Primis Financial Corp. (NASDAQ:FRST) Q1 2023 Earnings Conference Call April 28, 2023 10:00 AM ET

Company Participants

Matthew Switzer - Chief Financial Officer

Dennis Zember - President and CEO

Conference Call Participants

Casey Whitman - Piper Sandler

Russell Gunther - Stephens

Christopher Marinac - Janney Montgomery Scott

Operator

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primis Financial Corp. First Quarter Earnings Call. Today’s conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

At this time, I would like to turn the conference over to Matthew Switzer, Chief Financial Officer. Please go ahead.

Matthew Switzer

Good morning and thank you for joining us. Before we begin, please note that many of our comments during this call will be forward-looking statements, which involve risk and uncertainty. There are many factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements.

Further discussion of the company’s risk factors and other important information regarding our forward-looking statements are part of our recent filings with the Securities and Exchange Commission, including our recently filed earnings release, which has also been posted to the Investor Relations section of our corporate site, primisbank.com.

We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

In addition, some of the financial measures that we may discuss this morning are non-GAAP financial measures. A reconciliation of the non-GAAP measures to the most comparable GAAP measures can be found in our earnings release.

I will now turn the call over to our President and Chief Executive Officer, Dennis Zember.

Dennis Zember

Thank you, Matt, and thank you to all of you that have joined our first quarter conference call. Matt asked me last night after our Board meeting, what part of the quarter I wanted to address on this call, and I told them, of course, all the good parts. Only one of us had a chuckle about it. He’s still not laughing as much as I thought he would. But seriously, we’re very encouraged about what happened here at the bank in the first quarter.

With that said, I’m really mindful of what the industry is experiencing, especially banks, say, our size, maybe even a little larger. But our thesis for this bank and our future has played out very well this quarter and I think maybe for the cycle that we could be close to entering.