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.
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.
Panacea Financial, a division of Primis (NASDAQ: FRST), has partnered with LocumTenens.com, a staffing agency for healthcare professionals, to provide tailored financial services to locum tenens physicians. The partnership offers exclusive loan and deposit products, access to digital banking, and financial literacy courses to support clinicians in their unique employment situations. This collaboration aims to alleviate financial concerns for locum tenens clinicians, enhancing their focus on patient care while offering a dedicated resource for physician job opportunities.
Primis Financial Corp. (NASDAQ: FRST) announced a net income of $9.4 million for Q1 2021, a significant rise from $27,000 in Q1 2020. Earnings per share reached $0.39 basic and $0.38 diluted. The company declared a $0.10 dividend, marking its thirty-eighth consecutive quarterly dividend. Primis is set to launch a new digital banking initiative in Q4 2021, focusing on customer-centric services. Total assets grew 20.6% year-over-year to $3.33 billion, despite challenges in loan performance, particularly in hospitality.
On April 26, 2021, Panacea Financial, a division of Primis (NASDAQ: FRST), announced a partnership with The Student Osteopathic Medical Association (SOMA), representing around 31,000 osteopathic medical students. This collaboration positions Panacea as the preferred banking provider for SOMA, granting each member access to tailored banking services, personal banker support, and financial literacy courses. The partnership aims to address the unique financial challenges medical students face, enhancing their banking experiences as they transition through their medical careers.
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