Primis Financial Corp Stock Price, News & Analysis

Primis Financial Corp. (NASDAQ: FRST) has announced that it will release its first quarter 2023 results after the market closes on April 27, 2023. An earnings call is scheduled for 10:00 a.m. Eastern Time on April 28, 2023, where analysts and investors can participate via a conference call or audio webcast. As of December 31, 2022, the company reported total assets of $3.57 billion, total loans of $2.95 billion, and total deposits of $2.72 billion. Primis Bank operates 32 branches across Virginia and Maryland, offering a range of financial services.

Primis Financial Corp. (NASDAQ: FRST) reported strong mid-quarter results for Q1 2023, revealing a core deposit growth of approximately $908 million as of March 9, 2023. This growth enhances the bank's funding base to 97% core customer funded, with a loan-to-deposit ratio reduction to 83% from 108% as of December 31, 2022. The bank also holds around $600 million in cash after retiring $325 million in borrowings. Additionally, since the launch of its mobile platform, Primis has opened 10,600 new accounts with total balances of $921 million. The company maintains healthy liquidity ratios and has zero exposure to crypto-related risks.

Panacea Financial has partnered with the Pennsylvania Medical Society (PAMED) to offer a comprehensive suite of banking products tailored for physician members. This collaboration aims to provide preferred banking services to PAMED's over 11,000 members, ensuring support throughout their careers. Panacea CEO Tyler Stafford emphasized the significance of this partnership, highlighting their dedication to understanding physicians' unique financial needs. The PAMED CEO, Martin Raniowski, expressed pride in this collaboration as they celebrate their 175th anniversary, aiming to enhance the physician experience through innovative solutions.

Primis Financial Corp. (NASDAQ: FRST) announced a quarterly cash dividend of $0.10 per share and reported a net income of $3.1 million for Q4 2022, a decrease from $5.1 million in Q3 2022 and $7.7 million in Q4 2021. Earnings per share (EPS) were $0.13 basic and $0.12 diluted, down from $0.21 and $0.20 in Q3 2022, and $0.31 in Q4 2021. For the full year 2022, net income was $17.7 million, down from $31 million in 2021, with EPS also declining to $0.72 from $1.28. Despite challenges, the management emphasized ongoing restructuring and growth initiatives aimed at enhancing profitability in 2023.

Primis Financial Corp. (NASDAQ: FRST) announced that it will release its fourth quarter 2022 results on January 26, 2023, after market close. Following this, a conference call and audio webcast for analysts and investors will take place on January 27, 2023, at 10:00 a.m. ET. Participants can access the call through a toll-free number, with a replay available for seven days. As of September 30, 2022, Primis had $3.36 billion in total assets, $2.74 billion in loans, and $2.71 billion in deposits, operating primarily in Virginia and Maryland.