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. (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.
Panacea Financial, a division of Primis Financial Corp. (NASDAQ: FRST), has partnered with the Colorado Medical Society (CMS) to provide specialized banking services to CMS's 7,500 physician members. This collaboration aims to address the unique financial needs of doctors and dentists through tailored products like personal loans and student loan refinancing. Panacea’s CEO emphasized the commitment to enhance banking experiences for healthcare professionals, while CMS's CEO highlighted the partnership's role in advocating for physicians’ interests in Colorado.
Primis Financial Corp. (NASDAQ: FRST) is set to release its third quarter 2021 results on October 28, 2021, after market close. Following the earnings announcement, a conference call will take place on October 29, 2021, at 10:00 a.m. ET for analysts and investors. As of June 30, 2021, the company reported total assets of $3.40 billion, total loans of $2.29 billion, and total deposits of $2.75 billion.
Primis Financial Corp. (NASDAQ: FRST) has reached an agreement with Southern Trust Mortgage, LLC to repurchase all common membership interests and some preferred interests in STM. Following the transaction, STM will remain a borrower, but Primis will no longer hold a minority stake. The company anticipates a pre-tax charge of approximately $2.9 million in Q3 2021 and will cease accruing earnings from common interests in STM. The deal is expected to finalize in Q4 2021, impacting Primis's financial outlook.
On Sept. 10, 2021, Panacea Financial, a division of Primis Financial Corp. (NASDAQ: FRST), announced its partnership with the American Association of Orthopaedic Surgeons' Member Advantage Program. This affiliation allows Panacea to provide tailored financial services to 39,000 orthopaedic surgeons, featuring loans designed specifically for their needs. The collaboration aims to support orthopaedic professionals through a challenging clinical landscape while promoting financial inclusion within the medical field. Additionally, Panacea is committed to enhancing ethnic and racial diversity in healthcare.
Panacea Financial, part of Primis Financial Corp. (NASDAQ: FRST), announces a partnership with the American Academy of Otolaryngology–Head and Neck Surgery (AAO-HNS) to cater to the financial needs of otolaryngologists. This collaboration aims to provide specialized banking services, including tailored loan products and 24/7 customer support. Panacea's mission is to support healthcare professionals through various career stages, improving access to essential financial services. The partnership reflects a commitment to addressing the unique financial challenges faced by physicians, aiming to enhance their banking experience.
Primis Financial Corp. (NASDAQ: FRST) reported a net income of $10.3 million for Q2 2021, up from $9.4 million in Q1 2021, with earnings per share increasing to $0.42 from $0.39. Year-to-date income reached $19.7 million, a significant jump from $4.7 million in the same period last year. Total assets grew to $3.4 billion, up 10.5% year-over-year. However, gross loans decreased by 9% year-over-year, totaling $2.3 billion. The company declared a quarterly dividend of $0.10, marking its 39th consecutive payment, and plans to launch a digital bank later this year.
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