secwatch.observer — SEC 8-K summary
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Issuer:     Primis Financial Corp. (FRST)
CIK:        0001325670
Form:       8-K
Filed at:   2024-09-12T23:59:59+00:00
Accession:  0001104659-24-099369
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Primis Financial restates 2022 financials; cites material weakness in internal controls
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- 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- Material weakness in internal control over financial reporting identified as of Dec 31, 2022; management's report withdrawn.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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1325670/000110465924099369/0001104659-24-099369-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1325670/000110465924099369/tm2423918d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-099369

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