Primis Financial Corp. - FRST STOCK NEWS

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.

On July 27, 2021, Panacea Financial, a division of Primis, announced the launch of Panacea Practice Solutions (PPS), expanding its services for healthcare providers. Led by new Head of Practice Solutions, Brandon Finazzo, PPS will offer various financial products, including partner buy-in and working capital loans. The initiative aims to streamline banking for medical professionals, aligning with the company's commitment to understanding their unique financial needs. Panacea Financial serves clients across all 50 states, emphasizing tailored banking solutions for doctors.

Primis Financial Corp. (NASDAQ: FRST) will release its second quarter 2021 financial results after market close on July 29, 2021. An audio webcast and conference call for investors and analysts is scheduled for 10:00 a.m. Eastern Time on July 30, 2021. The company reported total assets of $3.33 billion, total loans of $2.39 billion, and total deposits of $2.69 billion as of March 31, 2021. Primis Bank operates 41 branches in Virginia and Maryland, offering financial services to individuals and small to medium businesses.

Primis Financial Corp. (NASDAQ: FRST) has appointed Dr. Allen R. Jones and Mr. John M. Eggemeyer to its Board of Directors, enhancing its leadership team. Dr. Jones is a seasoned physical therapist and owner of Dominion Physical Therapy, while Mr. Eggemeyer, a founder of Castle Creek Capital, has over 40 years of banking experience including significant bank acquisitions. Both have been associated with Primis in advisory roles prior to this appointment. Primis Financial, which operates Primis Bank in Virginia and Maryland, reported assets totaling $3.33 billion as of March 31, 2021.

Panacea Financial, a division of Primis (NASDAQ: FRST), announced a partnership with Accountants and Business Advisors (ABA) to serve over 700 physician practices and more than 4,000 physician clients. This collaboration aims to provide specialized banking solutions tailored to the financial needs of medical professionals. CEO Tyler Stafford emphasized the importance of this partnership in helping doctors navigate financial challenges exacerbated by the COVID-19 pandemic. Both organizations aim to alleviate financial concerns through customized service and competitive banking solutions.