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. reports recurring developments for its bank holding company operations through Primis Bank and its financial services for individuals and small- and medium-sized businesses. Company news commonly covers quarterly earnings, net interest margin trends, loan and deposit activity, commercial banking, consumer and residential lending, mortgage origination, and service delivery through branches in Virginia and Maryland as well as online and mobile applications.
Updates also include quarterly cash dividends, stock repurchase authorizations, balance sheet actions, securities portfolio restructuring, branch-property transactions, earnings call schedules, and management commentary on operating leverage and profitability initiatives.
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.
Primis Financial Corp., formerly known as Southern National Bancorp of Virginia, has officially changed its name and trading symbol. Effective March 31, 2021, the company trades under the new symbol FRST on NASDAQ. The change reflects a strategic rebranding aimed at enhancing customer and shareholder engagement. As of December 31, 2020, the company reported total assets of $3.09 billion, total loans of $2.44 billion, and total deposits of $2.43 billion. The transition aims to create a more innovative brand identity.