Welcome to our dedicated page for Primis Financial news (Ticker: FRST), a resource for investors and traders seeking the latest updates and insights on Primis Financial stock.
Primis Financial Corp. (NASDAQ: FRST) is the bank holding company for Primis Bank, providing a comprehensive suite of financial services to individuals and small- to medium-sized businesses. With 24 full-service branches in Virginia and Maryland, Primis Bank caters to a wide range of commercial banking needs, including loans secured by commercial real estate, unsecured commercial loans across various industries, and personal loans for diverse purposes.
The bank also offers a variety of deposit products: checking accounts (NOW), savings accounts, money market accounts, and certificates of deposit. As of September 30, 2023, Primis Financial Corp. boasts $3.8 billion in total assets, $3.1 billion in total loans, and $3.3 billion in total deposits.
Recently, the company announced a new stock repurchase program, allowing the repurchase of up to 740,600 shares of its common stock by December 21, 2024. Financial performance is strong, with a reported net income of $8.1 million for Q4 2023, showing a significant increase from the previous year. Furthermore, Primis is actively pursuing innovative growth strategies through its Panacea Financial and Life Premium Finance Divisions and a new digital banking platform.
Primis Financial Corp. is also committed to corporate social responsibility, evident in their Panacea Financial Foundation, which aims to increase diversity in the medical field.
The bank's latest earnings report highlights a successful capital raise for Panacea Financial Holdings, Inc. and an ongoing partnership that promises significant future growth. Despite challenges, including a delay in filing its Annual Report on Form 10-K for 2023 and an ongoing pre-clearance process with the SEC, the company remains resilient and poised for continued success.
For more information, visit their official website. Stay updated with the latest news and events by following their regular quarterly earnings calls.
Primis Financial Corp. (NASDAQ: FRST) reported a net loss of $14.7 million ($0.59 per share) for Q4 2024, compared to a loss of $8.2 million ($0.33 per share) in Q4 2023. For the full year 2024, the company posted a net loss of $7.5 million ($0.31 per share).
Key strategic moves in Q4 2024 included: moving a third-party consumer loan portfolio to held for sale with substantial marks, selling the Life Premium Finance business, and launching a mortgage warehouse lending business. The company's core operations now comprise a community bank with $2.2 billion in low-cost deposits, a retail mortgage company with $800 million in 2024 production, national mortgage warehouse and construction lending operations, and Panacea Financial.
The company ceased originating new consumer loans effective January 31, 2025, and moved $133 million of the portfolio to loans held for sale, resulting in $20.0 million in additional provision expense and charge-offs in Q4 2024.
Primis Financial Corp. (NASDAQ: FRST) has announced its upcoming fourth quarter 2024 earnings release, scheduled for Tuesday, January 28, 2025, after market close. The company will host a conference call and webcast for analysts and investors on Wednesday, January 29, 2025, at 10:00 a.m. Eastern Time.
As of September 30, 2024, Primis reported total assets of $4.0 billion, total loans held for investment of $2.9 billion, and total deposits of $3.3 billion. The company operates through Primis Bank, providing financial services via twenty-four full-service branches across Virginia and Maryland, along with digital banking solutions.
Primis Financial Corp. (NASDAQ: FRST) has announced two significant developments. First, its board approved a new stock repurchase program for up to 740,600 shares of common stock, running from December 19, 2024, to December 19, 2025. The program allows for open market and private purchases, with flexibility in timing and volume based on market conditions and other factors.
Second, Primis received confirmation from the Nasdaq Hearings Panel that it has regained compliance with Listing Rule 5250(c)(1) as of December 11, 2024. The company will be subject to a Mandatory Panel Monitor for one year. As of September 30, 2024, Primis reported $4.0 billion in total assets, $2.9 billion in total loans, and $3.3 billion in total deposits.
Primis Financial Corp. (NASDAQ: FRST) received an additional notice from Nasdaq for non-compliance with listing rules due to delayed Q2 and Q3 2024 Form 10-Q filings. The company is currently under a temporary stay of delisting pending a Panel hearing on December 3, 2024. While Primis has filed its delayed 2023 Form 10-K and 2024 Q1 Form 10-Q, it must submit an update to the Nasdaq Hearings Panel by November 28, 2024. The company expects to file the delayed Form 10-Qs soon and regain compliance. As of September 30, 2024, Primis had $4.0 billion in total assets, $3.0 billion in total loans, and $3.3 billion in total deposits.
Primis Bank announces the expansion of its Warehouse Lending Division under new division president Drey Roberts, who joins from a Texas regional bank where he managed over $1.0 billion in monthly loan balances. Roberts and his team have already secured over 40 new clients nationwide since early October. The expansion aims to boost non-CRE oriented loans and commercial deposits as mortgage volumes are expected to improve. As of September 30, 2024, Primis Financial Corp. had $4.0 billion in total assets, $2.9 billion in total loans, and $3.3 billion in total deposits.
Primis Financial Corp. (NASDAQ: FRST) has received an extension of the temporary stay of delisting from Nasdaq pending a hearing on December 3, 2024. The company faced potential delisting due to non-compliance with listing rules after failing to file its 2023 Annual Report and two quarterly reports for 2024. Primis filed its 2023 Annual Report on October 15, 2024, and is working to file the outstanding quarterly reports. As of September 30, 2024, the company reported $4.0 billion in total assets, $3.3 billion in total loans, and $3.3 billion in total deposits.
Primis Financial Corp. (NASDAQ: FRST) reported net income of $1.2 million ($0.05 per diluted share) for Q3 2024, compared to a net loss of $6.0 million in Q3 2023. The company announced the sale of its Life Premium Finance Division to EverBank for a premium of $6.0 million, expecting a pre-tax gain of $4.5 million in Q4 2024. The deal involves approximately $370 million in loans. Primis also expanded its Mortgage Warehouse Lending team with new hires. The company declared a quarterly cash dividend of $0.10 per share. Net interest income increased 13% to $28.0 million in Q3 2024, with net interest margin at 2.97%. Total assets stood at $4.0 billion with $2.9 billion in loans and $3.3 billion in deposits.
Primis Financial Corp. (NASDAQ: FRST) provided an update on its delinquent filings and efforts to regain compliance with Nasdaq listing requirements. The company filed its restated 2022 Annual Report on October 4, 2024, and expects to file its 2023 Annual Report on October 11, 2024. Primis aims to complete delayed Form 10-Q filings by October 31, 2024, to regain compliance.
Despite missing the September 30, 2024 deadline, Primis received a notice from Nasdaq on October 3, 2024, indicating potential delisting. The company appealed this determination on October 8, 2024, requesting a hearing and a stay on any trading suspension. Primis believes it meets the standards for an extended stay and does not anticipate suspension or delisting of its securities.
As of June 30, 2024, Primis had $4.0 billion in total assets, $3.3 billion in total loans, and $3.3 billion in total deposits. The company operates through 24 full-service branches in Virginia and Maryland.
Primis Financial Corp. (NASDAQ: FRST) has announced the release of its third quarter 2024 results after market close on Thursday, October 24, 2024. The company will host a conference call and audio webcast for analysts and investors at 10:00 a.m. Eastern Time on Friday, October 25, 2024. Participants can join the call using toll-free (888-330-3573) or toll (646-960-0677) numbers with the conference ID 4440924. A replay will be available for 7 days.
As of June 30, 2024, Primis Financial Corp. reported $4.0 billion in total assets, $3.3 billion in total loans, and $3.3 billion in total deposits. The company's banking subsidiary, Primis Bank, operates through 24 full-service branches in Virginia and Maryland, offering financial services to individuals and small- to medium-sized businesses.
Primis Financial Corp. (NASDAQ: FRST) received a delinquency notification from Nasdaq on August 21, 2024, due to its failure to timely file financial reports. The company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports. Primis has until September 30, 2024, to file its Annual Report, First Quarter 10-Q, and Second Quarter 10-Q. The delay is due to a restatement of certain financial statements following consultation with the SEC. As of June 30, 2024, Primis had $4.0 billion in total assets, $3.3 billion in total loans, and $3.3 billion in total deposits. The company operates 24 full-service branches in Virginia and Maryland, providing financial services to individuals and small- to medium-sized businesses.
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