Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2025 Commission File No. 001-33037 PRIMIS FINANCIAL CORP. (Exact name of registrant as specified in its charter) Virginia 20-1417448 (State or other jurisdiction (I.R.S. Employer Identification No.) of incorporation or organization) 1676 International Drive, Suite 900 McLean, Virg ...

Records Pre-Tax Gain of Approximately $24.6 millionMCLEAN, Va., May 13, 2025 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company") today reported that it has deconsolidated Panacea Financial Holdings ("PFH") effective March 31, 2025.   Accordingly, the Company will be revising its earnings release dated April 29, 2025 to reflect certain gains associated with recognizing the value of the Company's investment in PFH.The Company engaged an independent third party to evaluate the fai ...

Primis Financial (FRST) Q1 2025 Earnings Call April 30, 2025 10:00 AM ET Speaker0 Good morning. My name is Aaron, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Premise Financial Corporation First Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. And after the speakers' remarks, we will have a question and answer session. With that, I am pleased to turn the call over to Matt Switzer, Chief Financial Officer. Ma ...

Financial Performance - Primis Financial Corp. reported net income of $2.7 million, or $0.11 earnings per share, for Q1 2025, a significant recovery from a net loss of $23.3 million in Q4 2024[2]. - Net income attributable to Primis' common shareholders for Q1 2025 was $2,675,000, a significant recovery from a loss of $23,335,000 in Q4 2024[46]. - Adjusted net income attributable to common shareholders, accounting for nonrecurring items, was $3,572,000 in Q1 2025 compared to a loss of $24,148,000 in Q4 2024[46]. - Earnings per common share - Basic for Q1 2025 was $0.11, compared to a loss of $(0.94) in Q4 2024[37]. - Return on average assets improved to 0.30% in Q1 2025, up from a negative 2.43% in Q4 2024[46]. - Operating return on average common equity for Q1 2025 was 4.14%, up from (25.13%) in Q4 2024[37]. - Pre-tax pre-provision operating earnings increased to $6,364,000 in Q1 2025 from $3,188,000 in Q4 2024[46]. Asset Quality - The allowance for credit losses was 1.45% of loans held for investment at the end of Q1 2025, down from 1.66% in the same quarter of 2024[22]. - Non-performing assets as a percent of total assets decreased to 0.28% in Q1 2025 from 0.29% in Q4 2024[37]. - Non-performing assets decreased to $14,669 thousand in Q1 2025 from $16,739 thousand in Q4 2024, a reduction of 12.4%[42]. - The provision for credit losses was $(1,596) thousand in Q1 2025, a substantial decrease from $(33,483) thousand in Q4 2024, indicating improved credit quality[42]. - Net charge-offs as a percent of average loans (annualized) decreased to 1.47% in Q1 2025 from 3.83% in Q4 2024, reflecting improved credit quality[47]. Deposits and Funding - Total deposits decreased slightly to $3.16 billion as of March 31, 2025, from $3.17 billion at December 31, 2024, with $152 million swept off balance sheet[24]. - Noninterest bearing demand deposits increased to $446 million at March 31, 2025, up from $439 million at December 31, 2024[24]. - The Company emphasizes driving up low-cost deposit balances and has no wholesale funding, being 100% funded with customer deposits[24]. - The digital platform ended Q1 2025 with over $1 billion in deposits, and a new affinity brand was launched to drive growth in deposit products[10]. - Total deposits decreased to $3,120,452 thousand in Q1 2025 from $3,217,099 thousand in Q4 2024, a decrease of 3.0%[44]. Loans and Lending Activities - Total loans receivable increased to $3,043,348 thousand in Q1 2025, up from $2,887,447 thousand in Q4 2024, representing a growth of 5.4%[42]. - Commercial loans increased to $698,097 thousand in Q1 2025, up from $608,595 thousand in Q4 2024, reflecting a growth of 14.7%[42]. - Consumer loans surged to $357,652 thousand in Q1 2025, compared to $270,063 thousand in Q4 2024, marking a significant increase of 32.4%[42]. - Loans held for sale dropped significantly to $74,439 thousand in Q1 2025 from $247,108 thousand in Q4 2024, a decrease of about 69.9%[39]. - Mortgage warehouse lending activity saw outstanding loan balances increase to $115 million, up 80% from $64 million at the end of 2024[9]. Capital and Equity - Common shareholders' equity was $356 million, or 9.67% of total assets, at March 31, 2025[26]. - Book value per common share increased to $14.38 as of March 31, 2025, an increase of $0.15 from December 31, 2024[26]. - Tangible book value per common share rose to $10.59, an increase of $0.17 from December 31, 2024[26]. - Total Primis common stockholders' equity rose to $355,602,000 in Q1 2025, compared to $351,756,000 in Q4 2024[47]. - Common equity to assets ratio was 9.67% in Q1 2025, slightly up from 9.53% in Q4 2024[47]. Income and Expenses - Net interest income increased to $26,364 thousand in Q1 2025, compared to $26,077 thousand in Q4 2024, reflecting a growth of 1.1%[39]. - Noninterest income decreased to $7.8 million in Q1 2025 from $13.2 million in Q4 2024, impacted by the sale of the Life Premium Finance division[16]. - Total funding costs decreased to $21,359 thousand in Q1 2025 from $25,261 thousand in Q4 2024, a decrease of 15.0%[44]. - Cost of funds decreased to 2.68% in Q1 2025 from 2.97% in Q4 2024[37]. - The cost of interest-bearing deposits was 2.93% in Q1 2025, down from 3.25% in Q4 2024, a reduction of 32 basis points[45]. Dividends and Shareholder Returns - The Board of Directors declared a dividend of $0.10 per share payable on May 28, 2025[27].

Declares Quarterly Cash Dividend of $0.10 Per ShareMCLEAN, Va., April 29, 2025 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), and its wholly-owned subsidiary, Primis Bank (the "Bank"), today reported net income available to common shareholders of $2.7 million, or $0.11 earnings per basic and diluted share, for the quarter ended March 31, 2025, compared to a net loss available to common shareholders of $23.3 million, or $0.94 loss per basic and diluted share, for the three ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-33037 PRIMIS FINANCIAL CORP. (Exact name of registrant as specified in its charter) Virginia Indicate by check mark if the re ...

Company Announcement - Primis Financial Corp. will release its first quarter 2025 results after market close on April 29, 2025 [1] - A conference call and audio webcast for analysts and investors will take place on April 30, 2025, at 10:00 a.m. Eastern Time [1] - The earnings call can be accessed via a specific link and participants are encouraged to join 15 minutes early [1] Financial Overview - As of December 31, 2024, Primis Financial Corp. reported total assets of $3.7 billion, total loans held for investment of $2.9 billion, and total deposits of $3.2 billion [2] - Primis Bank, the banking subsidiary, offers a variety of financial services to individuals and small- and medium-sized businesses through 24 full-service branches in Virginia and Maryland, as well as online and mobile applications [2]

Core Insights - The Zacks Rank system emphasizes earnings estimates and revisions to identify winning stocks [1] - Value investing remains a popular strategy, focusing on fundamental analysis to find undervalued stocks [2] - Zacks has introduced the Style Scores system to highlight stocks with specific traits, particularly beneficial for value investors [3] Company Overview: Primis Financial (FRST) - Primis Financial currently holds a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential [4] - The stock is trading at a P/E ratio of 7.47, significantly lower than the industry average of 14.51, suggesting it may be undervalued [4] - Over the past year, FRST's Forward P/E has fluctuated between 5.71 and 23.24, with a median of 6.95, indicating volatility in valuation [4] - The P/S ratio for FRST is 1.02, compared to the industry's average P/S of 1.84, further supporting the notion of undervaluation [5] - These metrics contribute to FRST's strong Value grade, indicating it is likely undervalued with a positive earnings outlook [6]

Core Viewpoint - The article emphasizes the importance of value investing and highlights Primis Financial (FRST) as a strong candidate for value investors due to its favorable metrics and Zacks Rank [2][4][6] Group 1: Value Investing Strategy - Value investing focuses on identifying companies that are undervalued by the market using fundamental analysis and traditional valuation metrics [2] - The Zacks Rank system is utilized to find winning stocks based on earnings estimates and revisions, while the Style Scores system helps investors find stocks with specific traits, particularly in the "Value" category [1][3] Group 2: Primis Financial Metrics - Primis Financial (FRST) holds a Zacks Rank of 1 (Strong Buy) and a Value grade of A, indicating strong potential for value investors [4] - The stock has a Forward P/E ratio of 10.15, significantly lower than the industry average of 17.05, suggesting it may be undervalued [4] - Over the past 12 months, FRST's Forward P/E has fluctuated between 5.71 and 23.24, with a median of 6.95, further indicating its current undervaluation [4] - The P/S ratio for FRST is 1.07, compared to the industry's average P/S of 1.88, reinforcing the notion that the stock is undervalued [5] - Overall, the combination of these metrics suggests that FRST is an impressive value stock with a strong earnings outlook [6]

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud or unlawful business practices involving Primis Financial Corp and its officers or directors [1] Financial Performance - Primis reported a net loss of $14.7 million, or $0.59 loss per share, for Q4 2024, compared to a net loss of $8.2 million, or $0.33 loss per share, for Q4 2023 [2] - The company's earnings were significantly impacted by the decision to move a third-party originated consumer loan portfolio to held for sale in Q4 2024 [2] Stock Market Reaction - Following the financial results announcement, Primis's stock price decreased by $0.93, or 8.14%, closing at $10.50 per share on January 29, 2025 [3]