Primis Financial says SEC OK'd corrected accounting; expects ~$30M net income reduction, filings by end of August

Primis Financial Corp.

SEC non-objection on Aug 9 to multi-unit accounting for consumer loan program; company to restate 2023 and 2024 interim results.
Preliminary cumulative net income reduction of ~$30 million over prior periods through Q2 2024, primarily timing differences.
At June 30, 2024, 42% of portfolio in promotional period with ~$15M deferred interest; 72% of promotions expire in next three quarters.
Company continues SEC consultation for single-unit accounting; no assurance of success.
Anticipates first delayed filings (Form 10-K/Q) around end of August 2024.

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