Primis Financial revises Q3 results with $11.2M goodwill impairment; net loss $3.6M, but adjusted EPS rises 52% to $0.32

Primis Financial Corp.

2023-Q3 EPS reported $0.09

Net loss of $3.6M ($0.14 diluted loss) vs net income $5.0M ($0.20) in Q3 2022, after $11.2M non-cash goodwill impairment.
Adjusted net income $7.7M; operating EPS $0.32 (+52% YoY); net interest margin improved to 3.02% from 2.65% linked quarter.
Core bank deposit costs rose only 11 bps to 2.34%; digital platform deposits $998.4M with 13,740 accounts; $228.7M swept off balance sheet.
Nonperforming assets (ex-SBA) fell 21% linked quarter to $19.6M; pro forma NPA/TA 0.17% after subsequent assisted living credit resolution.
Dividend declared $0.10 per share payable Nov 24, 2023 to holders of record Nov 10; 48th consecutive quarterly dividend.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Primis Financial Corp. reported three months ended September 30, 2023 results: net income net loss of $3.6 million, EPS loss of $0.14.

Period: three months ended September 30, 2023
Net income: net loss of $3.6 million
EPS: loss of $0.14
Result: reported results

Exact text from the filing

Primis Financial Corp. Issues Revised Results for the Third Quarter of 2023 MCLEAN, Va., Nov. 9, 2023 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), and its wholly-owned subsidiary, Primis Bank (the "Bank"), today amended its previously announced financial results for the three and nine months ended September 30, 2023. Revised results reflect a non-cash after-tax goodwill impairment charge of $11.2 million.

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Source: SEC EDGAR

accession 0000950170-23-062209

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