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.
Primis Financial Corp. (NASDAQ: FRST) generates a steady flow of news as a publicly traded commercial banking organization and bank holding company for Primis Bank. News coverage for FRST typically centers on its financial performance, capital actions, governance developments and strategic initiatives across its core community banking, mortgage and national lending businesses.
Investors following Primis Financial Corp. can expect regular earnings announcements detailing quarterly results for Primis Bank and its segments, including Primis Mortgage and national strategies such as mortgage warehouse lending and the Panacea division. These releases often discuss trends in net interest income, noninterest income, loan and deposit balances, and management’s commentary on operating momentum and balance sheet repositioning.
Company news also highlights capital management decisions, such as stock repurchase programs authorized by the board of directors, dividends declared on common stock and the financial impact of transactions like the deconsolidation and partial sale of Primis’s investment in Panacea Financial Holdings or sale-leaseback transactions involving branch properties. Governance-related updates, including amendments to the Articles of Incorporation, changes to bylaws and the adoption of incentive plans, are reported through Form 8-K filings and associated press releases.
Operational updates appear in news items as well, including Primis Bank’s partnerships to support SBA and commercial lending technology, enhancements to its digital banking platform and developments in specialized lines of business. For anyone tracking FRST news, this page brings together earnings releases, material event disclosures and other company communications in one place, making it easier to monitor how Primis Financial Corp. is executing its commercial banking strategies over time.
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.
Primis Financial Corp. (NASDAQ: FRST) has announced two significant developments. First, its board approved a new stock repurchase program for up to 740,600 shares of common stock, running from December 19, 2024, to December 19, 2025. The program allows for open market and private purchases, with flexibility in timing and volume based on market conditions and other factors.
Second, Primis received confirmation from the Nasdaq Hearings Panel that it has regained compliance with Listing Rule 5250(c)(1) as of December 11, 2024. The company will be subject to a Mandatory Panel Monitor for one year. As of September 30, 2024, Primis reported $4.0 billion in total assets, $2.9 billion in total loans, and $3.3 billion in total deposits.
Primis Financial Corp. (NASDAQ: FRST) received an additional notice from Nasdaq for non-compliance with listing rules due to delayed Q2 and Q3 2024 Form 10-Q filings. The company is currently under a temporary stay of delisting pending a Panel hearing on December 3, 2024. While Primis has filed its delayed 2023 Form 10-K and 2024 Q1 Form 10-Q, it must submit an update to the Nasdaq Hearings Panel by November 28, 2024. The company expects to file the delayed Form 10-Qs soon and regain compliance. As of September 30, 2024, Primis had $4.0 billion in total assets, $3.0 billion in total loans, and $3.3 billion in total deposits.
Primis Bank announces the expansion of its Warehouse Lending Division under new division president Drey Roberts, who joins from a Texas regional bank where he managed over $1.0 billion in monthly loan balances. Roberts and his team have already secured over 40 new clients nationwide since early October. The expansion aims to boost non-CRE oriented loans and commercial deposits as mortgage volumes are expected to improve. As of September 30, 2024, Primis Financial Corp. had $4.0 billion in total assets, $2.9 billion in total loans, and $3.3 billion in total deposits.