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) 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.
Panacea Financial has partnered with the Georgia Dental Association (GDA) to provide exclusive dental-specific student loan refinancing options for its members. This collaboration aims to help dental professionals manage educational debt, which averages over $300,000 for new dentists. Panacea's tailored financial services are designed to cater specifically to the unique needs of dentists, veterinarians, and physicians throughout their careers. The initiative underscores Panacea’s commitment to easing the financial burdens of dental professionals in Georgia.
Primis Financial Corp. (NASDAQ: FRST) reported a net income of $5.0 million for Q2 2022, up from $4.6 million in Q1 2022. EPS rose to $0.20, compared to $0.19 in the previous quarter. The company completed its acquisition of SeaTrust Mortgage Company, now known as Primis Mortgage. Total revenue increased by 12.5% to $27.2 million, while non-interest expenses rose by 18.8% to $20.4 million. The Board announced a quarterly cash dividend of $0.10 per share. Notably, the return on average assets improved to 0.63%. Primis aims for continued growth in the second half of 2022.
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