Primis Financial Corp. (NASDAQ:FRST), a Virginia-based state commercial bank with a market capitalization of $298.4 million, announced the results of its 2024 Annual Meeting of Stockholders held on December 19, 2024.
According to InvestingPro data, the company has maintained dividend payments for 13 consecutive years, currently offering a 3.48% yield. The meeting saw the election of three Class III directors and the ratification of the company's independent auditors, among other items.
During the meeting, shareholders voted to elect three Class III directors to the company's Board of Directors until the 2027 Annual Meeting of Stockholders. The elected directors are Robert Y. Clagett, Deborah B. Diaz, and Charles A. Kabbash, who received a plurality of votes from the shares present in person or by proxy.
Additionally, the shareholders ratified the appointment of Crowe, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The proposal was approved with a majority of the votes cast at the meeting.
The compensation of the company's named executive officers was also put to a vote, with shareholders approving, on an advisory basis, the executive pay as disclosed in the proxy statement. This non-binding vote required a majority of the shares present or represented by proxy to pass.
The annual meeting's outcomes reflect shareholder participation with a presence of 21,691,219 shares out of the 24,722,734 shares outstanding as of the record date. Each proposal required a majority vote for approval and was successfully passed as outlined in the company’s bylaws.
The information for this article is based on the latest 8-K filing by Primis Financial Corp. with the Securities and Exchange Commission.
In other recent news, Primis Financial Corp. has completed the sale of its Life Premium Finance Division to EverBank, a transaction that includes approximately $354 million in loans and a premium of $6 million.
The deal also sees EverBank taking over the servicing of the retained loan portfolio from Primis Bank, primarily consisting of fixed-rate and rate-capped loans not included in the sale.
Financial analyst firm Stephens revised its price target for Primis Financial to $14.00, down from $16.00, while retaining an Overweight rating. The adjustment came after Primis Financial's recent quarterly earnings report and the sale of its Life Premium Finance division to EverBank, anticipated to result in a pre-tax gain of approximately $4.5 million for Q4 2024.
In the same vein, Primis Financial reported a mixed Q3 performance marked by strategic shifts and an accounting correction for a consumer loan portfolio. Despite this, the company's mortgage team achieved a $1 billion annual production run rate, indicating a 67% increase in locked loans from Q3 2023.
The company is also venturing into the mortgage warehouse space, a move expected to compensate for the revenue lost from the sale to EverBank. Primis Financial targets a 1% return on assets (ROA) by late 2025 and aims to be current on SEC filings by mid-November 2024.
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