Primis Financial Corp. - FRST STOCK NEWS

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.

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.