Primis Financial Corp. (NASDAQ:FRST) Q3 2022 Results Conference Call October 28, 2022 10:00 AM ET

Company Participants

Matthew Switzer - Chief Financial Officer

Dennis Zember - President and CEO

Conference Call Participants

Freddie Strickland - Janney Montgomery Scott

Operator

Good day and welcome to today's Primis Financial Corporation Third Quarter Earnings Call. 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] Thank you.

Thank you. I would now like to turn today's conference over to Matthew Switzer, Chief Financial Officer. Please go ahead, sir.

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.

For 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, www.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 third quarter conference call. I want to take a few moments and talk about some of the trends that we referenced in the press release and then talk about how this is driving our core earnings performance in the current quarter and what we expect out into 2023. The most notable item in the quarter is the investment in mortgage. We recruited very well this quarter and landed two very strong teams and some other strong producers. We brought this group with about $250 million to $300 million of production capacity, but we ended the quarter very close to our $1 billion goal.