Primis Financial Corp. Segments Disclosure
18. SEGMENT INFORMATION
The Company’s reportable operating segments are determined based on its internal organizational structure, which is overseen by the CEO, the Company’s designated Chief Operating Decision Maker. While the CEO consults with key members of his leadership team, the ultimate responsibility for making operational decisions and resource allocations resides with the CEO. For the years ended December 31, 2025, 2024, and 2023, the Company’s internal organizational structure and resulting management reporting was concentrated around the Bank and Primis Mortgage, which resulted in the Company determining these to be its two reportable segments.
Primis’ organizational structure and its operational segments are determined by attributes such as products, services, and customer base which are then aggregated based on similarities around these attributes. The operating results for each segment are regularly reviewed by the CEO using a broad set of financial and operational data. Key financial data utilized by the CEO to assess financial performance and allocate resources includes loan and deposit growth, certain direct expenses, net interest income and mortgage banking income along with overall net income attributable to Primis’ common shareholders. The CEO also considers actual results compared to budgeted results in these metrics when assessing performance and making determinations related to resource allocations. The following is a description of the Company’s reportable segments.
Primis Bank. This segment specializes in providing financing services to businesses in various industries along with consumer and residential loans to individuals. The segment also provides deposit-related services to businesses, non-profits, municipalities, and individual consumers. The primary source of revenue for this segment is interest income from the origination of loans, while the primary expenses are interest expenses on deposits, provisions for loan losses, personnel costs, and data processing expenses.
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 generated from the origination and sale of mortgage loans, while the primary expense of the segment is personnel costs.
The following table provides financial information for the Company's reportable segments. In addition to the Company’s two reportable segments as described above, the caption “Other” has been included to provide reconciliation of the Company’s consolidated results and includes operational costs that are not a part of the two reportable segments but don’t qualify to be considered a separate reportable segment. “Other” primarily includes the Primis Bank Holding Company and PFH, which are generally cost centers to the consolidated entity, along with elimination adjustments to reconcile the results of the reportable segments to the consolidated financial statements prepared in conformity with GAAP.
As of and for the year ended December 31, 2025 | |||||||||||||
($ in thousands) | | | Primis Mortgage | | Primis Bank | | Other (1) | | Consolidated Company | ||||
Interest income | $ | 7,406 | $ | 192,845 | $ | 191 | $ | 200,442 | |||||
Interest expense | — | 81,613 | 7,401 | 89,014 | |||||||||
Net interest income (loss) | 7,406 | 111,232 | (7,210) | 111,428 | |||||||||
Provision for loan losses | 112 | 12,176 | 1 | 12,289 | |||||||||
Net interest income (loss) after provision for loan losses | 7,294 | 99,056 | (7,211) | 99,139 | |||||||||
Noninterest income: | |||||||||||||
Mortgage banking income | 33,032 | (645) | — | 32,387 | |||||||||
Other noninterest income | — | 46,958 | 33,005 | 79,963 | |||||||||
Total noninterest income | 33,032 | 46,313 | 33,005 | 112,350 | |||||||||
Noninterest expenses: | |||||||||||||
Salaries and benefits | 28,173 | 43,888 | 6,998 | 79,059 | |||||||||
Data processing expense | 791 | 9,885 | — | 10,676 | |||||||||
Other operating expenses | 4,344 | 42,964 | 1,892 | 49,200 | |||||||||
Total noninterest expenses | 33,308 | 96,737 | 8,890 | 138,935 | |||||||||
Income before income taxes |
| 7,018 |
| 48,632 |
| 16,904 |
| 72,554 | |||||
Income tax expense |
| 1,527 | 10,832 | 2,354 | 14,713 | ||||||||
Net income | 5,491 | 37,800 | 14,550 | 57,841 | |||||||||
Net loss attributable to noncontrolling interests | — | — | 3,602 | 3,602 | |||||||||
Net income attributable to Primis' common stockholders | $ | 5,491 | $ | 37,800 | $ | 18,152 | $ | 61,443 | |||||
Total assets | $ | 192,938 | $ | 4,022,924 | $ | (168,474) | $ | 4,047,388 | |||||
| (1) | Other includes Primis Bank Holding Company, PFH and intercompany eliminations. |
As of and for the year ended December 31, 2024 | |||||||||||||
($ in thousands) | | | Primis Mortgage | | Primis Bank | | Other (1) | | Consolidated Company | ||||
Interest income | $ | 5,571 | $ | 205,183 | $ | 215 | $ | 210,969 | |||||
Interest expense | — | 99,796 | 6,951 | 106,747 | |||||||||
Net interest income | 5,571 | 105,387 | (6,736) | 104,222 | |||||||||
Provision for loan losses | — | 50,621 | — | 50,621 | |||||||||
Net interest income after provision for loan losses | 5,571 | 54,766 | (6,736) | 53,601 | |||||||||
Noninterest income: | |||||||||||||
Mortgage banking income | 24,423 | (504) | — | 23,919 | |||||||||
Other noninterest income | — | 18,975 | 246 | 19,221 | |||||||||
Total noninterest income | 24,423 | 18,471 | 246 | 43,140 | |||||||||
Noninterest expenses: | |||||||||||||
Salaries and benefits | 19,667 | 38,271 | 8,677 | 66,615 | |||||||||
Data processing expense | 464 | 10,100 | — | 10,564 | |||||||||
Other operating expenses | 3,865 | 41,200 | 3,400 | 48,465 | |||||||||
Total noninterest expenses | 23,996 | 89,571 | 12,077 | 125,644 | |||||||||
Income (loss) before income taxes |
| 5,998 |
| (16,334) |
| (18,567) |
| (28,903) | |||||
Income tax expense (benefit) |
| 1,029 | (3,555) | (1,712) | (4,238) | ||||||||
Net income (loss) | 4,969 | (12,779) | (16,855) | (24,665) | |||||||||
Net loss attributable to noncontrolling interests | — | — | 8,460 | 8,460 | |||||||||
Net income (loss) attributable to Primis' common stockholders | $ | 4,969 | $ | (12,779) | $ | (8,395) | $ | (16,205) | |||||
Total assets | $ | 99,353 | $ | 3,579,720 | $ | 11,042 | $ | 3,690,115 | |||||
| (1) | Other includes Primis Bank Holding Company, PFH and intercompany eliminations. |
As of and for the year ended December 31, 2023 | |||||||||||||
| | Primis Mortgage | | Primis Bank | | Other (1) | | Consolidated Company | |||||
($ in thousands) | |||||||||||||
Interest income | $ | 2,813 | $ | 189,564 | $ | 241 | $ | 192,618 | |||||
Interest expense | — | 87,029 | 6,878 | 93,907 | |||||||||
Net interest income | 2,813 | 102,535 | (6,637) | 98,711 | |||||||||
Provision for loan losses | — | 32,540 | — | 32,540 | |||||||||
Net interest income after provision for loan losses | 2,813 | 69,995 | (6,637) | 66,171 | |||||||||
Noninterest income: | |||||||||||||
Mortgage banking income | 17,645 | — | — | 17,645 | |||||||||
Other noninterest income | 29 | 27,576 | — | 27,605 | |||||||||
Total noninterest income | 17,674 | 27,576 | — | 45,250 | |||||||||
Noninterest expenses: | |||||||||||||
Salaries and benefits | 16,551 | 38,635 | 3,579 | 58,765 | |||||||||
Data processing expense | 369 | 9,176 | — | 9,545 | |||||||||
Other operating expenses | 3,233 | 50,488 | 569 | 54,290 | |||||||||
Total noninterest expenses | 20,153 | 98,299 | 4,148 | 122,600 | |||||||||
Income (loss) before income taxes |
| 334 |
| (728) |
| (10,785) |
| (11,179) | |||||
Income tax expense (benefit) |
| 3 | 400 | (1,470) | (1,067) | ||||||||
Net income (loss) | 331 | (1,128) | (9,315) | (10,112) | |||||||||
Net loss attributable to noncontrolling interests | — | — | — | 2,280 | |||||||||
Net income (loss) attributable to Primis' common stockholders | $ | 331 | $ | (1,128) | $ | (9,315) | $ | (7,832) | |||||
Total assets | $ | 66,282 | $ | 3,782,050 | $ | 8,214 | $ | 3,856,546 | |||||
| (1) | Other includes Primis Bank Holding Company, PFH and intercompany eliminations. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Apr 29, 2025 | |
| 2023 | Oct 15, 2024 | |
| 2022 | Mar 15, 2023 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.