New Risk • Jun 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.6% average weekly change). Annonce • May 28
Primis Financial Corp. and Primis Bank Announces Board Changes Primis Financial Corp. and its wholly-owned subsidiary Primis Bank announced that Mr. Scott R. Gamble and Mr. J. Brock Saunders were elected to Primis' Board of Directors at its annual meeting of shareholders. Mr. Scott R. Gamble is a Principal at Patriot Financial Partners, L.P. and has more than 38 years of banking experience. Prior to joining Patriot, Mr. Gambleserved as Regional President for BB&T's Greater Delaware Valley Region, where he oversaw commercial and retail management teams as well as commercial real estate and regional corporate lending teams. Mr. Gamble also currently serves on the boards of First Bank and Fortis Financial Inc., a privately held company. He holds a Bachelor of Arts in Business Administration from Grove City College and has completed additional training in management and capital markets. Mr. Gamble's extensive experience in commercial and retail banking, as well as business development for community offices and business centers, positions him well to contribute to Primis' Board of Directors. Mr. J. Brock Saunders is the Managing Partner at Mattock Capital, a Richmond-based family office investing in a diverse set of alternative investments. Prior to Mattock Capital, Mr. Saunders was President and Chief Investment Officer at James River Capital Corp., an investment management firm, and earlier in his career, was a Partner at Pleasant Lake Partners, a New York-based hedge fund. He began his career at Citigroup as a high-yield credit trader and later served as Global Head of Equity Trading in London within the firm's proprietary trading business. Mr. Saunders earned a Bachelor of Arts in both government and history from the University of Virginia, where he also served on the Honor Committee. His broad experience across financial services, including capital markets and investing, brings valuable perspective to Primis' Board. Mr. Robert Clagett and Mr. Charles Kabbash did not stand for reelection at the Company's annual meeting of shareholders held on May 21, 2026 and as a result, Mr. Gamble and Mr. Saunders will fill their respective seats on the Company Board. Primis thanks Mr. Clagett and Mr. Kabbash for their dedicated service and valuable contributions to the Primis Board of Directors during their tenure. Prior to the Annual Meeting, Mr. Clagett served as a member of the Audit Committee and Compensation Committee of the Board and Mr. Kabbash served as a member of the Governance Committee and Asset-Liability Management Committee of the Board. In connection with Mr. Clagett’s and Mr. Kabbash’s departures, the Board, at the recommendation of its Corporate Governance Committee, nominated Scott R. Gamble and J. Brock Saunders for election as directors at the Annual Meeting. Effective as of the May 21, 2026 Annual Meeting, and subject to Mr. Gamble’s and Mr. Saunders’ election at the Annual Meeting, the Board appointed Scott R. Gamble to the Company and Bank boards and to serve on the Audit Committee and Asset-Liability Management Committee and J. Brock Saunders to the Company and Bank boards and to serve on the Compensation Committee and Asset-Liability Management Committee. Board Change • May 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 7 highly experienced directors. Independent Director John Eggemeyer was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annonce • Apr 25
Primis Financial Corp. Declares Fifty-Eighth Consecutive Quarterly Dividend, Payable on May 22, 2026 Primis Financial Corp. Board of Directors declared a dividend of $0.10 per share payable on May 22, 2026 to shareholders of record on May 8, 2026. This is Primis’ fifty-eighth consecutive quarterly dividend. Annonce • Apr 13
Primis Financial Corp., Annual General Meeting, May 21, 2026 Primis Financial Corp., Annual General Meeting, May 21, 2026. Location: the commonwealth club, 401 w. franklin street, virginia 23220, richmond, United States Annonce • Apr 08
Primis Financial Corp. to Report Q1, 2026 Results on Apr 23, 2026 Primis Financial Corp. announced that they will report Q1, 2026 results After-Market on Apr 23, 2026 Annonce • Jan 13
Primis Financial Corp. to Report Q4, 2025 Results on Jan 29, 2026 Primis Financial Corp. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Jan 29, 2026 Annonce • Oct 07
Primis Financial Corp. to Report Q3, 2025 Results on Oct 23, 2025 Primis Financial Corp. announced that they will report Q3, 2025 results After-Market on Oct 23, 2025 Annonce • Jul 25
Primis Financial Corp. Declares Dividend for the Quarter Ended June 30, 2025, Payable on August 22, 2025 The Board of Directors of Primis Financial Corp. declared a dividend of $0.10 per share for the quarter ended June 30, 2025 payable on August 22, 2025 to shareholders of record on August 8, 2025. Annonce • Jul 09
Primis Financial Corp. to Report Q2, 2025 Results on Jul 24, 2025 Primis Financial Corp. announced that they will report Q2, 2025 results After-Market on Jul 24, 2025 Annonce • Jun 13
An undisclosed buyer signed a non-binding term sheet to acquire an unknown stake in Panacea Financial Holdings, LLC from Primis Financial Corp. (NasdaqGM:FRST) for $22 million. An undisclosed buyer signed a non-binding term sheet to acquire an unknown stake in Panacea Financial Holdings, LLC from Primis Financial Corp. (NasdaqGM:FRST) for $22 million on June 12, 2025. This proposed sale follows the deconsolidation of PFH at March 31, 2025 and is expected to generate proceeds to the Company of approximately $22 million. Additionally, the Company expects to record an additional gain of between $6.5 and $7.0 million pre-tax as the sales price per share exceeded the carrying value as of March 31, 2025. Annonce • May 14
Primis Financial Corp. announced delayed 10-Q filing On 05/13/2025, Primis Financial Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Annonce • May 01
Primis Financial Corp., Annual General Meeting, Jun 26, 2025 Primis Financial Corp., Annual General Meeting, Jun 26, 2025. Location: the commonwealth club, 401 w. franklin street, va 23220, richmond United States Annonce • Apr 30
Primis Financial Corp. Declares Dividend, Payable on May 28, 2025 Primis Financial Corp. declared a dividend of $0.10 per share payable on May 28, 2025 to shareholders of record on May 14, 2025. Annonce • Apr 16
Primis Financial Corp. to Report Q1, 2025 Results on Apr 29, 2025 Primis Financial Corp. announced that they will report Q1, 2025 results After-Market on Apr 29, 2025 Annonce • Apr 10
Primis Financial Receives Nasdaq Notice Regarding Delayed 10-K Filing As previously disclosed, Primis Financial Corp. (the Company"), received notices from The Nasdaq Stock Market LLC (Nasdaq") indicating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the Listing Rule"), which requires listed companies to timely file all periodic reports with the Securities and Exchange Commission (the SEC"), and on December 19, 2024, the Company was notified by Nasdaq that it regained compliance with the Listing Rule and was subjected to a one-year Panel Monitor" as defined by Nasdaq Listing Rule 5815(d)(4)(B). On April 3, 2025, the Company received notice (the Notice") from the staff (the Staff") of Nasdaq advising the Company that it no longer complies with the Listing Rule, as it has failed to timely file its Form 10-K for the period ending December 31, 2024 (the Form 10-K"), which the Company previously disclosed on Form 12b-25, as filed with the SEC on April 1, 2025, as amended. Due to the Panel Monitor, the Company is not eligible to submit a plan to the Staff to request an extension of up to 180 calendar days in which to regain compliance with the Listing Rule, and as a result, the Staff has determined to delist the Company's securities from Nasdaq. Accordingly, unless the Company requests an appeal of this determination to a Hearings Panel (the Panel") by April 10, 2025, the Company's securities will be scheduled for delisting from Nasdaq and will be suspended at the opening of business on April 14, 2025. On April 9, 2025, the Company appealed the Staff's determination in accordance with the procedures set in the Nasdaq Listing Rules, requested a hearing before the Panel, and an extension of Nasdaq's stay of delisting through the hearing and the expiration of any additional extension period granted by the Panel (the Hearing Request"). The Hearing Request automatically stayed any suspension of trading for 15 calendar days from the date of the Hearing Request and the Company's common stock will continue to trade on Nasdaq during such stay. While the determination on whether to grant the extended stay during the appeal process will be made by the Panel, the Company believes that it satisfies the standards for the granting of such an extended stay and does not anticipate that the Company's securities will be suspended or delisted as a result of the Notice. The Company plans to file the Form 10-K as promptly as practicable and currently expects to do so prior to the hearing, at which point the Company will be in compliance with the Listing Rules. The Notice has no immediate effect on the listing of the Company's common stock on the Nasdaq Global Select Market and the Company expects to regain compliance in advance of the hearing before the Panel. Annonce • Apr 04
Primis Financial Corp. announced delayed amended 10-K filing On 04/03/2025, Primis Financial Corp. announced that they will be unable to file their amended 10-K by the deadline required by the SEC. Annonce • Apr 02
Primis Financial Corp. announced delayed amended 10-K filing On 04/01/2025, Primis Financial Corp. announced that they will be unable to file their amended 10-K by the deadline required by the SEC. Annonce • Mar 18
Primis Financial Corp. announced delayed annual 10-K filing On 03/17/2025, Primis Financial Corp. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Annonce • Nov 28
Primis Financial Corp. Receives Nasdaq Notice Regarding Delayed 10-Q Filing Primis Financial Corp. announced that, as expected, it received a notice (the "Additional Notice") from Nasdaq indicating that the Company remains noncompliant with Nasdaq Listing Rule 5250(c)(1) because the Company has not filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the "Q2 Form 10-Q") and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (the "Q3 Form 10-Q", and together with the Second Quarter Form 10-Q, the "Form 10-Qs"). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all periodic reports with the Securities and Exchange Commission (the "SEC"). The Additional Notice also required that, pursuant to Listing Rule 5810(d) and 5810(b), the Company submit an update to the Nasdaq Hearings Panel (the "Panel") no later than November 28, 2024. As previously disclosed in the Current Report on Form 8-K filed on October 9, 2024, the Company did not regain compliance within the expiration of the 180-day extension that was previously granted by Nasdaq, and as a result, on October 3, 2024, the Company received notice from Nasdaq that the Company's shares would be delisted. On October 8, 2024, the Company appealed Nasdaq's determination in accordance with the procedures set in the Nasdaq Listing Rules, requested a hearing before the Panel, and an extension of Nasdaq's stay of delisting. As previously disclosed in the Current Report on Form 8-K filed on October 24, 2024, the Company received notice from Nasdaq that the temporary stay of delisting has been extended pending a hearing before the Panel on December 3, 2024, and the issuance of a final Panel decision. The Company has filed the previously delayed 2023 Form 10-K and the 2024 First Quarter Form 10-Q and plans to file the Form 10-Qs as promptly as practicable. As with the prior notices, the Additional Notice has no immediate effect on the listing of the Company's common stock on the Nasdaq Global Select Market and the Company currently expects to regain compliance in the near future. Annonce • Nov 14
Primis Financial Corp. announced delayed 10-Q filing On 11/13/2024, Primis Financial Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Board Change • Nov 12
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 2 highly experienced directors. Independent Director John Eggemeyer was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annonce • Nov 11
Primis Financial Corp., Annual General Meeting, Dec 19, 2024 Primis Financial Corp., Annual General Meeting, Dec 19, 2024. Annonce • Oct 10
Primis Financial Provides Progress Report on Filings and Compliance with Nasdaq Listing Requirements Primis Financial Corp. provided an update on its delinquent filings and process for regaining compliance with Nasdaq listing requirements. On October 4, 2024, Primis filed its restated Annual Report on Form 10-K/A for the year ended December 31, 2022 and anticipates filing is Annual Report on Form 10-K for the year ended December 31, 2023 on October 11, 2024. The Company is also working diligently to complete its delayed Form 10-Q filings and is targeting filing those by October 31, 2024 at which point the Company will have regained compliance with Nasdaq listing standards. As detailed further below, Primis shares continue to be traded on Nasdaq and the Company does not anticipate any changes in its listing status prior to completion of its filings. As previously disclosed, Primis was granted a 180-day "exception period" by Nasdaq to complete its delayed filings and regain compliance with Nasdaq listing requirements with the "exception period" expiring on September 30, 2024. While the Company is making progress on its filings, as evidenced by the filing of its restated Form 10-K/A for 2022 and imminent filing of Form 10-K for 2023, the Company was unable to complete the delayed filings by September 30, 2024. As expected, on October 3, 2024, the Company received a notice (the "Notice") from Nasdaq indicating that the Company's shares may be delisted due to continued noncompliance with Nasdaq listing rules. On October 8, 2024, the Company appealed Nasdaq's determination in accordance with the procedures set forth in the Nasdaq Listing Rules and requested a hearing (the "Hearing Request") before a Nasdaq Hearings Panel (the "Panel") which normally take places 30 to 45 days from the filing of the appeal. The Hearing Request automatically stayed any suspension of trading through October 23, 2024, and the Company further requested that the temporary stay be extended until the Panel issues a final decision on the matter. The Company believes that it satisfies the standards for the granting of such an extended stay and does not anticipate that the Company's securities will be suspended or delisted as a result of the Notice. Nasdaq listing rules require the Company to disclose the specific basis for the Notice, namely the Company's noncompliance with Nasdaq Listing Rule 5250(c)(1) because the Company did not file its Annual Report on Form 10-K for the year ended December 31, 2023 (the "Form 10-K"), Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the "Q1 Form 10-Q") and Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the "Q2 Form 10-Q" and, together with the First Quarter Form 10-Q, the "Form 10-Qs") before the expiration of the 180-day "exception period" that was previously granted by Nasdaq. Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all periodic reports with the Securities and Exchange Commission (the "SEC"). The Notice has no immediate effect on the listing of the Company's securities on Nasdaq. As detailed above, the Company continues to work diligently to complete and file the Form 10-K and Form 10-Qs and to regain compliance with the Listing Rules in the near future. Annonce • Oct 09
Primis Financial Corp. to Report Q3, 2024 Results on Oct 24, 2024 Primis Financial Corp. announced that they will report Q3, 2024 results After-Market on Oct 24, 2024 Annonce • Aug 28
Primis Financial Announces Notification of Delinquency with Nasdaq On August 21, 2024, Primis Financial Corp. (‘Primis’ or the ‘Company’) received an expected delinquency notification letter (the ‘Letter’) from Nasdaq's Listing Qualifications Department which indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the ‘Listing Rule’) as a result of the Company's failure to timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (‘Second Quarter 10-Q’) and its continued delay in filing its Annual Report on Form 10-K for the year ended December 31, 2023 (‘Annual Report’) and Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (‘First Quarter 10-Q’). The Listing Rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the ‘SEC’). This Letter has no immediate effect on the listing of the Company's securities on Nasdaq. As previously disclosed in the Notification of Late Filing on Form 12b-25 filed on March 18, 2024, Amendment No. 1 filed April 1, 2024, the Notification of Late Filing on Form 12b-25 filed on May 13, 2024, and the Notification of Late Filing on Form 12b-25 filed on August 12, 2024 by the Company with the SEC, the Company determined that it required additional time to complete its Annual Report, its First Quarter 10-Q and its Second Quarter 10-Q in connection with the restatement of certain financial statements due to the consultation process with the Office of the Chief Accountant of the Securities and Exchange Commission. Pursuant to the Letter, Nasdaq previously granted the Company's plan to regain compliance (the ‘Plan’) and has granted the Company until September 30, 2024 to file its Annual Report, First Quarter Form 10-Q and Second Quarter Form 10-Q. The Company intends to submit to Nasdaq an update to its Plan in accordance with the Letter no later than September 5, 2024. The Company continues to work diligently to complete its Annual Report, First Quarter 10-Q and Second Quarter 10-Q and plans to file such reports as promptly as practicable to regain compliance with the Listing Rule. Annonce • Aug 13
Primis Financial Corp. announced delayed 10-Q filing On 08/12/2024, Primis Financial Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Annonce • Jul 26
Primis Financial Corp. Declares Quarterly Dividend, Payable on August 23, 2024 The Board of Directors of Primis Financial Corp. declared a dividend of $0.10 per share payable on August 23, 2024 to shareholders of record on August 9, 2024. This is Primis' fifty-first consecutive quarterly dividend. Annonce • Jul 12
Primis Financial Corp. to Report Q2, 2024 Results on Jul 25, 2024 Primis Financial Corp. announced that they will report Q2, 2024 results After-Market on Jul 25, 2024 Annonce • May 23
Primis Financial Announces Notification of Delinquency with Nasdaq On May 16, 2024, Primis Financial Corp. (‘Primis’ or the ‘Company’) received an expected delinquency notification letter (the ‘Letter’) from Nasdaq's Listing Qualifications Department which indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the ‘Listing Rule’) as a result of the Company's failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (‘Quarterly Report’) and its continued delay in filing its Annual Report on Form 10-K for the year ended December 31, 2023 (‘Annual Report’). The Listing Rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the ‘SEC’). This Letter has no immediate effect on the listing of the Company's securities on Nasdaq. As previously disclosed in the Notification of Late Filing on Form 12b-25 filed on March 18, 2024, Amendment No. 1 filed April 1, 2024, and in the Notification of Late Filing on Form 12b-25 filed on May 13, 2024 by the Company with the SEC, the Company determined that it required additional time to complete its Annual Report and its Quarterly Report in connection with the restatement of certain financial statements and ongoing ‘pre-clearance’ process with the Office of the Chief Accountant of the Securities and Exchange Commission. As previously disclosed in the Company's Current Report on Form 8-K filed on April 9, 2024, the Company received a separate delinquency notification (the ‘Initial Notice’) from Nasdaq advising the Company that due to the failure to timely file its Annual Report, the Company is not in compliance with the Listing Rule. In the Initial Notice, Nasdaq provided the Company 60 days, or until June 3, 2024, to submit a plan (the ‘Plan’), to regain compliance with the Listing Rule. If Nasdaq accepts the Company's plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of its Annual Report, or until September 30, 2024, to file its Annual Report to regain compliance. The Company intends to submit the Plan to Nasdaq no later than June 3, 2024. The Company continues to work diligently to complete its Annual Report and Quarterly Report and plans to file its Annual Report and Quarterly Report as promptly as practicable, subject to completion of the pre-clearance process, to regain compliance with the Listing Rule. Annonce • May 15
Primis Financial Corp. announced delayed 10-Q filing On 05/13/2024, Primis Financial Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Annonce • Apr 27
Primis Financial Corp. Declares Quarterly Dividend, Payable on May 24, 2024 The Board of Directors of Primis Financial Corp. Declared Quarterly Cash Dividend of $0.10 per share payable on May 24, 2024 to shareholders of record on May 10, 2024. This is Primis' fiftieth consecutive quarterly dividend. Annonce • Apr 20
Primis Financial Corp. to Report Q1, 2024 Results on Apr 25, 2024 Primis Financial Corp. announced that they will report Q1, 2024 results After-Market on Apr 25, 2024 Annonce • Apr 10
Primis Financial Announces Notification of Delinquency with Nasdaq On April 4, 2024, Primis Financial Corp. (‘Primis’ or the ‘Company’) received a letter (the ‘Letter’) from The NASDAQ Stock Market LLC (‘NASDAQ’) indicating that, as a result of not having timely filed its Annual Report on Form 10-K for the year ended December 31, 2023 (the ‘2023 Form 10-K’) with the Securities and Exchange Commission (the ‘SEC’), the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the SEC. As previously disclosed in the Notification of Late Filing on Form 12b-25 filed on March 18, 2024 and Amendment No. 1 filed April 1, 2024, the Company expected to receive the Letter because it had not timely filed the 2023 Form 10-K with the SEC and the Company had determined that it required additional time in connection with the restatement of certain financial statements and ongoing ‘pre-clearance’ process with the Office of the Chief Accountant of the Securities and Exchange Commission. The Letter has no immediate effect on the listing of the Company’s common stock on the NASDAQ Global Select Market. Pursuant to the Letter, the Company has 60 days following the receipt of the Notice within which to submit a plan to NASDAQ showing how it intends to regain compliance. The Company intends to file the 2023 Form 10-K as soon as possible, and in any case before the 60 days conclude, and thereafter, believes the Company will be in compliance with all of the NASDAQ continued listing requirements. Annonce • Apr 02
Primis Financial Corp. announced delayed amended 10-K filing On 04/01/2024, Primis Financial Corp. announced that they will be unable to file their amended 10-K by the deadline required by the SEC. Annonce • Mar 19
Primis Financial Corp. announced delayed annual 10-K filing On 03/18/2024, Primis Financial Corp. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Declared Dividend • Feb 05
Fourth quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 8th February 2024 Payment date: 23rd February 2024 Dividend yield will be 3.2%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is not adequately covered by earnings (99% earnings payout ratio). However, the dividend is expected to be well covered in 3 years' time (23% forecast payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 10% to bring the payout ratio under control. EPS is expected to grow by 137% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Jan 27
Full year 2023 earnings released: EPS: US$0.40 (vs US$0.72 in FY 2022) Full year 2023 results: EPS: US$0.40 (down from US$0.72 in FY 2022). Revenue: US$135.6m (up 19% from FY 2022). Net income: US$9.94m (down 44% from FY 2022). Profit margin: 7.3% (down from 16% in FY 2022). Revenue is expected to decline by 6.3% p.a. on average during the next 2 years, while revenues in the Banks industry in Europe are expected to grow by 2.0%. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Annonce • Jan 09
Primis Financial Corp. to Report Q4, 2023 Results on Jan 25, 2024 Primis Financial Corp. announced that they will report Q4, 2023 results After-Market on Jan 25, 2024 Annonce • Nov 17
Primis Financial Corp. and Primis Bank Announce the Resignation of Stephen B. Weber as Executive Vice President and Chief Strategy Officer On October 31, 2023, Stephen B. Weber, Executive Vice President and Chief Strategy Officer of Primis Financial Corp. and Primis Bank, tendered his resignation from the Company, effective November 10, 2023. New Risk • Nov 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 55% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (181% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.1% net profit margin). Annonce • Nov 10
Primis Financial Corp. Reports Goodwill Impairment for the Third Quarter Ended September 30, 2023 Primis Financial Corp. reported goodwill impairment for the third quarter ended September 30, 2023. For the quarter, the company reported goodwill impairment of $11,150,000. Annonce • Oct 28
Primis Financial Corp. Announces Dividend, Payable on November 24, 2023 On October 26, 2023, Primis Financial Corp. announcing the declaration of a dividend payable on November 24, 2023 to shareholders of record as of November 10, 2023. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: US$0.31 (vs US$0.21 in 3Q 2022) Third quarter 2023 results: EPS: US$0.31 (up from US$0.21 in 3Q 2022). Revenue: US$35.4m (up 18% from 3Q 2022). Net income: US$7.58m (up 50% from 3Q 2022). Profit margin: 21% (up from 17% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 10% p.a. on average during the next 2 years, while revenues in the Banks industry in Europe are expected to grow by 3.5%. Annonce • Oct 13
Primis Financial Corp. to Report Q3, 2023 Results on Oct 26, 2023 Primis Financial Corp. announced that they will report Q3, 2023 results After-Market on Oct 26, 2023 Upcoming Dividend • Aug 04
Upcoming dividend of US$0.10 per share at 4.1% yield Eligible shareholders must have bought the stock before 10 August 2023. Payment date: 25 August 2023. Payout ratio is a comfortable 70% but the company is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.0%). Reported Earnings • Jul 28
Second quarter 2023 earnings released: US$0.008 loss per share (vs US$0.20 profit in 2Q 2022) Second quarter 2023 results: US$0.008 loss per share (down from US$0.20 profit in 2Q 2022). Revenue: US$30.3m (up 16% from 2Q 2022). Net loss: US$188.0k (down 104% from profit in 2Q 2022). Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Banks industry in Europe. Annonce • Jul 12
Primis Financial Corp. to Report Q2, 2023 Results on Jul 27, 2023 Primis Financial Corp. announced that they will report Q2, 2023 results After-Market on Jul 27, 2023 New Risk • Jun 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (15% net profit margin). Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €6.75, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Banks industry in Europe. Total loss to shareholders of 45% over the past year. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: US$0.72 (vs US$1.27 in FY 2021) Full year 2022 results: EPS: US$0.72 (down from US$1.27 in FY 2021). Revenue: US$113.9m (up 3.0% from FY 2021). Net income: US$17.7m (down 43% from FY 2021). Profit margin: 16% (down from 28% in FY 2021). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.39% (up from 3.01% in FY 2021). Non-performing loans: 1.32% (up from 0.65% in FY 2021). Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in Europe. Recent Insider Transactions • Mar 16
Executive VP & CFO recently bought €95k worth of stock On the 15th of March, Matthew Switzer bought around 10k shares on-market at roughly €9.51 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Matthew's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €8.70, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Banks industry in Europe. Total loss to shareholders of 29% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €13.25 per share. Buying Opportunity • Feb 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 10.0%. The fair value is estimated to be €13.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has declined by 2.7%. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to grow by 114% in the next 2 years. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: US$0.72 (vs US$1.27 in FY 2021) Full year 2022 results: EPS: US$0.72 (down from US$1.27 in FY 2021). Revenue: US$109.2m (down 1.3% from FY 2021). Net income: US$17.7m (down 43% from FY 2021). Profit margin: 16% (down from 28% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Banks industry in Europe. Annonce • Jan 19
Primis Financial Corp. and Primis Bank Announces Resignation of Jeffrey L. Karafa, Executive Vice President and Chief Accounting Officer, Effective January 26, 2023 On January 12, 2023, Jeffrey L. Karafa, Executive Vice President and Chief Accounting Officer of Primis Financial Corp. and Primis Bank, formally tendered his resignation, effective January 26, 2023. Annonce • Jan 14
Primis Financial Corp. to Report Q4, 2022 Results on Jan 26, 2023 Primis Financial Corp. announced that they will report Q4, 2022 results After-Market on Jan 26, 2023 Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: US$0.21 (vs US$0.25 in 3Q 2021) Third quarter 2022 results: EPS: US$0.21 (down from US$0.25 in 3Q 2021). Revenue: US$30.1m (up 21% from 3Q 2021). Net income: US$5.05m (down 19% from 3Q 2021). Profit margin: 17% (down from 25% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Banks industry in Europe. Annonce • Oct 08
Primis Financial Corp. to Report Q3, 2022 Results on Oct 27, 2022 Primis Financial Corp. announced that they will report Q3, 2022 results After-Market on Oct 27, 2022 Reported Earnings • Jul 30
Second quarter 2022 earnings released Second quarter 2022 results: EPS: US$0.20. Revenue: US$26.2m (flat on 2Q 2021). Net income: US$5.01m (up US$5.01m from 2Q 2021). Profit margin: 19% (up from null in 2Q 2021). Over the next year, revenue is forecast to stay flat compared to a 22% growth forecast for the industry in Germany. Annonce • Jul 12
Primis Financial Corp. to Report Q2, 2022 Results on Jul 28, 2022 Primis Financial Corp. announced that they will report Q2, 2022 results at 4:00 PM, US Eastern Standard Time on Jul 28, 2022 Annonce • May 19
Panacea Financial Announces Management Appointments Panacea Financial (Panacea), a division of Primis Financial Corp. that provided financial services for physicians, dentists, and veterinarians through all stages of their training, announces the continued expansion of its Practice Solutions ("PPS") division with the hiring of several industry veterans over recent months. Stephanie Jackson joined Panacea as a Healthcare Consultant and will collaborate with customers, sales, and credit to make recommendations and advise on new lending requests. Stephanie brings 22 years of experience in Healthcare lending, from loan closing and documentation, inside sales, sales management to underwriting. Stephanie joins Panacea from Wells Fargo where she most recently served as a VP/Lending Manager and held a variety of positions within the Healthcare Industries Group, formerly Practice Finance & Matsco. JoAnn Mitchell joins Panacea as a Healthcare Consultant and will work alongside doctors, sales and credit to advise on new lending requests. JoAnn brings over 30 years of finance experience with 15 years specific to Healthcare lending. JoAnn joins Panacea from Wells Fargo where she most recently served as a Healthcare Credit Underwriter within the Healthcare Industries Group, formerly Practice Finance & Matsco. Helen Blier joins Panacea as a Healthcare Credit Portfolio Manager and will provide credit underwriting support, as well as manage the portfolio management process. Helen joins Panacea from TD Bank where she served as a VP/Commercial Portfolio Manager within its Healthcare Practice Solutions Group since 2016. Prior to TD Bank, Helen held similar healthcare credit roles at both Citibank and PNC Bank where she began her career in 1987. Ellie Rieck joins Panacea as a Primary Care Relationship Manager. Ellie joins Panacea from Wells Fargo where she worked since 2011. In her most recent role, Ellie was a Healthcare Relationship Manager where she spent the last 5 years transitioning loan-only customers into full relationship Business Banking customers with additional banking products and managed a portfolio of 200+ healthcare business customers. Mike Spence joins Panacea as a Regional Healthcare Manager and will be based in Albany, NY. Mike joins Panacea from Citi in its Healthcare Practice Finance division. Previously, Mike worked at Citizens Bank in its Healthcare Practice Finance team and Benco Dental and Patterson Dental since 2005. Mike will primarily focus on the New York and Pennsylvania markets. Cori Ritter joins Panacea as a Senior Healthcare Business Development Officer. Cori joins Panacea from Bank of America in its Practice Solutions division where he was a Relationship Account Officer since 2016. Cori will be focused on the Dallas, TX and Oklahoma markets. Kylee Osborne joins Panacea as a Business Development Officer where she will be focused on the Austin, TX and Houston, TX markets. Previously, Kylee worked as an account executive at an oil and gas company. Jeannine McMahon joins Panacea as a Healthcare Commercial Loan Closer. Jeannine joins Panacea from TD Bank where she served as a Commercial Loan Specialist since 2018, providing services to the Healthcare Practice Solutions Group and various commercial departments. Previously, Jeannine worked in similar roles at two other banks since 2001. Reported Earnings • May 03
First quarter 2022 earnings released: EPS: US$0.19 (vs US$0.39 in 1Q 2021) First quarter 2022 results: EPS: US$0.19 (down from US$0.39 in 1Q 2021). Revenue: US$24.8m (down 18% from 1Q 2021). Net income: US$4.59m (down 51% from 1Q 2021). Profit margin: 19% (down from 31% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 1.3%, compared to a 11% growth forecast for the industry in Germany. Annonce • Apr 19
Primis Financial Corp. to Report Q1, 2022 Results on Apr 28, 2022 Primis Financial Corp. announced that they will report Q1, 2022 results After-Market on Apr 28, 2022 Annonce • Apr 16
Primis Financial Corp., Annual General Meeting, May 26, 2022 Primis Financial Corp., Annual General Meeting, May 26, 2022, at 11:00 US Eastern Standard Time. Location: Primis Bank 10900 Nuckols Road, Suite 325 Glen Allen Virginia United States Agenda: To consider election of directors. to elect: four directors of class i to serve on the board of directors of the company until the company’s 2025 annual meeting of stockholders and until his successor is duly elected and qualified, or until his earlier resignation or removal; ratification of appointment of independent registered public accountants; to ratify the appointment of dixon hughes goodman llp as the independent registered public accounting firm of the company for the fiscal year ending december 31, 2022; advisory vote on executive compensation; to conduct an advisory (non-binding) vote to approve the compensation of the company’s named executive officers; and to consider any other matters. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$1.27 (up from US$0.61 in FY 2020). Revenue: US$110.6m (up 27% from FY 2020). Net income: US$31.0m (up 108% from FY 2020). Profit margin: 28% (up from 17% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.01% (down from 3.35% in FY 2020). Non-performing loans: 0.65% (up from 0.59% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 9.3% compared to a 8.9% growth forecast for the banks industry in Germany. Recent Insider Transactions • Mar 11
President recently bought €314k worth of stock On the 8th of March, Dennis Zember bought around 25k shares on-market at roughly €12.66 per share. This was the largest purchase by an insider in the last 3 months. This was Dennis' only on-market trade for the last 12 months. Annonce • Feb 08
Primis Financial Corp. Announces Resignation of W. Bruce from Board of Directors Primis Financial Corp. Announced that W. Bruce Jennings formally announced his decision to resign from the Board of Directors (the “ Board”) of Primis Financial Corp. and Primis Bank (collectively, the “ Company”), effective February 3, 2022. Mr. Jennings was appointed to the Board in 2011, and was a member of the Board’s Compensation Committee at the time of his resignation. The Company is grateful to Mr. Jennings for the expert advice and counsel he provided the Board and the Company’s management team and his valued service as a member of the Board. Reported Earnings • Jan 30
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$1.27 (up from US$0.96 in FY 2020). Revenue: US$110.6m (up 13% from FY 2020). Net income: US$31.0m (up 33% from FY 2020). Profit margin: 28% (up from 24% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.01% (down from 3.35% in FY 2020). Non-performing loans: 0.65% (up from 0.59% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 11% compared to a 11% growth forecast for the banks industry in Germany. Annonce • Jan 29
Primis Financial Corp. Declares Dividend, Payable on February 25, 2022 The Board of Directors of Primis Financial Corp. announced and declared a dividend of $0.10 per share payable on February 25, 2022 to shareholders of record on February 11, 2022. Recent Insider Transactions • Nov 05
Co-Founder recently bought €110k worth of stock On the 3rd of November, Clinton Stafford bought around 8k shares on-market at roughly €13.66 per share. This was the largest purchase by an insider in the last 3 months. Clinton has been a buyer over the last 12 months, purchasing a net total of €173k worth in shares. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS US$0.25 (vs US$0.40 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$24.8m (down 9.0% from 3Q 2020). Net income: US$6.22m (down 35% from 3Q 2020). Profit margin: 25% (down from 35% in 3Q 2020). The decrease in margin was primarily driven by lower revenue. Board Change • Aug 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director John Eggemeyer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS US$0.42 (vs US$0.19 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$30.5m (up 53% from 2Q 2020). Net income: US$10.3m (up 118% from 2Q 2020). Profit margin: 34% (up from 24% in 2Q 2020). The increase in margin was driven by higher revenue. Board Change • Jul 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director John Eggemeyer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • May 05
President of Panacea Financial recently bought €57k worth of stock On the 4th of May, Clinton Stafford bought around 5k shares on-market at roughly €12.23 per share. In the last 3 months, there was an even bigger purchase from another insider worth €535k. Insiders have collectively bought €1.9m more in shares than they have sold in the last 12 months. Reported Earnings • May 02
First quarter 2021 earnings released: EPS US$0.39 (vs US$0.001 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$30.1m (up 52% from 1Q 2020). Net income: US$9.38m (up US$9.36m from 1Q 2020). Profit margin: 31% (up from 0.1% in 1Q 2020). The increase in margin was driven by higher revenue. Annonce • Apr 30
Primis Financial Corp. Declares Dividend, Payable on May 24, 2021 The Board of Directors of Primis Financial Corp. announced and declared a dividend of $0.10 per share payable on May 24, 2021 to shareholders of record on May 14, 2021. 