) (17,749) (11,179) Income tax expense (benefit) (3,428) (304) 1,265 718 (4,472) (1,749) (1,067) Net Income (loss) (17,490) (857) 1,535 812 (10,451) (16,000) (10,112) Noncontrolling interest 2,820 2,085 1,901 1,654 2,280 8,460 2,280 Net income (loss) attributable to Primis' common shareholders $ (14,670) $ 1,228 $ 3,436 $ 2,466 $ (8,171) $ (7,540) $ (7,832) (1) See Reconciliation of Non-GAAP financial measures. Primis Financial Corp. (Dollars in thousands) For Three Months Ended: Loan Portfolio Composition 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Loans held for sale $ 227,235 $ 458,722 $ 94,644 $ 72,217 $ 57,691 Loans secured by real estate: Commercial real estate - owner occupied 475,892 463,848 463,328 458,026 455,397 Commercial real estate - non-owner occupied 610,473 609,743 612,428 577,752 578,600 Secured by farmland 3,706 4,356 4,758 4,341 5,044 Construction and land development 101,243 105,541 104,886 146,908 164,742 Residential 1-4 family 588,855 607,313 608,035 602,124 606,226 Multi-family residential 158,426 169,368 171,512 128,599 127,857 Home equity lines of credit 62,955 62,421 62,152 57,765 59,670 Total real estate loans 2,001,550 2,022,590 2,027,099 1,975,515 1,997,536 Commercial loans 614,162 533,998 619,365 623,804 602,623 Paycheck Protection Program loans 1,927 1,941 1,969 2,003 2,023 Consumer loans 284,955 409,754 646,590 620,745 611,583 Total Non-PCD loans 2,902,594 2,968,283 3,295,023 3,222,067 3,213,765 PCD loans 5,320 5,440 5,539 5,598 5,649 Total loans receivable, net of deferred fees $ 2,907,914 $ 2,973,723 $ 3,300,562 $ 3,227,665 $ 3,219,414 Loans by Risk Grade: Pass Grade 1 - Highest Quality 872 820 692 633 875 Pass Grade 2 - Good Quality 195,669 177,763 488,728 412,593 405,019 Pass Grade 3 - Satisfactory Quality 1,567,228 1,509,405 1,503,918 1,603,053 1,626,380 Pass Grade 4 - Pass 1,042,404 1,184,671 1,204,268 1,177,065 1,154,971 Pass Grade 5 - Special Mention 30,111 53,473 87,471 19,454 14,930 Grade 6 - Substandard 71,630 47,591 15,485 14,867 17,239 Grade 7 - Doubtful - - - - - Grade 8 - Loss - - - - - Total loans $ 2,907,914 $ 2,973,723 $ 3,300,562 $ 3,227,665 $ 3,219,414 (Dollars in thousands) For Three Months Ended: Asset Quality Information 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Allowance for Credit Losses: Balance at beginning of period $ (51,132) $ (51,574) $ (53,456) $ (52,209) $ (38,541) Provision for for credit losses (23,046) (7,511) (3,119) (6,508) (21,310) Net charge-offs 30,951 7,953 5,001 5,261 7,642 Ending balance $ (43,227) $ (51,132) $ (51,574) $ (53,456) $ (52,209) Reserve for Unfunded Commitments: Balance at beginning of period $ (1,127) $ (1,031) $ (1,577) $ (1,579) $ (1,025) (Expense for) / recovery of unfunded loan commitment reserve 6 (96) 546 2 (554) Total Reserve for Unfunded Commitments $ (1,121) $ (1,127) $ (1,031) $ (1,577) $ (1,579) Non-Performing Assets: 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Nonaccrual loans $ 15,027 $ 14,424 $ 11,289 $ 10,139 $ 9,095 Accruing loans delinquent 90 days or more 1,713 1,714 1,897 1,714 1,714 Total non-performing assets $ 16,740 $ 16,138 $ 13,186 $ 11,853 $ 10,809 SBA guaranteed portion of non-performing loans $ 5,921 $ 5,954 $ 3,268 $ 3,095 $ 3,115 Primis Financial Corp. (Dollars in thousands) For Three Months Ended: For Twelve Months Ended: Average Balance Sheet 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 4Q 2024 4Q 2023 Assets Loans held for sale $ 100,027 $ 98,110 $ 84,389 $ 58,896 $ 48,380 $ 85,430 $ 44,643 Loans, net of deferred fees 3,127,472 3,324,157 3,266,651 3,206,888 3,208,295 3,231,262 3,126,717 Investment securities 253,120 242,631 244,308 241,179 228,335 245,323 237,452 Other earning assets 96,697 83,405 73,697 77,067 79,925 82,757 281,052 Total earning assets 3,577,316 3,748,303 3,669,045 3,584,030 3,564,935 3,644,772 3,689,864 Other assets 237,793 243,715 243,196 248,082 262,977 242,566 261,265 Total assets $ 3,815,109 $ 3,992,018 $ 3,912,241 $ 3,832,112 $ 3,827,912 $ 3,887,338 $ 3,951,129 Liabilities and equity Demand deposits $ 437,388 $ 421,908 $ 433,315 $ 458,306 $ 473,750 $ 441,520 $ 495,107 Interest-bearing liabilities: NOW and other demand accounts 787,884 748,202 778,458 773,943 782,305 772,099 784,680 Money market accounts 819,803 859,988 823,156 814,147 790,971 829,331 831,196 Savings accounts 767,342 866,375 866,652 800,328 783,432 825,129 777,143 Time deposits 404,682 425,238 423,107 431,340 451,521 421,058 474,178 Total Deposits 3,217,099 3,321,711 3,324,688 3,278,064 3,281,979 3,289,137 3,362,304 Borrowings 160,886 238,994 158,919 120,188 120,213 169,912 159,442 Total Funding 3,377,985 3,560,705 3,483,607 3,398,252 3,402,192 3,459,049 3,521,746 Other Liabilities 39,566 36,527 34,494 34,900 39,056 36,421 35,494 Total liabilites 3,417,551 3,597,232 3,518,101 3,433,152 3,441,248 3,495,470 3,557,240 Primis common stockholders' equity 382,466 377,314 374,731 378,008 379,442 373,637 393,302 Noncontrolling interest 15,092 17,472 19,409 20,952 7,222 18,231 587 Total stockholders' equity 397,558 394,786 394,140 398,960 386,664 391,868 393,889 Total liabilities and stockholders' equity $ 3,815,109 $ 3,992,018 $ 3,912,241 $ 3,832,112 $ 3,827,912 $ 3,887,338 $ 3,951,129 Net Interest Income Loans held for sale $ 1,553 $ 1,589 $ 1,521 $ 907 $ 842 $ 5,570 $ 2,806 Loans 46,893 52,699 48,024 46,816 46,723 194,432 169,982 Investment securities 1,894 1,799 1,805 1,715 1,645 7,213 6,373 Other earning assets 1,060 1,017 841 898 953 3,816 13,457 Total Earning Assets Income 51,400 57,104 52,191 50,336 50,163 211,031 192,618 Non-interest bearing DDA - - - - - - - NOW and other interest-bearing demand accounts 4,771 4,630 4,827 4,467 4,334 18,695 15,404 Money market accounts 6,190 7,432 6,788 6,512 6,129 26,923 23,717 Savings accounts 7,587 8,918 8,912 8,045 7,860 33,462 29,774 Time deposits 4,127 4,371 4,095 3,990 3,964 16,582 14,795 Total Deposit Costs 22,675 25,351 24,622 23,014 22,287 95,662 83,690 Borrowings 2,585 3,730 2,716 2,053 2,150 11,084 10,217 Total Funding Costs 25,260 29,081 27,338 25,067 24,437 106,746 93,907 Net Interest Income $ 26,140 $ 28,023 $ 24,853 $ 25,269 $ 25,726 $ 104,285 $ 98,711 Net Interest Margin Loans held for sale 6.18 % 6.44 % 7.25 % 6.19 % 6.90 % 6.52 % 6.29 % Loans 5.96 % 6.31 % 5.91 % 5.87 % 5.78 % 6.02 % 5.44 % Investments 2.98 % 2.95 % 2.97 % 2.86 % 2.86 % 2.94 % 2.68 % Other Earning Assets 4.36 % 4.85 % 4.59 % 4.69 % 4.73 % 4.61 % 4.79 % Total Earning Assets 5.72 % 6.06 % 5.72 % 5.65 % 5.58 % 5.79 % 5.22 % NOW 2.41 % 2.46 % 2.49 % 2.32 % 2.20 % 2.42 % 1.96 % MMDA 3.00 % 3.44 % 3.32 % 3.22 % 3.07 % 3.25 % 2.85 % Savings 3.93 % 4.10 % 4.14 % 4.04 % 3.98 % 4.06 % 3.83 % CDs 4.06 % 4.09 % 3.89 % 3.72 % 3.48 % 3.94 % 3.12 % Cost of Interest Bearing Deposits 3.25 % 3.48 % 3.42 % 3.28 % 3.15 % 3.36 % 2.92 % Cost of Deposits 2.80 % 3.04 % 2.98 % 2.82 % 2.69 % 2.91 % 2.49 % Other Funding 6.39 % 6.22 % 6.89 % 6.90 % 7.10 % 6.52 % 6.41 % Total Cost of Funds 2.97 % 3.25 % 3.16 % 2.97 % 2.85 % 3.09 % 2.67 % Net Interest Margin 2.91 % 2.97 % 2.72 % 2.84 % 2.86 % 2.86 % 2.68 % Net Interest Spread 2.30 % 2.37 % 2.11 % 2.22 % 2.27 % 2.25 % 2.12 % Primis Financial Corp. (Dollars in thousands, except per share data) For Three Months Ended: For Twelve Months Ended: Reconciliation of Non-GAAP items: 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 4Q 2024 4Q 2023 Net income (loss) attributable to Primis' common shareholders $ (14,670) $ 1,228 $ 3,436 $ 2,466 $ (8,171) $ (7,540) $ (7,832) Non-GAAP adjustments to Net Income: Branch Consolidation / Other restructuring - - - - 449 - 1,937 Loan officer fraud, operational losses - - - - - - 200 Professional fee expense related to accounting matters and LPF sale 1,782 1,352 1,453 438 - 5,025 - Professional fee expenses related to Panacea investment - - - - 194 - 194 Goodwill impairment - - - - - - 11,150 Gains on sale of closed bank branch buildings - (352) (124) - - (476) - Gain on sale of Life Premium Finance portfolio, net of broker fees (4,723) - - - - (4,723) - Consumer program fraud losses 1,250 - - - - 1,250 - Income tax effect 365 (216) (287) (95) (139) (232) (503) Net income (loss) attributable to Primis' common shareholders adjusted for nonrecurring income and expenses $ (15,996) $ 2,012 $ 4,478 $ 2,809 $ (7,667) $ (6,696) $ 5,146 Net income (loss) attributable to Primis' common shareholders $ (14,670) $ 1,228 $ 3,436 $ 2,466 $ (8,171) $ (7,540) $ (7,832) Income tax expense (benefit) (3,428) (304) 1,265 718 (4,472) (1,749) (1,067) Provision for credit losses (incl. unfunded commitment expense) 23,040 7,607 2,573 6,506 21,864 33,220 32,636 Pre-tax pre-provision earnings $ 4,942 $ 8,531 $ 7,274 $ 9,690 $ 9,221 $ 23,931 $ 23,737 Effect of adjustment for nonrecurring income and expenses (1,691) 1,000 1,329 438 643 1,076 13,481 Pre-tax pre-provision operating earnings $ 3,251 $ 9,531 $ 8,603 $ 10,128 $ 9,864 $ 25,007 $ 37,218 Return on average assets (1.53 %) 0.12 % 0.35 % 0.26 % (0.85 %) (0.19 %) (0.20 %) Effect of adjustment for nonrecurring income and expenses (0.14 %) 0.08 % 0.11 % 0.03 % 0.05 % 0.02 % 0.33 % Operating return on average assets (1.67 %) 0.20 % 0.46 % 0.29 % (0.80 %) (0.17 %) 0.13 % Return on average assets (1.53 %) 0.12 % 0.35 % 0.26 % (0.85 %) (0.19 %) (0.20 %) Effect of tax expense (0.36 %) (0.03 %) 0.13 % 0.08 % (0.46 %) (0.03 %) (0.03 %) Effect of provision for credit losses (incl. unfunded commitment expense) 2.41 % 0.77 % 0.27 % 0.68 % 2.27 % 0.85 % 0.83 % Pre-tax pre-provision return on average assets 0.52 % 0.86 % 0.75 % 1.02 % 0.96 % 0.62 % 0.60 % Effect of adjustment for nonrecurring income and expenses and expenses (0.18 %) 0.10 % 0.10 % 0.04 % 0.07 % 0.03 % 0.34 % Pre-tax pre-provision operating return on average assets 0.34 % 0.96 % 0.85 % 1.06 % 1.03 % 0.65 % 0.94 % Return on average common equity (15.26 %) 1.31 % 3.69 % 2.59 % (8.54 %) (2.02 %) (1.99 %) Effect of adjustment for nonrecurring income and expenses (1.38 %) 0.84 % 1.12 % 0.36 % 0.53 % 0.22 % 3.30 % Operating return on average common equity (16.64 %) 2.15 % 4.81 % 2.95 % (8.01 %) (1.79 %) 1.31 % Effect of goodwill and other intangible assets (5.43 %) 0.71 % 1.61 % 0.99 % (2.70 %) (0.61 %) 0.47 % Operating return on average tangible common equity (22.07 %) 2.86 % 6.42 % 3.94 % (10.71 %) (2.40 %) 1.78 % Efficiency ratio 94.59 % 82.98 % 83.42 % 77.41 % 81.31 % 84.83 % 85.16 % Effect of adjustment for nonrecurring income and expenses 4.16 % (2.87 %) (3.79 %) (1.24 %) (1.88 %) (1.30 %) (9.36 %) Operating efficiency ratio 98.74 % 80.11 % 79.63 % 76.17 % 79.43 % 83.52 % 75.80 % Earnings per common share - Basic $ (0.59) $ 0.05 $ 0.14 $ 0.10 $ (0.33) $ (0.31) $ (0.32) Effect of adjustment for nonrecurring income and expenses (0.05) 0.03 0.04 0.01 0.02 0.03 0.53 Operating earnings per common share - Basic $ (0.65) $ 0.08 $ 0.18 $ 0.11 $ (0.31) $ (0.27) $ 0.21 Earnings per common share - Diluted $ (0.59) $ 0.05 $ 0.14 $ 0.10 $ (0.33) $ (0.31) $ (0.32) Effect of adjustment for nonrecurring income and expenses (0.05) 0.03 0.04 0.01 0.02 0.03 0.53 Operating earnings per common share - Diluted $ (0.65) $ 0.08 $ 0.18 $ 0.11 $ (0.31) $ (0.27) $ 0.21 Book value per common share $ 14.58 $ 15.41 $ 15.22 $ 15.16 $ 15.23 $ 14.58 $ 15.23 Effect of goodwill and other intangible assets (3.81) (3.82) (3.84) (3.85) (3.86) (3.81) (3.86) Tangible book value per common share $ 10.77 $ 11.59 $ 11.38 $ 11.31 $ 11.37 $ 10.77 $ 11.37 Net charge-offs (recoveries) as a percent of average loans (annualized) 3.84 % 0.93 % 0.60 % 0.64 % 0.94 % 1.48 % 0.45 % Impact of third-party consumer portfolio (3.79 %) (0.82 %) (0.67 %) (0.54 %) (0.37 %) (1.43 %) (0.25 %) Core net charge-offs (recoveries) as a percent of average loans (annualized) 0.05 % 0.11 % (0.07 %) 0.10 % 0.57 % 0.05 % 0.20 % Total Primis common stockholders' equity $ 360,462 $ 381,022 $ 376,047 $ 374,577 $ 376,161 $ 360,462 $ 376,161 Less goodwill and other intangible assets (94,124) (94,444) (94,768) (95,092) (95,417) (94,124) (95,417) Tangible common equity $ 266,338 $ 286,578 $ 281,279 $ 279,485 $ 280,744 $ 266,338 $ 280,744 Common equity to assets 9.75 % 9.47 % 9.48 % 9.63 % 9.75 % 9.75 % 9.75 % Effect of goodwill and other intangible assets (2.36 %) (2.18 %) (2.21 %) (2.27 %) (2.29 %) (2.36 %) (2.29 %) Tangible common equity to tangible assets 7.39 % 7.29 % 7.27 % 7.36 % 7.46 % 7.39 % 7.46 % SOURCE Primis Financial Corp.

Primis Financial Corp. Reports Earnings per Share for the Fourth Quarter of 2024

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