Primis Financial Corp. - FRST STOCK NEWS

Panacea Financial, a division of Primis Financial Corp. (NASDAQ: FRST), has expanded its Practice Solutions division by hiring several industry veterans, enhancing its service capabilities for healthcare clients. CEO Tyler Stafford stated that the new hires, who average 17 years of experience in healthcare finance, will not significantly impact 2Q22 expenses. Notable additions include professionals from Wells Fargo and TD Bank, focusing on various regions and roles within healthcare lending and portfolio management, aimed at providing expedited approvals and expert advisory services.

Panacea Financial, a division of Primis Financial Corp. (NASDAQ: FRST), has partnered with the Arkansas Medical Society (AMS) to offer tailored banking services to its over 4,000 members. This initiative aims to address the unique financial challenges that physicians face, including significant student debt averaging over $200,000. The partnership will provide specialized banking solutions such as personal loans, student loan refinancing, and practice loans, aimed to support physicians throughout their careers.

Primis Financial Corp. (FRST) reported net income of $4.6 million for Q1 2022, a decline from $7.7 million in Q4 2021. EPS dropped to $0.19 from $0.31. The company announced plans to acquire SeaTrust Mortgage Company, with an expected close in Q2 2022. Gross loans increased by 17.6% to $2.36 billion, while total deposits remained flat at $2.69 billion. The board declared a quarterly dividend of $0.10 per share, marking its 42nd consecutive dividend. The firm continues to experience growth in core operations and digital offerings, hoping for substantial future profitability.

Primis Financial Corp. (NASDAQ: FRST) announced it will release its first quarter 2022 results after market close on April 28, 2022. Following the release, a conference call for analysts and investors is scheduled for April 29, 2022, at 10:00 AM ET. As of December 31, 2022, the company reported total assets of $3.40 billion, total loans of $2.34 billion, and total deposits of $2.76 billion. Participants can join the call through specific dial-in numbers, and a replay will be available for 7 days post-call.

Panacea Financial has partnered with the Massachusetts Medical Society (MMS) to provide tailored banking services for over 25,000 physician members. This collaboration aims to address the unique financial needs of doctors, offering solutions like personal loans, student loan refinancing, and practice loans. CEO Tyler Stafford emphasized the stressors physicians face and the utility of Panacea’s services. The partnership is designed to enhance the financial experience of MMS members by providing products that cater specifically to their professional and personal financial challenges.

Primis Financial Corp. (FRST) reported a net income of $7.7 million for Q4 2021, up from $3.9 million in Q3. EPS for Q4 reached $0.31, compared to $0.16 in Q3. For the full year, net income increased by 34.2% to $31.2 million. Total assets at year-end were $3.40 billion, with gross loans growing 16% annually in Q4. The bank launched a digital platform and a new service named V1BE, receiving positive customer feedback. The board declared a $0.10 dividend per share, marking the 41st consecutive quarterly dividend.

Primis Financial Corp. (NASDAQ: FRST) announced that it will release its fourth quarter 2021 results after market close on January 27, 2022. An earnings conference call will be held on January 28, 2022, at 10:00 a.m. ET for analysts and investors. The call can be accessed through a toll-free number or via a webcast. As of September 30, 2021, the company reported total assets of $3.45 billion, total loans of $2.31 billion, and total deposits of $2.81 billion.

Panacea Financial, a division of Primis Financial Corp. (NASDAQ: FRST), is expanding its Practice Solutions division by hiring several industry veterans. Key hires include Rich Fortino as Executive Healthcare Credit Officer, Starlene Reeves as Healthcare Credit Manager, and Rob Borcherding and Jon Voeller as Regional Healthcare Managers. CEO Tyler Stafford emphasizes the goal of building a leading Practice Finance vertical. The expansion aims to enhance service and expedite approval processes for healthcare clients, signaling growth potential and commitment to the healthcare sector.

Primis Financial Corp. (NASDAQ: FRST) reported Q3 2021 net income of $3.9 million, down from $10.3 million in Q2 2021. Earnings per share (EPS) decreased to $0.16 from $0.42. Year-to-date earnings increased to $23.6 million compared to $14.3 million in 2020. Total assets rose 9.5% year-over-year to $3.45 billion, with gross loans up 24% annualized. A $2.9 million pre-tax charge was recorded due to the sale of common interests in Southern Trust Mortgage. The company also declared a $0.10 dividend, marking its fortieth consecutive quarterly payment.