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.
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.
Primis Financial Corp. (NASDAQ: FRST) will release its second quarter 2022 results after market hours on July 28, 2022. An earnings call will follow on July 29, 2022, at 10:00 a.m. ET, available via audio webcast. As of March 31, 2022, Primis holds $3.22 billion in total assets, with $2.39 billion in total loans and $2.69 billion in total deposits. This financial strength supports various services offered to individuals and businesses across Virginia and Maryland through its 40 branches and digital platforms.
Panacea Financial has partnered with the Pacific Coast Society of Orthodontists (PCSO) to offer specialized banking and lending services tailored for orthodontists. This collaboration aims to address the unique financial needs of PCSO’s over 3,000 members at various stages of their careers, from education to practice ownership. Panacea, which operates in all 50 states, provides a comprehensive suite of financial products including personal loans and student loan refinancing. The partnership highlights Panacea's commitment to support medical professionals with accessible financial solutions.
Primis Financial Corp. (NASDAQ: FRST) announced the completion of its acquisition of SeaTrust Mortgage Company, effective May 31, 2022. SeaTrust, which has been renamed Primis Mortgage Company, will operate as a wholly-owned subsidiary of Primis Bank. John Owens, former President of SeaTrust, is now the CEO of Primis Mortgage. As of March 31, 2022, Primis reported total assets of $3.22 billion, total loans of $2.39 billion, and total deposits of $2.69 billion. This acquisition aims to enhance Primis's market presence and service offerings.
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.
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