MCLEAN, Va. - Primis Financial Corp. (NASDAQ: FRST), a bank holding company, has received a delinquency notification from Nasdaq due to its failure to file required financial reports on time. The notice, dated May 16, 2024, states that Primis did not meet the deadline for its quarterly report for the period ending March 31, 2024, nor its annual report for the year ending December 31, 2023, thus breaching Nasdaq Listing Rule 5250(c)(1).
The company had previously acknowledged its delay in filing these reports, citing the need for additional time to complete a restatement of certain financial statements and to undergo a "pre-clearance" process with the SEC's Office of the Chief Accountant.
Primis Financial plans to submit a compliance plan by June 3, 2024, as stipulated by an initial delinquency notice received earlier. If Nasdaq accepts the plan, Primis may be granted until September 30, 2024, to file its overdue annual report.
Despite the notification, there is no immediate impact on the trading of Primis' securities on the Nasdaq stock market. The company continues to work towards completing and filing its annual and quarterly reports as promptly as possible.
Primis Financial, headquartered in McLean, Virginia, reported having $3.9 billion in total assets, $3.2 billion in total loans, and $3.3 billion in total deposits as of March 31, 2024. It operates through twenty-four full-service branches in Virginia and Maryland, in addition to its online and mobile banking services.
This news is based on a press release statement from Primis Financial Corp. and reflects the company's current situation regarding its compliance with Nasdaq's listing requirements.
InvestingPro Insights
As Primis Financial Corp. navigates through its current reporting delays, investors and stakeholders may be seeking additional insights into the company's financial health and performance. According to real-time data from InvestingPro, Primis Financial Corp. has a market capitalization of $267.06 million, with a price-to-earnings (P/E) ratio of 12.58 when adjusted for the last twelve months as of Q4 2023. This suggests a valuation that factors in the company's earnings power relative to its current share price.
The company has experienced revenue growth of 19.1% over the last twelve months as of Q4 2023, indicating a solid increase in its business activities and market demand for its services. Moreover, Primis Financial has maintained a consistent dividend payment to its shareholders for 13 consecutive years, with a notable dividend yield of 3.71% as of the latest data.
InvestingPro Tips highlight that analysts are optimistic about Primis Financial's prospects, with predictions of net income growth this year and two analysts revising their earnings upwards for the upcoming period. This aligns with the company's profitable performance over the last twelve months and expectations for continued profitability this year.
Investors interested in a deeper analysis of Primis Financial Corp. can find a wealth of additional InvestingPro Tips at https://www.investing.com/pro/FRST. These insights can provide a more comprehensive understanding of the company's financial outlook and investment potential. For those considering an InvestingPro subscription, use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are currently 7 more InvestingPro Tips available for Primis Financial, which could further guide investment decisions.
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