secwatch.observer — SEC 8-K summary
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Issuer:     Primis Financial Corp. (FRST)
CIK:        0001325670
Form:       8-K/A
Filed at:   2023-11-09T23:59:59+00:00
Accession:  0000950170-23-062209
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1325670/000095017023062209/0000950170-23-062209-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1325670/000095017023062209/frst-20231026.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-062209

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