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 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.
Primis Financial Corp. (NASDAQ: FRST) announced a quarterly cash dividend of $0.10 per share and reported a net income of $3.1 million for Q4 2022, a decrease from $5.1 million in Q3 2022 and $7.7 million in Q4 2021. Earnings per share (EPS) were $0.13 basic and $0.12 diluted, down from $0.21 and $0.20 in Q3 2022, and $0.31 in Q4 2021. For the full year 2022, net income was $17.7 million, down from $31 million in 2021, with EPS also declining to $0.72 from $1.28. Despite challenges, the management emphasized ongoing restructuring and growth initiatives aimed at enhancing profitability in 2023.
Primis Financial Corp. (NASDAQ: FRST) announced that it will release its fourth quarter 2022 results on January 26, 2023, after market close. Following this, a conference call and audio webcast for analysts and investors will take place on January 27, 2023, at 10:00 a.m. ET. Participants can access the call through a toll-free number, with a replay available for seven days. As of September 30, 2022, Primis had $3.36 billion in total assets, $2.74 billion in loans, and $2.71 billion in deposits, operating primarily in Virginia and Maryland.
Primis Financial Corp. (NASDAQ: FRST) reported a net income of $5.1 million for Q3 2022, slightly up from $5.0 million in Q2 2022 but down from $6.2 million in Q3 2021. EPS increased to $0.21 basic. Net interest income climbed 18.3% to $27.5 million, while total revenue rose 29.4% to $33.0 million. Deposits grew 3.8% annualized. The company also announced a $0.10 cash dividend and launched a stock repurchase program for 739,500 shares. Despite some credit quality concerns, management is optimistic about profitability growth.
Primis Financial Corp. (NASDAQ: FRST) has announced the release date for its third quarter 2022 financial results, which will be available after market close on October 27, 2022. The Company will follow this with an earnings call and audio webcast for analysts and investors on October 28, 2022, at 10:00 a.m. ET. As of June 30, 2022, Primis held $3.24 billion in total assets and $2.63 billion in total loans. The earnings call can be accessed via the provided web link or by dialing in with specified participant numbers.
On September 15, 2022, Panacea Financial announced a partnership with the Pennsylvania Dental Association (PDA) to offer its PRN Personal Loans to PDA's ~5,200 dentist members. CEO Tyler Stafford highlighted the accessibility of funding for dentists in training and practice. Panacea, which serves the financial needs of healthcare professionals, aims to alleviate financial stress with tailored loan products. Both organizations expressed commitment to supporting the dental community in Pennsylvania, reinforcing Panacea's mission to provide specialized banking solutions for healthcare providers.
Panacea Financial has partnered with the American Academy of Periodontology (AAP), representing over 7,500 periodontists, to offer tailored financial services. This collaboration aims to provide doctor-centric banking solutions addressing the unique needs of periodontists across the nation. Panacea's offerings, including personal and practice loans, are designed specifically for healthcare professionals throughout their careers. AAP President Christopher R. Richardson emphasized the significance of this partnership in enhancing services beyond periodontology.
FAQ
What is the current stock price of Primis Financial (FRST)?
What is the market cap of Primis Financial (FRST)?
What is the core business of Primis Financial Corp?
What types of loans does Primis Bank offer?
Which deposit products are available at Primis Bank?
In which regions does Primis Financial Corp primarily operate?
How does Primis differentiate itself in the competitive banking sector?
What steps does Primis take to ensure compliance and transparency?
How does Primis incorporate technology into its services?
What is the significance of Primis Financial Corp within its market?
