secwatch.observer — SEC 8-K summary
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Issuer:     Primis Financial Corp. (FRST)
CIK:        0001325670
Form:       8-K
Filed at:   2022-10-27T23:59:59+00:00
Accession:  0001564590-22-035485
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Primis Financial Q3 net income $5.1M, EPS $0.21; NPA jumps; authorizes 3% share buyback
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- Q3 2022 net income from continuing ops $5.1M ($0.21 basic EPS) vs $6.2M a year ago; total revenue $33.0M up 29.4% YoY.
- Net interest margin of 3.57% (up 70 bps YoY) driven by low deposit beta; loan yield ex-PPP rose to 4.51%.
- Nonperforming assets (ex-SBA) increased to $37.2M from $19.9M at June 30 due to one assisted living relationship; no impairment.
- Board authorized repurchase of up to 739,500 shares (~3% of outstanding) over one year; quarterly dividend of $0.10/share declared.
- Expects $4.1M pre-tax gain in Q4 from Infinex acquisition; mortgage teams recruited with ~$700M annual production potential.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1325670/000156459022035485/0001564590-22-035485-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1325670/000156459022035485/frst-8k_20221027.htm
  HTML page:      https://secwatch.observer/filing/0001564590-22-035485

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