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) has announced that it will release its first quarter 2023 results after the market closes on April 27, 2023. An earnings call is scheduled for 10:00 a.m. Eastern Time on April 28, 2023, where analysts and investors can participate via a conference call or audio webcast. As of December 31, 2022, the company reported total assets of $3.57 billion, total loans of $2.95 billion, and total deposits of $2.72 billion. Primis Bank operates 32 branches across Virginia and Maryland, offering a range of financial services.
Primis Financial Corp. (NASDAQ: FRST) reported strong mid-quarter results for Q1 2023, revealing a core deposit growth of approximately $908 million as of March 9, 2023. This growth enhances the bank's funding base to 97% core customer funded, with a loan-to-deposit ratio reduction to 83% from 108% as of December 31, 2022. The bank also holds around $600 million in cash after retiring $325 million in borrowings. Additionally, since the launch of its mobile platform, Primis has opened 10,600 new accounts with total balances of $921 million. The company maintains healthy liquidity ratios and has zero exposure to crypto-related risks.
Panacea Financial has partnered with the Pennsylvania Medical Society (PAMED) to offer a comprehensive suite of banking products tailored for physician members. This collaboration aims to provide preferred banking services to PAMED's over 11,000 members, ensuring support throughout their careers. Panacea CEO Tyler Stafford emphasized the significance of this partnership, highlighting their dedication to understanding physicians' unique financial needs. The PAMED CEO, Martin Raniowski, expressed pride in this collaboration as they celebrate their 175th anniversary, aiming to enhance the physician experience through innovative solutions.
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