Primis Financial provides update on consultation with the SEC

Primis Financial and its wholly-owned subsidiary, Primis Bank provided an update on its consultation process with the Office of the Chief Accountant of the SEC regarding the accounting for a consumer loan portfolio originated and serviced through a third-party. On August 9th, the SEC provided its non-objection to the Company’s accounting conclusions required to correct the prior accounting for this Program which will allow for the completion of the Company’s previously delayed Annual Report on Form 10-K for the year ended December 31, 2023, its Quarterly Reports on Form 10-Q for the three months ended March 31, 2024 and three and six months ended June 30, 2024, and to restate its financial statements for each of the first three quarters of 2023. There can be no guarantee that the Company will be successful pursuing this “single-unit” approach and the timing of that process is uncertain.