Primis Financial Corp. is a bank holding company operating Primis Bank, offering financial services in Virginia and Maryland, including commercial banking, mortgages, and deposits.

# Primis Financial Corp. Overview

## Company Description
Primis Financial Corp. is a bank holding company for Primis Bank, a Virginia-chartered bank that began operations on April 14, 2005. The company provides a broad range of financial services targeting individuals and small to medium-sized businesses primarily in Virginia and Maryland.

## Key Operations & Subsidiaries
- **Primis Bank**:
  - Offers commercial banking, consumer loans, residential mortgages, and deposit products.
  - Operates 24 full-service branches (22 in Virginia, 2 in Maryland) and services via online and mobile platforms.
  - Total assets as of December 31, 2024: **$3.7 billion**.
  - Total loans held for investment: **$2.9 billion**.
  - Total deposits: **$3.2 billion**.
  - Employees: **592** (as of December 31, 2024).
  - Deposits insured by FDIC, with most deposits being customer retail and business accounts.
- **Primis Mortgage Company**:
  - Completed its acquisition in May 2022.
  - Offers residential mortgages in 43 states.
  - Originated approximately **$776.5 million** in loans during 2024.
  - Sells loans in the secondary market for fee income.
- **PFH** (Primis Holdings):
  - Owns rights to the Panacea Financial brand.
  - Partners with Primis Bank to offer financial products for healthcare professionals (doctors, veterinarians, dentists).
  - As of December 31, 2024, Panacea Financial had:
    - **$433.8 million** in loans.
    - **$92.3 million** in deposits.

## Business Focus & Strategy
- Build a strong community bank in core markets with 24 branches.
- Grow profitable new lines including:
  - **Panacea Financial Division** focusing on healthcare professionals.
  - **Primis Mortgage Company** for residential mortgages.
  - **Mortgage Warehouse Lending** targeting independent mortgage originators (~$400 million approved lines).
- Expand digital banking offerings (V1BE app for on-demand branch services, digital platform with mobile app).
  - Digital deposits: **$985.5 million** at end of 2024.
- Maintain high asset quality, prudent underwriting, and develop a stable core deposit base.

## Revenue & Financial Highlights (2024)
- **Net interest income**: **$104.2 million** (up 5.6% YoY).
- **Net loss attributable to common shareholders**: **$16.2 million**, or **$0.66 per share** (larger net loss versus 2023's $7.8 million or $0.32 per share).
- **Total assets**: **$3.7 billion** (decreased 4.3% from 2023).
- **Loans held for investment**: **$2.9 billion** (down 10.3% from 2023).
- **Total deposits**: **$3.2 billion** (down 3.0% from 2023).
- Major expenses include salaries, professional fees, data processing, and operating costs.
- Commercial real estate loans constitute a significant portion (over 37% of total loans).

## Additional Notes
- The company is actively managing credit risks, especially in real estate and consumer loan portfolios.
- Focused on technological advancements in digital banking to attract new customers.
- Continues to monitor regulatory compliance, capital adequacy, and risk management practices.
- Benefits from a diversified product mix including deposit services, various loan types, and securities investments.

**Customer base** specifics (number of customers): Not explicitly provided in the document.
**Employee count**: 592 as of December 31, 2024.
**Annual revenue**: Based on interest income and fees, interest and fees on loans and securities contributed notably; specific total annual revenue figure not directly provided, but interest income for 2024 was $104.2 million.
**Net income/loss**: Net loss attributable to common shareholders was $16.2 million in 2024.

Primis Financial Corp. is a Virginia-based bank holding company focused on providing financial services to individuals and businesses, with significant assets and a range of banking products.

# Primis Financial Corp. Overview

**Company Name**: Primis Financial Corp.  
**Headquarters**: McLean, Virginia, USA  
**Founded**: April 14, 2005  
**Trading Symbol**: FRST (listed on the Nasdaq Global Market)  
**I.R.S. Employer Identification No.**: 20-1417448  

## Business Description

Primis Financial Corp. is the bank holding company for Primis Bank, a Virginia state-chartered bank. The company primarily provides a variety of financial services to individuals and small to medium-sized businesses. As of December 31, 2022, the company had total assets of **$3.6 billion**, total loans totaling **$2.9 billion**, total deposits amounting to **$2.7 billion**, and total stockholders' equity of **$389.0 million**.

### Key Services

1. **Commercial and Consumer Banking**:
   - **Commercial Lending**: Primis Bank focuses on loans secured by commercial real estate and unsecured commercial loans.
   - **Consumer Lending**: Offers secured and unsecured personal loans, including residential mortgages through the Primis Mortgage Company and other financial products.

2. **Deposit Services**:
   - Provides various deposit accounts, such as checking accounts, savings accounts, money market accounts, and certificates of deposit.

3. **Specialized Lending Programs**:
   - **SBA Loans**: Preferred lender status allows Primis to offer Small Business Administration loans nationwide.
   - **Panacea Financial**: A division dedicated to providing unique financial products for medical, dental, and veterinary businesses.
   - **Life Premium Financing**: A division focused on financing life insurance premiums for high-net-worth individuals.

4. **Mortgage Services**:
   - **Primis Mortgage Company**: Primis acquired this subsidiary in May 2022 to expand its residential mortgage lending capabilities, broadening its reach across the U.S.

### Financial Metrics (as of December 31, 2022)
- **Employees**: Approximately **565** full-time employees, with a workforce comprising about **66% women** and **21% minorities**.
- **Net Income**: Reported net income of **$14.1 million** for the year ended December 31, 2022, down from **$31.1 million** in 2021.
- **Earnings per Share**: Basic earnings per share of **$0.58** in 2022 compared to **$1.26** in 2021.
- **Net Interest Income**: Total net interest income for 2022 was **$101.7 million**, up from **$94.1 million** in 2021.

### Customer Base
Primis Bank serves a diverse range of customers with a focus on local communities in **Virginia** and **Maryland**, operating **32 branches** and offering online and mobile banking services.

### Overview of Key Financial Figures
- **Total Assets**: $3.6 billion
- **Total Loans**: $2.9 billion
- **Total Deposits**: $2.7 billion
- **Total Stockholders' Equity**: $389 million
- **Net Income for 2022**: $14.1 million
- **Average Total Deposits**: Over **$2.7 billion**
- **Average Loans**: Approximately **$2.6 billion**

### Business Strategy
Primis aims to deliver an innovative banking experience through competitive deposit and lending products, a robust digital banking platform, and a focused expansion strategy, including possible acquisitions. The bank emphasizes customer relationships, technological advancement, and maintaining strong asset quality.

Primis Financial Corp.

10-K / April 29, 2025

10-K / October 4, 2024

10-K / April 29, 2025

Primis Financial Corp. Overview

Company Description

Key Operations & Subsidiaries

Business Focus & Strategy

Revenue & Financial Highlights (2024)

Additional Notes