Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Common Stock Market Prices
Primis’ common stock is traded on the Nasdaq Global Market under the symbol “FRST”. There were 24,685,458 shares of our common stock outstanding at the close of business on March 6, 2023, which were held by 1,212 shareholders of record. As of that date, the closing price of our common stock on the NASDAQ Global Market was $11.56.
Recent Sales of Unregistered Securities
None.
Securities Authorized for Issuance under Equity Compensation Plans
As of December 31, 2022, Primis had outstanding stock options granted under the 2010 Stock Awards and Incentive Plan (the “2010 Plan”) and the 2017 Equity Compensation Plan (the “2017 Plan”), which were approved by its shareholders. The following table provides information as of December 31, 2022 regarding Primis’ equity compensation plans under which our equity securities are authorized for issuance:
Number of securities
remaining available for
future issuance under
Number of securities
Weighted average
equity compensation plans
to be issued upon exercise
exercise price of
(excluding securities reflected
of outstanding options
outstanding options
in column A)
Plan category
A
B
C
Equity compensation plans approved by security holders
203,300
$
11.41
333,032
Equity compensation plans not approved by security holders
—
—
—
Total
203,300
$
11.41
333,032
Issuer Purchases of Equity Securities
None.
Dividends
We declared the first cash dividend on our common stock in February 2012, and each quarter thereafter through 2022. There are a number of restrictions on our ability to pay dividends. It is the policy of the FRB that bank holding companies should pay cash dividends on common stock only out of income available over the past year and only if prospective earnings retention is consistent with the organization’s expected future needs and financial condition. The policy provides that bank holding companies should not maintain a level of cash dividends that undermines the bank holding company’s ability to serve as a source of strength to its banking subsidiaries. Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to Primis or by Primis to shareholders. The Company’s ability to pay dividends to stockholders is largely dependent upon the dividends it receives from the Bank, and the Bank is subject to regulatory limitations on the amount of cash dividends it may pay.
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Performance Graph
The following chart compares the cumulative total shareholder return on Primis common stock during the five years ended December 31, 2022, with the cumulative total return of the Russell 2000 Index and the NASDAQ Bank Index for the same period. Dividend reinvestment has been assumed. This comparison assumes $100 invested on December 31, 2017 in Primis common stock, the Russell 2000 Index and the NASDAQ Bank Index. The historical stock price performance for Primis common stock shown on the graph below is not necessarily indicative of future stock performance.
2017
2018
2019
2020
2021
2022
Primis Financial Corp.
100.00
84.09
106.48
81.85
104.47
84.77
Russell 2000 Index
100.00
88.99
111.70
134.00
153.85
122.41
NASDAQ Bank Index
100.00
83.60
137.18
87.20
137.31
115.65
Item 6. [Reserved]
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