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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) 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.
Primis Financial Corp. (NASDAQ: FRST) has provided an update on its consultation process with the SEC regarding the accounting for a consumer loan portfolio. The SEC has given non-objection to the company's accounting conclusions, allowing for the completion of delayed financial reports and restatements. The accounting changes will result in an approximately $30 million reduction to net income over prior periods through Q2 2024.
Key changes include:
- Deferring interest income on loans with promotional features
- Reversing credit enhancement income
- Discontinuing certain interest income and noninterest expense recordings
- Accounting for interest reimbursement and performance fees as derivatives
Primis is pursuing a consultation with the SEC for a single-unit accounting approach, which it believes would provide a more useful picture of the Program.
Primis Financial Corp. (NASDAQ: FRST) reported preliminary results for Q2 2024, with diluted earnings per share of $0.32, compared to a loss of $0.01 in Q2 2023. The company's total assets reached $3.99 billion, up from $3.87 billion year-over-year. Net income available to common shareholders was $7.82 million, a significant improvement from a loss of $311,000 in the same period last year.
Key financial metrics include:
- Net interest income: $27.63 million (up from $26.24 million)
- Noninterest income: $14.49 million (up from $8.31 million)
- Return on average assets: 0.80% (up from -0.03%)
- Net interest margin: 3.03% (up from 2.64%)
The Board of Directors declared a quarterly cash dividend of $0.10 per share, payable on August 23, 2024.
Primis Financial Corp. (NASDAQ: FRST) has scheduled the release of its second quarter 2024 financial results after market close on July 25, 2024. The following day, July 26, 2024, at 10:00 a.m. Eastern Time, the company will hold a conference call and audio webcast for analysts and investors. Primis Financial Corp., as of March 31, 2024, reported total assets of $3.9 billion, total loans of $3.2 billion, and total deposits of $3.3 billion. The company's banking subsidiary, Primis Bank, operates 24 full-service branches in Virginia and Maryland.
On May 16, 2024, Primis Financial Corp. (NASDAQ: FRST) received a delinquency notification from Nasdaq for failing to timely file its Quarterly Report for Q1 2024 and its Annual Report for 2023. The notification follows a series of delayed filings, including notices on March 18, April 1, and May 13, 2024, due to the company's need for additional time for restatement and pre-clearance with the SEC. Although the letter has no immediate effect on Primis's Nasdaq listing, the company must submit a compliance plan by June 3, 2024. If accepted, Primis has until September 30, 2024, to regain compliance. As of March 31, 2024, Primis reported $3.9 billion in assets, $3.2 billion in loans, and $3.3 billion in deposits. Primis aims to file the delayed reports promptly to meet Nasdaq’s requirements.
Panacea Financial has announced a partnership with the American Student Dental Association (ASDA) to offer tailored financial services to ASDA's 23,000 dental student members in the U.S. and Puerto Rico. The services include personal loans, checking accounts, and savings accounts specifically designed for the unique needs of dental students. This partnership aims to support dental students through their education and into their professional careers. Panacea Financial, founded by medical professionals, understands the financial challenges faced by dental students, such as high debt and frequent relocations, and aims to provide comprehensive banking solutions. More information is available at the Panacea Financial website.
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