Primis Financial restates 2022 financials; cites material weakness in internal controls

Primis Financial Corp.

2022 audited financial statements and audit report no longer reliable due to errors in accounting for third-party serviced consumer loans.
Errors involve promotional interest income deferral, credit enhancement income reversal, and derivative accounting under ASC 815.
Material weakness in internal control over financial reporting identified as of Dec 31, 2022; management's report withdrawn.
Company will file amended 2022 10-K; 2023 10-K to reflect restatements; timeline not materially impacted.
Auditor Forvis Mazars agrees with the non-reliance disclosures per Exhibit 7.1 letter.

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