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Primis Financial Corp. - FRST STOCK NEWS

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.

News

Primis Financial Corp. Announces Date for Fourth Quarter 2023 Earnings Release and Conference Call

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Primis Financial Corp. (NASDAQ: FRST) announced the release of its fourth quarter 2023 results on January 25, 2024, followed by a conference call and webcast for analysts and investors on January 26, 2024.
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Primis Financial Corp. Announces Reauthorization of Stock Repurchase Program

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Primis Financial Corp. (NASDAQ: FRST) announces a new stock repurchase program for up to 740,600 outstanding shares of the Company's common stock. The program will conclude on December 21, 2024, with the option for earlier termination or extension by the Board. The previous stock repurchase program expired with no shares repurchased. The Company may repurchase shares through open market purchases or privately negotiated transactions, subject to legal requirements. The timing and extent of repurchases will depend on various factors, including stock performance, market conditions, and regulatory requirements.
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Primis Financial Corp. Issues Revised Results for the Third Quarter of 2023

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Primis Financial Corp. (NASDAQ: FRST) announced an amendment to its financial results, reflecting a non-cash after-tax goodwill impairment charge of $11.2 million. The revised results for the third quarter of 2023 showed a net loss of $3.6 million, with a significant decline in stock price and a 21% reduction in nonperforming assets. Despite the impairment charge, the company reported an operating return on average assets of 81 basis points and a margin of 3.02%, indicating improvement in operating results.
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Primis Financial Corp. Reports 55% Increase in Diluted Earnings per Share for the Third Quarter of 2023

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Primis Financial Corp. reports net income of $7.6 million for Q3 2023, up 52% from last year. Diluted EPS for Q3 2023 was $0.31, up 55% from Q3 2022. Operating return on average assets increased to 81 basis points. Noninterest expense reduced to $25.9 million. Liquidity maintained with no FHLB borrowings. 21% reduction in nonperforming assets. Opened 2,404 new deposit account relationships totaling $72.7 million.
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Primis Financial Corp. Announces Date for Third Quarter 2023 Earnings Release and Conference Call

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Primis Financial Corp. to release Q3 2023 results on October 26, 2023
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Primis Financial Corp. Announces Promotion of Rick A. Fulk to President of Primis Bank

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Primis Financial Corp. announces the promotion of Rick A. Fulk as President of Primis Bank. The company aims to make the bank the primary driver of market value. Fulk's leadership skills and ambition are expected to produce results.
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Bankjoy Partners with Panacea Financial, a Neobank for Doctors, to Provide a Full Suite of Digital Banking Features

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Panacea Financial partners with Bankjoy to provide digital banking tools for healthcare professionals
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Primis Financial Corp. Reports Basic and Diluted Earnings per Share for the Second Quarter of 2023

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Primis Financial Corp. announces a cost-saving initiative and declares a quarterly cash dividend of $0.10 per share. The company reported a net loss of $0.2 million for Q2 2023, compared to net income of $6.0 million for Q1 2023 and $5.0 million for Q2 2022. Earnings per share for Q2 2023 was a loss of $0.01, compared to earnings of $0.24 for Q1 2023 and $0.20 for Q2 2022. The cost-saving initiative includes consolidating branches and reducing administrative expenses, with expected annual savings of approximately $9.4 million.
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Primis Financial Corp. Announces Date for Second Quarter 2023 Earnings Release and Conference Call

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Panacea Financial Announces its Partnership with Florida Medical Association (FMA)

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Panacea Financial, a financial services company for physicians, dentists, and veterinarians, has been endorsed by the Florida Medical Association (FMA). Panacea will offer its full suite of banking products to eligible FMA physician members. The FMA represents over 25,000 members in Florida and supports the physician community on various issues. Panacea specializes in providing tailored financial services for doctors throughout their career and training, including personal loans, student loan refinancing, and practice loans.
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FAQ

What is the current stock price of Primis Financial (FRST)?

The current stock price of Primis Financial (FRST) is $10.96 as of February 4, 2025.

What is the market cap of Primis Financial (FRST)?

The market cap of Primis Financial (FRST) is approximately 268.7M.

What services does Primis Bank offer?

Primis Bank provides a range of financial services including loans secured by commercial real estate, unsecured commercial loans, personal loans, checking and savings accounts, money market accounts, and certificates of deposit.

What is the latest news about Primis Financial Corp.?

The latest news includes the approval of a new stock repurchase program for up to 740,600 shares of common stock by December 21, 2024.

What are Primis Financial Corp.'s recent financial results?

Primis reported a net income of $8.1 million for Q4 2023, a significant increase from the previous year. Total assets as of September 30, 2023, were $3.8 billion.

What is the Panacea Financial Division?

The Panacea Financial Division provides specialized financial services for healthcare professionals and recently completed a successful $24.5 million Series B financing round.

Where does Primis Bank operate?

Primis Bank operates 24 full-service branches in Virginia and Maryland and offers services through online and mobile applications.

How can I participate in Primis's earnings calls?

You can participate by dialing the provided toll-free number or visiting the webcast link available on their official website.

What is V1BE?

V1BE is Primis Bank’s proprietary invitation-only delivery tool aimed at improving customer convenience and growth in deposit accounts.

What recent challenges has Primis Financial Corp. faced?

Primis is currently addressing a delay in filing its Annual Report on Form 10-K for 2023 and is undergoing a pre-clearance process with the SEC.

What corporate social responsibility initiatives does Primis support?

The Panacea Financial Foundation supports increasing ethnic and racial diversity in the medical field, awarding over $200,000 in scholarships and grants since 2021.

How can I stay updated on Primis Financial Corp.'s latest developments?

Stay updated by following their quarterly earnings calls, visiting their official website, and keeping an eye on financial news platforms.
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Primis Financial Corp.

Nasdaq:FRST

FRST Rankings

#3663 Ranked by Market Cap
#865 Ranked by Dividends

FRST Stock Data

268.71M
20.70M
3.6%
86.12%
0.34%
Banks - Regional
State Commercial Banks
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United States of America
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