MCLEAN, Va., Jan. 27, 2022 /PRNewswire/ -- Primis
Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), and its
wholly-owned subsidiary, Primis Bank (the "Bank"), today reported
net income of $7.7 million for the
quarter ended December 31, 2021,
compared to $3.9 million for the
quarter ended September 30, 2021.
Earnings per share for the three months ended December 31, 2021 were $0.31 on a basic and diluted basis, compared to
$0.16 basic and diluted for the three
months ended September 30,
2021.
Earnings for the twelve months ended December 31, 2021 were $31.2 million compared to $23.3 million for the twelve months ended
December 31, 2020, an increase of
34.2%. Earnings per share for the twelve months ended December 31, 2021 were $1.28 basic and $1.27 diluted, compared to $0.96 basic and diluted for the twelve months
ended December 31, 2020.
As disclosed in the third quarter, Primis Bank entered into an
agreement with Southern Trust Mortgage ("STM"), whereby STM agreed
to purchase all of the Bank's common membership interests and a
portion of the Bank's preferred interests in STM for a combination
of cash and a promissory note. The transaction closed in the fourth
quarter of 2021. After closing, STM continues to be a
borrower of the Bank, but the Bank is no longer a minority owner of
STM. As previously disclosed, the Company recorded a pre-tax
charge of approximately $2.9 million
related to the transaction in the third quarter of 2021 and the
historical investment in STM will be presented as a discontinued
operation in prior period financial information.
In the fourth quarter, Primis Bank successfully launched its new
digital bank offering to friends and family of the Bank. The
platform includes an all-new mobile banking application that
provides for a quick and seamless account opening process all from
within the app. Final build out of the digital banking
feature set is in testing and the Bank anticipates a full launch to
the public in March.
Also in the fourth quarter, Primis Bank launched its new V1BE
service – the first mobile application for on-demand ordering of
branch services delivered straight to the customer. Services
provided include cash deposits and withdrawals, change orders,
cashier checks, and instant issue of replacement debit cards.
The Bank has been testing the service on a limited basis in the
Richmond market since the fall.
Customer feedback has been consistently positive with the
heaviest users of the service reducing their utilization of branch
services by 49% on average. Based on the positive results in
Richmond, the Bank is currently
expanding availability of the service to Northern Virginia.
With V1BE, Primis is able to support any market and grow customer
relationships without the need for a large branch presence.
The Board of Directors also announced and declared a dividend of
$0.10 per share payable on
February 25, 2022 to shareholders of
record on February 11,
2022. This is Primis' forty-first consecutive quarterly
dividend.
Highlights for the three months ended December 31, 2021
- Net income from continuing operations totaled $7.7 million, or $0.31 per basic and diluted share, compared to
$6.2 million, or $0.25 per basic and diluted share in the third
quarter of 2021.
- Total assets at the end of the fourth quarter of 2021 were
$3.40 billion, an increase of 10.2%
versus the year ago period.
- Gross loans, excluding PPP balances, grew an annualized 16%
during the fourth quarter of 2021. Total loans, excluding PPP
balances, ended the year at $2.26
billion, an increase of $211
million or 10.3% from their lows at June 30, 2021.
- Total deposits were $2.76 billion
at December 31, 2021, an increase of
13.6% compared to the same period in 2020.
- Non-time deposits increased to $2.40
billion at December 31, 2021,
an increase of $1.1 billion over the
past two years for a compounded annual growth rate of
33.8%.
- Non-interest bearing demand deposits increased to $530 million or 19.2% of total deposits while
time deposits decreased to 13.0% of total deposits at December 31, 2021.
- Cost of deposits declined to 0.39% for the fourth quarter of
2021 compared to 0.45% for the third quarter of 2021 and 0.71% for
the fourth quarter of 2020.
- Pre-tax pre-provision earnings from continuing
operations(1) and pre-tax pre-provision operating
earnings from continuing operations(1) were $8.5 million and $7.9
million, respectively, for the fourth quarter of 2021,
versus $8.5 million and $8.5 million, respectively, for the third quarter
of 2021.
- Return on average assets from continuing operations totaled
0.88% for the quarter ended December 31,
2021 versus 0.72% for the quarter ended September 30, 2021.
- Operating return on average assets from continuing operations
(1) totaled 0.83% for the quarter ended December 31, 2021 versus 0.72% for the quarter
ended September 30, 2021.
- Pre-tax, pre-provision return on average assets from continuing
operations(1) and pre-tax, pre-provision operating
return on average assets from continuing operations (1)
totaled 0.91% for the fourth quarter of 2021, compared to 0.98% for
the third quarter of 2021.
- Recovery of credit losses were $1.3
million for the fourth quarter of 2021 versus provision for
credit losses of $1.1 million for the
third quarter of 2021.
- Allowance for credit losses to total loans (excluding PPP
balances) were 1.29% at December 31,
2021 versus 1.40% at September 30,
2021 and 1.71% at December 31,
2020.
- Book value per share of $16.76
and tangible book value per share(1) was $12.43 at December 31,
2021, representing an increase of $0.73 and $0.83,
respectively, from December 31, 2020
and after $0.40 in dividends paid
over the last twelve months.
- Panacea loan growth of $29.9
million in the fourth quarter.
- Officially launched our new Life Premium Finance Division.
- Initial Friends and Family launch of Primis' new digital bank
offering.
- Successfully launched and tested the new V1BE fulfillment
service.
Dennis J. Zember, Jr., President
and Chief Executive Officer of the Company commented, "Our efforts
for a couple years now have been centered on building momentum in
certain strategies that can grow both sides of our balance sheet
with a noticeable bent towards quality customers and asset
classes. Our current position with our core lending teams and
our lines of business give us substantial confidence in future
growth of earning assets. Our digital bank and its unique
offerings will augment the deposit side of our balance sheet and
the combination of these strategies should produce
industry-oriented spreads with faster growth rates. Ending
the year with two quarters of outsized growth in loans and a
successful "friends and family" launch of the digital bank gives us
confidence that our vision is taking shape and close to producing
the results we expected."
Net Interest Income
Net interest income increased 4.5% to $24.2 million for the three months ended
December 31, 2021 from $23.2 million for the three months ended
September 30, 2021. The
Company's reported net interest margin for the fourth quarter was
3.00% compared to 2.87% in the third quarter of 2021. Net PPP
fee income recognized was $2.2
million for the three months ended December 31, 2021 versus $2.7 million for the prior quarter.
Excluding net PPP fees, net interest income was $22.0 million for the fourth quarter of 2021
versus $20.5 million in the third
quarter of 2021, an increase of 7.0%. Net interest margin
excluding the effects of PPP loans(1) was 2.79% in the
fourth quarter of 2021, up 13 basis points from 2.66%
linked-quarter. Net interest margin, excluding the effects of
PPP loans, continues to be negatively impacted by unusually high
cash balances at the Bank. Average balances of cash and
equivalents were $619.3 million in
the fourth quarter of 2021, down from $675.6
million in the third quarter of 2021.
Yield on loans for the fourth quarter of 2021 was 4.57% compared
to 4.53% in the third quarter of 2021. Excluding the effect
of PPP loans, yield on loans was 4.33%(1) in the fourth
quarter of 2021 compared to 4.35% in the third quarter of
2021. Efforts to improve the momentum on loan production and
core loan growth has resulted in better results with very little
impact to overall loan yields. Management believes it can
continue to achieve its robust loan growth goals without
substantial dilution to overall portfolio yields and without
subjecting the Company to increased interest rate risk.
The Company's efforts on deposit sales and growth continue to
focus on growth in lower cost deposit types. Management has
continued to adjust deposit rates lower throughout the current
interest rate environment and believes some small additional
savings can be achieved. Management believes additional
savings can be achieved in the overall cost of funds but wants to
remain marginally ahead of its peers and continue driving outsized
increases in total deposits, believing that the momentum on loan
growth and lending strategies will use the liquidity in short
order.
Noninterest Income
During the three months ended December
31, 2021, Primis had noninterest income of $3.33 million, compared to $2.69 million for the three months ended
September 30, 2021. Excluding a
gain on debt extinguishment of $573
thousand, non-interest income for the fourth quarter would
have been $2.76 million. For
the year-to-date period, the Company recorded total noninterest
income of $11.1 million or
$10.6 million excluding the gain on
debt extinguishment. Noninterest income no longer includes
the contribution of Southern Trust Mortgage which is included in
discontinued operations. Inclusive of the loss on
disposition, noninterest income contribution from STM would have
been $0.3 million in 2021 versus
$10.8 million in 2020.
Addressing the decision to exit the minority investment in STM,
Mr. Zember said, "It is very important for our Company to have a
more material presence in the residential mortgage market and to
capitalize on the Company's in-house knowledge and expertise in
this industry. The STM relationship has been fruitful but,
long-term, the scalability and profit contribution as a minority
shareholder was not sufficient to drive us meaningfully toward our
goals on ROA or compel us to invest as heavily in teams and new
markets as we wished. We expect to find a wholly-owned
solution shortly and believe that as little as $1 billion in mortgage production would be
sufficient to add between 20 and 25 basis points to our ROA and
over 200 basis points to our ROTCE."
Service charges on deposit accounts stayed mostly flat each
quarter of 2021 at approximately $1.8
million while deposit balances continued to increase.
The Company's current banking offerings have noticeably lower fee
schedules relative to our peers that recognize the industry's
current trends and posture on fees. These early decisions by
the Bank should position the Company to have the outsized growth in
core deposits and transaction accounts that management believes
will be necessary to fund expected growth in loans in the
future.
Noninterest Expense
Noninterest expense was $18.9
million for the three months ended December 31, 2021, compared to $16.9 million for the three months ended
September 30, 2021. Included in
noninterest expense is unfunded commitment reserve recovery in the
fourth quarter of 2021 of $152
thousand and $470 thousand in
the third quarter of 2021. Excluding these items, noninterest
expense for the three months ended December
31, 2021 was $19.1 million, an
increase of $1.7 million from the
third quarter of 2021.
Noninterest expense was up in the quarter largely due to
increased employee compensation and benefits, professional fees and
other expenses. Employee compensation and benefits increased
$495 thousand linked-quarter
partially due to higher staffing levels across the bank, including
our Panacea and Life Premium Finance Divisions. Also included
in this increase was $273 thousand in
signing bonuses for new hires at Panacea and Life Premium
Finance. Professional fees increased $475 thousand linked-quarter and included
approximately $200 thousand in
expenses related to the V1BE service described above.
Increased consulting fees and increased legal expenses each
contributed $90 thousand to the
increase in professional fees for the quarter, largely related to
the STM transaction and build out of the Life Premium Finance
Division. Total professional fees included $241 thousand in recruiter fees for management
and Life Premium Finance hires in the fourth quarter.
Excluding unfunded commitment reserve recoveries, other expenses
increased $764 thousand in the fourth
quarter. The largest contributor to this increase was an
increase of $486 thousand in
marketing and advertising expense related to general promotional
activities as well as marketing tied to the new V1BE
service.
As the Company progresses into 2022, management believes there
will be much less build in leadership roles and administration
leading to a lower level of recruiter payments and signing bonuses
as experienced in the fourth quarter of 2021. In addition,
now that the V1BE service and Life Premium Finance Division are
launched, legal expenses and excess marketing-related expenses
should moderate from fourth quarter levels. On a combined
basis, direct expenses attributed to Panacea, Life Premium Finance
and V1BE should increase approximately $700
thousand per quarter in 2022 from fourth quarter 2021
levels. Primis will also have higher software amortization
expense related to internally developed software and incur
increased processing costs in 2022, both related to the build out
of the digital bank in 2021 that entered service late in the
year. These costs are expected to increase approximately
$525 thousand per quarter in 2022
over fourth quarter 2021 levels.
The investments outlined above, particularly the capabilities
associated with the new digital offering and new V1BE service, will
allow Primis to consolidate branches in 2022 without a reduction in
service levels to customers. The Company anticipates branch
consolidation throughout 2022 and estimates $3.0 million of run-rate expense reductions as a
result with approximately $1.5
million of expense reductions realized in 2022, excluding
branch consolidation costs.
As discussed above, repositioning some existing positions,
consolidating branch infrastructure and several other strategies
are anticipated to offset some of the known increases in
noninterest expense and hold the overall increase to a mid-single
digits growth rate over 2021 levels, excluding branch consolidation
costs, in 2022.
Loan Portfolio and Asset Quality
Loans outstanding increased to $2.34
billion at December 31, 2021,
compared to $2.31 billion at
September 30, 2021 and decreased from
$2.44 billion at December 31, 2020. Excluding PPP loans,
loans outstanding increased $89
million from September 30,
2021, a growth rate of 4.1% or approximately 16.3%
annualized. An intense focus on building credit
relationships, increased traction with new loan officers that
joined early this year and increasing momentum from our Panacea
Division and Life Premium Finance Division all contributed to
growth this quarter. The Company believes these factors will
continue to drive loan growth at mid-teens or higher rates through
the end of 2022.
The Company ended the fourth quarter of 2021 with no loans on
deferral down from $7.0 million of
loans on deferral at September 30,
2021. Nonperforming assets, excluding portions guaranteed by
the SBA, were 0.44% of total assets at December 31, 2021, compared to 0.47% of total
assets at September 30, 2021.
Loans rated substandard or doubtful decreased $4.9 million
linked-quarter.
The allowance for credit losses was $29.1
million at December 31, 2021,
down $1.3 million from $30.4 million at September
30, 2021 and down $7.2 million
from $36.3 million at December 31, 2020. The Company recorded a
recovery of credit loss expense of $1.3
million in the fourth quarter, primarily as a result of an
improving economic outlook. As a percentage of loans,
excluding PPP balances, the allowance declined to 1.29% at the end
of the fourth quarter of 2021 versus 1.40% as of September 30, 2021. The Company recorded
$18 thousand in net recoveries in the
fourth quarter of 2021, or 0.0% of average loans, versus annualized
net charge-offs as a percentage of average loans of 34 basis points
in the prior quarter.
Lines of Business
The Company's efforts to develop or incubate new lines of
business have started to produce early-stage results. Long
–term the Bank believes these lines of business and the outsized
growth associated with them are key to delivering higher levels of
earnings per share growth than its peers or the industry as a
whole.
Panacea finished the year with approximately $50.2 million in outstanding loans, the majority
of which were originated in the second half of 2021. The
division has successfully built a nationally-recognized brand and
finished 2021 with a growing team of industry-leading commercial
bankers experienced in providing financial services to the medical
community across the United States. The Company believes that
the momentum that the organization has built along with its brand,
its partner associations and its experienced team leads will result
in continued and substantial growth in 2022.
The Company launched a division in the fourth quarter of 2021
aimed at financing life insurance premiums for high net worth
individuals across the nation. The Life Premium Finance
Division originated and closed five loans in just 45 days of
operation before the end of 2021 with committed balances totaling
$69.4 million and outstanding
balances, net of deferred fees, of $12.9
million at year-end. Outstanding balances on these
loans grow over three to five years so the Company is expecting a
sustainable growth rate in the division with each new loan
originated. Notably, the Company's focus on technology and
speed of underwriting and closing has brought the average time to
close a loan for an agency or broker down to less than 30 days
compared to the industry standard of 120 days or more.
Deposits
Total deposits decreased to $2.76
billion at December 31, 2021,
compared to $2.81 billion at
September 30, 2021 and $2.43 billion at December
31, 2020. The Company continues to aggressively pursue
improvement in the funding mix with an emphasis on core
deposits. During the quarter, time deposits declined by
$14.4 million while core deposits
(demand, NOW, money market and savings) decreased $29.5 million linked-quarter. The decrease
in non-time deposits was driven by an approximately $125 million seasonal reduction in deposits tied
to mortgage escrows. Absent this seasonal reduction, non-time
deposits would have continued to show strong growth in the
quarter. Time deposits represented approximately 13.0% of
total deposits at December 31, 2021,
down from 13.4% at September 30, 2021
and 20.1% at December 31, 2020.
Shareholders' Equity
Book value per share as of December 31,
2021 was $16.76, an increase
of $0.13 since September 30, 2021 and $0.73 since December
31, 2020. Tangible book value per share(1)
at the end of the fourth quarter of 2021 was $12.43, an increase of $0.15 since September 30,
2021 and $0.83 since
December 31,
2020. Shareholder's equity was $411.9 million, or 12.1% of total assets, at
December 31, 2021. Tangible
common equity(1) at December 31,
2021 was $305.5 million, or
9.3% of tangible assets(1).
About Primis Financial Corp.
As of December 31, 2021, Primis
had $3.40 billion in total assets,
$2.34 billion in total loans and
$2.76 billion in total deposits.
Primis Bank, the Company's banking subsidiary, provides a range of
financial services to individuals and small- and medium-sized
businesses through forty full-service branches in Virginia and Maryland and through certain internet and
mobile applications.
Contacts:
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Address:
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Dennis J. Zember,
Jr., President and CEO
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Primis Financial
Corp.
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Matthew A. Switzer,
EVP and CFO
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6830 Old Dominion
Drive
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Phone: (703)
893-7400
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McLean, VA
22101
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Primis Financial
Corp., NASDAQ Symbol FRST
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Website:
www.primisbank.com
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Conference Call
The Company's management will host a conference call to discuss
its fourth quarter results Friday, January
28, 2022 at 10:00 a.m. (ET). A
live Webcast of the conference call is available at the following
website: https://www.webcaster4.com/Webcast/Page/2742/44220.
Participants may also call 1-888-346-2613 and ask for the Primis
Financial Corp. call. A replay of the teleconference will be
available through February 4, 2022 by
calling 1-877-344-7529 and providing Replay Access Code
6050089.
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 from continuing
operations adjusted for nonrecurring income and expenses;
pre-tax pre-provision operating earnings from continuing
operations; operating return on average assets from continuing
operations; pre-tax pre-provision operating return on average
assets from continuing operations; operating return on average
equity from continuing operations; operating return on average
tangible equity from continuing operations; operating efficiency
ratio from continuing operations; tangible book value per share;
tangible common equity; tangible common equity to tangible assets;
and net interest margin excluding PPP loans 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
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; statements regarding the effects of the COVID-19
pandemic and related variants on our business and financial results
and conditions; 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
and Life Premium Finance Divisions, new digital bank and V1BE
fulfillment service; competitive pressures among financial
institutions increasing significantly; changes in applicable laws,
rules, or regulations, including changes to statutes, regulations
or regulatory policies or practices as a result of, or in response
to the COVID-19 pandemic; changes in management's plans for the
future; credit risk associated with our lending activities; changes
in interest rates, inflation, loan demand, real estate values, or
competition; changes in accounting principles, policies, or
guidelines; adverse results from current or future litigation,
regulatory examinations or other legal and/or regulatory actions,
including as a result of the Company's participation in and
execution of government programs related to the COVID-19 pandemic;
the impact of the COVID-19 pandemic on the Company's assets,
business, cash flows, financial condition, liquidity, prospects and
results of operations; potential increases in the provision for
credit losses resulting from the economic impact of the COVID-19
pandemic; 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, 2020, 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.
Primis
Financial Corp.
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Financial
Highlights (unaudited)
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(Dollars in
thousands, except per share data)
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For Three Months
Ended:
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Variance - 4Q 2021
vs.
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For Twelve Months
Ended:
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Variance
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Selected
Performance Ratios:
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4Q
2021
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3Q
2021
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2Q
2021
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1Q
2021
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4Q
2020
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3Q
2021
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4Q
2020
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4Q
2021
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4Q
2020
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YTD
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Return on average
assets from continuing operations
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0.88%
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0.72%
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1.05%
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1.06%
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0.91%
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17
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bps
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(2)
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bps
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0.92%
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0.50%
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42
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bps
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Operating return on
average assets from continuing operations(1)
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0.83%
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0.72%
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1.05%
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1.08%
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0.58%
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11
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26
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0.92%
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0.56%
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36
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Pre-tax pre-provision
operating return on average assets from continuing
operations(1)
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0.91%
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0.98%
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0.86%
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1.30%
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1.23%
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(7)
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(32)
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1.00%
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1.37%
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(37)
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Return on average
equity from continuing operations
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7.37%
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6.01%
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8.81%
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8.60%
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7.19%
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136
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18
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7.67%
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3.87%
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380
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Operating return on
average equity from continuing operations(1)
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6.94%
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6.01%
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8.81%
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8.76%
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4.57%
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93
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237
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7.59%
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4.32%
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328
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Operating return on
average tangible equity from continuing
operations(1)
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9.36%
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8.12%
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12.03%
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12.00%
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6.32%
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123
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304
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10.33%
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6.02%
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431
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Cost of
funds
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0.56%
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0.57%
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0.66%
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0.78%
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0.93%
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(1)
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(37)
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0.65%
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1.01%
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(36)
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Net interest
margin
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3.00%
|
2.87%
|
2.80%
|
3.41%
|
3.58%
|
|
13
|
|
(58)
|
|
|
3.01%
|
3.35%
|
|
(34)
|
|
Gross loans to
deposits
|
84.68%
|
82.46%
|
83.11%
|
88.95%
|
100.32%
|
|
2
|
pts
|
(16)
|
pts
|
|
84.68%
|
100.32%
|
|
(16)
|
pts
|
Efficiency ratio from
continuing operations
|
68.68%
|
65.25%
|
71.24%
|
66.20%
|
59.75%
|
|
3
|
|
893
|
|
|
67.78%
|
63.72%
|
|
406
|
|
Operating efficiency
ratio from continuing operations(1)
|
70.14%
|
65.25%
|
71.24%
|
65.47%
|
64.50%
|
|
5
|
|
564
|
|
|
67.96%
|
59.82%
|
|
814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
from continuing operations - Basic
|
$
0.31
|
$
0.25
|
$
0.36
|
$
0.35
|
$
0.29
|
|
24.00
|
%
|
6.92
|
%
|
|
$
1.27
|
$
0.61
|
|
108.20
|
%
|
Earnings per share
from discontinued operations - Basic
|
$
-
|
$
(0.09)
|
$
0.06
|
$
0.04
|
$
0.08
|
|
(100.00)
|
%
|
(100.00)
|
|
|
$
0.01
|
$
0.35
|
|
(97.14)
|
|
Earnings per share -
Basic
|
$
0.31
|
$
0.16
|
$
0.42
|
$
0.40
|
$
0.37
|
|
93.75
|
%
|
(16.05)
|
|
|
$
1.28
|
$
0.96
|
|
33.33
|
|
Earnings per share
from continuing operations - Diluted
|
$
0.31
|
$
0.25
|
$
0.36
|
$
0.34
|
$
0.29
|
|
24.00
|
|
7.49
|
|
|
$
1.26
|
$
0.61
|
|
106.56
|
|
Earnings per share
from discontinued operations - Diluted
|
$
-
|
$
(0.09)
|
$
0.06
|
$
0.04
|
$
0.08
|
|
(100.00)
|
|
(100.00)
|
|
|
$
0.01
|
$
0.35
|
|
(97.14)
|
|
Earnings per share -
Diluted
|
$
0.31
|
$
0.16
|
$
0.42
|
$
0.38
|
$
0.37
|
|
93.75
|
%
|
(15.61)
|
|
|
$
1.27
|
$
0.96
|
|
32.29
|
|
Book value per
share
|
$
16.76
|
$
16.63
|
$
16.59
|
$
16.22
|
$
16.03
|
|
0.78
|
|
4.55
|
|
|
$
16.76
|
$
16.03
|
|
4.55
|
|
Tangible book value
per share(1)
|
$
12.43
|
$
12.28
|
$
12.22
|
$
11.84
|
$
11.60
|
|
1.22
|
|
7.16
|
|
|
$
12.43
|
$
11.60
|
|
7.16
|
|
Cash dividend per
share
|
$
0.10
|
$
0.10
|
$
0.10
|
$
0.10
|
$
0.10
|
|
-
|
|
-
|
|
|
$
0.40
|
$
0.40
|
|
-
|
|
Weighted average
shares outstanding - Basic
|
24,476,569
|
24,474,104
|
24,450,916
|
24,349,884
|
24,272,312
|
|
0.01
|
|
0.84
|
|
|
24,438,309
|
24,239,481
|
|
0.82
|
|
Weighted average
shares outstanding - Diluted
|
24,653,363
|
24,634,384
|
24,616,824
|
24,509,052
|
24,401,037
|
|
0.08
|
|
1.03
|
|
|
24,600,555
|
24,362,665
|
|
0.98
|
|
Shares outstanding at
end of period
|
24,574,619
|
24,574,619
|
24,537,269
|
24,532,795
|
24,368,612
|
|
-
|
%
|
0.85
|
%
|
|
24,574,619
|
24,368,612
|
|
0.85
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets, excluding SBA guarantees
|
0.44%
|
0.47%
|
0.43%
|
0.41%
|
0.47%
|
|
(3)
|
bps
|
(3)
|
bps
|
|
0.44%
|
0.47%
|
|
(3)
|
bps
|
Net charge-offs
(recoveries) as a percent of average loans (annualized)
|
(0.00%)
|
0.34%
|
(0.10%)
|
0.01%
|
0.13%
|
|
(35)
|
|
(14)
|
|
|
0.06%
|
0.07%
|
|
(1)
|
|
Allowance for credit
losses to total loans
|
1.24%
|
1.31%
|
1.37%
|
1.46%
|
1.49%
|
|
(7)
|
|
(25)
|
|
|
1.24%
|
1.49%
|
|
(25)
|
|
Allowance for credit
losses to total loans (excluding PPP loans)
|
1.29%
|
1.40%
|
1.52%
|
1.70%
|
1.71%
|
|
(11)
|
|
(43)
|
|
|
1.29%
|
1.71%
|
|
(42)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets(1)
|
9.26%
|
9.02%
|
9.12%
|
9.01%
|
9.49%
|
|
24
|
bps
|
(22)
|
bps
|
|
|
|
|
|
|
Leverage ratio
(2)
|
|
9.44%
|
9.15%
|
9.38%
|
9.61%
|
9.69%
|
|
29
|
|
(25)
|
|
|
|
|
|
|
|
Common equity tier 1
capital ratio (2)
|
13.89%
|
13.85%
|
13.77%
|
13.64%
|
13.05%
|
|
4
|
|
84
|
|
|
|
|
|
|
|
Tier 1 risk-based
capital ratio (2)
|
14.35%
|
14.31%
|
14.23%
|
14.11%
|
13.52%
|
|
4
|
|
83
|
|
|
|
|
|
|
|
Total risk-based
capital ratio(2)
|
19.57%
|
19.60%
|
19.52%
|
19.48%
|
19.58%
|
|
(3)
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See
Reconciliation of Non-GAAP financial measures.
|
|
|
|
|
|
|
|
(2)December 31, 2021 ratios are
estimated and may be subject to change pending the final filing of
the FR Y-9C.
|
|
|
|
|
|
|
Primis
Financial Corp.
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
As Of
:
|
|
Variance - 4Q 2021
vs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets (unaudited)
|
4Q
2021
|
3Q
2021
|
2Q
2021
|
1Q
2021
|
4Q
2020
|
|
3Q
2021
|
|
4Q
2020
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
530,167
|
$
650,746
|
$
620,839
|
$
480,280
|
$
196,185
|
|
(18.53)
|
%
|
170.24
|
%
|
Investment
securities-available for sale
|
271,332
|
206,821
|
201,977
|
170,216
|
153,233
|
|
31.19
|
|
77.07
|
|
Investment
securities-held to maturity
|
22,940
|
26,412
|
28,669
|
33,180
|
40,721
|
|
(13.15)
|
|
(43.67)
|
|
Loans receivable, net
of deferred fees
|
2,339,986
|
2,314,584
|
2,286,355
|
2,391,529
|
2,440,496
|
|
1.10
|
|
(4.12)
|
|
Allowance for credit
losses
|
(29,105)
|
(30,386)
|
(31,265)
|
(34,893)
|
(36,345)
|
|
(4.22)
|
|
(19.92)
|
|
Net
loans
|
|
2,310,881
|
2,284,198
|
2,255,090
|
2,356,636
|
2,404,151
|
|
1.17
|
|
(3.88)
|
|
Stock in Federal
Reserve Bank and Federal Home Loan Bank
|
15,521
|
15,521
|
15,521
|
15,521
|
16,927
|
|
-
|
|
(8.31)
|
|
Investments in
mortgage affiliate - held for sale
|
-
|
10,050
|
12,949
|
14,212
|
12,952
|
|
(100.00)
|
|
(100.00)
|
|
Preferred investment
in mortgage affiliate
|
3,005
|
3,005
|
3,005
|
3,005
|
3,005
|
|
-
|
|
-
|
|
Bank premises and
equipment, net
|
36,166
|
30,686
|
30,099
|
30,076
|
30,306
|
|
17.86
|
|
19.34
|
|
Operating lease
right-of-use assets
|
5,866
|
6,331
|
6,386
|
6,947
|
7,511
|
|
(7.34)
|
|
(21.90)
|
|
Intangible
assets
|
|
106,416
|
106,757
|
107,098
|
107,439
|
107,780
|
|
(0.32)
|
|
(1.27)
|
|
Bank-owned life
insurance
|
66,724
|
66,336
|
65,949
|
65,569
|
65,409
|
|
0.58
|
|
2.01
|
|
Other real estate
owned
|
1,163
|
1,312
|
1,274
|
2,255
|
3,078
|
|
(11.36)
|
|
(62.22)
|
|
Deferred tax assets,
net
|
9,571
|
13,571
|
14,442
|
14,702
|
14,646
|
|
(29.47)
|
|
(34.65)
|
|
Accrued interest
receivable
|
11,882
|
13,643
|
13,028
|
18,197
|
19,998
|
|
(12.91)
|
|
(40.58)
|
|
Other
assets
|
|
13,071
|
17,028
|
18,825
|
12,235
|
12,771
|
|
(23.24)
|
|
2.35
|
|
Total
assets
|
$
3,404,705
|
$
3,452,417
|
$
3,395,151
|
$
3,330,470
|
$
3,088,673
|
|
(1.38)
|
%
|
10.23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
$
530,282
|
$
535,706
|
$
525,244
|
$
511,611
|
$
440,674
|
|
(1.01)
|
%
|
20.33
|
%
|
NOW
accounts
|
|
849,738
|
921,667
|
912,666
|
821,746
|
714,752
|
|
(7.80)
|
|
18.89
|
|
Money market
accounts
|
799,759
|
758,259
|
714,759
|
713,968
|
603,318
|
|
5.47
|
|
32.56
|
|
Savings
accounts
|
222,862
|
216,470
|
209,441
|
202,488
|
183,814
|
|
2.95
|
|
21.24
|
|
Time
deposits
|
|
360,575
|
374,965
|
388,954
|
438,773
|
490,048
|
|
(3.84)
|
|
(26.42)
|
|
Total deposits
|
|
2,763,216
|
2,807,067
|
2,751,064
|
2,688,586
|
2,432,606
|
|
(1.56)
|
|
13.59
|
|
Securities sold under
agreements to repurchase - short term
|
9,962
|
13,348
|
12,521
|
16,445
|
16,065
|
|
(25.37)
|
|
(37.99)
|
|
Federal Home Loan
Bank advances
|
100,000
|
100,000
|
100,000
|
100,000
|
100,000
|
|
-
|
|
-
|
|
Subordinated
notes
|
95,028
|
95,442
|
95,404
|
95,367
|
115,329
|
|
(0.43)
|
|
(17.60)
|
|
Operating lease
liabilities
|
6,498
|
7,000
|
7,014
|
7,629
|
8,238
|
|
(7.17)
|
|
(21.12)
|
|
Other
liabilities
|
|
18,120
|
20,931
|
22,208
|
24,457
|
25,881
|
|
(13.43)
|
|
(29.99)
|
|
Total
liabilities
|
2,992,824
|
3,043,788
|
2,988,211
|
2,932,484
|
2,698,119
|
|
(1.67)
|
|
10.92
|
|
Stockholders'
equity
|
411,881
|
408,629
|
406,940
|
397,986
|
390,554
|
|
0.80
|
|
5.46
|
|
Total
liabilities and stockholders' equity
|
$
3,404,705
|
$
3,452,417
|
$
3,395,151
|
$
3,330,470
|
$
3,088,673
|
|
(1.38)
|
%
|
10.23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity(1)
|
$
305,465
|
$
301,872
|
$
299,842
|
$
290,547
|
$
282,774
|
|
1.19
|
%
|
8.02
|
%
|
Primis
Financial Corp.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
For Three Months
Ended:
|
|
Variance - 4Q 2021
vs.
|
|
|
For Twelve Months
Ended:
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statement of Operations (unaudited)
|
4Q
2021
|
3Q
2021
|
2Q
2021
|
1Q
2021
|
4Q
2020
|
|
3Q
2021
|
|
4Q
2020
|
|
|
4Q
2021
|
4Q
2020
|
|
YTD
|
|
Interest and dividend
income
|
$
28,503
|
$
27,801
|
$
26,631
|
$
30,308
|
$
31,919
|
|
2.53
|
%
|
(10.70)
|
%
|
|
$
113,243
|
$
117,779
|
|
(3.85)
|
%
|
Interest
expense
|
|
4,262
|
4,594
|
4,831
|
5,353
|
6,265
|
|
(7.23)
|
|
(31.97)
|
|
|
19,040
|
26,139
|
|
(27.16)
|
|
Net
interest income
|
24,241
|
23,207
|
21,800
|
24,955
|
25,654
|
|
4.46
|
|
(5.51)
|
|
|
94,203
|
91,640
|
|
2.80
|
|
Provision for
(recovery of) credit losses
|
(1,299)
|
1,085
|
(4,215)
|
(1,372)
|
3,101
|
|
(219.72)
|
|
(141.89)
|
|
|
(5,801)
|
19,450
|
|
(129.83)
|
|
Net
interest income after provision for (recovery of) credit
losses
|
25,540
|
22,122
|
26,015
|
26,327
|
22,553
|
|
15.45
|
|
13.24
|
|
|
100,004
|
72,190
|
|
38.53
|
|
Account maintenance
and deposit service fees
|
1,865
|
1,843
|
1,784
|
1,817
|
1,700
|
|
1.19
|
|
9.71
|
|
|
7,309
|
6,520
|
|
12.10
|
|
Income from
bank-owned life insurance
|
535
|
387
|
379
|
386
|
394
|
|
38.24
|
|
35.79
|
|
|
1,687
|
1,559
|
|
8.21
|
|
Gain on debt
extinguishment
|
573
|
-
|
-
|
-
|
-
|
|
-
|
|
-
|
|
|
573
|
-
|
|
-
|
|
Realized losses on
sales of investment securities
|
-
|
-
|
-
|
-
|
(620)
|
|
-
|
|
(100.00)
|
|
|
-
|
(620)
|
|
(100.00)
|
|
Recoveries on loans
and securities charged-off prior to acquisition
|
52
|
481
|
224
|
79
|
3,793
|
|
(89.19)
|
|
(98.63)
|
|
|
836
|
6,500
|
|
(87.14)
|
|
Other
|
|
307
|
(26)
|
229
|
220
|
129
|
|
NM
|
|
137.98
|
|
|
730
|
703
|
|
3.84
|
|
Noninterest
income
|
3,332
|
2,685
|
2,616
|
2,502
|
5,396
|
|
24.10
|
|
(38.25)
|
|
|
11,135
|
14,662
|
|
(24.06)
|
|
Employee compensation
and benefits
|
9,527
|
9,032
|
8,810
|
9,372
|
9,211
|
|
5.48
|
|
3.43
|
|
|
36,741
|
36,675
|
|
0.18
|
|
Occupancy and
equipment expenses
|
2,487
|
2,523
|
2,311
|
2,355
|
2,114
|
|
(1.43)
|
|
17.64
|
|
|
9,676
|
8,867
|
|
9.12
|
|
Amortization of core
deposit intangible
|
342
|
341
|
341
|
341
|
341
|
|
0.29
|
|
0.29
|
|
|
1,365
|
1,364
|
|
0.07
|
|
Virginia franchise
tax expense
|
733
|
732
|
759
|
675
|
613
|
|
0.14
|
|
19.58
|
|
|
2,899
|
2,457
|
|
17.99
|
|
Data processing
expense
|
934
|
1,003
|
1,016
|
799
|
814
|
|
(6.88)
|
|
14.74
|
|
|
3,752
|
3,178
|
|
18.06
|
|
Telecommunication and
communication expense
|
439
|
415
|
414
|
522
|
378
|
|
5.78
|
|
16.14
|
|
|
1,790
|
1,497
|
|
19.57
|
|
Net (gain) loss on
other real estate owned
|
70
|
-
|
77
|
(60)
|
905
|
|
-
|
|
(92.27)
|
|
|
87
|
960
|
|
(90.94)
|
|
Professional
fees
|
|
1,683
|
1,208
|
1,289
|
1,287
|
1,166
|
|
39.32
|
|
44.34
|
|
|
5,467
|
4,726
|
|
15.68
|
|
Other
expenses
|
|
2,722
|
1,640
|
2,376
|
2,885
|
3,012
|
|
65.98
|
|
(9.63)
|
|
|
9,623
|
8,016
|
|
20.05
|
|
Noninterest
expense
|
18,937
|
16,894
|
17,393
|
18,176
|
18,554
|
|
12.09
|
|
2.06
|
|
|
71,400
|
67,740
|
|
5.40
|
|
Income from
continuing operations before income taxes
|
9,935
|
7,913
|
11,238
|
10,653
|
9,395
|
|
25.55
|
|
5.75
|
|
|
39,739
|
19,112
|
|
107.93
|
|
Income tax
expense
|
2,284
|
1,702
|
2,434
|
2,301
|
2,358
|
|
34.20
|
|
(3.13)
|
|
|
8,721
|
4,228
|
|
106.27
|
|
Income
from continuing operations
|
7,651
|
6,211
|
8,804
|
8,352
|
7,037
|
|
23.18
|
|
8.72
|
|
|
31,018
|
14,884
|
|
108.40
|
|
Income (loss) from
discontinued operations before income taxes
|
-
|
(2,899)
|
1,878
|
1,315
|
2,571
|
|
(100.00)
|
|
(100.00)
|
|
|
294
|
10,789
|
|
(97.28)
|
|
Income tax expense
(benefit)
|
-
|
(627)
|
407
|
284
|
645
|
|
(100.00)
|
|
(100.00)
|
|
|
64
|
2,386
|
|
(97.32)
|
|
Income
(loss) from discontinued operations
|
-
|
(2,272)
|
1,471
|
1,031
|
1,926
|
|
(100.00)
|
|
(100.00)
|
|
|
230
|
8,403
|
|
(97.26)
|
|
Net
income
|
$
7,651
|
$
3,939
|
$
10,275
|
$
9,383
|
$
8,963
|
|
94.24
|
%
|
(14.64)
|
%
|
|
$
31,248
|
$
23,287
|
|
34.19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See
Reconciliation of Non-GAAP financial measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company
defines "NM" as not meaningful for increases or decreases greater
than 300 percent.
|
|
|
|
|
|
|
|
|
|
|
Primis
Financial Corp.
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
As
Of:
|
|
Variance - 4Q 2021
vs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio
Composition
|
4Q
2021
|
3Q
2021
|
2Q
2021
|
1Q
2021
|
4Q
2020
|
|
3Q
2021
|
|
4Q
2020
|
|
Loans secured by real
estate:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate - owner occupied
|
$
389,109
|
$
421,940
|
$
417,489
|
$
421,666
|
$
436,338
|
|
(7.78)
|
%
|
(10.82)
|
%
|
|
Commercial real
estate - non-owner occupied
|
590,523
|
631,423
|
563,114
|
567,945
|
602,191
|
|
(6.48)
|
|
(1.94)
|
|
|
Secured by
farmland
|
10,003
|
10,721
|
11,861
|
12,351
|
13,136
|
|
(6.70)
|
|
(23.85)
|
|
|
Construction and land
development
|
121,520
|
109,763
|
109,719
|
104,661
|
103,401
|
|
10.71
|
|
17.52
|
|
|
Residential 1-4
family
|
548,830
|
531,556
|
516,475
|
515,518
|
559,299
|
|
3.25
|
|
(1.87)
|
|
|
Multi-family
residential
|
164,071
|
153,310
|
130,221
|
136,914
|
107,130
|
|
7.02
|
|
53.15
|
|
|
Home equity lines of
credit
|
73,877
|
75,775
|
80,262
|
85,160
|
91,857
|
|
(2.50)
|
|
(19.57)
|
|
|
Total real estate
loans
|
1,897,933
|
1,934,488
|
1,829,141
|
1,844,215
|
1,913,352
|
|
(1.89)
|
|
(0.81)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
loans
|
303,697
|
203,243
|
194,610
|
188,050
|
189,622
|
|
49.43
|
|
60.16
|
|
Paycheck Protection
Program loans
|
77,319
|
140,465
|
234,315
|
335,210
|
314,982
|
|
(44.95)
|
|
(75.45)
|
|
Consumer
loans
|
|
61,037
|
36,388
|
28,289
|
24,054
|
22,540
|
|
67.74
|
|
170.79
|
|
|
Loans receivable, net
of deferred fees
|
$
2,339,986
|
$
2,314,584
|
$
2,286,355
|
$
2,391,529
|
$
2,440,496
|
|
1.10
|
%
|
(4.12)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade:
|
|
|
|
|
|
|
|
|
|
|
Pass, not
graded
|
$
-
|
$
-
|
$
-
|
$
-
|
$
533,287
|
|
-
|
%
|
(100.00)
|
%
|
Pass
Grade 1 - Highest Quality
|
641
|
789
|
1,054
|
955
|
778
|
|
(18.76)
|
|
(17.61)
|
|
Pass
Grade 2 - Good Quality
|
103,496
|
153,834
|
247,664
|
348,836
|
332,251
|
|
(32.72)
|
|
(68.85)
|
|
Pass
Grade 3 - Satisfactory Quality
|
1,327,718
|
1,248,233
|
1,142,784
|
1,110,453
|
627,270
|
|
6.37
|
|
111.67
|
|
Pass
Grade 4 - Pass
|
836,610
|
841,451
|
823,866
|
853,234
|
872,604
|
|
(0.58)
|
|
(4.12)
|
|
Pass
Grade 5 - Special Mention
|
31,112
|
25,008
|
29,844
|
33,661
|
29,809
|
|
24.41
|
|
4.37
|
|
Grade 6 -
Substandard
|
40,409
|
45,269
|
39,613
|
44,390
|
44,497
|
|
(10.74)
|
|
(9.19)
|
|
Grade 7 -
Doubtful
|
-
|
-
|
1,530
|
-
|
-
|
|
-
|
|
-
|
|
Grade 8 -
Loss
|
|
-
|
-
|
-
|
-
|
-
|
|
-
|
|
-
|
|
Total
loans
|
|
$
2,339,986
|
$
2,314,584
|
$
2,286,355
|
$
2,391,529
|
$
2,440,496
|
|
1.10
|
%
|
(4.12)
|
%
|
(Dollars in
thousands)
|
As Of or For Three
Months Ended:
|
|
|
|
|
|
|
|
|
Asset Quality
Information
|
4Q
2021
|
3Q
2021
|
2Q
2021
|
1Q
2021
|
4Q
2020
|
Allowance for
Credit Losses:
|
|
|
Balance at beginning
of period
|
$
(30,386)
|
$
(31,265)
|
$
(34,893)
|
$
(36,345)
|
$
(25,779)
|
Adoption of
CECL
|
-
|
-
|
-
|
-
|
(8,292)
|
(Provision for) /
recovery of allowance for credit losses
|
1,299
|
(1,085)
|
4,215
|
1,372
|
(3,101)
|
Net
charge-offs
|
|
(18)
|
1,964
|
(587)
|
80
|
827
|
Ending
balance
|
|
$
(29,105)
|
$
(30,386)
|
$
(31,265)
|
$
(34,893)
|
$
(36,345)
|
|
|
|
|
|
|
|
|
Reserve for
Unfunded Commitments:
|
|
|
Balance at beginning
of period
|
$
(1,129)
|
$
(1,599)
|
$
(1,450)
|
$
(740)
|
$
(55)
|
Adoption of
CECL
|
-
|
-
|
-
|
-
|
(305)
|
(Expense for) /
recovery of unfunded loan commitment reserve
|
152
|
470
|
(149)
|
(710)
|
(380)
|
Total Reserve for
Unfunded Commitments
|
$
(977)
|
$
(1,129)
|
$
(1,599)
|
$
(1,450)
|
$
(740)
|
|
|
|
As
Of:
|
|
Variance - 4Q 2021
vs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets:
|
4Q
2021
|
3Q
2021
|
2Q
2021
|
1Q
2021
|
4Q
2020
|
|
3Q
2021
|
|
4Q
2020
|
|
Nonaccrual
loans
|
$
15,029
|
$
18,352
|
$
14,604
|
$
14,251
|
$
14,462
|
|
(18.11)
|
%
|
3.92
|
%
|
Accruing loans
delinquent 90 days or more
|
283
|
-
|
-
|
-
|
-
|
|
-
|
|
-
|
|
Total non-performing
loans
|
15,312
|
18,352
|
14,604
|
14,251
|
14,462
|
|
(16.56)
|
|
5.88
|
|
Other real estate
owned
|
1,163
|
1,312
|
1,274
|
2,255
|
3,078
|
|
(11.36)
|
|
(62.22)
|
|
Total non-performing
assets
|
$
16,475
|
$
19,664
|
$
15,878
|
$
16,506
|
$
17,540
|
|
(16.22)
|
|
(6.07)
|
|
SBA guaranteed
portion of non-performing loans
|
$
1,388
|
$
3,361
|
$
1,380
|
$
2,960
|
$
3,076
|
|
(58.70)
|
|
(54.88)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructuring
|
$
3,401
|
$
3,710
|
$
2,766
|
$
2,804
|
$
987
|
|
(8.33)
|
|
244.6
|
|
Loans deferred under
COVID-19 modifications
|
$
-
|
$
6,985
|
$
25,977
|
$
112,834
|
$
122,010
|
|
(100.00)
|
%
|
(100.00)
|
%
|
Primis
Financial Corp.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
For Three Months
Ended:
|
|
Variance - 2Q 2021
vs.
|
|
|
For Twelve Months
Ended:
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance
Sheet
|
4Q
2021
|
3Q
2021
|
2Q
2021
|
1Q
2021
|
4Q
2020
|
|
3Q
2021
|
|
4Q
2020
|
|
|
4Q
2021
|
4Q
2020
|
|
YTD
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
deferred fees
|
$
2,317,260
|
$
2,291,945
|
$
2,327,162
|
$
2,436,713
|
$
2,497,259
|
|
1.10
|
%
|
(7.21)
|
%
|
|
$
2,342,802
|
$
2,400,896
|
|
(2.42)
|
%
|
Investment
securities
|
258,265
|
229,906
|
215,713
|
193,364
|
204,968
|
|
12.34
|
|
26.00
|
|
|
224,505
|
217,932
|
|
3.02
|
|
Other earning
assets
|
632,841
|
689,084
|
577,939
|
339,480
|
147,014
|
|
(8.16)
|
|
NM
|
|
|
560,994
|
114,275
|
|
NM
|
|
Total earning
assets
|
3,208,366
|
3,210,935
|
3,120,814
|
2,969,557
|
2,849,241
|
|
(0.08)
|
|
12.60
|
|
|
3,128,301
|
2,733,103
|
|
14.46
|
|
Investment in STM -
Held for sale
|
9,941
|
12,621
|
12,728
|
12,629
|
12,168
|
|
|
|
|
|
|
11,974
|
12,168
|
|
|
|
Other
assets
|
|
229,718
|
230,116
|
226,836
|
228,108
|
240,063
|
|
(0.17)
|
|
(4.31)
|
|
|
228,703
|
240,867
|
|
(5.05)
|
|
Total
assets
|
|
$
3,448,025
|
$
3,453,672
|
$
3,360,378
|
$
3,210,294
|
$
3,101,472
|
|
(0.16)
|
%
|
11.17
|
%
|
|
$
3,368,978
|
$
2,986,138
|
|
12.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
$
547,504
|
$
547,500
|
$
516,877
|
$
477,812
|
$
459,830
|
|
0.00
|
%
|
19.07
|
%
|
|
$
522,683
|
$
416,249
|
|
25.57
|
%
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and other demand
accounts
|
878,652
|
920,203
|
867,499
|
773,768
|
688,125
|
|
(4.52)
|
|
27.69
|
|
|
860,482
|
481,470
|
|
78.72
|
|
Money market
accounts
|
784,942
|
744,280
|
719,925
|
653,443
|
569,223
|
|
5.46
|
|
37.90
|
|
|
726,059
|
508,260
|
|
42.85
|
|
Savings
accounts
|
219,823
|
213,859
|
206,507
|
192,252
|
182,434
|
|
2.79
|
|
20.49
|
|
|
208,202
|
167,567
|
|
24.25
|
|
Time
deposits
|
|
368,603
|
380,233
|
409,247
|
465,945
|
525,607
|
|
(3.06)
|
|
(29.87)
|
|
|
405,670
|
645,123
|
|
(37.12)
|
|
Total
Deposits
|
2,799,524
|
2,806,075
|
2,720,055
|
2,563,219
|
2,425,219
|
|
(0.23)
|
|
15.43
|
|
|
2,723,096
|
2,218,669
|
|
22.74
|
|
Borrowings
|
|
216,010
|
215,670
|
217,890
|
226,398
|
260,493
|
|
0.16
|
|
(17.08)
|
|
|
218,955
|
358,087
|
|
(38.85)
|
|
Total
Funding
|
|
3,015,534
|
3,021,745
|
2,937,945
|
2,789,617
|
2,685,712
|
|
(0.21)
|
|
12.28
|
|
|
2,942,051
|
2,576,756
|
|
14.18
|
|
Other
Liabilities
|
|
20,612
|
21,718
|
21,628
|
25,539
|
26,588
|
|
(5.09)
|
|
(22.48)
|
|
|
22,358
|
24,693
|
|
(9.46)
|
|
Stockholders'
equity
|
411,879
|
410,209
|
400,805
|
395,138
|
389,172
|
|
0.41
|
|
5.83
|
|
|
404,569
|
384,689
|
|
5.17
|
|
Total liabilities
and stockholders' equity
|
$
3,448,025
|
$
3,453,672
|
$
3,360,378
|
$
3,210,294
|
$
3,101,472
|
|
(0.16)
|
%
|
11.17
|
%
|
|
$
3,368,978
|
$
2,986,138
|
|
12.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Average
PPP loans
|
$
102,078
|
$
191,504
|
$
294,019
|
$
333,145
|
$
332,080
|
|
(46.70)
|
%
|
(69.26)
|
%
|
|
$
229,447
|
$
215,770
|
|
6.34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
$
26,701
|
$
26,181
|
$
25,182
|
$
28,957
|
$
30,596
|
|
1.99
|
%
|
(12.73)
|
%
|
|
$
107,021
|
$
111,647
|
|
(4.14)
|
%
|
Investment
securities
|
1,242
|
1,083
|
1,073
|
1,042
|
993
|
|
14.68
|
|
25.08
|
|
|
4,440
|
4,730
|
|
(6.13)
|
|
Other earning
assets
|
560
|
537
|
376
|
309
|
330
|
|
4.28
|
|
69.70
|
|
|
1,782
|
1,402
|
|
27.10
|
|
Total
Earning Assets
|
28,503
|
27,801
|
26,631
|
30,308
|
31,919
|
|
2.53
|
|
(10.70)
|
|
|
113,243
|
117,779
|
|
(3.85)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
DDA
|
-
|
-
|
-
|
-
|
-
|
|
-
|
|
-
|
|
|
-
|
-
|
|
-
|
|
NOW and other
interest-bearing demand accounts
|
832
|
1,062
|
1,022
|
1,093
|
1,167
|
|
(21.66)
|
|
(28.71)
|
|
|
4,010
|
3,505
|
|
14.41
|
|
Money market
accounts
|
952
|
1,056
|
1,153
|
1,085
|
984
|
|
(9.85)
|
|
(3.25)
|
|
|
4,246
|
4,188
|
|
1.38
|
|
Savings
accounts
|
154
|
165
|
157
|
142
|
137
|
|
(6.67)
|
|
12.41
|
|
|
618
|
490
|
|
26.12
|
|
Time
deposits
|
|
809
|
877
|
1,057
|
1,496
|
2,038
|
|
(7.75)
|
|
(60.30)
|
|
|
4,238
|
12,149
|
|
(65.12)
|
|
Total
Deposit Costs
|
2,747
|
3,160
|
3,389
|
3,816
|
4,326
|
|
(13.07)
|
|
(36.50)
|
|
|
13,112
|
20,332
|
|
(35.51)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Borrowings
|
1,515
|
1,434
|
1,442
|
1,537
|
1,939
|
|
5.65
|
|
(21.87)
|
|
|
5,928
|
5,807
|
|
2.08
|
|
Total
Funding Costs
|
4,262
|
4,594
|
4,831
|
5,353
|
6,265
|
|
(7.23)
|
|
(31.97)
|
|
|
19,040
|
26,139
|
|
(27.16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income
|
$
24,241
|
$
23,207
|
$
21,800
|
$
24,955
|
$
25,654
|
|
4.46
|
%
|
(5.51)
|
%
|
|
$
94,203
|
$
91,640
|
|
2.80
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: SBA PPP
loan interest and fee income
|
$
2,503
|
$
3,146
|
$
2,559
|
$
5,778
|
$
5,725
|
|
(20.44)
|
%
|
(56.28)
|
%
|
|
$
13,985
|
$
8,470
|
|
65.11
|
%
|
Memo: SBA PPP
loan funding costs
|
$
90
|
$
169
|
$
257
|
$
288
|
$
498
|
|
(46.75)
|
%
|
(81.93)
|
%
|
|
$
803
|
$
756
|
|
6.22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
4.57%
|
4.53%
|
4.34%
|
4.82%
|
4.87%
|
|
4
|
bps
|
(30)
|
bps
|
|
4.57%
|
4.65%
|
|
(8)
|
bps
|
Investments
|
|
1.91%
|
1.87%
|
2.00%
|
2.19%
|
1.93%
|
|
4
|
|
(2)
|
|
|
1.98%
|
2.17%
|
|
(19)
|
|
Other Earning
Assets
|
0.35%
|
0.31%
|
0.26%
|
0.37%
|
0.89%
|
|
4
|
|
(54)
|
|
|
0.32%
|
1.23%
|
|
(91)
|
|
Total
Earning Assets
|
3.52%
|
3.44%
|
3.42%
|
4.14%
|
4.46%
|
|
8
|
|
(94)
|
|
|
3.62%
|
4.31%
|
|
(69)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
NOW
|
|
|
0.38%
|
0.46%
|
0.47%
|
0.57%
|
0.67%
|
|
(8)
|
|
(29)
|
|
|
0.47%
|
0.73%
|
|
(26)
|
|
MMDA
|
|
0.48%
|
0.56%
|
0.64%
|
0.67%
|
0.69%
|
|
(8)
|
|
(21)
|
|
|
0.58%
|
0.82%
|
|
(24)
|
|
Savings
|
|
0.28%
|
0.31%
|
0.30%
|
0.30%
|
0.30%
|
|
(3)
|
|
(2)
|
|
|
0.30%
|
0.29%
|
|
1
|
|
CDs
|
|
|
0.87%
|
0.92%
|
1.04%
|
1.30%
|
1.54%
|
|
(5)
|
|
(67)
|
|
|
1.04%
|
1.88%
|
|
(84)
|
|
Cost of
Interest Bearing Deposits
|
0.48%
|
0.56%
|
0.62%
|
0.74%
|
0.88%
|
|
(8)
|
|
(40)
|
|
|
0.60%
|
1.13%
|
|
(53)
|
|
Cost of
Deposits
|
0.39%
|
0.45%
|
0.50%
|
0.60%
|
0.71%
|
|
(6)
|
|
(32)
|
|
|
0.48%
|
0.92%
|
|
(44)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Other
Funding
|
|
2.78%
|
2.64%
|
2.65%
|
2.75%
|
2.96%
|
|
14
|
|
(18)
|
|
|
2.71%
|
1.62%
|
|
109
|
|
Total Cost
of Funds
|
0.56%
|
0.57%
|
0.66%
|
0.78%
|
0.93%
|
|
(1)
|
|
(37)
|
|
|
0.65%
|
1.01%
|
|
(36)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin
|
3.00%
|
2.87%
|
2.80%
|
3.41%
|
3.58%
|
|
13
|
|
(58)
|
|
|
3.01%
|
3.35%
|
|
(34)
|
|
Net Interest
Spread
|
2.96%
|
2.83%
|
2.76%
|
3.36%
|
3.53%
|
|
13
|
|
(57)
|
|
|
2.97%
|
3.29%
|
|
(32)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Excluding
SBA PPP loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
4.33%
|
4.35%
|
4.46%
|
4.47%
|
4.57%
|
|
(2)
|
bps
|
(24)
|
bps
|
|
4.40%
|
4.72%
|
|
(32)
|
bps
|
Total
Earning Assets
|
3.32%
|
3.24%
|
3.42%
|
3.77%
|
4.14%
|
|
8
|
|
(82)
|
|
|
3.42%
|
4.34%
|
|
(92)
|
|
Net
Interest Margin*
|
2.79%
|
2.66%
|
2.77%
|
2.99%
|
3.23%
|
|
13
|
|
(44)
|
|
|
2.79%
|
3.33%
|
|
(54)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Net interest
margin excluding the effect of SBA PPP loans assumes a funding cost
of 35bps on average PPP balances in all applicable
periods
|
The company
defines "NM" as not meaningful for increases or decreases greater
than 300 percent.
|
|
|
|
|
|
|
Primis
Financial Corp.
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
For Three Months
Ended:
|
|
For Twelve Months
Ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP items:
|
4Q
2021
|
3Q
2021
|
2Q
2021
|
1Q
2021
|
4Q
2020
|
|
4Q
2021
|
|
4Q
2020
|
Net income from
continuing operations
|
$
7,651
|
$
6,211
|
$
8,804
|
$
8,352
|
$
7,037
|
|
$
31,018
|
|
$
14,884
|
Non-GAAP adjustments
to Net Income from continuing operations:
|
|
|
|
|
|
|
|
|
|
|
Management
Restructure / Recruiting
|
-
|
-
|
-
|
200
|
843
|
|
200
|
|
5,742
|
|
Branch
Closures
|
-
|
-
|
-
|
-
|
-
|
|
-
|
|
479
|
|
(Gain or recovery) /
loss on securities
|
-
|
-
|
-
|
-
|
(2,964)
|
|
-
|
|
(2,964)
|
|
Brand Initative /
Renaming
|
-
|
-
|
-
|
-
|
1,000
|
|
-
|
|
1,000
|
|
Extraordinary PPP
income and expense
|
-
|
-
|
-
|
-
|
(2,177)
|
|
-
|
|
(2,177)
|
|
(Gain) on debt
extinguishment
|
(573)
|
-
|
-
|
-
|
-
|
|
(573)
|
|
-
|
|
Income tax
effect
|
124
|
-
|
-
|
(43)
|
729
|
|
81
|
|
(347)
|
|
Net Income from
continuing operations adjusted for nonrecurring income and
expenses
|
$
7,202
|
$
6,211
|
$
8,804
|
$
8,509
|
$
4,468
|
|
$
30,726
|
|
$
16,617
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
$
7,651
|
$
6,211
|
$
8,804
|
$
8,352
|
$
7,037
|
|
$
31,018
|
|
$
14,884
|
|
Income tax
expense
|
2,284
|
1,702
|
2,434
|
2,301
|
2,358
|
|
8,721
|
|
4,228
|
|
Provision for credit
losses (incl. unfunded commitment expense)
|
(1,451)
|
615
|
(4,066)
|
(661)
|
3,481
|
|
(5,801)
|
|
19,450
|
Pre-tax pre-provision
earnings from continuing operations
|
$
8,484
|
$
8,528
|
$
7,172
|
$
9,992
|
$
12,876
|
|
$
33,938
|
|
$
38,562
|
|
Effect of adjustment
for nonrecurring income and expenses
|
(573)
|
-
|
-
|
200
|
(3,298)
|
|
(373)
|
|
2,080
|
Pre-tax pre-provision
operating earnings from continuing operations
|
$
7,911
|
$
8,528
|
$
7,172
|
$
10,192
|
$
9,578
|
|
$
33,565
|
|
$
40,642
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets from continuing operations
|
0.88%
|
0.72%
|
1.05%
|
1.06%
|
0.91%
|
|
0.92%
|
|
0.50%
|
|
Effect of adjustment
for nonrecurring income and expenses
|
(0.05%)
|
0.00%
|
0.00%
|
0.02%
|
(0.33%)
|
|
(0.01%)
|
|
0.06%
|
Operating return on
average assets from continuing operations
|
0.83%
|
0.72%
|
1.05%
|
1.08%
|
0.58%
|
|
0.92%
|
|
0.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets from continuing operations
|
0.88%
|
0.72%
|
1.05%
|
1.06%
|
0.91%
|
|
0.92%
|
|
0.50%
|
|
Effect of tax
expense
|
0.26%
|
0.20%
|
0.29%
|
0.29%
|
0.30%
|
|
0.26%
|
|
0.14%
|
|
Effect of provision
for credit losses
|
(0.17%)
|
0.07%
|
(0.49%)
|
(0.08%)
|
0.45%
|
|
(0.17%)
|
|
0.65%
|
Pre-tax pre-provision
return on average assets from continuing operations
|
0.98%
|
0.98%
|
0.86%
|
1.27%
|
1.66%
|
|
1.01%
|
|
1.30%
|
|
Effect of adjustment
for nonrecurring income and expenses
|
(0.07%)
|
0.00%
|
0.00%
|
0.03%
|
(0.42%)
|
|
(0.01%)
|
|
0.07%
|
Pre-tax pre-provision
operating return on average assets from continuing
operations
|
0.91%
|
0.98%
|
0.86%
|
1.30%
|
1.23%
|
|
1.00%
|
|
1.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity from continuing operations
|
7.37%
|
6.01%
|
8.81%
|
8.60%
|
7.19%
|
|
7.67%
|
|
3.87%
|
|
Effect of adjustment
for nonrecurring income and expenses
|
(0.43%)
|
0.00%
|
0.00%
|
0.16%
|
(2.63%)
|
|
(0.07%)
|
|
0.45%
|
Operating return on
average equity from continuing operations
|
6.94%
|
6.01%
|
8.81%
|
8.76%
|
4.57%
|
|
7.59%
|
|
4.32%
|
|
Effect of goodwill
and other intangible assets
|
2.42%
|
2.11%
|
3.22%
|
3.24%
|
1.75%
|
|
2.73%
|
|
1.70%
|
Operating return on
average tangible equity from continuing operations
|
9.36%
|
8.12%
|
12.03%
|
12.00%
|
6.32%
|
|
10.33%
|
|
6.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio from
continuing operations
|
68.68%
|
65.25%
|
71.24%
|
66.20%
|
59.75%
|
|
67.78%
|
|
63.72%
|
|
Effect of adjustment
for nonrecurring income and expenses
|
1.46%
|
0.00%
|
0.00%
|
(0.73%)
|
4.74%
|
|
0.18%
|
|
(3.90%)
|
Operating efficiency
ratio from continuing operations
|
70.14%
|
65.25%
|
71.24%
|
65.47%
|
64.50%
|
|
67.96%
|
|
59.82%
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
share
|
$
16.76
|
$
16.63
|
$
16.59
|
$
16.22
|
$
16.03
|
|
$
16.76
|
|
$
16.03
|
|
Effect of goodwill
and other intangible assets
|
(4.34)
|
(4.35)
|
(4.37)
|
(4.38)
|
(4.43)
|
|
(4.33)
|
|
(4.42)
|
Tangible book value
per share
|
$
12.43
|
$
12.28
|
$
12.22
|
$
11.84
|
$
11.60
|
|
$
12.43
|
|
$
11.60
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
$
411,881
|
$
408,629
|
$
406,940
|
$
397,986
|
$
390,554
|
|
$ 411,881
|
|
$ 390,554
|
|
Less goodwill and
other intangible assets
|
(106,416)
|
(106,757)
|
(107,098)
|
(107,439)
|
(107,780)
|
|
(106,416)
|
|
(107,780)
|
Tangible common
equity
|
$
305,465
|
$
301,872
|
$
299,842
|
$
290,547
|
$
282,774
|
|
$ 305,465
|
|
$ 282,774
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to
assets
|
|
12.10%
|
11.84%
|
11.99%
|
11.95%
|
12.64%
|
|
12.10%
|
|
12.64%
|
|
Effect of goodwill
and other intangible assets
|
(2.84%)
|
(2.81%)
|
(2.87%)
|
(2.94%)
|
(3.16%)
|
|
(2.84%)
|
|
(3.16%)
|
Tangible common
equity to tangible assets
|
9.26%
|
9.02%
|
9.12%
|
9.01%
|
9.49%
|
|
9.26%
|
|
9.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.00%
|
2.87%
|
2.80%
|
3.41%
|
3.58%
|
|
3.01%
|
|
3.35%
|
|
Effect of adjustment
for PPP associated balances*
|
(0.21%)
|
(0.21%)
|
(0.03%)
|
(0.42%)
|
(0.35%)
|
|
(0.22%)
|
|
(0.02%)
|
Net interest margin
excluding PPP
|
2.79%
|
2.66%
|
2.77%
|
2.99%
|
3.23%
|
|
2.79%
|
|
3.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Net interest
margin excluding the effect of PPP loans assumes a funding cost of
35bps on average PPP balances in all applicable
periods
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/reports-diluted-earnings-per-share-from-continuing-operations-of-0-31-for-the-fourth-quarter-of-2021--301469962.html
SOURCE Primis Financial Corp.