Primis Financial Corp Stock Price, News & Analysis

Primis Bank (FRST) has selected Lenders Cooperative to power its small business and commercial lending operations. The partnership includes implementation of Lenders Cooperative's loan origination and servicing platform, along with their LSP (Loan Service Provider) service to enhance the bank's underwriting, processing, and closing capabilities.

The collaboration aims to automate the entire workflow for both SBA and conventional commercial loans, streamlining origination processes while maintaining regulatory compliance. This strategic move reinforces Primis Bank's commitment to delivering efficient lending solutions and accelerating capital access for small business clients.

Primis Financial Corp. (NASDAQ: FRST) has announced a signed non-binding term sheet to sell a portion of its ownership in Panacea Financial Holdings, Inc. The sale is expected to generate approximately $22 million in proceeds and result in an additional pre-tax gain of $6.5-7.0 million, as the sales price exceeds the March 31, 2025 carrying value. CEO Dennis Zember indicated that the proceeds could be used for share repurchases or accelerating company growth. Despite this partial divestment, Primis remains committed to Panacea's long-term potential and mission. As of March 31, 2025, Primis had $3.7 billion in total assets, $2.9 billion in total loans, and $3.2 billion in total deposits, operating through twenty-four branches in Virginia and Maryland.

Primis Financial Corp. (NASDAQ: FRST) has announced the deconsolidation of Panacea Financial Holdings (PFH) effective March 31, 2025. The company will record a significant pre-tax gain of $24.6 million, with an after-tax gain of approximately $20.0 million ($0.81 per share). An independent valuation determined the company's investment in PFH was worth $21.2 million, and Primis expects to recoup consolidated operating losses of $3.4 million.

The deconsolidation will improve Primis's financial metrics, including a 10 basis point increase in ROA and a 14-point decrease in operating efficiency ratio. Primis Bank will maintain its exclusive banking partnership with Panacea for loans and deposits through its Panacea division.

Primis Financial (NASDAQ: FRST) reported Q1 2025 net income of $2.7 million ($0.11 per share), compared to a Q4 2024 net loss of $23.3 million. The company's normalized operations showed a return on assets of 0.56%.

Key highlights include:

• Core banking maintained $2.2 billion in low-cost deposits with a 1.83% cost of deposits
• Primis Mortgage earned $0.8 million pre-tax, with locked loans reaching $257 million (up 27% from Q4)
• Mortgage warehouse lending grew 80% to $115 million
• Digital platform reached $1 billion in deposits
• Panacea Financial grew loans by $40 million (9%)

The company moved its consumer loan portfolio back to held for investment, requiring a $1.9 million provision. Management expects improved performance through 2025, targeting asset growth back to $3.75 billion and potential technology cost savings of $6-7 million annually.

Primis Financial Corp. (NASDAQ: FRST) has scheduled its first quarter 2025 earnings release for Tuesday, April 29, 2025, after market close. The company will host a conference call and webcast for analysts and investors on Wednesday, April 30, 2025, at 10:00 a.m. Eastern Time.

As of December 31, 2024, Primis Financial Corp. reported total assets of $3.7 billion, total loans held for investment of $2.9 billion, and total deposits of $3.2 billion. The company operates through its banking subsidiary, Primis Bank, providing financial services via twenty-four full-service branches across Virginia and Maryland, complemented by online and mobile banking solutions.

Primis Financial Corp. (NASDAQ: FRST) has received a stay extension from Nasdaq regarding its delisting determination. Following the company's hearing request on April 9, 2025, Nasdaq has scheduled a hearing for May 15, 2025, and will stay the delisting process until the Panel makes a final written decision.

The company expects to file its Form 10-K for the year ending December 31, 2024, before the hearing date, which would bring it into compliance with Nasdaq Listing Rules. As of December 31, 2024, Primis reported $3.7 billion in total assets, $2.9 billion in total loans held for investment, and $3.2 billion in total deposits. The company operates through twenty-four full-service branches across Virginia and Maryland.

Primis Financial Corp. (NASDAQ: FRST) has received a notice from Nasdaq on April 3, 2025, indicating non-compliance with Listing Rule 5250(c)(1) due to delayed filing of its Form 10-K for the period ending December 31, 2024. The company has appealed the determination on April 9, 2025, requesting a hearing and stay of delisting.

The appeal automatically provides a 15-day trading suspension stay, with common stock continuing to trade on Nasdaq during this period. Primis expects to file the Form 10-K before the hearing and anticipates regaining compliance without suspension or delisting of its securities.

As of December 31, 2024, Primis reported:

• Total assets: $3.7 billion
• Total loans held for investment: $2.9 billion
• Total deposits: $3.2 billion

Primis Financial Corp. (NASDAQ: FRST) reported a net loss of $14.7 million ($0.59 per share) for Q4 2024, compared to a loss of $8.2 million ($0.33 per share) in Q4 2023. For the full year 2024, the company posted a net loss of $7.5 million ($0.31 per share).

Key strategic moves in Q4 2024 included: moving a third-party consumer loan portfolio to held for sale with substantial marks, selling the Life Premium Finance business, and launching a mortgage warehouse lending business. The company's core operations now comprise a community bank with $2.2 billion in low-cost deposits, a retail mortgage company with $800 million in 2024 production, national mortgage warehouse and construction lending operations, and Panacea Financial.

The company ceased originating new consumer loans effective January 31, 2025, and moved $133 million of the portfolio to loans held for sale, resulting in $20.0 million in additional provision expense and charge-offs in Q4 2024.

Primis Financial Corp. (NASDAQ: FRST) has announced its upcoming fourth quarter 2024 earnings release, scheduled for Tuesday, January 28, 2025, after market close. The company will host a conference call and webcast for analysts and investors on Wednesday, January 29, 2025, at 10:00 a.m. Eastern Time.

As of September 30, 2024, Primis reported total assets of $4.0 billion, total loans held for investment of $2.9 billion, and total deposits of $3.3 billion. The company operates through Primis Bank, providing financial services via twenty-four full-service branches across Virginia and Maryland, along with digital banking solutions.