FRST Primis Financial Corporation

 

	SEC FILE NUMBER 001-33037
	CUSIP NUMBER 74167B109

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 12b-25/A

 

NOTIFICATION OF LATE FILING

 

(Check one):	¨ Form 10-K ¨ Form 20-F o Form 11-K x Form 10-Q  ¨ Form 10-D o Form N-CEN o Form N-CSR
	For Period Ended:  March 31, 2024
	o Transition Report on Form 10-K
	o Transition Report on Form 20-F
	o Transition Report on Form 11-K
	o Transition Report on Form 10-Q
	For the Transition Period Ended:  __________________________

 

Read Instruction (on back page) Before Preparing Form. Please Print or Type. Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

 

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

 

   

PART I – REGISTRANT INFORMATION

Primis Financial Corp.

Full Name of Registrant

  

Former Name if Applicable

 

1676 International Drive, Suite 900

Address of Principal Executive Office (Street and Number)

 

McLean, Virginia 22102

City, State and Zip Code

 

PART II – RULES 12b-25(b) AND (c)

 

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

 

x	(a)	The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense
	(b)	The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
	(c)	The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

 

 

 

PART III – NARRATIVE

 

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

 

Primis Financial Corp. (the “Company”) could not complete the filing of its Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the “First Quarter Form 10-Q”), as the Office of the Chief Accountant of the Securities and Exchange Commission pre-clearance process (as previously described in the Form 12b-25 filed by the Company on April 1, 2024) regarding a potential error in the methodology used to account for a consumer loan portfolio impacting the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”) remains ongoing, and as a result, the Company and its independent auditor have not been able to finalize and file the 2023 Form 10-K, which delay could not be eliminated by the Company without unreasonable effort and expense. 

 

The Company does not expect to file the First Quarter Form 10-Q on or before the expiration of the five calendar day extension period provided in Rule 12b-25 of the Securities Exchange Act of 1934, as amended. The Company plans to file the First Quarter Form 10-Q as soon as practicable following the completion and filing of the 2023 Form 10-K.

 

Forward-Looking Statements

 

This Notification of Late Filing on Form 12b-25 contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “expect,” “will,” “anticipates,” “estimates” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our expectations regarding the impact on, and the timing of the completion and audit of, the Company’s financial statements and the filing of the 2023 Form 10-K and First Quarter Form 10-Q, which reflect the Company’s expectations based upon information presently available to the Company and assumptions that it believes to be reasonable. Because such statements are based on the Company’s current expectations and are not statements of fact, actual results may differ materially from those projected or estimated and you are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Investors are cautioned not to place undue reliance upon forward looking statements in this notification of late filing. The Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this filing, except as required by law. 

 

PART IV – OTHER INFORMATION

 

(1)

Name and telephone number of person to contact in regard to this notification.

 

Matthew A. Switzer		703		893-7400
(Name)		(Area Code)		(Telephone Number)

 

(2)

Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).

 

		Yes o No x
		The Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

	(3)	Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?

 

Yes x No o

 

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

 

 

The Company anticipates the changes outlined above and in the previously filed Form 12b-25, as amended, will impact a number of line items on the income statement, including, but not limited to, interest income, provision for credit losses, noninterest income and noninterest expense. The effect on net income, if any, cannot be determined at this time. 

  

Primis Financial Corp.

(Name of Registrant as Specified in Charter)

 

 

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Date: May 13, 2024	By:	/s/ Matthew A. Switzer
		Name: Matthew A. Switzer
		Title: Chief Financial Officer

 

 

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