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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2021

Commission File No. 001-33037

PRIMIS FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Virginia

20-1417448

(State or other jurisdiction

(I.R.S. Employer Identification No.)

of incorporation or organization)

6830 Old Dominion Drive

McLean, Virginia 22101

(Address of principal executive offices) (zip code)

(703) 893-7400

(Registrant’s telephone number, including area code)

SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading symbol

Name of each exchange on which registered:

Common Stock, par value $0.01 per share

FRST

NASDAQ Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes        No 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes        No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b–2 of the Exchange Act:

Large accelerated filer 

Accelerated filer 

Smaller reporting company 

Non-accelerated filer 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  No 

As of May 3, 2021, there were 24,530,417 shares of common stock, $0.01 par value, outstanding.

Table of Contents

PRIMIS FINANCIAL CORP.

FORM 10-Q

March 31, 2021

INDEX

    

PAGE

PART I - FINANCIAL INFORMATION

Item 1 - Financial Statements

Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020

2

Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2021 and 2020

3

Consolidated Statement of Changes in Stockholders’ Equity for the three months ended March 31, 2021 and 2020

4

Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020

5

Notes to Unaudited Consolidated Financial Statements

6

Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

Item 3 – Quantitative and Qualitative Disclosures about Market Risk

43

Item 4 – Controls and Procedures

45

PART II - OTHER INFORMATION

Item 1 – Legal Proceedings

45

Item 1A – Risk Factors

46

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 3 – Defaults Upon Senior Securities

46

Item 4 – Mine Safety Disclosures

46

Item 5 – Other Information

46

Item 6 - Exhibits

47

Signatures

49

Table of Contents

PRIMIS FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share amounts)

    

March 31, 

    

December 31, 

2021

2020

(unaudited)

*

ASSETS

Cash and cash equivalents:

 

  

 

  

Cash and due from financial institutions

$

7,791

 

$

8,585

Interest-bearing deposits in other financial institutions

 

472,489

 

187,600

Total cash and cash equivalents

 

480,280

 

196,185

Securities available for sale, at fair value

 

170,216

 

153,233

Securities held to maturity, at amortized cost (fair value of $33,978 and $41,832, respectively)

 

33,180

 

40,721

Total loans

 

2,391,529

 

2,440,496

Less allowance for credit losses

 

(34,893)

 

(36,345)

Net loans

 

2,356,636

 

2,404,151

Stock in Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB)

 

15,521

 

16,927

Equity method investment in mortgage affiliate

 

13,912

 

12,652

Preferred investment in mortgage affiliate

 

3,305

 

3,305

Bank premises and equipment, net

 

30,076

 

30,306

Operating lease right-of-use assets

6,947

7,511

Goodwill

 

101,954

 

101,954

Core deposit intangibles, net

 

5,485

 

5,826

Bank-owned life insurance

 

65,569

 

65,409

Other real estate owned

 

2,255

 

3,078

Deferred tax assets, net

 

14,702

 

14,646

Accrued interest receivable

15,604

19,998

Other assets

 

14,828

 

12,771

Total assets

$

3,330,470

 

$

3,088,673

LIABILITIES AND STOCKHOLDERS' EQUITY

 

  

 

  

Noninterest-bearing demand deposits

$

511,611

 

$

440,674

Interest-bearing deposits:

 

  

 

  

NOW accounts

 

821,746

 

714,752

Money market accounts

 

713,968

 

603,318

Savings accounts

 

202,488

 

183,814

Time deposits

 

438,773

 

490,048

Total interest-bearing deposits

 

2,176,975

 

1,991,932

Total deposits

 

2,688,586

 

2,432,606

Securities sold under agreements to repurchase - short term

 

16,445

 

16,065

FHLB advances

 

100,000

 

100,000

Junior subordinated debt - long term

 

9,694

 

9,682

Senior subordinated notes - long term

 

85,673

 

105,647

Operating lease liabilities

7,629

8,238

Other liabilities

 

24,457

 

25,881

Total liabilities

 

2,932,484

 

2,698,119

Commitments and contingencies (See Note 6)

 

 

Stockholders' equity:

 

  

 

  

Preferred stock, $0.01 par value. Authorized 5,000,000 shares; no shares issued and outstanding

 

 

Common stock, $0.01 par value. Authorized 45,000,000 shares; 24,532,795 and 24,368,612 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively

 

244

 

243

Additional paid in capital

 

310,582

 

308,870

Retained earnings

 

84,897

 

77,956

Accumulated other comprehensive income

 

2,263

 

3,485

Total stockholders' equity

 

397,986

 

390,554

Total liabilities and stockholders' equity

$

3,330,470

 

$

3,088,673

* Derived from audited consolidated financial statements

See accompanying notes to unaudited consolidated financial statements.

2

Table of Contents

PRIMIS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(dollars in thousands, except per share amounts) (Unaudited)

For the Three Months Ended

March 31, 

    

2021

    

2020

Interest and dividend income:

 

  

 

  

Interest and fees on loans

$

28,957

$

26,741

Interest and dividends on taxable securities

 

919

 

1,244

Interest and dividends on tax exempt securities

 

123

 

117

Interest and dividends on other earning assets

 

309

 

379

Total interest and dividend income

 

30,308

 

28,481

Interest expense:

 

  

 

  

Interest on deposits

 

3,816

 

6,503

Interest on repurchase agreements

 

26

 

19

Interest on junior subordinated debt

 

95

 

139

Interest on senior subordinated notes

 

1,327

 

712

Interest on other borrowings

 

89

 

593

Total interest expense

 

5,353

 

7,966

Net interest income

 

24,955

 

20,515

Provision (recovery) for credit losses

 

(1,372)

 

3,450

Net interest income after provision for credit losses

 

26,327

 

17,065

Noninterest income:

 

  

 

  

Account maintenance and deposit service fees

 

1,817

 

1,698

Income from bank-owned life insurance

 

386

 

386

Equity gain from mortgage affiliate

 

1,315

 

231

Recoveries related to acquired charged-off loans and investment securities

79

184

Other

 

220

 

321

Total noninterest income

 

3,817

 

2,820

Noninterest expenses:

 

  

 

  

Salaries and benefits

 

9,372

 

12,309

Occupancy expenses

 

1,539

 

1,939

Furniture and equipment expenses

 

816

 

619

Amortization of core deposit intangible

 

341

 

341

Virginia franchise tax expense

 

675

 

570

Data processing expense

 

799

 

707

Telephone and communication expense

 

522

 

368

Net (gain) loss on other real estate owned

 

(60)

 

71

Professional fees

 

1,287

 

1,193

Other operating expenses

 

2,885

 

1,735

Total noninterest expenses

 

18,176

 

19,852

Income before income taxes

 

11,968

 

33

Income tax expense

 

2,585

 

6

Net income

$

9,383

$

27

Other comprehensive income:

 

  

 

  

Unrealized gain (loss) on available for sale securities

$

(1,736)

$

3,014

Accretion of amounts previously recorded upon transfer to held to maturity from available for sale

 

189

 

4

Net unrealized gain (loss)

 

(1,547)

 

3,018

Tax effect

 

(325)

 

634

Other comprehensive income (loss)

 

(1,222)

 

2,384

Comprehensive income

$

8,161

$

2,411

Earnings per share, basic

$

0.39

$

0.00

Earnings per share, diluted

$

0.38

$

0.00

See accompanying notes to unaudited consolidated financial statements.

3

Table of Contents

PRIMIS FINANCIAL CORP.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(dollars in thousands, except per share amounts) (Unaudited)

For the Three Months Ended March 31, 2021

Accumulated

Additional

Other

Common

Paid in

Retained

Comprehensive

    

Stock

    

Capital

    

Earnings

    

Income

    

Total

Balance - December 31, 2020

$

243

$

308,870

$

77,956

$

3,485

$

390,554

Net income

 

 

 

9,383

 

 

9,383

Changes in other comprehensive income on investment securities (net of tax $(325))

(1,222)

(1,222)

Dividends on common stock ($0.10 per share)

 

 

 

(2,442)

 

 

(2,442)

Issuance of common stock under Stock Incentive Plan

 

1

 

1,237

 

 

 

1,238

Repurchase of restricted stock

(7)

(7)

Stock-based compensation expense

 

 

482

 

 

 

482

Balance - March 31, 2021

$

244

$

310,582

$

84,897

$

2,263

$

397,986

For the Three Months Ended March 31, 2020

Accumulated

Additional

Other

Common

Paid in

Retained

Comprehensive

    

Stock

    

Capital

    

Earnings

    

Income

    

Total

Balance - December 31, 2019

$

241

$

306,755

$

69,462

$

783

$

377,241

Net income

 

 

 

27

 

 

27

Changes in other comprehensive income on investment securities (net of tax $634)

2,384

2,384

Dividends on common stock ($0.10 per share)

 

 

 

(2,428)

 

 

(2,428)

Issuance of common stock under Stock Incentive Plan

 

1

 

193

 

 

 

194

Stock-based compensation expense

 

 

1,404

 

 

 

1,404

Balance - March 31, 2020

$

242

$

308,352

$

67,061

$

3,167

$

378,822

See accompanying notes to unaudited consolidated financial statements.

4

Table of Contents

PRIMIS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020

For the Three Months Ended March 31, 

    

2021

    

2020

Operating activities:

 

  

 

  

Net income

$

9,383

$

27

Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:

 

  

 

  

Depreciation and amortization

 

1,430

 

1,364

Amortization of operating lease right-of-use assets

611

1,038

Accretion of loan discount

 

(481)

 

(597)

Provision (recovery) for credit losses

 

(1,372)

 

3,450

Earnings on bank-owned life insurance

 

(380)

 

(386)

Equity gain on mortgage affiliate

 

(1,315)

 

(231)

Stock-based compensation expense

 

482

 

1,404

Gain on bank-owned life insurance death benefit

(6)

(Gain) loss on other real estate owned

 

(60)

 

71

Provision (benefit) for deferred income taxes

 

(39)

 

Net decrease in other assets

 

2,337

 

464

Net increase (decrease) in other liabilities

 

(2,025)

 

3,687

Net cash and cash equivalents provided by operating activities

 

8,565

 

10,291

Investing activities:

 

  

 

  

Purchases of held to maturity investment securities

 

 

(15,197)

Purchases of available for sale investment securities

 

(28,155)

 

(9,980)

Proceeds from paydowns, maturities and calls of available for sale investment securities

 

9,096

 

8,907

Proceeds from paydowns, maturities and calls of held to maturity investment securities

 

7,632

 

28,271

Net (increase) decrease of FRB and FHLB stock

1,406

(3,564)

Net (increase) decrease in loans

 

49,678

 

(26,883)

Proceeds from bank-owned life insurance death benefit

225

Sales of other real estate owned, net of improvements

882

277

Purchases of bank premises and equipment

 

(383)

 

(383)

Net cash and cash equivalents provided by (used in) investing activities

 

40,381

 

(18,552)

Financing activities:

 

  

 

  

Net increase (decrease) in deposits

 

255,980

 

(49,364)

Cash dividends paid on common stock

 

(2,442)

 

(2,428)

Issuance of common stock under Stock Incentive Plan

 

1,238

 

194

Repurchase of restricted stock

(7)

Net decrease in long-term borrowings

 

(20,000)

 

Net increase in other borrowings

 

380

 

83,796

Net cash and cash equivalents provided by financing activities

 

235,149

 

32,198

Increase in cash and cash equivalents

 

284,095

 

23,937

Cash and cash equivalents at beginning of period

 

196,185

 

31,928

Cash and cash equivalents at end of period

$

480,280

$

55,865

Supplemental disclosure of cash flow information

 

  

 

  

Cash payments for:

 

  

 

  

Interest

$

6,964

$

7,848

Income taxes

 

55