Primis Financial Corp. (NASDAQ:FRST) Q3 2023 Results Conference Call October 27, 2023 10:00 AM ET
Company Participants
Matt Switzer - CFO
Dennis Zember - President and CEO
Conference Call Participants
Casey Whitman - Piper Sandler
Feddie Strickland - Janney Montgomery Scott
Operator
Hello, my name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Primis Financial Corporation Third Quarter Earnings Call. [Operator Instructions] Thank you.
I will now turn the conference over to Matt Switzer, Chief Financial Officer. You may begin.
Matt 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 third quarter conference call. I'm excited about our quarter and about the broad-based improvement and momentum we see in some key areas. I'll discuss a few of those and then give it back to Matt for some more details.
I'm joined today here in the call, by the way, with -- by Matt Switzer, who is our CFO; and Rick Fulk, who has recently been named President of Primis Bank.
First and most importantly is our net interest margin. Our margin improved significantly this quarter, thanks to a couple of items. First, we began sweeping excess funds off the balance sheet on June 30. So the entire impact of that was felt in the third quarter, but none of it was felt in the second quarter. If I go back and normalize that for the second quarter, our margin would have still increased in the third quarter by a couple of basis points, which is significant for the margin to be directionally headed that way.