Primis Financial Corp.

Listed Company

FRSTCIK 0001325670NasdaqAcceleratedState Commercial BanksVirginiaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$61.44M

Total Assets

$4.05B

Equity

$422.90M

Shares Out

24.70M

Op. Cash Flow

$10.77M

Business

Primis Financial Corp. is the bank holding company for Primis Bank and provides commercial and retail banking services to individuals, small and medium-sized businesses and the healthcare community. It offers deposit products, commercial and consumer lending (including commercial real estate, SBA, construction, secured and unsecured personal loans), residential mortgage origination and secondary market sales, treasury and cash management, and enhanced digital banking services. Key business segments include Primis Bank, Primis Mortgage Company, Panacea Financial and mortgage warehouse lending. The company distributes products through a branch network in Virginia and Maryland, national mortgage and Panacea channels, and digital and mobile platforms.

Summary from filing dated 2025-04-29

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	189	200	173	115	107
Interest and dividends on taxable securities	7	7	6	6	4
Interest and dividends on tax exempt securities	360,000	392,000	407,000	412,000	463,000
Interest and dividends on other earning assets	4	4	13	2	2
Total interest and dividend income	200	211	193	123	113
Interest on deposits	79	96	84	13	13
Interest on other borrowings	10	11	10	8	6
Total interest expense	89	107	94	22	—
Net interest income	111	104	99	102	94
Provision for credit losses	12	51	33	11	−6
Net interest income after provision for credit losses	99	54	66	90	100
Account maintenance and deposit service fees	6	6	6	6	7
Income from bank-owned life insurance	2	2	2	2	2
Gains on Panacea Financial Holdings investment	32	—	—	—	—
Mortgage banking income	32	24	18	5	—
Gains on sale of loans	2	303,000	583,000	—	—
Gain on sale-leaseback	51	—	—	—	—
Loss on sales of investment securities	−15	—	—	—	—
Gains on other investments	159,000	408,000	184,000	5	—
Gain on sale of Life Premium Finance portfolio, net of broker fees	—	5	—	—	—
Consumer Program derivative income	1	4	18	65,000	3,000
Other noninterest income	948,000	1	2	785,000	2
Total noninterest income	112	43	45	18	11
Salaries and benefits	79	67	59	49	37
Occupancy expenses	7	5	6	6	6
Furniture and equipment expenses	7	7	6	5	4
Amortization of intangible assets	602,000	1	1	1	1
Virginia franchise tax expense	2	3	3	3	3
FDIC insurance assessment	4	3	3	890,000	804,000
Data processing expense	11	11	10	6	4
Marketing expense	2	2	2	3	2
Telephone and communication expense	1	1	2	1	2
Loss (gain) on bank premises and equipment and assets held for sale	−191,000	463,000	−476,000	684,000	—
Professional fees	11	10	5	5	5
Goodwill impairment	—	—	11	0	0
Fraud losses	232,000	2	3	108,000	75,000
Miscellaneous lending expenses	3	3	3	2	1
Other operating expenses	11	11	8	8	6
Total noninterest expenses	139	126	123	91	71
Income (loss) before income taxes	73	−29	−11	17	40
Income tax expense (benefit)	15	−4	−1	3	9
Net income (loss)	58	−25	−10	14	31
Net loss attributable to noncontrolling interests	4	8	2	—	—
Net income (loss) attributable to Primis' common stockholders	61	−16	−8	14	31
Unrealized gain on available-for-sale securities	9	742,000	5	−34	−3
Less: reclassification adjustment for losses on available-for-sale securities included in net income	15	—	—	—	—
Other comprehensive income, before tax	24	742,000	5	−34	−3
Income tax expense related to other comprehensive income	5	197,000	1	−7	−669,000
Other comprehensive income, net of tax	19	545,000	4	−27	−2
Comprehensive income (loss)	80	−16	−4	−13	29
Earnings (loss) per share, basic (in dollars per share)	2.49	−0.66	−0.32	0.58	—
Earnings (loss) per share, diluted (in dollars per share)	2.49	−0.66	−0.32	0.57	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from financial institutions	10	8	2	7	8
Interest-bearing deposits in other financial institutions	134	56	76	71	522
Total cash and cash equivalents	144	65	78	78	530
Securities available-for-sale, at fair value (amortized cost of $174,226 and $262,632, respectively)	171	236	228	236	271
Securities held-to-maturity, at amortized cost (fair value of $6,560 and $8,602, respectively)	7	9	12	14	23
Loans held for sale, at fair value	166	83	58	28	—
Loans held for sale, at lower of cost or market	—	164	—	—	—
Total loans held for sale	166	247	58	—	—
Loans held for investment, collateralizing secured borrowings	15	17	21	—	—
Loans held for investment	3,269	2,870	3,199	2,947	—
Less: allowance for credit losses	−46	−54	−52	−35	−29
Net loans	3,238	2,834	3,167	2,912	2,311
Stock in Federal Reserve Bank and Federal Home Loan Bank	14	13	14	26	16
Bank premises and equipment, net	6	19	21	25	30
Assets held for sale	776,000	5	7	3	—
Operating lease right-of-use assets	66	10	11	5	6
Cloud computing arrangement assets, net	5	8	11	10	—
Goodwill	93	93	94	105	102
Intangible assets, net	36,000	665,000	2	3	4
Bank-owned life insurance	69	67	68	67	67
Deferred tax assets, net	15	26	22	20	10
Consumer Program derivative asset	159,000	5	11	—	—
Investment in Panacea Financial Holdings, Inc. common stock	7	—	—	—	—
Other assets	45	51	55	34	36
Total assets	4,047	3,690	3,857	3,567	3,407
Noninterest-bearing demand deposits	554	439	473	583	530
NOW accounts	863	818	773	618	850
Money market accounts	741	799	795	811	800
Savings accounts	922	776	784	246	223
Time deposits	315	340	446	465	361
Total interest-bearing deposits	2,841	2,732	2,797	2,140	2,233
Total deposits	3,396	3,171	3,270	2,722	2,763
Securities sold under agreements to repurchase	4	4	3	6	10
Secured borrowings	15	17	20	—	—
FHLB advances	25	—	30	325	100
Junior subordinated debt	10	10	10	10	10
Senior subordinated notes	86	86	86	86	85
Operating lease liabilities	61	12	12	6	7
Other liabilities	28	26	28	22	21
Total liabilities	3,624	3,325	3,459	3,178	2,995
Commitments and contingencies (See Note 15)	—	—	—	—	—
Preferred stock, $0.01 par value. Authorized 5,000,000 shares; no shares issued and outstanding	—	—	—	—	—
Common stock, $0.01 par value. Authorized 45,000,000 shares; 24,774,934 shares issued and 24,695,385 shares outstanding at December 31, 2025, and 24,722,734 shares issued and outstanding at December 31, 2024	247,000	247,000	247,000	246,000	245,000
Additional paid in capital	317	315	314	313	311
Retained earnings	110	58	84	102	99
Treasury stock, at cost. 79,549 shares at December 31, 2025 and zero shares at December 31, 2024	−807,000	—	—	—	—
Accumulated other comprehensive loss	−3	−21	−22	−26	1
Total stockholders' equity	423	352	376	389	412
Noncontrolling interests	—	13	21	—	—
Total Primis stockholders' equity	423	365	398	389	410
Total liabilities and stockholders' equity	4,047	3,690	3,857	3,567	3,407

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	9	9	9	7	8
Net amortization of premiums and (accretion of discounts)	297,000	41,000	−583,000	480,000	−2
Proceeds from sales of loans originated to sell	—	—	53	—	—
Purchases of cloud computing arrangement assets	−278,000	−364,000	−3	−12	—
Net change in mortgage loans held for sale	12	18	−28	−6	—
Net gains on mortgage banking	−32	−24	−18	−5	—
Loss (gain) on bank premises and equipment and assets held for sale	191,000	−463,000	476,000	684,000	—
Earnings on bank-owned life insurance	−2	−2	−2	−2	−2
Gain on bank-owned life insurance death benefit	—	−703,000	−419,000	−452,000	−6,000
Stock-based compensation expense	3	940,000	712,000	395,000	747,000
Deferred income tax expense (benefit)	6	−4	−4	−3	6
Net change in fair value of Consumer Program derivative	4	6	−11	475,000	—
Net decrease (increase) in other assets	5	−218,000	−12	11	−344,000
Net increase (decrease) in other liabilities	5	−4	12	−565,000	−8
Net cash and cash equivalents provided by operating activities	11	20	29	12	—
Proceeds from sales of investment securities	129	—	—	—	—
Purchases of securities available-for-sale	−92	−43	−15	−37	−161
Proceeds from paydowns, maturities and calls of securities available-for-sale	37	36	28	37	38
Proceeds from paydowns, maturities and calls of securities held-to-maturity	1	2	2	9	18
Net (increase) decrease in FRB and FHLB stock	−1	1	12	−10	1
Net change in loans held for investment	−426	−312	−338	−614	109
Proceeds from sales of loans initially originated to be held for investment	114	418	—	—	—
Proceeds from bank-owned life insurance death benefit	—	3	2	586,000	371,000
Proceeds from sales of bank premise and equipment and assets held for sale	2	4	—	—	—
Proceeds from sale-leaseback of bank premises	57	—	—	—	—
Purchases of bank premises and equipment, net	−2	−1	−2	−1	−2
Proceeds from sale of Panacea Financial Holdings investment	22	—	—	—	—
Proceeds from sale of other investment	432,000	—	—	4	—
Net decrease (increase) in other investments	30,000	387,000	−666,000	—	—
Net cash and cash equivalents (used in) provided by investing activities	−158	108	−313	−617	—
Net increase (decrease) in deposits	215	−99	548	−41	331
(Decrease) increase in securities sold under agreements to repurchase	−366,000	874,000	−3	−4	−6
(Repayments of) increases in secured borrowings, net	−2	−3	20	—	—
Repayment of short-term FHLB advances	—	−30	−295	325	−6
Cash dividends paid on common stock	−10	−10	−10	−10	−10
Repurchase of common stock	−807,000	—	—	—	—
Proceeds from exercised stock options	15,000	210,000	146,000	572,000	2
Repurchase of restricted stock	—	−4,000	−31,000	−11,000	−14,000
Increase in short-term FHLB advances	25	—	—	—	—
Other net changes in noncontrolling interest	—	254,000	—	—	—
Issuance of Panacea Financial Holdings stock, net of costs	—	—	24	—	—
Net cash and cash equivalents provided by (used in) financing activities	227	−141	284	152	296
Net change in cash and cash equivalents	79	−13	−306,000	−452	334
Interest	90	107	92	20	20
Income taxes	−483,000	2	6	3	6
Initial recognition of operating lease right-of-use assets	57	1	5	—	—
Loans held for sale transferred to held for investment	102	—	—	—	—
Loans held for investment transferred to loans held for sale, at lower of cost or market	—	164	—	—	—
Assets held for sale transferred to other assets	2	—	4	4	—
Deconsolidation of Panacea Financial Holdings, Inc.	10	—	—	—	—

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