Primis Financial Corp Stock Price, News & Analysis

Primis Financial Corp. (NASDAQ: FRST) has announced the release date for its third quarter 2022 financial results, which will be available after market close on October 27, 2022. The Company will follow this with an earnings call and audio webcast for analysts and investors on October 28, 2022, at 10:00 a.m. ET. As of June 30, 2022, Primis held $3.24 billion in total assets and $2.63 billion in total loans. The earnings call can be accessed via the provided web link or by dialing in with specified participant numbers.

On September 15, 2022, Panacea Financial announced a partnership with the Pennsylvania Dental Association (PDA) to offer its PRN Personal Loans to PDA's ~5,200 dentist members. CEO Tyler Stafford highlighted the accessibility of funding for dentists in training and practice. Panacea, which serves the financial needs of healthcare professionals, aims to alleviate financial stress with tailored loan products. Both organizations expressed commitment to supporting the dental community in Pennsylvania, reinforcing Panacea's mission to provide specialized banking solutions for healthcare providers.

Panacea Financial has partnered with the American Academy of Periodontology (AAP), representing over 7,500 periodontists, to offer tailored financial services. This collaboration aims to provide doctor-centric banking solutions addressing the unique needs of periodontists across the nation. Panacea's offerings, including personal and practice loans, are designed specifically for healthcare professionals throughout their careers. AAP President Christopher R. Richardson emphasized the significance of this partnership in enhancing services beyond periodontology.

Panacea Financial has partnered with the Georgia Dental Association (GDA) to provide exclusive dental-specific student loan refinancing options for its members. This collaboration aims to help dental professionals manage educational debt, which averages over $300,000 for new dentists. Panacea's tailored financial services are designed to cater specifically to the unique needs of dentists, veterinarians, and physicians throughout their careers. The initiative underscores Panacea’s commitment to easing the financial burdens of dental professionals in Georgia.

Primis Financial Corp. (NASDAQ: FRST) reported a net income of $5.0 million for Q2 2022, up from $4.6 million in Q1 2022. EPS rose to $0.20, compared to $0.19 in the previous quarter. The company completed its acquisition of SeaTrust Mortgage Company, now known as Primis Mortgage. Total revenue increased by 12.5% to $27.2 million, while non-interest expenses rose by 18.8% to $20.4 million. The Board announced a quarterly cash dividend of $0.10 per share. Notably, the return on average assets improved to 0.63%. Primis aims for continued growth in the second half of 2022.

Primis Financial Corp. (NASDAQ: FRST) will release its second quarter 2022 results after market hours on July 28, 2022. An earnings call will follow on July 29, 2022, at 10:00 a.m. ET, available via audio webcast. As of March 31, 2022, Primis holds $3.22 billion in total assets, with $2.39 billion in total loans and $2.69 billion in total deposits. This financial strength supports various services offered to individuals and businesses across Virginia and Maryland through its 40 branches and digital platforms.

Panacea Financial has partnered with the Pacific Coast Society of Orthodontists (PCSO) to offer specialized banking and lending services tailored for orthodontists. This collaboration aims to address the unique financial needs of PCSO’s over 3,000 members at various stages of their careers, from education to practice ownership. Panacea, which operates in all 50 states, provides a comprehensive suite of financial products including personal loans and student loan refinancing. The partnership highlights Panacea's commitment to support medical professionals with accessible financial solutions.

Primis Financial Corp. (NASDAQ: FRST) announced the completion of its acquisition of SeaTrust Mortgage Company, effective May 31, 2022. SeaTrust, which has been renamed Primis Mortgage Company, will operate as a wholly-owned subsidiary of Primis Bank. John Owens, former President of SeaTrust, is now the CEO of Primis Mortgage. As of March 31, 2022, Primis reported total assets of $3.22 billion, total loans of $2.39 billion, and total deposits of $2.69 billion. This acquisition aims to enhance Primis's market presence and service offerings.

Panacea Financial, a division of Primis Financial Corp. (NASDAQ: FRST), has expanded its Practice Solutions division by hiring several industry veterans, enhancing its service capabilities for healthcare clients. CEO Tyler Stafford stated that the new hires, who average 17 years of experience in healthcare finance, will not significantly impact 2Q22 expenses. Notable additions include professionals from Wells Fargo and TD Bank, focusing on various regions and roles within healthcare lending and portfolio management, aimed at providing expedited approvals and expert advisory services.