SEGMENT INFORMATION (Restated)

6 Months Ended

Jun. 30, 2023

SEGMENT INFORMATION (Restated)

SEGMENT INFORMATION (Restated)

11.SEGMENT INFORMATION (Restated)

The Company's management reporting process measures the performance of its operating segment based on internal operating structure, which is subject to change from time to time. Accordingly, the Company operates two reportable segments for management reporting purposes as discussed below:

Primis Bank. This segment specializes in providing financing services to businesses in various industries and deposit-related services to businesses, consumers and other customers. The primary source of revenue for this segment is net interest income from the origination of loans.

Primis Mortgage. This segment specializes in originating mortgages in a majority of the U.S. The primary source of revenue for this segment is noninterest income and the origination and sale of mortgage loans.

The following table provides financial information for the Company's reportable segments. The information provided under the caption “Primis Bank” includes operations not considered to be reportable segments and/or general operating expenses of the Company, and includes the parent company and elimination adjustments to reconcile the results of the operating segment to the consolidated financial statements prepared in conformity with GAAP.

	As of and for the three months ended June 30, 2023						As of and for the six months ended June 30, 2023
	Primis Mortgage		Primis Bank		Consolidated		Primis Mortgage		Primis Bank		Consolidated
Interest income	$	701	$	49,499	$	50,200	$	1,097	$	93,361	$	94,458
Interest expense		—		26,866		26,866		—		45,802		45,802
Net interest income		701		22,633		23,334		1,097		47,559		48,656
Provision for credit losses		—		4,352		4,352		—		9,615		9,615
Noninterest income		5,217		3,720		8,937		9,532		17,075		26,607
Noninterest expense		5,271		25,168		30,439		10,259		47,134		57,393
Income (loss) before income taxes		647		(3,167)		(2,520)		370		7,885		8,255
Income tax expense (benefit)		162		(688)		(526)		96		1,791		1,887
Net income (loss)	$	485	$	(2,479)	$	(1,994)	$	274	$	6,094	$	6,368
Assets	$	63,563	$	3,802,649	$	3,866,212	$	63,563	$	3,802,649	$	3,866,212