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.
Overview of Primis Financial Corp
Primis Financial Corp (FRST) serves as the bank holding company for Primis Bank, a community-oriented financial institution that delivers comprehensive banking services, including commercial and consumer lending, deposit products, and digital banking solutions. Primis Financial Corp is recognized for its commitment to serving individuals and small to medium-sized businesses throughout its operational regions, with a special emphasis on commercial real estate and other secured loan investments. Industry keywords such as "commercial banking services", "secured loans", and "digital financial solutions" are integrated into its strategic business model.
Core Business and Services
Primis Bank, the operating subsidiary of Primis Financial Corp, provides an extensive array of financial services designed to meet the diverse needs of its customers. These include:
- Commercial and Consumer Loans: The bank makes loans secured largely by commercial real estate assets and extends other types of secured and unsecured commercial loans across multiple industries. Additionally, it offers consumer loans for a variety of purposes, reflecting a balanced and risk-managed lending strategy.
- Deposit Products: A full suite of deposit products is available including checking (NOW), savings, money market accounts, and certificates of deposit. These products are strategically designed to attract a broad spectrum of depositors, including both retail and business clients.
- Digital and Mobile Banking: Primis Bank leverages modern technology through online and mobile applications, providing convenient digital banking solutions that enhance customer accessibility and operational efficiency.
Market Position and Operational Focus
Primis Financial Corp holds a competitive position in the regional banking market, particularly in Virginia and Maryland. Its localized branch network combined with advanced digital platforms allows the company to offer personalized financial services while maintaining operational flexibility. The bank’s focus on smaller business sectors and community banking imparts a unique value proposition in terms of loan underwriting practices and tailored financial solutions.
Strategic Emphasis on Quality and Compliance
In addition to its core lending and deposit operations, Primis Financial Corp demonstrates a commitment to maintaining high standards of operational control and transparency. While it has navigated challenges related to SEC filing delays and regulatory consultation processes, these issues are addressed diligently to ensure compliance. The company’s ongoing efforts to restate and authenticate its financial reports underscore its emphasis on accuracy and integrity in financial reporting.
Industry Expertise and Customer-Centric Approach
Drawing on deep expertise in the financial services arena, Primis Financial Corp employs a balanced strategy that combines traditional community banking with innovative digital technology. This dual approach enables the bank to meet evolving customer needs while managing the complexities inherent in commercial real estate financing and consumer lending. The company’s product diversification and customer-responsive service model are indicative of its intensive market research and operational agility.
Competitive Landscape and Differentiators
Operating in a sector characterized by rapidly evolving financial technology and competitive regional banking entities, Primis Financial Corp differentiates itself through a focused commitment to community banking and customer service excellence. Its strategic emphasis on providing diverse loan products, coupled with superior digital infrastructure, positions the company as an informed and reliable financial partner for small businesses and individual consumers. The thoughtful integration of technology with personalized service reinforces its market standing and builds long-term trust among stakeholders.
Commitment to Sustainable Operations
Primis Financial Corp has built its reputation on a stable foundation of diversified financial services and prudent risk management. The company’s approach to financial reporting, even amid regulatory challenges, and its commitment to transparency are integral to its enduring market relevance. By focusing on core operational strengths and maintaining robust internal controls, Primis ensures that it stays true to its mission of delivering quality financial solutions while sustaining investor confidence.
Conclusion
Overall, Primis Financial Corp stands as a reliable institution committed to providing comprehensive financial services. Its dual focus on commercial banking and digital innovation, combined with a strong regional presence, makes it a notable entity within the competitive financial landscape. Investors and customers alike can appreciate the company’s emphasis on strategic clarity, operational precision, and unwavering dedication to quality service.
Primis Financial Corp. (NASDAQ: FRST) has scheduled its first quarter 2025 earnings release for Tuesday, April 29, 2025, after market close. The company will host a conference call and webcast for analysts and investors on Wednesday, April 30, 2025, at 10:00 a.m. Eastern Time.
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. The company operates through its banking subsidiary, Primis Bank, providing financial services via twenty-four full-service branches across Virginia and Maryland, complemented by online and mobile banking solutions.
Primis Financial Corp. (NASDAQ: FRST) has received a stay extension from Nasdaq regarding its delisting determination. Following the company's hearing request on April 9, 2025, Nasdaq has scheduled a hearing for May 15, 2025, and will stay the delisting process until the Panel makes a final written decision.
The company expects to file its Form 10-K for the year ending December 31, 2024, before the hearing date, which would bring it into compliance with Nasdaq Listing Rules. As of December 31, 2024, Primis reported $3.7 billion in total assets, $2.9 billion in total loans held for investment, and $3.2 billion in total deposits. The company operates through twenty-four full-service branches across Virginia and Maryland.
Primis Financial Corp. (NASDAQ: FRST) has received a notice from Nasdaq on April 3, 2025, indicating non-compliance with Listing Rule 5250(c)(1) due to delayed filing of its Form 10-K for the period ending December 31, 2024. The company has appealed the determination on April 9, 2025, requesting a hearing and stay of delisting.
The appeal automatically provides a 15-day trading suspension stay, with common stock continuing to trade on Nasdaq during this period. Primis expects to file the Form 10-K before the hearing and anticipates regaining compliance without suspension or delisting of its securities.
As of December 31, 2024, Primis reported:
- Total assets: $3.7 billion
- Total loans held for investment: $2.9 billion
- Total deposits: $3.2 billion
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.
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