Primis Financial (NASDAQ: FRST) Q2 net income rises to $9.4M

Rhea-AI Filing Summary

Primis Financial Corp. reported significantly higher profitability for the quarter ended June 30, 2026. Net interest income was $33,755 thousand, up from $25,180 thousand a year earlier, and quarterly net income attributable to common stockholders rose to $9,426 thousand, or $0.38 per diluted share, compared with $2,437 thousand, or $0.10.

Total interest and dividend income increased to $56,322 thousand, while the provision for credit losses decreased to $5,452 thousand. Noninterest income was $22,034 thousand, supported by mortgage banking income of $11,388 thousand and a $5,961 thousand gain on other investments, partially offset by smaller gains on the Panacea Financial Holdings investment than in 2025. Noninterest expenses increased to $38,207 thousand.

At June 30, 2026, total assets were $4,353,614 thousand, up from $4,047,388 thousand at year-end 2025, driven by growth in loans held for investment to $3,466,388 thousand and loans held for sale to $231,990 thousand. Deposits rose to $3,446,341 thousand. Federal Home Loan Bank advances expanded to $300,000 thousand, while senior subordinated notes fell to $59,404 thousand. Credit quality improved as total past due loans declined to $81,967 thousand and nonaccrual loans to $61,847 thousand, with the allowance for credit losses at $45,964 thousand. Available-for-sale securities carried net unrealized losses of $4,880 thousand in accumulated other comprehensive loss.

Filing Explained

Common shares outstanding were higher at June 30, while liquidity included FHLB advances.

Primis Financial Corp. filed its unaudited quarterly report for the quarter ended June 30, 2026, updating interim financial statements, risks and liquidity. Existing common holders face a higher reported share count: 24,799,072 shares were outstanding at June 30 versus 24,695,385 at December 31, 2025.

The equity rollforward identifies 14,800 shares from stock-option exercises and 88,887 shares from restricted stock granted or vested during the first six months. Issuing additional shares increases the total share count and can reduce an existing holder’s percentage ownership absent offsetting changes; the filing does not quantify each holder’s resulting percentage.

The filing states that one remaining interest-rate swap matures in August 2026; that maturity is a named near-term item for subsequent liquidity and interest-rate disclosures.

Key Figures

Net income Q2 2026: 9,426 (dollars in thousands) Diluted EPS Q2 2026: $0.38 Total assets: 4,353,614 (dollars in thousands) +5 more

8 metrics

Net income Q2 2026 9,426 (dollars in thousands) Net income for the three months ended June 30, 2026

Diluted EPS Q2 2026 $0.38 Earnings per share, diluted, for the three months ended June 30, 2026

Total assets 4,353,614 (dollars in thousands) Balance sheet total assets at June 30, 2026

Loans held for investment 3,466,388 (dollars in thousands) Total loans held for investment at June 30, 2026

Total deposits 3,446,341 (dollars in thousands) Total deposits at June 30, 2026

FHLB advances 300,000 (dollars in thousands) Federal Home Loan Bank advances outstanding at June 30, 2026

Nonaccrual loans 61,847 (dollars in thousands) Total nonaccrual loans as of June 30, 2026

Allowance for credit losses 45,964 (dollars in thousands) Allowance for credit losses on loans at June 30, 2026

Key Terms

Allowance for credit losses, Available-for-sale, Held-to-maturity, Nonaccrual loans, +1 more

5 terms

Allowance for credit losses financial

"Less: allowance for credit losses | ( 45,964 )"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

Available-for-sale financial

"Securities available-for-sale, at fair value (amortized cost of $ 172,968 ...)"

A classification for bonds, stocks or other investments that a company plans to keep but might sell before they reach full term. Think of it like items a shop keeps on a shelf for potential sale: their market value can go up or down while the company holds them, and those unrealized gains or losses are shown separately from operating profit until they are sold. Investors watch this because large swings can change a company’s reported net worth and signal how much flexibility it has to raise cash quickly.

Held-to-maturity financial

"Securities held-to-maturity, at amortized cost (fair value of $ 6,125 ...)"

A held-to-maturity asset is a debt investment a company plans and is able to keep until the loan or bond reaches its scheduled end, when the principal is repaid. For investors, this classification matters because the holder treats the investment like a locked-in loan—avoiding short-term price swings in financial statements and signaling a steady income expectation, similar to lending money to a friend with a fixed repayment date.

Nonaccrual loans financial

"The amortized cost, by class, of loans and leases on nonaccrual status as of June 30, 2026"

Nonaccrual loans are loans a lender has stopped counting toward interest income because the borrower is overdue or unlikely to pay; the lender only records cash payments received and may set aside extra funds to cover potential losses. For investors, a rising number or amount of nonaccrual loans signals weaker credit quality, lower future interest revenue and larger potential write-downs — similar to pausing expected subscription income when many customers stop paying.

Variable interest entity financial

"We determine whether we have a controlling financial interest in an entity ... or a VIE under GAAP."

A variable interest entity (VIE) is a company structure where one party controls another company’s operations and economic outcomes through contracts or special arrangements instead of owning a majority of its voting shares. For investors, VIEs matter because the controlling party’s financial results, debts and risks can appear in the controller’s reports even though ownership looks separate, so understanding VIEs helps assess true exposure, governance limits and transparency—like spotting a puppet controlled by strings rather than direct ownership.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Primis Financial (FRST) perform in Q2 2026?

Primis Financial reported net income of $9,426 thousand in Q2 2026, up from $2,437 thousand a year earlier. Diluted earnings per share were $0.38, compared with $0.10 in Q2 2025.

What was Primis Financial (FRST)'s net interest income for Q2 2026?

Net interest income was $33,755 thousand for Q2 2026, compared with $25,180 thousand in Q2 2025. Total interest and dividend income reached $56,322 thousand, while interest expense was $22,567 thousand.

How large was Primis Financial (FRST)'s loan portfolio on June 30, 2026?

Loans held for investment totaled $3,466,388 thousand at June 30, 2026. Real estate loans were $1,998,003 thousand, commercial loans $1,184,862 thousand, and consumer loans $277,248 thousand, including $75 million in Consumer Program loans.

What were Primis Financial (FRST)'s deposit and funding levels at June 30, 2026?

Total deposits were $3,446,341 thousand at June 30, 2026, slightly above $3,395,585 thousand at year-end 2025. Federal Home Loan Bank advances increased to $300,000 thousand from $25,000 thousand, while senior subordinated notes decreased to $59,404 thousand.

How did asset quality look for Primis Financial (FRST) as of June 30, 2026?

Total past due loans were $81,967 thousand, down from $135,129 thousand at December 31, 2025. Nonaccrual loans declined to $61,847 thousand from $84,823 thousand, and the allowance for credit losses was $45,964 thousand.

What was Primis Financial (FRST)'s capital position and shares outstanding?

Primis stockholders’ equity was $433,829 thousand at June 30, 2026, up from $422,896 thousand at year-end 2025. Common shares outstanding totaled 24,799,072, and common dividends declared for the first half of 2026 were $0.20 per share.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

​

FORM 10-Q

​

☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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For the Quarterly Period Ended June 30, 2026

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Commission File No. 001-33037

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PRIMIS FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

​

Virginia	20-1417448
(State or other jurisdiction	(I.R.S. Employer Identification No.)
of incorporation or organization)	​

​

1676 International Drive, Suite 900

McLean, Virginia 22102

(Address of principal executive offices) (zip code)

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(703) 893-7400

(Registrant’s telephone number, including area code)

​

​

Securities registered pursuant to Section 12(b) of the Act:

​

​	​	​
Title of each class:	Trading symbol	Name of each exchange on which registered:
Common Stock, par value $0.01 per share	FRST	NASDAQ Global Market

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

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Yes ☒      No ☐ 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

​

Yes ☒       No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b–2 of the Exchange Act:

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​	​	​
Large accelerated filer ☐	Accelerated filer ☒	Smaller reporting company ☐
​	​	​
Non-accelerated filer ☐	Emerging growth company ☐	​
​	​	​

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

​

As of July 31, 2026, there were 24,799,072 shares of common stock, $0.01 par value, outstanding.

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Table of Contents

PRIMIS FINANCIAL CORP.

FORM 10-Q

June 30, 2026

TABLE OF CONTENTS	​ ​ ​	PAGE
​ PART I - FINANCIAL INFORMATION	​	​
​	​	​
Item 1 - Financial Statements	​	4
​	​	​
Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025	​	4
​ Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2026 and 2025	​	5
​ Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2026 and 2025	​	6
​ Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025	​	7
​ Notes to Unaudited Condensed Consolidated Financial Statements	​	8
​	​	​
Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations	​	41
​	​	​
Item 3 – Quantitative and Qualitative Disclosures about Market Risk	​	69
​	​	​
Item 4 – Controls and Procedures	​	71
​	​	​
PART II - OTHER INFORMATION	​	​
​	​	​
Item 1 – Legal Proceedings	​	72
​	​	​
Item 1A – Risk Factors	​	72
​	​	​
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds	​	72
​	​	​
Item 3 – Defaults Upon Senior Securities	​	72
​	​	​
Item 4 – Mine Safety Disclosures	​	73
​	​	​
Item 5 – Other Information	​	73
​	​	​
Item 6 - Exhibits	​	74
​	​	​
Signatures	​	76
​	​	​

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2

Table of Contents

GLOSSARY OF ACRONYMS AND DEFINED TERMS

In this Quarterly Report on Form 10-Q, except as otherwise indicated or the context suggests otherwise, references to the “Company” refers to Primis Financial Corp., and the terms “Primis”, “we”, “us” and “our” refer to the Company and its subsidiaries, including Primis Bank, which we refer to as “Primis Bank” or the “Bank.”

“PMC” refers to Primis Mortgage Company, a residential mortgage lender headquartered in Wilmington, North Carolina, a consolidated subsidiary of Primis Bank.

“PFH” refers to Panacea Financial Holdings, Inc., headquartered in Little Rock, Arkansas, which owns the rights to the Panacea Financial brand and its intellectual property and partners with the Bank to offer a suite of financial products and services for doctors, their practices, and the broader healthcare industry.

​	​
​	​
ACL	Allowance for credit losses
AFS	Available-for-sale
ALCO	Asset-Liability Committee
ASC	Accounting Standards Codification
ASU	Accounting Standards Update
Basel III	Basel Committee's 2010 Regulatory Capital Framework
BOLI	Bank-owned Life Insurance
CECL	Current expected credit losses
CEO	Chief Executive Officer
CFO	Chief Financial Officer
DEI	Diversity, equity and inclusion
Dodd-Frank Act	Dodd-Frank Wall Street Reform and Consumer Protection Act
EPS	Earnings per share
ESG	Environmental, social and governance
EVE	Economic value of equity
FASB	Financial Accounting Standards Board
FDIC	Federal Deposit Insurance Corporation
FHLB	Federal Home Loan Bank of Atlanta
FRB	Federal Reserve Bank
FOMC	Federal Open Market Committee
FVO	Fair value option
GAAP	U.S. generally accepted accounting principles
HTM	Held-to-maturity
IRLC	Interest rate lock commitments
LHFI	Loans held for investment
LHFS	Loans held for sale
MD&A	Management’s Discussion and Analysis of Financial Condition and Results of Operations
NII	Net interest income
NASDAQ	National Association of Securities Dealers Automated Quotations
OREO	Other real estate owned
PCA	Prompt corrective action
PCD	Purchased credit deteriorated
PPP	Paycheck Protection Program
PRN	Pro re nata
SEC	Securities and Exchange Commission
SOFR	Secured Overnight Financing Rate
VIE	Variable interest entity

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Table of Contents

PART I - FINANCIAL INFORMATION

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ITEM 1 - FINANCIAL STATEMENTS

PRIMIS FINANCIAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share amounts)

​	​	​	​	​	​	​
​	​ ​ ​	June 30,		​ ​ ​	December 31,
​	​	2026		​	2025
​	​	(unaudited)		​	​
ASSETS	​	​	​	​	​
Cash and cash equivalents:		​	​		​	​
Cash and due from financial institutions	​	$	10,116		$	9,690
Interest-bearing deposits in other financial institutions	​		166,709			133,917
Total cash and cash equivalents	​		176,825			143,607
Securities available-for-sale, at fair value (amortized cost of $172,968 and $174,226, respectively)	​		168,285			171,377
Securities held-to-maturity, at amortized cost (fair value of $6,125 and $6,560, respectively)	​		6,588			6,981
Loans held for sale, at fair value	​	​	198,713	​	​	166,066
Loans held for sale, at lower of cost or market	​	​	33,277	​	​	—
Total loans held for sale	​	​	231,990	​	​	166,066
Loans held for investment, collateralizing secured borrowings	​	​	14,228	​	​	14,843
Loans held for investment	​		3,452,160			3,268,840
Less: allowance for credit losses	​		(45,964)			(45,883)
Net loans	​		3,420,424			3,237,800
Stock in Federal Reserve Bank and Federal Home Loan Bank	​		27,487			14,185
Bank premises and equipment, net	​		5,955			6,070
Operating lease right-of-use assets	​	​	64,233	​	​	65,596
Cloud computing arrangement assets, net	​	​	3,682	​	​	5,239
Goodwill	​		93,459			93,459
Bank-owned life insurance	​		77,515			68,969
Deferred tax assets, net	​		15,914			14,683
Investment in Panacea Financial Holdings, Inc. common stock	​	​	7,299	​	​	6,899
Accrued interest on loans and investments	​	​	17,980	​	​	19,222
Other assets	​		35,978			27,235
Total assets	​	$	4,353,614		$	4,047,388
​	​	​	​	​	​	​
LIABILITIES AND STOCKHOLDERS' EQUITY	​		​			​
Noninterest-bearing demand deposits	​	$	505,758		$	554,442
Interest-bearing deposits:	​		​			​
NOW accounts	​		878,976			862,735
Money market accounts	​		794,540			740,886
Savings accounts	​		960,343			922,337
Time deposits	​		306,724			315,185
Total interest-bearing deposits	​		2,940,583			2,841,143
Total deposits	​		3,446,341			3,395,585
Securities sold under agreements to repurchase	​		3,974			3,552
Secured borrowings	​	​	14,165	​	​	14,773
FHLB advances	​		300,000			25,000
Junior subordinated debt	​		9,954			9,929
Senior subordinated notes	​		59,404			86,233
Operating lease liabilities	​	​	60,573	​	​	61,340
Other liabilities	​		25,374			28,080
Total liabilities	​		3,919,785			3,624,492
Commitments and contingencies (See Note 9)	​		​			​
Stockholders' equity:	​		​			​
Preferred stock, $0.01 par value. Authorized 5,000,000 shares; no shares issued and outstanding	​		—			—
Common stock, $0.01 par value. Authorized 45,000,000 shares; 24,878,621 shares issued and 24,799,072 shares outstanding at June 30, 2026, and 24,774,934 shares issued and 24,695,385 shares outstanding at December 31, 2025	​		248			247
Additional paid in capital	​		317,191			316,509
Retained earnings	​		121,316			109,617
Treasury stock, at cost 79,549 shares at June 30, 2026 and December 31, 2025	​	​	(807)	​	​	(807)
Accumulated other comprehensive loss	​		(4,119)			(2,670)
Total Primis stockholders' equity	​		433,829			422,896
Total liabilities and stockholders' equity	​	$	4,353,614		$	4,047,388

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See accompanying notes to unaudited condensed consolidated financial statements.

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4

Table of Contents

PRIMIS FINANCIAL CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(dollars in thousands, except per share amounts) (Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended June 30,

​

For the Six Months Ended June 30,

​

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

2026

​ ​ ​

2025

Interest and dividend income:

​

​

​

​

​

​

​

​

Interest and fees on loans

​

$

52,927

​

$

44,717

​

$

103,061

​

$

89,681

Interest and dividends on taxable securities

​

1,923

​

1,831

​

3,805

​

3,642

Interest and dividends on tax exempt securities

​

28

​

97

​

57

​

192

Interest and dividends on other earning assets

​

1,444

​

982

​

2,925

​

1,835

Total interest and dividend income

​

56,322

​

47,627

​

109,848

​

95,350

Interest expense:

​

​

​

​

​

​

​

​

Interest on deposits

​

19,388

​

20,497

​

37,890

​

39,889

Interest on other borrowings

​

3,179

​

1,950

​

6,129

​

3,917

Total interest expense

​

22,567

​

22,447

​

44,019

​

43,806

Net interest income

​

33,755

​

25,180

​

65,829

​

51,544

Provision for credit losses

​

5,452

​

8,303

​

7,001

​

9,899

Net interest income after provision for credit losses

​

28,303

​

16,877

​

58,828

​

41,645

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income:

​

​

​

​

​

​

​

​

Account maintenance and deposit service fees

​

1,699

​

1,675

​

2,945

​

3,014

Income from bank-owned life insurance

​

729

​

438

​

1,201

​

863

Gains on Panacea Financial Holdings investment

​

400

​

7,450

​

​

400

​

32,028

Gain (loss) on other investments

​

​

5,961

​

​

(308)

​

​

6,010

​

​

(255)

Mortgage banking income

​

11,388

​

7,893

​

22,148

​

13,508

Gains on sale of loans

​

​

1,582

​

​

210

​

​

2,149

​

​

210

Consumer Program derivative income

​

​

196

​

​

593

​

​

592

​

​

301

Other noninterest income

​

79

​

79

​

144

​

696

Total noninterest income

​

22,034

​

18,030

​

35,589

​

50,365

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest expenses:

​

​

​

​

​

​

​

​

Salaries and benefits

​

20,267

​

17,060

​

39,823

​

35,001

Occupancy expenses

​

2,646

​

1,318

​

5,198

​

2,746

Furniture and equipment expenses

​

2,153

​

1,809

​

4,218

​

3,666

Virginia franchise tax expense

​

695

​

577

​

​

1,306

​

1,154

FDIC insurance assessment

​

​

854

​

​

1,021

​

​

1,592

​

​

1,814

Data processing expense

​

2,342

​

3,037

​

4,530

​

5,886

Marketing expense

​

​

934

​

​

720

​

​

1,694

​

​

1,234

Telephone and communication expense

​

350

​

324

​

661

​

611

Professional fees

​

2,886

​

2,413

​

4,746

​

4,638

Miscellaneous lending expenses

​

​

1,128

​

​

900

​

​

1,856

​

​

1,734

Other operating expenses

​

3,952

​

2,763

​

6,337

​

5,974

Total noninterest expenses

​

38,207

​

31,942

​

71,961

​

64,458

Income before income taxes

​

12,130

​

2,965

​

22,456

​

27,552

Income tax expense

​

2,704

​

528

​

5,718

​

6,081

Net income

​

​

9,426

​

​

2,437

​

​

16,738

​

​

21,471

Net loss attributable to noncontrolling interests

​

​

—

​

​

—

​

​

—

​

​

3,602

Net income attributable to Primis' common stockholders

​

$

9,426

​

$

2,437

​

$

16,738

​

$

25,073

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive income:

​

​

​

​

​

​

​

​

Unrealized gain (loss) on available-for-sale securities

​

$

(843)

​

$

2,123

​

$

(1,834)

​

$

6,695

Income tax expense (benefit) related to other comprehensive income

​

(177)

​

​

446

​

(385)

​

​

1,406

Other comprehensive income (loss), net of tax

​

(666)

​

​

1,677

​

(1,449)

​

5,289

Comprehensive income

​

$

8,760

​

$

4,114

​

$

15,289

​

$

30,362

Earnings per share, basic

​

$

0.38

​

$

0.10

​

$

0.68

​

$

1.01

Earnings per share, diluted

​

$

0.38

​

$

0.10

​

$

0.68

​

$

1.01

​

​

See accompanying notes to unaudited condensed consolidated financial statements.

​

5

Table of Contents

PRIMIS FINANCIAL CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(dollars in thousands, except per share amounts) (Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended June 30, 2026

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

​

​

​

​

Additional

​

​

​

​

​

Other

​

​

​

​

​

​

Common Stock

​

Paid in

​

Retained

​

Treasury

​

Comprehensive

​

Noncontrolling

​

​

​

​ ​ ​

Shares

​ ​ ​

Amount

​ ​ ​

Capital

​ ​ ​

Earnings

​ ​ ​

Stock

​ ​ ​

Loss

​ ​ ​

Interests

​ ​ ​

Total

Balance - March 31, 2026

​

​ ​ ​

24,772,072

​

$

248

​

$

316,840

​

$

114,370

​

$

(807)

​

$

(3,453)

​

$

—

​

$

427,198

Net income

​

—

​

—

​

—

​

9,426

​

—

​

—

​

—

​

9,426

Other comprehensive loss

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(666)

​

​

—

​

​

(666)

Dividends on common stock ($0.10 per share)

​

—

​

—

​

—

​

(2,480)

​

—

​

—

​

—

​

(2,480)

Stock option exercises

​

​

5,500

​

​

—

​

​

65

​

​

—

​

​

—

​

​

—

​

​

—

​

​

65

Restricted stock granted

​

​

21,500

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Stock-based compensation expense

​

—

​

—

​

286

​

—

​

—

​

—

​

—

​

286

Balance - June 30, 2026

​

​

24,799,072

​

$

248

​

$

317,191

​

$

121,316

​

$

(807)

​

$

(4,119)

​

$

—

​

$

433,829

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended June 30, 2025

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

​

​

​

​

Additional

​

​

​

​

​

Other

​

​

​

​

​

​

Common Stock

​

Paid in

​

Retained

​

Treasury

​

Comprehensive

​

Noncontrolling

​

​

​

​ ​ ​

Shares

​ ​ ​

Amount

​ ​ ​

Capital

​ ​ ​

Earnings

​ ​ ​

Stock

​ ​ ​

Income (Loss)

​ ​ ​

Interests

​ ​ ​

Total

Balance - March 31, 2025

​

24,722,734

​

$

247

​

$

314,725

​

$

78,211

​

$

—

​

$

(17,620)

​

$

—

​

$

375,563

Net income

​

—

​

—

​

—

​

​

2,437

​

​

—

​

​

—

​

​

—

​

2,437

Other comprehensive income

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,677

​

​

—

​

​

1,677

Dividends on common stock ($0.10 per share)

​

—

​

—

​

—

​

(2,473)

​

—

​

—

​

—

​

(2,473)

Repurchase of common stock

​

​

(79,549)

​

​

—

​

​

—

​

​

—

​

​

(807)

​

​

—

​

​

—

​

​

(807)

Stock-based compensation expense

​

​

—

​

—

​

18

​

—

​

—

​

—

​

—

​

18

Balance - June 30, 2025

​

​

24,643,185

​

$

247

​

$

314,743

​

$

78,175

​

$

(807)

​

$

(15,943)

​

$

—

​

$

376,415

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Six Months Ended June 30, 2026

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

​

​

​

​

Additional

​

​

​

​

​

Other

​

​

​

​

​

​

Common Stock

​

Paid in

​

Retained

​

Treasury

​

Comprehensive

​

Noncontrolling

​

​

​

Shares

​ ​ ​

Amount

​

Capital

​

Earnings

​

Stock

​

Loss

​

Interests

​

Total

Balance - December 31, 2025

​

24,695,385

​

$

247

​

$

316,509

​

$

109,617

​

$

(807)

​

$

(2,670)

​

$

—

​

$

422,896

Net income

​

​

—

​

​

—

​

​

—

​

​

16,738

​

​

—

​

​

—

​

​

—

​

​

16,738

Other comprehensive loss

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(1,449)

​

​

—

​

​

(1,449)

Dividends on common stock ($0.20 per share)

​

​

—

​

—

​

—

​

(5,039)

​

—

​

—

​

—

​

(5,039)

Stock option exercises

​

​

14,800

​

1

​

177

​

—

​

—

​

—

​

—

​

178

Restricted stock granted or vested

​

​

88,887

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Stock-based compensation expense

​

​

—

​

—

​

505

​

—

​

—

​

—

​

—

​

505

Balance - June 30, 2026

​

​

24,799,072

​

$

248

​

$

317,191

​

$

121,316

​

$

(807)

​

$

(4,119)

​

$

—

​

$

433,829

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Six Months Ended June 30, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

​

​

​

​

​

​

​

Additional

​

​

​

​

​

Other

​

​

​

​

​

​

Common Stock

​

Paid in

​

Retained

​

Treasury

​

Comprehensive

​

Noncontrolling

​

​

​

​ ​ ​

Shares

​ ​ ​

Amount

​ ​ ​

Capital

​ ​ ​

Earnings

​ ​ ​

Stock

​ ​ ​

Income (Loss)

​ ​ ​

Interests

​ ​ ​

Total

Balance - December 31, 2024

​

​

24,722,734

​

$

247

​

$

314,694

​

$

58,047

​

$

—

​

$

(21,232)

​

$

13,226

​

$

364,982

Net income (loss)

​

—

​

—

​

—

​

25,073

​

—

​

—

​

(3,602)

​

21,471

Other comprehensive income

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

5,289

​

​

—

​

​

5,289

Panacea Financial Holdings, Inc. deconsolidation

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(9,624)

​

​

(9,624)

Dividends on common stock ($0.20 per share)

​

—

​

—

​

—

​

(4,945)

​

—

​

—

​

—

​

(4,945)

Repurchase of common stock

​

​

(79,549)

​

​

—

​

​

​

​

​

—

​

​

(807)

​

​

—

​

​

—

​

​

(807)

Stock-based compensation expense

​

​

—

​

—

​

49

​

—

​

—

​

—

​

—

​

49

Balance - June 30, 2025

​

​

24,643,185

​

$

247

​

$

314,743

​

$

78,175

​

$

(807)

​

$

(15,943)

​

$

—

​

$

376,415

​

See accompanying notes to unaudited condensed consolidated financial statements.

​

​

6

Table of Contents

PRIMIS FINANCIAL CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands, except per share amounts) (Unaudited)

​

​	​	​	​	​	​	​
​	​	For the Six Months Ended June 30,
​	​ ​ ​	2026		​ ​ ​	2025
Operating activities:		​	​		​	​
Net income	​	$	16,738	​	$	21,471
Adjustments to reconcile net income to net cash and cash equivalents used in operating activities:	​		​	​		​
Depreciation and amortization	​		6,661	​		4,506
Net amortization of premiums and (accretion of discounts)	​		(191)	​		175
Provision for credit losses	​		7,001	​		9,899
Originations of loans held for sale	​	​	(789,767)	​	​	(414,871)
Proceeds from sales of loans originated to sell	​	​	747,253	​	​	408,751
Proceeds from sale of assets held for sale	​	​	—	​	​	982
Net gains on loans held for sale	​	​	(15,403)	​	​	(8,336)
Net gains on mortgage banking	​	​	(8,009)	​	​	(5,172)
Net gains on sale of loans originated as held for investment	​	​	(887)	​	​	(210)
(Gains) losses on other investments	​	​	(6,010)	​	​	255
(Gain) loss on bank premises and equipment and assets held for sale	​	​	(40)	​	​	111
Earnings on bank-owned life insurance	​		(1,201)	​		(863)
Stock-based compensation expense	​		441	​		49
Gains on Panacea Financial Holdings investment	​	​	(400)	​	​	(32,028)
Deferred income tax (benefit) expense	​		(846)	​		5,594
Net change in fair value of Consumer Program derivative	​	​	—	​	​	3,334
Net increase in other assets	​		(11,997)	​		(2,542)
Net increase (decrease) in other liabilities	​		(3,409)	​		2,308
Net cash and cash equivalents used in operating activities	​	​	(60,066)	​		(6,587)
Investing activities:	​		​	​		​
Purchases of securities available-for-sale	​		(14,100)	​		(18,460)
Proceeds from paydowns, maturities and calls of securities available-for-sale	​		15,429	​		18,680
Proceeds from paydowns, maturities and calls of securities held-to-maturity	​		384	​		585
Net (increase) decrease in FRB and FHLB stock	​	​	(13,302)	​	​	39
Net change in loans held for investment	​		(196,905)	​		(173,799)
Proceeds from sales of loans initially originated to be held for investment	​	​	8,295	​	​	52,902
Purchase of bank-owned life insurance	​		(7,516)	​		—
Purchases of bank premises and equipment	​		(502)	​		—
Proceeds from liquidation of insurance agency investment	​	​	7,590	​	​	—
Net decrease in other investments	​	​	202	​	​	164
Net cash and cash equivalents used in investing activities	​		(200,425)	​		(119,889)
Financing activities:	​		​	​		​
Net increase in deposits	​		50,756	​		162,091
Increase in securities sold under agreements to repurchase	​		422	​		452
Repayments of secured borrowings, net	​	​	(608)	​	​	(746)
Cash dividends paid on common stock	​		(5,039)	​		(4,945)
Repurchase of common stock	​		—	​		(807)
Proceeds from exercised stock options	​		178	​		—
Increase in short-term FHLB advances	​		275,000	​		—
Repayment of senior subordinated notes	​		(27,000)	​		—
Net cash and cash equivalents provided by financing activities	​		293,709	​		156,045
Net change in cash and cash equivalents	​		33,218	​		29,569
Cash and cash equivalents at beginning of period	​		143,607	​		64,505
Cash and cash equivalents at end of period	​	$	176,825	​	$	94,074
Supplemental disclosure of cash flow information	​		​	​		​
Cash payments for:	​		​	​		​
Interest	​	$	43,659	​	$	43,635
Income taxes	​	$	2,881	​	$	277
Supplemental schedule of noncash activities:	​	​	​	​	​	​
Loans held for sale transferred to held for investment	​	$	—	​	$	152,092
Assets held for sale transferred to other assets	​	$	—	​	$	2,221
Deconsolidation of Panacea Financial Holdings, Inc.	​	$	—	​	$	9,624

​

​

See accompanying notes to unaudited condensed consolidated financial statements.

​

7

Table of Contents

PRIMIS FINANCIAL CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

​

1.      ACCOUNTING POLICIES

The Company

Primis Financial Corp. (NASDAQ: FRST) is the bank holding company for Primis Bank, a Virginia state-chartered bank, that commenced operations on April 14, 2005. Primis Bank provides a range of financial services to individuals and small and medium-sized businesses. As of June 30, 2026, Primis Bank had 24 full-service branches in Virginia and Maryland and also provides services to customers through certain online and mobile applications. Headquartered in McLean, Virginia, the Company has an administrative office in Glen Allen, Virginia and an operations center in Atlee, Virginia. PMC, a residential mortgage lender headquartered in Wilmington, North Carolina, is a consolidated subsidiary of Primis Bank. PFH owns the rights to the Panacea Financial brand and its intellectual property and partners with the Bank to offer a suite of financial products and services for doctors, their practices, and ultimately the broader healthcare industry. PFH was deconsolidated from the Company on March 31, 2025, and their operating results prior to deconsolidation were included in the Company’s consolidated operating results during the six months ended June 30, 2025.

Basis of Financial Information

The accounting policies and practices of Primis and its subsidiaries conform to GAAP and follow general practices within the banking industry. A discussion of the Company’s material accounting policies is located in the 2025 Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).

These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the 2025 Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation. None of these reclassifications had a material effect on the Company’s financial statements. See Note 1 “Summary of Significant Accounting Policies” in the “Notes to the Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” in the Company’s 2025 Form 10-K for additional information on the Company’s accounting policies. There have not been any significant changes to the Company’s accounting policies from those disclosed in the Company’s 2025 Form 10-K that could have a material effect on the Company’s financial statements.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Primis and its subsidiaries, Primis Bank and PMC. The results of operations for PFH are included in the Company’s results of operations until its deconsolidation as of March 31, 2025. Significant inter-company accounts and transactions have been eliminated in consolidation. Primis consolidates subsidiaries in which it holds, directly or indirectly, more than 50 percent of the voting rights or where it exercises control. Entities where Primis holds 20 to 50 percent of the voting rights, or has the ability to exercise significant influence, or both, are accounted for under the equity method. Primis owns EVB Statutory Trust I (the “Trust”), which is an unconsolidated subsidiary and the junior subordinated debt owed to the Trust is reported as a liability of Primis.

We determine whether we have a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a VIE under GAAP. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. We consolidate voting interest entities in which we have all, or at least a majority of, the voting interest. As defined in GAAP, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant

8

Table of Contents

to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. The Company has investments in VIEs for which we are not the primary beneficiary and, as such, are not included in our consolidated financial statements.

Basis of Presentation

The unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with GAAP for interim financial information and instructions for Form 10-Q and follow general practice within the banking industry. Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the consolidated financial statements and footnotes thereto included in the 2025 Form 10-K.

​

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Estimates that are particularly susceptible to change in the near term include: the determination of the allowance for credit losses, the fair value of investment securities, the credit impairment of investment securities, the mortgage banking derivatives, interest rate swap derivatives, the valuation of goodwill, and deferred tax assets. Management monitors and continually reassess these estimates at each reporting period.

​

Operating Segments

The Company, through its Bank subsidiary, provides a broad range of financial services. While the Company’s chief operating decision maker monitors the revenue streams of the various financial products and services, operations are managed and financial performance is evaluated on an organization-wide basis. Management has determined that the Company has two reportable operating segments: Primis Mortgage and Primis Bank, as discussed in Note 11 – Segment Information.

​

Interest Rate Swaps

The Company is subject to interest rate risk exposure in the normal course of business through its core lending operations. Primarily to help mitigate interest rate risk associated with its loan portfolio, the Company entered into interest rate swaps in May and August of 2023 with a large U.S. financial institution as the counterparty. Interest rate swaps are contractual agreements whereby one party pays a floating interest rate on a notional principal amount and receives a fixed-rate payment on the same notional principal, or vice versa, for a fixed period of time. Interest rate swaps change in value with movements in benchmark interest rates, such as Prime or SOFR. Interest rate swaps subject the Company to market risk associated with changes in interest rates, changes in interest rate volatility, as well as the credit risk that the counterparty will fail to perform. The Company’s interest rate swaps are pay-fixed and receive-floating whereby the Company receives a variable rate of interest based on SOFR.

As of June 30, 2026, the gross amounts of interest rate swap derivative assets and liabilities were $0 and $115 thousand, respectively, and are recorded net in other assets on the consolidated balance sheets. As of December 31, 2025, the gross amounts of interest rate swap derivative assets and liabilities were $100 thousand and $300 thousand, respectively, and are recorded net in other assets on the consolidated balance sheets. As of June 30, 2026 the Company has one remaining swap that matures in August of 2026.

9

Table of Contents

The following table represents the carrying value of the portfolio layer method hedged assets and the cumulative fair value hedging adjustments included in the carrying value of the hedged assets as of June 30, 2026 and December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

December 31, 2025

(dollars in thousands)

​

Amortized Cost Basis

​

Hedged Asset

​

Basis Adjustment

​

Amortized Cost Basis

​

Hedged Asset

​

Basis Adjustment

Fixed rate assets

​

$

346,271

​

$

50,041

​

$

41

​

$

690,274

​

$

150,178

​

$

178

​

Recent Accounting Pronouncements

There are no accounting pronouncements issued since December 31, 2025 that the Company currently believes would have a material impact to the Company’s financial position or results of operations upon the pronouncement’s effective date.

​

10

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​

2.      INVESTMENT SECURITIES

The amortized cost and fair value of AFS investment securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Gross Unrealized

​

Fair

​

​ ​ ​

Cost

​ ​ ​

Gains

​ ​ ​

Losses

​ ​ ​

Value

June 30, 2026

​

​

​

​

​

​

​

​

​

​

​

​

Residential government-sponsored mortgage-backed securities

​

$

70,550

​

$

50

​

$

(1,552)

​

$

69,048

Obligations of states and political subdivisions

​

5,530

​

2

​

(492)

​

5,040

Corporate securities

​

7,000

​

—

​

(181)

​

6,819

Residential government-sponsored collateralized mortgage obligations

​

61,955

​

145

​

(492)

​

61,608

Agency commercial mortgage-backed securities

​

21,719

​

​

—

​

​

(2,071)

​

19,648

SBA pool securities

​

6,214

​

—

​

(92)

​

6,122

Total

​

$

172,968

​

$

197

​

$

(4,880)

​

$

168,285

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Gross Unrealized

​

Fair

​

​ ​ ​

Cost

​ ​ ​

Gains

​ ​ ​

Losses

​ ​ ​

Value

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

Residential government-sponsored mortgage-backed securities

​

$

72,178

​

$

279

​

$

(651)

​

$

71,806

Obligations of states and political subdivisions

​

6,320

​

5

​

(547)

​

5,778

Corporate securities

​

7,000

​

—

​

(421)

​

6,579

Residential government-sponsored collateralized mortgage obligations

​

63,216

​

607

​

(16)

​

63,807

Agency commercial mortgage-backed securities

​

19,013

​

​

—

​

​

(2,048)

​

16,965

SBA pool securities

​

6,499

​

7

​

(64)

​

6,442

Total

​

$

174,226

​

$

898

​

$

(3,747)

​

$

171,377

​

The amortized cost, gross unrecognized gains and losses, allowance for credit losses and fair value of investment securities HTM were as follows ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Gross Unrecognized

​

Allowance for

​

Fair

​

​ ​ ​

Cost

​ ​ ​

Gains

​ ​ ​

Losses

​ ​ ​

Credit Losses

​ ​ ​

Value

June 30, 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential government-sponsored mortgage-backed securities

​

$

5,069

​

$

3

​

$

(435)

​

$

—

​

$

4,637

Obligations of states and political subdivisions

​

1,519

​

—

​

(31)

​

—

​

1,488

Total

​

$

6,588

​

$

3

​

$

(466)

​

$

—

​

$

6,125

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Gross Unrecognized

​

Allowance for

​

Fair

​

​ ​ ​

Cost

​ ​ ​

Gains

​ ​ ​

Losses

​ ​ ​

Credit Losses

​ ​ ​

Value

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential government-sponsored mortgage-backed securities

​

$

5,462

​

$

2

​

$

(397)

​

$

—

​

$

5,067

Obligations of states and political subdivisions

1,519

​

—

​

(26)

​

—

​

1,493

Total

​

$

6,981

​

$

2

​

$

(423)

​

$

—

​

$

6,560

​

AFS investment securities of $6 million and $14 million were purchased during the three and six months ended June 30, 2026, respectively and $10 million and $18 million were purchased during the three and six months ended June 30, 2025. No HTM investments were purchased during the three and six months ended June 30, 2026 and 2025. No investment securities were sold during the three and six months ended June 30, 2026 and 2025.

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Table of Contents

The amortized cost and fair value of AFS and HTM investment securities as of June 30, 2026, by contractual maturity, were as follows ($ in thousands). Investment securities not due at a single maturity date are shown separately.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-Sale

​

Held-to-Maturity

​

​ ​ ​

Amortized

​ ​ ​

​

​

​ ​ ​

Amortized

​ ​ ​

​

​

​

​

Cost

​

Fair Value

​

Cost

​

Fair Value

Due within one year

​

$

860

​

$

859

​

$

—

​

$

—

Due in one to five years

​

​

5,720

​

​

5,697

​

​

1,014

​

​

995

Due in five to ten years

​

4,745

​

4,201

​

505

​

493

Due after ten years

​

1,205

​

1,102

​

—

​

—

Residential government-sponsored mortgage-backed securities

​

70,550

​

69,048

​

5,069

​

4,637

Residential government-sponsored collateralized mortgage obligations

​

61,955

​

61,608

​

—

​

—

Agency commercial mortgage-backed securities

​

21,719

​

19,648

​

—

​

—

SBA pool securities

​

6,214

​

6,122

​

—

​

—

Total

​

$

172,968

​

$

168,285

​

$

6,588

​

$

6,125

​

Investment securities with a carrying amount of approximately $161 million and $26 million at June 30, 2026 and December 31, 2025, respectively, were pledged to secure public deposits, certain other deposits, a line of credit for advances from the FHLB of Atlanta and repurchase agreements.

Management measures expected credit losses on HTM securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Regarding U.S. Treasury and residential mortgage-backed securities issued by the U.S. government, or agencies thereof, it is expected that the securities will not be settled at prices less than the amortized cost basis of the securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. government. Accordingly, no allowance for credit losses has been recorded for these securities. Regarding securities issued by states and political subdivisions and other HTM securities, management considers (i) issuer bond ratings, (ii) historical loss rates for given bond ratings, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities and (iv) internal forecasts. As of June 30, 2026, Primis did not have a material allowance for credit losses on HTM securities.

As of June 30, 2026 and December 31, 2025, there were 53 and 40, respectively, of investment securities AFS that were in an unrealized loss position. The unrealized losses related to investment securities AFS as of June 30, 2026 and December 31, 2025, relate to changes in interest rates relative to when the investment securities were purchased, and do not indicate credit-related impairment. Primis performs quantitative analysis and if needed, a qualitative analysis in this determination. As part of the Company’s assessment it reviews third-party credit ratings and considered the severity of the impairment. A majority of the Company's mortgage-backed securities were issued by the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Government National Mortgage Association, or SBA, each of which is a government agency or government-sponsored entity and guarantees the repayment of its securities. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. As a result of the Company’s analysis, none of the securities were deemed to require an allowance for credit loss.

12

Table of Contents

The following tables present information regarding investment securities AFS and HTM in a continuous unrealized loss position as of June 30, 2026 and December 31, 2025 by duration of time in a loss position ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less than 12 months

​

12 Months or More

​

Total

June 30, 2026

​ ​ ​

Fair

​ ​ ​

Unrealized

​ ​ ​

Fair

​ ​ ​

Unrealized

​ ​ ​

Fair

​ ​ ​

Unrealized

Available-for-Sale

​

value

​

Losses

​

value

​

Losses

​

value

​

Losses

Residential government-sponsored mortgage-backed securities

​

$

57,249

​

$

(927)

​

$

4,713

​

$

(625)

​

$

61,962

​

$

(1,552)

Obligations of states and political subdivisions

​

​

—

​

​

—

​

​

3,833

​

​

(492)

​

​

3,833

​

​

(492)

Corporate securities

​

​

—

​

​

—

​

​

6,819

​

​

(181)

​

​

6,819

​

​

(181)

Residential government-sponsored collateralized mortgage obligations

​

​

38,310

​

​

(492)

​

​

—

​

​

—

​

​

38,310

​

​

(492)

Agency commercial mortgage-backed securities

​

3,884

​

(13)

​

15,764

​

(2,058)

​

19,648

​

(2,071)

SBA pool securities

​

4,256

​

(72)

​

1,713

​

(20)

​

5,969

​

(92)

Total

​

$

103,699

​

$

(1,504)

​

$

32,842

​

$

(3,376)

​

$

136,541

​

$

(4,880)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less than 12 months

​

12 Months or More

​

Total

June 30, 2026

​ ​ ​

Fair

​ ​ ​

Unrecognized

​ ​ ​

Fair

​ ​ ​

Unrecognized

​ ​ ​

Fair

​ ​ ​

Unrecognized

Held-to-Maturity

​

value

​

Losses

​

value

​

Losses

​

value

​

Losses

Residential government-sponsored mortgage-backed securities

​

$

—

​

$

—

​

$

4,572

​

$

(435)

​

$

4,572

​

$

(435)

Obligations of states and political subdivisions

​

—

​

—

​

909

​

(31)

​

909

​

(31)

Total

​

$

—

​

$

—

​

$

5,481

​

$

(466)

​

$

5,481

​

$

(466)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less than 12 months

​

12 Months or More

​

Total

December 31, 2025

​ ​ ​

Fair

​ ​ ​

Unrealized

​ ​ ​

Fair

​ ​ ​

Unrealized

​ ​ ​

Fair

​ ​ ​

Unrealized

Available-for-Sale

​

value

​

Losses

​

value

​

Losses

​

value

​

Losses

Residential government-sponsored mortgage-backed securities

​

$

27,502

​

$

(43)

​

$

4,802

​

$

(608)

​

$

32,304

​

$

(651)

Obligations of states and political subdivisions

​

​

—

​

​

—

​

​

4,323

​

​

(547)

​

​

4,323

​

​

(547)

Corporate securities

​

​

—

​

​

—

​

​

6,579

​

​

(421)

​

​

6,579

​

​

(421)

Residential government-sponsored collateralized mortgage obligations

​

​

14,090

​

​

(16)

​

​

—

​

​

—

​

​

14,090

​

​

(16)

Government-sponsored agency securities

​

—

​

—

​

—

​

—

​

—

​

—

Agency commercial mortgage-backed securities

​

—

​

—

​

16,965

​

(2,048)

​

16,965

​

(2,048)

SBA pool securities

​

—

​

—

​

6,004

​

(64)

​

6,004

​

(64)

Total

​

$

41,592

​

$

(59)

​

$

38,673

​

$

(3,688)

​

$

80,265

​

$

(3,747)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less than 12 months

​

12 Months or More

​

Total

December 31, 2025

​ ​ ​

Fair

​ ​ ​

Unrecognized

​ ​ ​

Fair

​ ​ ​

Unrecognized

​ ​ ​

Fair

​ ​ ​

Unrecognized

Held-to-Maturity

​

value

​

Losses

​

value

​

Losses

​

value

​

Losses

Residential government-sponsored mortgage-backed securities

​

$

—

​

$

—

​

$

5,001

​

$

(397)

​

$

5,001

​

$

(397)

Obligations of states and political subdivisions

​

—

​

—

​

913

​

(26)

​

913

​

(26)

Total

​

$

—

​

$

—

​

$

5,914

​

$

(423)

​

$

5,914

​

$

(423)

​

​

​

​

13

Table of Contents

3.     LOANS AND ALLOWANCE FOR CREDIT LOSSES

The following table summarizes the composition of our loan portfolio as of June 30, 2026 and December 31, 2025 ($ in thousands):

​	​	​	​	​	​	​
​	​ ​ ​	June 30, 2026		​ ​ ​	December 31, 2025
Loans held for sale, at fair value	​	$	198,713	​	$	166,066
Loans held for sale, at lower of cost or market	​	​	33,277	​	​	—
Total loans held for sale	​	$	231,990	​	$	166,066
​	​	​	​	​	​	​
Loans held for investment	​	​	​	​	​	​
Loans secured by real estate:	​	​	​		​	​
Commercial real estate - owner occupied (1)	​	$	560,515	​	$	510,088
Commercial real estate - non-owner occupied	​		522,383	​		567,091
Secured by farmland	​		2,479	​		3,408
Construction and land development	​		153,906	​		131,757
Residential 1-4 family	​		558,782	​		576,866
Multi-family residential	​		137,953	​		140,261
Home equity lines of credit	​		61,985	​		61,738
Total real estate loans	​		1,998,003	​		1,991,209
​	​	​	​	​	​	​
Commercial loans (2)	​		1,184,862	​		970,492
Paycheck Protection Program loans	​	​	1,713	​	​	1,719
Consumer loans	​		277,248	​		315,407
Total Non-PCD loans	​		3,461,826	​		3,278,827
PCD loans	​	​	4,562	​	​	4,856
Total loans held for investment	​	$	3,466,388	​	$	3,283,683

(1) Includes $5 million and $6 million related to loans collateralizing secured borrowings as of June 30, 2026 and December 31, 2025, respectively.

(2) Includes $9 million related to loans collateralizing secured borrowings as of June 30, 2026 and December 31, 2025.

Consumer Program Loans

The Company had $75 million and $90 million of amortized cost balance of loans outstanding in the Consumer Program as of June 30, 2026 and December 31, 2025, respectively, or 2% and 3%, respectively of our total gross loan portfolio as of each date. Loans in the Consumer Program are included within the consumer loans category disclosures in this footnote. As of June 30, 2026, less than 1% of the loans were in a promotional period requiring no payment of interest, with these remaining promotional loans ending their promotional period in the third quarter of 2026.

Accrued Interest Receivable

Accrued interest receivable on loans totaled $16 million and $18 million as of June 30, 2026 and December 31, 2025, respectively, and is included in other assets in the condensed consolidated balance sheets.

Nonaccrual and Past Due Loans

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. In determining whether or not a borrower may be unable to meet payment obligations for each class of loans, Primis considers the borrower’s debt service capacity through the analysis of current financial information, if available, and/or current information with regards to the Company’s collateral position. Regulatory provisions typically require the placement of a loan on nonaccrual status if (i) principal or interest has been in default for a period of 90 days or more unless the loan is both well secured and in the process of collection or (ii) full payment of principal and interest is not expected. Loans may

14

Table of Contents

be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income on nonaccrual loans is recognized only to the extent that cash payments are received in excess of principal due. A loan may be returned to accrual status when all the principal and interest amounts contractually due are brought current and future principal and interest amounts contractually due are reasonably assured, which is typically evidenced by a sustained period (at least six months) of repayment performance by the borrower.

The following tables present the aging of the recorded investment in past due loans by class of loans held for investment as of June 30, 2026 and December 31, 2025 ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

30 - 59

​ ​ ​

60 - 89

​ ​ ​

90

​ ​ ​

​

​

​ ​ ​

​

​

​ ​ ​

​

​

​

​

Days

​

Days

​

Days

​

Total

​

Loans Not

​

Total

June 30, 2026

​

Past Due

​

Past Due

​

or More

​

Past Due

​

Past Due

​

Loans

Commercial real estate - owner occupied

​

$

6,822

​

$

180

​

$

5,512

​

$

12,514

​

$

548,001

​

$

560,515

Commercial real estate - non-owner occupied

​

—

​

38,778

​

​

324

​

39,102

​

483,281

​

522,383

Secured by farmland

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2,479

​

​

2,479

Construction and land development

​

—

​

​

12,887

​

​

389

​

​

13,276

​

​

140,630

​

153,906

Residential 1-4 family

​

1,158

​

​

388

​

​

2,283

​

​

3,829

​

​

554,953

​

558,782

Multi- family residential

​

​

1,027

​

​

—

​

​

—

​

​

1,027

​

​

136,926

​

​

137,953

Home equity lines of credit

​

134

​

​

—

​

​

62

​

​

196

​

​

61,789

​

61,985

Commercial loans

​

​

1,837

​

​

2,573

​

​

3,540

​

​

7,950

​

​

1,176,912

​

​

1,184,862

Paycheck Protection Program loans

​

​

—

​

​

—

​

​

1,713

​

​

1,713

​

​

—

​

​

1,713

Consumer loans

​

1,118

​

​

800

​

​

74

​

1,992

​

275,256

​

277,248

Total Non-PCD loans

​

​

12,096

​

​

55,606

​

​

13,897

​

​

81,599

​

​

3,380,227

​

​

3,461,826

PCD loans

​

​

368

​

​

—

​

​

—

​

​

368

​

​

4,194

​

​

4,562

Total

​

$

12,464

​

$

55,606

​

$

13,897

​

$

81,967

​

$

3,384,421

​

$

3,466,388

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

30 - 59

​ ​ ​

60 - 89

​ ​ ​

90

​ ​ ​

​

​

​ ​ ​

​

​

​ ​ ​

​

​

​ ​ ​

​

​

Days

​

Days

​

Days

​

Total

​

Loans Not

​

Total

​

December 31, 2025

​

Past Due

​

Past Due

​

or More

​

Past Due

​

Past Due

​

Loans

​

Commercial real estate - owner occupied

​

$

5,187

​

$

188

​

$

1,412

​

$

6,787

​

$

503,301

​

$

510,088

​

Commercial real estate - non-owner occupied

​

31,069

​

48,022

​

​

—

​

79,091

​

488,000

​

567,091

​

Secured by farmland

​

​

—

​

​

—

​

​

—

​

​

—

​

​

3,408

​

​

3,408

​

Construction and land development

​

12,259

​

​

407

​

​

—

​

​

12,666

​

​

119,091

​

131,757

​

Residential 1-4 family

​

2,071

​

​

498

​

​

2,274

​

​

4,843

​

​

572,023

​

576,866

​

Multi- family residential

​

​

1,544

​

​

—

​

​

—

​

​

1,544

​

​

138,717

​

​

140,261

​

Home equity lines of credit

​

80

​

​

58

​

​

—

​

​

138

​

​

61,600

​

61,738

​

Commercial loans

​

​

2,384

​

​

20,642

​

​

1,972

​

​

24,998

​

​

945,494

​

​

970,492

​

Paycheck Protection Program loans

​

​

3

​

​

—

​

​

1,714

​

​

1,717

​

​

2

​

​

1,719

​

Consumer loans

​

2,095

​

​

1,101

​

​

149

​

3,345

​

312,062

​

315,407

​

Total Non-PCD loans

​

​

56,692

​

​

70,916

​

​

7,521

​

​

135,129

​

​

3,143,698

​

​

3,278,827

​

PCD loans

​

​

—

​

​

—

​

​

—

​

​

—

​

​

4,856

​

​

4,856

​

Total

​

$

56,692

​

$

70,916

​

$

7,521

​

$

135,129

​

$

3,148,554

​

$

3,283,683

​

​

​

15

Table of Contents

The amortized cost, by class, of loans and leases on nonaccrual status as of June 30, 2026 and December 31, 2025, were as follows ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

90 Days

​ ​ ​

​

Less Than

​ ​ ​

Total

​ ​ ​

Nonaccrual With

​

​

Past Due

​

​

90 Days

​

Nonaccrual

​

No Credit

June 30, 2026

​

or More

​

​

Past Due

​

Loans

​

Loss Allowance

Commercial real estate - owner occupied

​

$

1,411

​

$

455

​

$

1,866

​

$

541

Commercial real estate - non-owner occupied

​

324

​

38,779

​

39,103

​

—

Secured by farmland

​

​

—

​

​

215

​

​

215

​

​

215

Construction and land development

​

389

​

118

​

507

​

118

Residential 1-4 family

​

2,283

​

3,327

​

5,610

​

5,610

Home equity lines of credit

​

​

62

​

​

422

​

​

484

​

​

484

Commercial loans

​

3,527

​

8,262

​

11,789

​

9,018

Consumer loans

​

74

​

1,068

​

1,142

​

783

Total Non-PCD loans

​

​

8,070

​

​

52,646

​

​

60,716

​

​

16,769

PCD loans

​

​

—

​

​

1,131

​

​

1,131

​

​

1,130

Total

​

$

8,070

​

$

53,777

​

$

61,847

​

$

17,899

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

90 Days

​ ​ ​

​

Less Than

​ ​ ​

Total

​ ​ ​

Nonaccrual With

​

​

Past Due

​

​

90 Days

​

Nonaccrual

​

No Credit

December 31, 2025

​

or More

​

​

Past Due

​

Loans

​

Loss Allowance

Commercial real estate - owner occupied

​

$

1,412

​

$

472

​

$

1,884

​

$

559

Commercial real estate - non-owner occupied

​

—

​

39,841

​

39,841

​

360

Secured by farmland

​

​

—

​

​

275

​

​

275

​

​

275

Construction and land development

​

—

​

499

​

499

​

499

Residential 1-4 family

​

2,274

​

3,846

​

6,120

​

6,120

Home equity lines of credit

​

​

—

​

​

498

​

​

498

​

​

498

Commercial loans

​

1,972

​

31,661

​

33,633

​

8,661

Consumer loans

​

149

​

730

​

879

​

879

Total Non-PCD loans

​

​

5,807

​

​

77,822

​

​

83,629

​

​

17,851

PCD loans

​

​

—

​

​

1,194

​

​

1,194

​

​

1,193

Total

​

$

5,807

​

$

79,016

​

$

84,823

​

$

19,044

​

There were $2 million of PPP loans greater than 90 days past due and still accruing as of both June 30, 2026 and December 31, 2025.

​

16

Table of Contents

The following table presents nonaccrual loans as of June 30, 2026 by class and year of origination ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

Converted

​

​

​

​

​

2026

​

2025

​

2024

​

2023

2022

​

Prior

​

Loans

​

To Term

Total

Commercial real estate - owner occupied

​

$

—

​

$

—

​

$

—

​

$

—

​

$

87

​

$

1,779

​

$

—

​

$

—

​

$

1,866

Commercial real estate - non-owner occupied

​

—

​

—

​

—

​

—

​

324

​

38,779

​

—

​

—

​

39,103

Secured by farmland

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

215

​

​

—

​

​

—

​

​

215

Construction and land development

​

—

​

—

​

—

​

—

​

—

​

507

​

—

​

—

​

507

Residential 1-4 family

​

​

—

​

—

​

​

112

​

​

—

​

​

1,238

​

​

3,968

​

​

164

​

​

128

​

​

5,610

Home equity lines of credit

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

484

​

​

—

​

​

484

Commercial loans

​

—

​

47

​

8,329

​

208

​

1,575

​

1,334

​

62

​

234

​

11,789

Consumer loans

​

​

—

​

—

​

​

39

​

​

61

​

​

762

​

​

259

​

​

—

​

​

21

​

​

1,142

Total non-PCD nonaccruals

​

​

—

​

​

47

​

​

8,480

​

​

269

​

​

3,986

​

​

46,841

​

​

710

​

​

383

​

​

60,716

PCD loans

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,131

​

​

—

​

​

—

​

​

1,131

Total nonaccrual loans

​

$

—

​

$

47

​

$

8,480

​

$

269

​

$

3,986

​

$

47,972

​

$

710

​

$

383

​

$

61,847

​

Interest received on nonaccrual loans was immaterial and $736 thousand for the three and six months ended June 30, 2026, respectively, and was immaterial for both the three and six months ended 2025.

Modifications Provided to Borrowers Experiencing Financial Difficulty

The Bank determines that a borrower may be experiencing financial difficulty if the borrower is currently delinquent on any of its debt, or if the Bank is concerned that the borrower may not be able to perform in accordance with the current terms of the loan agreement in the foreseeable future. Many aspects of the borrower’s financial situation are assessed when determining whether they are experiencing financial difficulty, particularly for commercial borrowers due to the complex nature of the loan structure, business/industry risk and borrower/guarantor structures. Concessions may include the reduction of an interest rate at a rate lower than current market rates for a new loan with similar risk, extension of the maturity date, reduction of accrued interest, or principal forgiveness. When evaluating whether a concession has been granted, the Bank also considers whether the borrower has provided additional collateral or guarantors and whether such additions adequately compensate the Bank for the restructured terms, or if the revised terms are consistent with those currently being offered to new loan customers.

The assessments of whether a borrower is experiencing financial difficulty at the time a concession has been granted is inherently subjective in nature, and management’s judgment is required when determining whether the concession results in a modification that is accounted for as a new loan or a continuation of the existing loan under GAAP.

Although each occurrence is unique to the borrower and is evaluated separately, for all portfolio segments, loans modified as a result of borrowers experiencing financial difficulty are typically modified through reductions in interest rates, reductions in payments, changing the payment terms from principal and interest to interest only, and/or extensions in term maturity.

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty.  Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. Occasionally, the Company modifies certain loans by providing principal forgiveness. When principal forgiveness is provided, the amortized cost basis of the loan is written off against the allowance. The amount of the principal forgiveness is deemed to be uncollectible; therefore,

17

Table of Contents

that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

​

If it is determined that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. At that time, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

The following table provides a summary of the amortized cost basis of loan modifications to borrowers experiencing financial difficulty during the three and six months ended June 30, 2026 and the related percentage of the class of the loan portfolio period-end balance by the type of modification as of June 30, 2026, excluding Consumer Program loans ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended June 30, 2026

​

​

For the three months ended June 30, 2025

​

​

Interest Only Payment Periods

​

Total

​

​

Payment Deferral

​

Total

​

​

​

$

%

​

​

​

$

%

​

​

​

​

$

%

​

​

​

$

%

​

Commercial real estate - owner occupied

​

$

—

—

%

​

$

—

—

%

​

​

$

1,729

0.36

%

​

$

1,729

0.36

%

Multi-family residential

​

​

—

—

%

​

​

—

—

%

​

​

​

554

0.35

%

​

​

554

0.35

%

Commercial loans

​

—

—

%

​

—

—

%

​

​

24,023

2.96

%

​

24,023

2.96

%

Total

​

$

—

​

​

​

$

—

​

​

​

​

$

26,306

​

​

​

$

26,306

​

​

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the six months ended June 30, 2026									​	For the six months ended June 30, 2025
​	​	Interest Only Payment Periods				​	Total				​	​	Payment Deferral				​	Total
​	​	​	$	%	​	​	​	$	%	​	​	​	​	$	%	​	​	​	$	%	​
Commercial real estate - owner occupied	​	$	—	—	%	​	$	—	—	%	​	​	$	1,729	0.36	%	​	$	1,729	0.36	%
Commercial real estate - non-owner occupied	​	​	7,047	1.35	%	​	​	7,047	1.35	%	​	​	​	—	—	%	​	​	—	—	%
Multi-family residential	​	​	—	—	%	​	​	—	—	%	​	​	​	554	0.35	%	​	​	554	0.35	%
Commercial loans	​		—	—	%	​		—	—	%	​	​		24,023	2.96	%	​		24,023	2.96	%
Total	​	$	7,047	​	​	​	$	7,047	​	​	​	​	$	26,306	​	​	​	$	26,306	​	​

​

​

The following table depicts the amortized cost basis as of June 30, 2026, of the performance of loans that have been modified to borrowers experiencing financial difficulty in the last 12 months ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Payment Status

​

​

Current

​

30-59 days past due

​

60-89 days past due

​

90 days or more

Commercial real estate - owner occupied

​

$

2,119

​

$

—

​

$

—

​

$

—

Commercial real estate - non-owner occupied

​

​

37,777

​

​

—

​

​

38,778

​

​

—

Total

​

$

39,896

​

$

—

​

$

38,778

​

$

—

​

Consumer Program Modifications

The Company began offering modifications to Consumer Program borrowers beginning on January 1, 2025, in an attempt to enhance collections of delinquent loans and mitigate charge-offs. The primary type of modifications were principal forgiveness of portions of outstanding principal owed and a combination of term modifications to extend maturity dates and interest rate reductions (primarily on promotional loans).

18

Table of Contents

The following table provides a summary of the loan modifications to Consumer Program borrowers experiencing financial difficulty during the three and six months ended June 30, 2026 and 2025, by the type of modification ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended June 30, 2026

​

For the three months ended June 30, 2025

​

​

​

​

Total

​

Average

​

Average

​

​

​

Total

​

Average

​

Average

​

​

​

​

Amortized

​

Term

​

Rate Change

​

​

​

Amortized

​

Term

​

Rate Change

​

​

# of

​

Cost

​

Adjustment

​

of Modified

​

# of

​

Cost

​

Adjustment

​

of Modified

​

​ ​ ​

Loans

​

Modified

​ ​ ​

(Years)

​ ​ ​

Loans

​ ​ ​

Loans

​

Modified

​ ​ ​

(Years)

​ ​ ​

Loans

Term and Interest Rate

​

46

​

$

926

​

​

2.8

​

(4.96)

%

​

235

​

$

3,343

​

​

2.5

​

(11.54)

%

Interest only

​

2

​

$

26

​

​

N/A

​

(10.49)

%

​

—

​

$

—

​

​

—

​

—

%

Principal Forgiveness (1)

​

11

​

$

31

​

​

N/A

​

N/A

%

​

79

​

$

675

​

​

N/A

​

N/A

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the six months ended June 30, 2026

​

For the six months ended June 30, 2025

​

​

​

​

Total

​

Average

​

Average

​

​

​

Total

​

Average

​

Average

​

​

​

​

Amortized

​

Term

​

Rate Change

​

​

​

Amortized

​

Term

​

Rate Change

​

​

# of

​

Cost

​

Adjustment

​

of Modified

​

# of

​

Cost

​

Adjustment

​

of Modified

​

​ ​ ​

Loans

​

Modified

​ ​ ​

(Years)

​ ​ ​

Loans

​ ​ ​

Loans

​

Modified

​ ​ ​

(Years)

​ ​ ​

Loans

Term and Interest Rate

​

101

​

$

1,641

​

​

3.0

​

(5.95)

%

​

417

​

$

5,408

​

​

3.2

​

(12.36)

%

Interest only

​

2

​

$

26

​

​

N/A

​

(10.49)

%

​

—

​

$

—

​

​

—

​

—

%

Principal Forgiveness (1)

​

35

​

$

189

​

​

N/A

​

N/A

%

​

146

​

$

1,536

​

​

N/A

​

N/A

%

⁽¹⁾Amounts reflect amount of principal forgiveness

The following table provides a status as of June 30, 2026 of the amortized cost of Consumer Program loans modified over the last twelve months by the type of modification ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Term and

​

​

​

​

​

​

​

​

​

​ ​ ​

​

​

Interest

​

​

​

​

​

​

​

​

​

​

​

​

Rate

​

​

Interest

​

Term

​

​

Principal

​

Status

​

Modifications

​

​

Modifications

​

Modifications

​

​

Modifications

​

Current

​

$

3,665

​

$

26

​

$

63

​

$

105

​

1-30 days past due

​

$

635

​

$

—

​

$

26

​

$

—

​

31-60 days past due

​

$

143

​

$

—

​

$

—

​

$

—

​

61-90 days past due

​

$

175

​

$

—

​

$

—

​

$

—

​

​

Credit Quality Indicators

For each class of loan, the primary credit quality indicator used for evaluating credit quality and estimating the ACL is risk rating categories of Pass, Pass/Watch, Special Mention, Substandard, and Doubtful. Through its system of internal controls, Primis evaluates and segments loan portfolio credit quality using regulatory definitions for Pass, Special Mention, Substandard, and Doubtful. Special Mention loans are considered “criticized”, while loans classified as Substandard or Doubtful are considered “classified”.

The risk levels, as described below, do not necessarily follow the regulatory definitions of risk levels with the same name. A general description of the characteristics of the risk levels follows:

Pass is determined by the following criteria:

● Risk rated 1 loans have little or no risk and are generally secured by cash or cash equivalents;

● Risk rated 2 loans have minimal risk to well qualified borrowers and no significant questions as to safety;

● Risk rated 3 loans are satisfactory loans with strong borrowers and secondary sources of repayment;

● Risk rated 4 loans are satisfactory loans with borrowers not as strong as risk rated 3 loans and may exhibit a greater degree of financial risk based on the type of business supporting the loan.

​

19

Table of Contents

In the first quarter of 2026, the Company expanded its risk grade matrix to include Risk Grade 5 – “Pass/Watch” that is determined by the following criteria:

● Risk rated 5 loans are pass loans that warrant more than the normal level of supervision and have the possibility of an event occurring that may weaken the borrower’s ability to repay.

Special Mention is determined by the following criteria:

● Risk rated 6 loans are special mention loans that have increasing potential weaknesses beyond those at which the loan originally was granted and if not addressed could lead to inadequately protecting the Company’s credit position.

Substandard is determined by the following criteria:

● Risk rated 7 loans are substandard loans and are inadequately protected by the current sound worth or paying capacity of the obligor or the collateral pledged. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful is determined by the following criteria:

● Risk rated 8 loans are doubtful of collection and the possibility of loss is high, but pending specific borrower plans for recovery, its classification as a loss is deferred until its more exact status is determined.

● Risk rated 9 loans are loans which are considered uncollectable and of such little value that their continuance as bankable assets is not warranted.

In monitoring credit quality trends in the context of assessing the appropriate level of the allowance for credit losses on loans, we monitor portfolio credit quality by the weighted-average risk grade of each class of loan.

20

Table of Contents

The following table presents weighted-average risk grades for all loans, by class and year of origination/renewal as of June 30, 2026 ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

Converted

​

​

​

​

​

2026

​

2025

​

2024

​

2023

​

2022

​

Prior

​

Loans

​

To Term

​

Total

Commercial real estate - owner occupied

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

55,265

​

$

77,529

​

$

52,336

​

$

64,935

​

$

68,005

​

$

219,866

​

$

1,269

​

$

7,924

​

$

547,129

Pass/Watch

​

​

149

​

​

—

​

​

—

​

​

—

​

​

3,406

​

​

5,065

​

​

—

​

​

—

​

​

8,620

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

87

​

​

706

​

​

—

​

​

—

​

​

793

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

3,973

​

​

—

​

​

—

​

​

3,973

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

55,414

​

$

77,529

​

$

52,336

​

$

64,935

​

$

71,498

​

$

229,610

​

$

1,269

​

$

7,924

​

$

560,515

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

3.58

​

​

3.29

​

​

3.21

​

​

3.59

​

​

3.46

​

​

3.50

​

​

3.37

​

​

3.74

​

​

3.46

Commercial real estate - nonowner occupied

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

12,048

​

$

15,814

​

$

21,553

​

$

27,359

​

$

21,129

​

$

293,809

​

$

6,210

​

$

3,497

​

$

401,419

Pass/Watch

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

538

​

​

—

​

​

—

​

​

538

Special Mention

​

​

668

​

​

—

​

​

—

​

​

—

​

​

17,276

​

​

32,650

​

​

—

​

​

—

​

​

50,594

Substandard

​

​

—

​

​

6

​

​

—

​

​

—

​

​

324

​

​

69,502

​

​

—

​

​

—

​

​

69,832

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

12,716

​

$

15,820

​

$

21,553

​

$

27,359

​

$

38,729

​

$

396,499

​

$

6,210

​

$

3,497

​

$

522,383

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

3.40

​

​

3.18

​

​

3.75

​

​

3.78

​

​

4.82

​

​

4.46

​

​

3.80

​

​

3.05

​

​

4.34

Secured by farmland

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

493

​

$

69

​

$

18

​

$

—

​

$

—

​

$

1,396

​

$

470

​

$

33

​

$

2,479

Pass/Watch

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

493

​

$

69

​

$

18

​

$

—

​

$

—

​

$

1,396

​

$

470

​

$

33

​

$

2,479

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

4.00

​

​

4.00

​

​

4.00

​

​

N/A

​

​

N/A

​

​

3.99

​

​

3.98

​

​

2.68

​

​

3.97

Construction and land development

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

25,555

​

$

76,514

​

$

4,605

​

$

6,937

​

$

32,747

​

$

6,598

​

$

443

​

$

—

​

$

153,399

Pass/Watch

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

507

​

​

—

​

​

—

​

​

507

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

25,555

​

$

76,514

​

$

4,605

​

$

6,937

​

$

32,747

​

$

7,105

​

$

443

​

$

—

​

$

153,906

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

3.65

​

​

3.14

​

​

3.00

​

​

3.92

​

​

3.63

​

​

3.62

​

​

3.67

​

​

N/A

​

​

3.38

Residential 1-4 family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

38,386

​

$

54,246

​

$

21,704

​

$

17,451

​

$

126,186

​

$

285,717

​

$

6,077

​

$

3,077

​

$

552,844

Pass/Watch

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

264

​

​

—

​

​

—

​

​

264

Substandard

​

​

—

​

​

—

​

​

112

​

​

—

​

​

1,238

​

​

4,032

​

​

164

​

​

128

​

​

5,674

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

38,386

​

$

54,246

​

$

21,816

​

$

17,451

​

$

127,424

​

$

290,013

​

$

6,241

​

$

3,205

​

$

558,782

Current period gross charge offs

​

$

—

​

$

—

​

$

​

​

$

—

​

$

—

​

$

​

​

$

5

​

$

—

​

$

5

Weighted average risk grade

​

​

3.49

​

​

3.05

​

​

3.11

​

​

3.13

​

​

3.07

​

​

3.16

​

​

3.10

​

​

3.74

​

​

3.15

Multi- family residential

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

3,014

​

$

7,408

​

$

—

​

$

434

​

$

21,165

​

$

103,745

​

$

2,186

​

$

—

​

$

137,952

Pass/Watch

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1

​

​

—

​

​

—

​

​

1

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

3,014

​

$

7,408

​

$

—

​

$

434

​

$

21,165

​

$

103,746

​

$

2,186

​

$

—

​

$

137,953

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

3.80

​

​

4.00

​

​

N/A

​

​

3.00

​

​

3.17

​

​

3.36

​

​

3.32

​

​

N/A

​

​

3.37

Home equity lines of credit

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

112

​

$

590

​

$

212

​

$

384

​

$

446

​

$

563

​

$

58,345

​

$

95

​

$

60,747

Pass/Watch

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

730

​

​

—

​

​

730

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

5

​

​

5

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

503

​

​

—

​

​

503

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

112

​

$

590

​

$

212

​

$

384

​

$

446

​

$

563

​

$

59,578

​

$

100

​

$

61,985

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

3.00

​

​

3.00

​

​

3.00

​

​

3.00

​

​

3.00

​

​

3.09

​

​

3.11

​

​

3.63

​

​

3.11

​

21

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

Converted

​

​

​

​

​

2026

​

2025

​

2024

​

2023

​

2022

​

Prior

​

Loans

​

To Term

​

Total

Commercial loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

569,434

​

$

164,011

​

$

77,143

​

$

52,131

​

$

122,925

​

$

40,141

​

$

108,176

​

$

8,137

​

$

1,142,098

Pass/Watch

​

​

30

​

​

1,391

​

​

929

​

​

—

​

​

3,342

​

​

24

​

​

3,095

​

​

—

​

​

8,811

Special Mention

​

​

—

​

​

5,000

​

​

—

​

​

4

​

​

724

​

​

2,329

​

​

13,511

​

​

839

​

​

22,407

Substandard

​

​

—

​

​

48

​

​

780

​

​

208

​

​

1,342

​

​

1,331

​

​

54

​

​

234

​

​

3,997

Doubtful

​

​

—

​

​

—

​

​

7,549

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

7,549

​

​

$

569,464

​

$

170,450

​

$

86,401

​

$

52,343

​

$

128,333

​

$

43,825

​

$

124,836

​

$

9,210

​

$

1,184,862

Current period gross charge offs

​

$

—

​

$

—

​

$

​

​

$

​

​

$

2,303

​

$

78

​

$

1,988

​

$

​

​

$

4,369

Weighted average risk grade

​

​

3.98

​

​

3.49

​

​

3.68

​

​

3.50

​

​

3.14

​

​

3.82

​

​

3.63

​

​

4.07

​

​

3.73

Paycheck Protection Program loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

1,713

​

$

—

​

$

—

​

$

1,713

Pass/Watch

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

1,713

​

$

—

​

$

—

​

$

1,713

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

​

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

N/A

​

​

N/A

​

​

N/A

​

​

N/A

​

​

N/A

​

​

2.00

​

​

N/A

​

​

N/A

​

​

2.00

Consumer loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

10,692

​

$

14,176

​

$

34,891

​

$

31,072

​

$

159,434

​

$

16,089

​

$

9,193

​

$

489

​

$

276,036

Pass/Watch

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention

​

​

—

​

​

—

​

​

1

​

​

7

​

​

42

​

​

14

​

​

—

​

​

—

​

​

64

Substandard

​

​

—

​

​

—

​

​

26

​

​

62

​

​

798

​

​

241

​

​

—

​

​

21

​

​

1,148

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

10,692

​

$

14,176

​

$

34,918

​

$

31,141

​

$

160,274

​

$

16,344

​

$

9,193

​

$

510

​

$

277,248

Current period gross charge offs

​

$

—

​

$

376

​

$

1,527

​

$

1,732

​

$

1,185

​

$

216

​

$

—

​

$

—

​

$

5,036

Weighted average risk grade

​

​

4.00

​

​

4.00

​

​

4.00

​

​

3.56

​

​

2.83

​

​

3.26

​

​

2.50

​

​

4.13

​

​

3.18

PCD

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

2,229

​

$

—

​

$

—

​

$

2,229

Pass/Watch

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,084

​

​

—

​

​

—

​

​

1,084

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,249

​

​

—

​

​

—

​

​

1,249

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

4,562

​

$

—

​

$

—

​

$

4,562

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

N/A

​

​

N/A

​

​

N/A

​

​

N/A

​

​

N/A

​

​

5.22

​

​

N/A

​

​

N/A

​

​

5.22

Total

​

$

715,846

​

$

416,802

​

$

221,859

​

$

200,984

​

$

580,616

​

$

1,095,378

​

$

210,424

​

$

24,479

​

$

3,466,388

Current period gross charge offs

​

$

—

​

$

376

​

$

1,527

​

$

1,732

​

$

3,488

​

$

294

​

$

1,993

​

$

—

​

$

9,410

Weighted average risk grade

​

​

3.90

​

​

3.34

​

​

3.56

​

​

3.55

​

​

3.22

​

​

3.76

​

​

3.42

​

​

3.77

​

​

3.60

​

​

22

Table of Contents

The following table presents weighted-average risk grades for all loans, by class and year of origination/renewal as of December 31, 2025 ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

Converted

​

​

​

​

​

2025

​

2024

​

2023

​

2022

​

2021

​

Prior

​

Loans

​

To Term

​

Total

Commercial real estate - owner occupied

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

70,931

​

$

53,252

​

$

62,228

​

$

72,651

​

$

58,092

​

$

176,323

​

$

1,407

​

$

8,028

​

$

502,912

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

3,165

​

​

—

​

​

—

​

​

3,165

Substandard

​

​

—

​

​

—

​

​

—

​

​

87

​

​

187

​

​

3,737

​

​

—

​

​

—

​

​

4,011

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

70,931

​

$

53,252

​

$

62,228

​

$

72,738

​

$

58,279

​

$

183,225

​

$

1,407

​

$

8,028

​

$

510,088

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

3.32

​

​

3.21

​

​

3.54

​

​

3.41

​

​

3.42

​

​

3.46

​

​

3.46

​

​

3.74

​

​

3.42

Commercial real estate - nonowner occupied

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

15,950

​

$

21,700

​

$

42,907

​

$

27,724

​

$

41,446

​

$

282,205

​

$

11,365

​

$

3,315

​

$

446,612

Special Mention

​

​

—

​

​

—

​

​

—

​

​

17,276

​

​

—

​

​

4,379

​

​

—

​

​

—

​

​

21,655

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

98,562

​

​

262

​

​

—

​

​

—

​

​

98,824

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

15,950

​

$

21,700

​

$

42,907

​

$

45,000

​

$

140,008

​

$

286,846

​

$

11,365

​

$

3,315

​

$

567,091

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

3.20

​

​

3.74

​

​

3.61

​

​

3.85

​

​

5.22

​

​

3.70

​

​

3.71

​

​

2.98

​

​

4.07

Secured by farmland

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

406

​

$

21

​

$

—

​

$

—

​

$

—

​

$

2,031

​

$

616

​

$

59

​

$

3,133

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

275

​

​

—

​

​

—

​

​

275

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

406

​

$

21

​

$

—

​

$

—

​

$

—

​

$

2,306

​

$

616

​

$

59

​

$

3,408

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

3.95

​

​

4.00

​

​

N/A

​

​

N/A

​

​

N/A

​

​

4.23

​

​

3.93

​

​

2.92

​

​

4.12

Construction and land development

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

69,022

​

$

12,971

​

$

7,081

​

$

34,816

​

$

166

​

$

6,741

​

$

461

​

$

—

​

$

131,258

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

499

​

​

—

​

​

—

​

​

499

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

69,022

​

$

12,971

​

$

7,081

​

$

34,816

​

$

166

​

$

7,240

​

$

461

​

$

—

​

$

131,757

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

3.10

​

​

3.00

​

​

3.90

​

​

3.63

​

​

3.99

​

​

3.51

​

​

3.65

​

​

N/A

​

​

3.30

Residential 1-4 family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

53,742

​

$

38,550

​

$

23,232

​

$

141,982

​

$

123,591

​

$

182,506

​

$

4,861

​

$

2,663

​

$

571,127

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

267

​

​

—

​

​

—

​

​

267

Substandard

​

​

—

​

​

115

​

​

—

​

​

517

​

​

—

​

​

4,003

​

​

283

​

​

554

​

​

5,472

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

53,742

​

$

38,665

​

$

23,232

​

$

142,499

​

$

123,591

​

$

186,776

​

$

5,144

​

$

3,217

​

$

576,866

Current period gross charge offs

​

$

—

​

$

—

​

$

67

​

$

—

​

$

—

​

$

5

​

$

—

​

$

—

​

$

72

Weighted average risk grade

​

​

3.06

​

​

3.34

​

​

3.10

​

​

3.09

​

​

3.04

​

​

3.21

​

​

3.22

​

​

3.94

​

​

3.14

Multi- family residential

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

7,009

​

$

—

​

$

440

​

$

21,344

​

$

22,656

​

$

82,644

​

$

5,384

​

$

—

​

$

139,477

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

513

​

​

—

​

​

271

​

​

784

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

7,009

​

$

—

​

$

440

​

$

21,344

​

$

22,656

​

$

83,157

​

$

5,384

​

$

271

​

$

140,261

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

4.00

​

​

N/A

​

​

3.00

​

​

3.17

​

​

3.23

​

​

3.41

​

​

3.82

​

​

6.00

​

​

3.39

Home equity lines of credit

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

562

​

$

215

​

$

420

​

$

355

​

$

312

​

$

325

​

$

58,893

​

$

107

​

$

61,189

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(1)

​

​

—

​

​

—

​

​

(1)

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(2)

​

​

540

​

​

12

​

​

550

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

562

​

$

215

​

$

420

​

$

355

​

$

312

​

$

322

​

$

59,433

​

$

119

​

$

61,738

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

3.00

​

​

3.00

​

​

3.00

​

​

3.00

​

​

3.00

​

​

3.17

​

​

3.06

​

​

3.71

​

​

3.06

Commercial loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

169,480

​

$

399,604

​

$

55,482

​

$

143,884

​

$

25,566

​

$

19,446

​

$

92,493

​

$

8,292

​

$

914,247

Special Mention

​

​

4,994

​

​

—

​

​

—

​

​

769

​

​

2,278

​

​

1

​

​

13,510

​

​

885

​

​

22,437

Substandard

​

​

—

​

​

30

​

​

212

​

​

22,281

​

​

383

​

​

1,156

​

​

2,065

​

​

132

​

​

26,259

Doubtful

​

​

—

​

​

7,549

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

7,549

​

​

$

174,474

​

$

407,183

​

$

55,694

​

$

166,934

​

$

28,227

​

$

20,603

​

$

108,068

​

$

9,309

​

$

970,492

Current period gross charge offs

​

$

—

​

$

—

​

$

2

​

$

28

​

$

—

​

$

—

​

$

—

​

$

732

​

$

762

Weighted average risk grade

​

​

3.44

​

​

3.12

​

​

3.45

​

​

3.41

​

​

3.92

​

​

3.46

​

​

3.52

​

​

3.92

​

​

3.33

​

23

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

Converted

​

​

​

​

​

2025

​

2024

​

2023

​

2022

​

2021

​

Prior

​

Loans

​

To Term

​

Total

Paycheck Protection Program loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

—

​

$

—

​

$

—

​

$

—

​

$

849

​

$

870

​

$

—

​

$

—

​

$

1,719

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

—

​

$

—

​

$

—

​

$

—

​

$

849

​

$

870

​

$

—

​

$

—

​

$

1,719

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

173

​

$

—

​

$

—

​

$

—

​

$

173

Weighted average risk grade

​

​

N/A

​

​

N/A

​

​

N/A

​

​

N/A

​

​

2.00

​

​

2.00

​

​

N/A

​

​

N/A

​

​

2.00

Consumer loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

10,533

​

$

96,784

​

$

14,093

​

$

152,174

​

$

16,843

​

$

2,590

​

$

20,868

​

$

534

​

$

314,419

Special Mention

​

​

—

​

​

—

​

​

3

​

​

28

​

​

—

​

​

17

​

​

—

​

​

—

​

​

48

Substandard

​

​

—

​

​

10

​

​

86

​

​

517

​

​

315

​

​

2

​

​

—

​

​

10

​

​

940

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

10,533

​

$

96,794

​

$

14,182

​

$

152,719

​

$

17,158

​

$

2,609

​

$

20,868

​

$

544

​

$

315,407

Current period gross charge offs

​

$

264

​

$

3,255

​

$

13,490

​

$

15,838

​

$

402

​

$

68

​

$

9

​

$

—

​

$

33,326

Weighted average risk grade

​

​

4.00

​

​

4.00

​

​

3.03

​

​

2.69

​

​

3.08

​

​

4.01

​

​

2.20

​

​

4.04

​

​

3.16

PCD

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

2,426

​

$

—

​

$

—

​

$

2,426

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,113

​

​

—

​

​

—

​

​

1,113

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,317

​

​

—

​

​

—

​

​

1,317

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

4,856

​

$

—

​

$

—

​

$

4,856

Current period gross charge offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Weighted average risk grade

​

​

N/A

​

​

N/A

​

​

N/A

​

​

N/A

​

​

N/A

​

​

4.67

​

​

N/A

​

​

N/A

​

​

4.67

Total

​

$

402,629

​

$

630,801

​

$

206,184

​

$

636,405

​

$

391,246

​

$

778,810

​

$

212,746

​

$

24,862

​

$

3,283,683

Current period gross charge offs

​

$

264

​

$

3,255

​

$

13,559

​

$

15,866

​

$

575

​

$

73

​

$

9

​

$

732

​

$

34,333

Weighted average risk grade

​

​

3.33

​

​

3.29

​

​

3.46

​

​

3.20

​

​

3.95

​

​

3.50

​

​

3.27

​

​

3.76

​

​

3.42

​

Revolving loans that were converted to term loans during the three and six months ended June 30, 2026 were as follows ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended June 30, 2026

​

​

For the three months ended June 30, 2025

​

For the six months ended June 30, 2026

​

​

For the six months ended June 30, 2025

Commercial real estate - non-owner occupied

​

$

246

​

​

$

—

​

$

246

​

​

$

15

Residential 1-4 family

​

​

—

​

​

​

—

​

​

—

​

​

​

164

Commercial loans

​

509

​

​

149

​

571

​

​

1,075

Consumer loans

​

21

​

​

—

​

21

​

​

—

Total loans

​

$

776

​

​

$

149

​

$

838

​

​

$

1,254

​

The recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure was $1 million as of June 30, 2026 and December 31, 2025.

Allowance For Credit Losses – Loans

The allowance for credit losses on loans is a contra-asset valuation account, calculated in accordance with ASC 326 that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The amount of the allowance represents management's best estimate of current expected credit losses on loans considering available information, from internal and external sources, relevant to assessing collectability over the loans' contractual terms, adjusted for expected prepayments when appropriate. The accounting policy related to the allowance for credit losses is considered a critical policy given the level of estimation, judgment, and uncertainty in the levels of the allowance required to account for the expected losses in the loan portfolio and the material effect such estimation, judgment, and uncertainty can have on the consolidated financial results.

In calculating the allowance for credit losses, most loans are segmented into pools based upon similar characteristics and risk profiles. For allowance modeling purposes, our loan pools include but are not limited to (i) commercial real estate - owner occupied, (ii) commercial real estate - non-owner occupied, (iii) construction and land development, (iv) commercial, (v) agricultural loans, (vi) residential 1-4 family and (vii) consumer loans. We periodically reassess each pool to ensure the loans within the pool continue to share similar characteristics and risk profiles and to determine whether

24

Table of Contents

further segmentation is necessary. For each loan pool, we measure expected credit losses over the life of each loan utilizing a combination of inputs: (i) probability of default, (ii) probability of attrition, (iii) loss given default and (iv) exposure at default. Internal data is supplemented by, but not replaced by, peer data when required, primarily to determine the probability of default input. The various pool-specific inputs may be adjusted for current macroeconomic assumptions. Significant macroeconomic variables utilized in our allowance models include, among other things, (i) National Gross Domestic Product, (ii) Virginia House Price Index, and (iii) Virginia unemployment rates.

Management applies qualitative adjustments to model results for risk factors that are not considered within our quantitative modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. Qualitative factor (“Q-Factor”) adjustments are driven by key risk indicators that management tracks on a pool-by-pool basis. 

In some cases, management may determine that an individual loan exhibits unique risk characteristics which differentiate the loan from other loans within our loan pools. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. No allowance for credit losses has been recognized for PPP loans as such loans are fully guaranteed by the SBA.

The following tables present details of the allowance for credit losses on loans segregated by loan portfolio segment as of June 30, 2026 and December 31, 2025, calculated in accordance with ASC 326 ($ in thousands). 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

Commercial

​ ​ ​

Commercial

​ ​ ​

​

​

​ ​ ​

​

​

​ ​ ​

​

​

​ ​ ​

​

​

​ ​ ​

Home

​ ​ ​

​

​

​ ​ ​

​

​

​ ​ ​

​

​

​ ​ ​

​

​

​

​

Real Estate

​

Real Estate

​

​

​

Construction

​

​

​

​

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

​

Owner

​

Non-owner

​

Secured by

​

and Land

​

1-4 Family

​

Multi-Family

​

Lines Of

​

Commercial

​

Consumer

​

PCD

​

​

June 30, 2026

​

Occupied

​

Occupied

​

Farmland

​

Development

​

Residential

​

Residential

​

Credit

​

Loans

​

Loans

​

Loans

​

Total

Modeled expected credit losses

​

$

5,480

$

3,381

$

—

$

1,295

$

5,333

$

554

$

390

$

6,038

$

3,113

​

$

—

​

$

25,584

Q-factor and other qualitative adjustments

​

​

383

​

​

696

​

​

12

​

​

230

​

​

819

​

​

648

​

​

27

​

​

923

​

​

227

​

​

—

​

​

3,965

Specific allocations

​

334

​

​

13,653

​

​

—

​

​

189

​

​

52

​

​

—

​

​

—

​

​

1,680

​

​

507

​

​

—

​

​

16,415

Total

​

$

6,197

​

$

17,730

​

$

12

​

$

1,714

​

$

6,204

​

$

1,202

​

$

417

​

$

8,641

​

$

3,847

​

$

—

​

$

45,964

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

Commercial

​ ​ ​

Commercial

​ ​ ​

​

​

​ ​ ​

​

​

​ ​ ​

​

​

​ ​ ​

​

​

​ ​ ​

Home

​ ​ ​

​

​

​ ​ ​

​

​

​ ​ ​

​

​

​ ​ ​

​

​

​

​

Real Estate

​

Real Estate

​

​

​

Construction

​

​

​

​

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

​

Owner

​

Non-owner

​

Secured by

​

and Land

​

1-4 Family

​

Multi-Family

​

Lines Of

​

Commercial

​

Consumer

​

PCD

​

​

December 31, 2025

​

Occupied

​

Occupied

​

Farmland

​

Development

​

Residential

​

Residential

​

Credit

​

Loans

​

Loans

​

Loans

​

Total

Modeled expected credit losses

​

$

4,915

$

3,796

$

1

$

689

$

6,070

$

709

$

408

$

5,597

$

3,650

​

$

—

​

$

25,835

Q-factor and other qualitative adjustments

​

​

433

​

​

1,109

​

​

29

​

​

59

​

​

670

​

​

659

​

​

20

​

​

443

​

​

395

​

​

—

​

​

3,817

Specific allocations

​

334

​

​

10,424

​

​

—

​

​

—

​

​

112

​

​

—

​

​

—

​

​

5,157

​

​

204

​

​

—

​

​

16,231

Total

​

$

5,682

​

$

15,329

​

$

30

​

$

748

​

$

6,852

​

$

1,368

​

$

428

​

$

11,197

​

$

4,249

​

$

—

​

$

45,883

​

​

​

25

Table of Contents

Activity in the allowance for credit losses by class of loan for the three and six months ended June 30, 2026 and 2025 is summarized below ($ in thousands):

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	Commercial		Commercial		​ ​ ​	​	​ ​ ​	​	​ ​ ​	​	​ ​ ​	​	​ ​ ​	​	​ ​ ​	​	​ ​ ​	​	​ ​ ​	​		​
​	Real Estate		Real Estate		​		Construction		​	​	​	​	Home Equity		​	​	​		​	​		​
For the Three Months Ended	Owner		Non-owner		Secured by		and Land		1-4 Family		Multi-Family		Lines Of		Commercial		Consumer		PCD		​
June 30, 2026	Occupied		Occupied		Farmland		Development		Residential		Residential		Credit		Loans		Loans		Loans		Total
Allowance for credit losses:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Beginning balance	$	6,053	$	14,853	$	5	$	1,227	$	6,680	$	1,332	$	428	$	12,052	$	3,751	$	—	$	46,381
Provision (recovery)	​	144		2,870		7		487		(526)		(130)		(12)		958		1,654		—	​	5,452
Charge offs		—		—		—		—		—		—		—		(4,369)		(2,440)		—		(6,809)
Recoveries		—		7		—		—		50		—		1		—		882		—		940
Ending balance	$	6,197	$	17,730	$	12	$	1,714	$	6,204	$	1,202	$	417	$	8,641	$	3,847	$	—	$	45,964
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
For the Three Months Ended	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
June 30, 2025	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Allowance for credit losses:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Beginning balance	$	5,697	$	6,912	$	22	$	1,087	$	6,537	$	1,488	$	459	$	11,099	$	10,500	$	220	$	44,021
Provision (recovery)	​	30	​	7,075	​	7	​	(30)	​	(130)	​	(32)	​	2	​	1,162	​	222	​	(3)	​	8,303
Charge offs	​	—		—		—		—		(67)		—		—		(726)		(11,939)		—		(12,732)
Recoveries	​	—		—		—		—		—		—		1		—		6,392	​	—		6,393
Ending balance	$	5,727	$	13,987	$	29	$	1,057	$	6,340	$	1,456	$	462	$	11,535	$	5,175	$	217	$	45,985

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	Commercial		Commercial		​ ​ ​	​	​ ​ ​	​	​ ​ ​	​	​ ​ ​	​	​ ​ ​	​	​ ​ ​	​	​ ​ ​	​	​ ​ ​	​		​
​	Real Estate		Real Estate		​		Construction		​	​	​	​	Home Equity		​	​	​		​	​		​
For the Six Months Ended	Owner		Non-owner		Secured by		and Land		1-4 Family		Multi-Family		Lines Of		Commercial		Consumer		PCD		​
June 30, 2026	Occupied		Occupied		Farmland		Development		Residential		Residential		Credit		Loans		Loans		Loans		Total
Allowance for credit losses:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Beginning balance	$	5,682	$	15,329	$	30	$	748	$	6,852	$	1,368	$	428	$	11,197	$	4,249	$	—	$	45,883
Provision (recovery)	​	515	​	2,392	​	(18)	​	966	​	(693)	​	(166)	​	(13)	​	1,738	​	2,280	​	—	​	7,001
Charge offs		—		—		—		—		(5)		—		—		(4,369)		(5,036)		—		(9,410)
Recoveries		—		9		—		—		50		—		2		75		2,354	​	—		2,490
Ending balance	$	6,197	$	17,730	$	12	$	1,714	$	6,204	$	1,202	$	417	$	8,641	$	3,847	$	—	$	45,964
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
For the Six Months Ended	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
June 30, 2025		​		​		​		​		​		​		​		​		​		​		​
Allowance for credit losses:		​		​		​		​		​		​		​		​		​		​		​
Beginning balance	$	5,899	$	6,966	$	20	$	1,203	$	6,819	$	1,620	$	533	$	10,794	$	19,625	$	245	$	53,724
Provision (recovery)	​	(172)	​	7,021	​	9	​	(146)	​	(412)	​	(164)	​	(73)	​	1,673	​	2,191	​	(28)	​	9,899
Charge offs	​	—		—		—		—		(67)		—		—		(932)		(26,067)		—		(27,066)
Recoveries	​	—		—		—		—		—		—		2		—		9,426	​	—		9,428
Ending balance	$	5,727	$	13,987	$	29	$	1,057	$	6,340	$	1,456	$	462	$	11,535	$	5,175	$	217	$	45,985

​

Generally, a commercial loan, or a portion thereof, is charged-off when it is determined, through the analysis of any available current financial information with regards to the borrower, that the borrower is incapable of servicing unsecured debt, there is little or no prospect for near term improvement and no realistic strengthening action of significance is pending or, in the case of secured debt, when it is determined, through analysis of current information with regards to the collateral position, that amounts due from the borrower are in excess of the calculated current fair value of the collateral. Losses on installment loans are recognized in accordance with regulatory guidelines. All other consumer loan losses are recognized when delinquency exceeds 120 cumulative days except for the Consumer Program loans that are charged-off once they exceed 90 days past due.

​

26

Table of Contents

The following table presents the principal balance of loans that were evaluated for expected credit losses on an individual basis and the related specific allocations, by loan portfolio segment as of June 30, 2026 and December 31, 2025 ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​ ​ ​

December 31, 2025

​

​

Loan

​

Specific

​

Loan

​

Specific

​

​

Balance

​

Allocations

​

Balance

​

Allocations

Commercial real estate - owner occupied

​

$

3,718

​

$

334

​

$

3,737

​

$

334

Commercial real estate - non-owner occupied

​

69,826

​

13,653

​

98,922

​

10,424

Secured by farmland

​

​

215

​

​

—

​

​

275

​

​

—

Construction and land development

​

389

​

189

​

389

​

—

Residential 1-4 family

​

​

4,226

​

​

52

​

​

5,129

​

​

112

Multi- family residential

​

​

—

​

​

—

​

​

784

​

​

—

Commercial loans

​

10,833

​

1,680

​

33,034

​

5,157

Consumer loans

​

​

9,794

​

​

507

​

​

15,057

​

​

204

Total non-PCD loans

​

​

99,001

​

​

16,415

​

​

157,327

​

​

16,231

PCD loans

​

​

4,562

​

​

—

​

​

4,856

​

​

-

Total loans

​

$

103,563

​

$

16,415

​

$

162,183

​

$

16,231

​

​

​

​

​

​

27

Table of Contents

4.      DERIVATIVES

Mortgage Banking Derivatives and Financial Instruments

The Company enters into IRLCs to originate residential mortgage loans held for sale, at specified interest rates and within a specified period of time (generally between 30 and 90 days), with borrowers who have applied for a loan and have met certain credit and underwriting criteria. The IRLCs are adjusted for estimated costs to originate the loan as well as the probability that the mortgage loan will fund within the terms of the IRLC (the pull through rate). Estimated costs to originate include loan officer commissions and overrides. The pull through rate is estimated on changes in market conditions, loan stage, and actual borrower behavior using a historical analysis of IRLC closing rates. The Company obtains an analysis from a third party on a monthly basis to support the reasonableness of the pull through estimate.

Best efforts and mandatory forward loan sale commitments are commitments to sell individual mortgage loans using both best efforts and mandatory delivery at a fixed price to an investor at a future date. Forward loan sale commitments that are mandatory delivery are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Forward loan sale commitments that are best efforts are not derivatives but can be and have been accounted for at fair value, determined in a similar manner to those that are mandatory delivery. Forward loan sale commitments are recorded on the balance sheet as derivative assets and derivative liabilities with changes in their fair values recorded in mortgage banking income in the condensed consolidated statements of income.

The key unobservable inputs used in determining the fair value of IRLCs are as follows as of June 30, 2026 and December 31, 2025:

​

​	​	​	​	​	​	​
​	​	June 30, 2026		​	December 31, 2025
Average pull through rates	​ ​ ​	88.1	%	​	82.8	%
Average costs to originate	​	1.3	%		1.3	%

​

The following summarizes derivative and non-derivative financial instruments as of June 30, 2026 and December 31, 2025 ($ in thousands):

​

​	​	​	​	​	​	​
​	​	June 30, 2026
​	​	Fair		​	Notional
Derivative financial instruments:	​	Value		​	Amount
Derivative assets (1)	​	$	2,195	​	$	90,391
Derivative liabilities	​	$	42	​	$	153,500
​	​	​	​	​	​	​
​	​	June 30, 2026
​	​	Fair		​	Notional
Non-derivative financial instruments:	​	Value		​	Amount
Best efforts assets	​	$	319	​	$	18,970
​	​	​	​	​	​	​
​	​	December 31, 2025
​	​	Fair		​	Notional
Derivative financial instruments:	​	Value		​	Amount
Derivative assets (1)	​	$	1,389	​	$	52,702
Derivative liabilities	​	$	121	​	$	132,500
​	​	​	​	​	​	​
​	​	December 31, 2025
​	​	Fair		​	Notional
Non-derivative financial instruments:	​	Value		​	Amount
Best efforts assets	​	$	169	​	$	15,100

(1) Pull through rate adjusted.

28

Table of Contents

The notional amounts of mortgage loans held for sale not committed to investors was $92 million and $90 million as of June 30, 2026 and December 31, 2025, respectively.

​

The Company has exposure to credit loss in the event of contractual non-performance by its trading counterparties in derivative instruments that the Company uses in its rate risk management activities. The Company manages this credit risk by selecting only counterparties that the Company believes to be financially strong, spreading the risk among multiple counterparties, by placing contractual limits on the amount of unsecured credit extended to any single counterparty and by entering into netting agreements with counterparties, as appropriate.

​

​

​

29

Table of Contents

5.      FAIR VALUE

ASC 820 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data

Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability

Assets and liabilities measured at fair value on a recurring basis are summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

​

​

​

​

​

​

​

Significant

​

​

​

​

​

​

​

Quoted Prices in

​

Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

Total at

​

Identical Assets

​

Inputs

​

Inputs

(dollars in thousands)

​ ​ ​

June 30, 2026

​ ​ ​

(Level 1)

​ ​ ​

(Level 2)

​ ​ ​

(Level 3)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale securities

​

​

​

​

​

​

​

​

​

​

​

​

Residential government-sponsored mortgage-backed securities

​

$

69,048

​

$

—

​

$

69,048

​

$

—

Obligations of states and political subdivisions

​

5,040

​

—

​

5,040

​

—

Corporate securities

​

6,819

​

—

​

6,819

​

—

Residential government-sponsored collateralized mortgage obligations

​

61,608

​

—

​

61,608

​

—

Agency commercial mortgage-backed securities

​

19,648

​

—

​

19,648

​

—

SBA pool securities

​

6,122

​

—

​

6,122

​

—

​

​

168,285

​

—

​

168,285

​

—

Loans held for investment

​

​

50,041

​

​

—

​

​

50,041

​

​

—

Loans held for sale, at fair value

​

​

198,713

​

—

​

198,713

​

—

Mortgage banking financial assets

​

​

319

​

—

​

—

​

319

Mortgage banking derivative assets

​

​

2,195

​

—

​

—

​

​

2,195

Investment in Panacea Financial Holdings, Inc. common stock

​

​

7,299

​

​

—

​

​

—

​

​

7,299

Total assets

​

$

426,852

​

$

—

​

$

417,039

​

$

9,813

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps, net

​

$

115

​

$

—

​

$

115

​

$

—

Mortgage banking derivative liabilities

​

​

42

​

​

—

​

​

—

​

​

42

Total liabilities

​

$

157

​

$

—

​

$

115

​

$

42

​

30

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

​

​

​

​

​

​

​

Significant

​

​

​

​

​

​

​

Quoted Prices in

​

Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

Total at

​

Identical Assets

​

Inputs

​

Inputs

(dollars in thousands)

​ ​ ​

December 31, 2025

​ ​ ​

(Level 1)

​ ​ ​

(Level 2)

​ ​ ​

(Level 3)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale securities

​

​

​

​

​

​

​

​

​

​

​

​

Residential government-sponsored mortgage-backed securities

​

$

71,806

​

$

—

​

$

71,806

​

$

—

Obligations of states and political subdivisions

​

5,778

​

—

​

5,778

​

—

Corporate securities

​

6,579

​

—

​

6,579

​

—

Residential government-sponsored collateralized mortgage obligations

​

63,807

​

—

​

63,807

​

—

Government-sponsored agency securities

​

—

​

—

​

—

​

—

Agency commercial mortgage-backed securities

​

16,965

​

—

​

16,965

​

—

SBA pool securities

​

6,442

​

—

​

6,442

​

—

​

​

171,377

​

—

​

171,377

​

—

Loans held for investment

​

​

150,178

​

​

—

​

​

150,178

​

​

—

Loans held for sale, at fair value

​

​

166,066

​

—

​

166,066

​

—

Consumer Program derivative

​

​

159

​

​

—

​

​

—

​

​

159

Mortgage banking financial assets

​

​

169

​

—

​

—

​

169

Mortgage banking derivative assets

​

​

1,389

​

—

​

—

​

​

1,389

Investment in Panacea Financial Holdings, Inc. common stock

​

​

6,899

​

​

—

​

​

—

​

​

6,899

Total assets

​

$

496,237

​

$

—

​

$

487,621

​

$

8,616

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps, net

​

$

214

​

$

—

​

$

214

​

$

—

Mortgage banking derivative liabilities

​

​

121

​

​

—

​

​

—

​

​

121

Total liabilities

​

$

335

​

$

—

​

$

214

​

$

121

​

Assets measured at fair value on a non-recurring basis are summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

​

​

​

​

​

​

​

Significant

​

​

​

​

​

​

​

Quoted Prices in

​

Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

Total at

​

Identical Assets

​

Inputs

​

Inputs

(dollars in thousands)

​ ​ ​

June 30, 2026

​ ​ ​

(Level 1)

​ ​ ​

(Level 2)

​ ​ ​

(Level 3)

Collateral dependent loans

​

$

27,153

​

$

—

​

$

—

$

27,153

Assets held for sale

​

​

776

​

​

—

​

​

—

​

​

776

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

​

​

​

​

​

​

​

Significant

​

​

​

​

​

​

​

​

Quoted Prices in

​

Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

Total at

​

Identical Assets

​

Inputs

​

Inputs

(dollars in thousands)

​ ​ ​

December 31, 2025

​ ​ ​

(Level 1)

​ ​ ​

(Level 2)

​ ​ ​

(Level 3)

Collateral dependent loans

​

$

66,879

​

$

—

​

$

—

$

66,879

Assets held for sale

​

​

776

​

​

—

​

​

—

​

​

776

​

31

Table of Contents

Fair Value of Financial Instruments

The carrying amount, estimated fair values and fair value hierarchy levels of financial instruments were as follows for the periods indicated ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

December 31, 2025

​

​ ​ ​

Fair Value

​ ​ ​

Carrying

​ ​ ​

Fair

​ ​ ​

Carrying

​ ​ ​

Fair

​

​

Hierarchy Level

​

Amount

​

Value

​

Amount

​

Value

Financial assets:

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

Level 1

​

$

176,825

​

$

176,825

​

$

143,607

​

$

143,607

Securities available-for-sale

Level 2

​

168,285

​

168,285

​

171,377

​

171,377

Securities held-to-maturity

Level 2

​

6,588

​

6,125

​

6,981

​

6,560

Stock in Federal Reserve Bank and Federal Home Loan Bank

Level 2

​

27,487

​

27,487

​

14,185

​

14,185

Preferred investment in mortgage company

Level 2

​

3,005

​

​

3,005

​

3,005

​

​

3,005

Net loans

Level 2 and 3

​

3,420,424

​

3,383,597

​

3,237,800

​

3,182,264

Loans held for sale, at fair value

Level 2

​

198,713

​

​

198,713

​

166,066

​

​

166,066

Loans held for sale, at lower of cost or market

​

Level 2

​

​

33,277

​

​

33,277

​

​

—

​

​

—

Mortgage banking financial assets

​

Level 3

​

​

319

​

​

319

​

​

169

​

​

169

Mortgage banking derivative assets

Level 3

​

2,195

​

2,195

​

1,389

​

1,389

Investment in Panacea Financial Holdings, Inc. common stock

​

Level 3

​

​

7,299

​

​

7,299

​

​

6,899

​

​

6,899

Financial liabilities:

​

​

​

​

​

​

​

​

​

Demand deposits and NOW accounts

Level 2

​

$

1,384,734

​

$

1,384,734

​

$

1,417,177

​

$

1,417,177

Money market and savings accounts

Level 2

​

1,754,883

​

1,754,883

​

1,663,223

​

1,663,223

Time deposits

Level 3

​

306,724

​

304,359

​

315,185

​

313,792

Securities sold under agreements to repurchase

Level 1

​

3,974

​

3,974

​

3,552

​

3,552

Interest rate swaps, net

​

Level 2

​

​

115

​

​

115

​

​

214

​

​

214

FHLB advances

Level 2

​

300,000

​

300,000

​

25,000

​

25,000

Junior subordinated debt

Level 2

​

9,954

​

11,731

​

9,929

​

12,151

Senior subordinated notes

Level 2

​

59,404

​

61,270

​

86,233

​

90,813

Secured borrowings

​

Level 3

​

​

14,165

​

​

14,165

​

​

14,773

​

​

14,773

Mortgage banking derivative liabilities

​

Level 3

​

​

42

​

​

42

​

​

121

​

​

121

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The carrying amount is the estimated fair value for cash and cash equivalents, loans held for sale at fair value, mortgage banking financial assets and liabilities, mortgage banking derivative assets and liabilities, interest rate swaps, demand deposits and NOW accounts, savings accounts, money market accounts, FHLB advances, secured borrowings and securities sold under agreements to repurchase.  

The fair value of junior subordinated debt and senior subordinated notes are based on current rates for similar financing. Carrying amount of Federal Reserve Bank and FHLB stock is a reasonable estimate of fair value as these securities are not readily marketable and are based on the ultimate recoverability of the par value. Fair value of off-balance-sheet items is not considered material. The fair value of net loans, loans held for sale at the lower of cost or market, time deposits, junior subordinated debt, and senior subordinated notes are measured using the exit-price notion. The net loans that use level 2 inputs are related to the portfolio of loans underlying interest rate swaps.

​

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6.      LEASES

The Company leases certain premises under operating leases. In recognizing lease right-of-use assets and related liabilities, the Company accounts for lease and non-lease components (such as taxes, insurance, and common area maintenance costs) separately as such amounts are generally readily determinable under the lease contracts.

As of June 30, 2026 and December 31, 2025, the Company had operating lease liabilities totaling $61 million and right-of-use assets totaling $64 million and $66 million, respectively, reflected in our condensed consolidated balance sheets related to these leases. The Company does not currently have any financing leases. For the three months ended June 30, 2026 and 2025, our net operating lease costs were $2 million and $1 million, respectively, and for the six months ended June 30, 2026 and 2025, our net operating lease costs were $4 million and $1 million, respectively. These net operating lease costs are reflected in occupancy expenses on the condensed consolidated statements of income.

The following table presents other information related to operating leases:

​

​	​	​	​	​	​	​	​	​
​	​	June 30, 2026		​	​	December 31, 2025		​
Other information:	​	​	​	​	​	​	​	​
Weighted-average remaining lease term - operating leases, in years	​	​	17.2	​	​	​	17.5	​
Weighted-average discount rate - operating leases	​		8.4	%	​		8.4	%

​

The following table summarizes the maturity of remaining lease liabilities:

​

​	​	​	​
​	​	As of
(dollars in thousands)	​	June 30, 2026
Lease payments due:	​	​	​
2026	​	$	3,591
2027	​	​	7,268
2028	​	​	7,204
2029	​	​	6,776
2030	​	​	6,023
Thereafter	​		91,822
Total lease payments	​	​	122,684
Less: imputed interest	​	​	(62,111)
Lease liabilities	​	$	60,573

​

As of June 30, 2026, the Company did not have any operating lease that has not yet commenced that would create additional lease liabilities and right-of-use assets. The amount of expense related to short-term leases recognized for the three and six months ended June 30, 2026 and 2025 was immaterial.

​

33

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7.     DEBT AND OTHER BORROWINGS

Other borrowings can consist of FHLB convertible advances, FHLB overnight advances, FHLB advances maturing within one year, federal funds purchased, Federal Reserve Board Discount Window, secured borrowings and securities sold under agreements to repurchase (“repo”) that mature within one year, which are secured transactions with customers. The balance in repo accounts as of both June 30, 2026 and December 31, 2025 was $4 million.

As of June 30, 2026 and December 31, 2025, we had pledged callable agency securities, residential government-sponsored mortgage-backed securities and collateralized mortgage obligations with a carrying value of $8 million and $6 million, respectively, to customers who require collateral for overnight repurchase agreements and deposits.

Other borrowings consist of the following ($ in thousands):

​	​	​	​	​	​	​	​
​	​	June 30,		​	December 31,		​
​	​ ​ ​	2026		​ ​ ​	2025		​ ​ ​
​	​	​	​	​	​	​	​
FHLB collateral advances (1)		$	300,000		$	25,000	​
Secured borrowings	​	​	14,165	​	​	14,773	​
Securities sold under agreements to repurchase			3,974			3,552	​
Total		$	318,139		$	43,325	​
​	​	​	​	​	​	​	​
Weighted average interest rate		​	3.97	%	​	4.94	%

(1) Advances under the short-term borrowing line at 3.88% interest, maturing in October 2026.

As of June 30, 2026, Primis Bank had lendable collateral value in the form of residential 1-4 family mortgages, HELOCs, commercial mortgage loans, and investment securities supporting borrowing capacity of approximately $639 million from the FHLB.

The Bank has the ability to borrow from the Federal Reserve discount window borrowing program. As of June 30, 2026, the Bank had borrowing capacity of $484 million within the program but has not utilized it.

In 2017, the Company assumed $10 million of trust preferred securities that were issued on September 17, 2003 and placed through a trust in a pooled underwriting totaling approximately $650 million. As of June 30, 2026 and December 31, 2025, there was $10 million outstanding, net of approximately $357 thousand and $381 thousand of debt issuance costs as of June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026 and December 31, 2025, the interest rate payable on the trust preferred securities was 6.88% and 6.91%, respectively. As of June 30, 2026, all of the trust preferred securities qualified as Tier 1 capital.

On January 20, 2017, Primis completed the sale of $27 million of its fixed-to-floating rate senior Subordinated Notes due 2027. The Company repaid these notes on January 31, 2026.

On August 25, 2020, Primis completed the sale of $60 million of its fixed-to-floating rate senior Subordinated Notes due 2030. Interest is payable on these notes at a floating rate equal to Three-Month Term SOFR, plus a spread of 531 basis points. As of June 30, 2026 and December 31, 2025, 80% of these notes qualified as Tier 2 capital.

​

As of both June 30, 2026, and December 31, 2025, the remaining unamortized debt issuance costs related to the senior Subordinated Notes totaled approximately $1 million.

​

Secured Borrowings

The balance of secured borrowings was $14 million and $15 million as of June 30, 2026 and December 31, 2025, respectively. The Company did not transfer any principal balance of loans to another financial institution during the three and six months ended June 30, 2026 or during the year ended December 31, 2025, that were accounted for as secured

34

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borrowings. The remaining amortized cost balance of the underlying loans was $14 million and $15 million as of June 30, 2026 and December 31, 2025, respectively. None of the loans underlying the secured borrowings were past due 30 days or greater or on nonaccrual as of June 30, 2026 and December 31, 2025, and were all internally rated as “pass” loans as presented in our “credit quality indicators” section of “Note 3 – Loans and Allowance for Credit Losses”. The loans were included in our allowance for credit losses process and an allowance was calculated on the loans as part of their inclusion in a pool with other loans with similar credit risk characteristics. There were no charge-offs of the loans underlying the secured borrowings during the three and six months ended June 30, 2026. The underlying loans collateralize the borrowings and cannot be sold or pledged by the Company. 

8.      STOCK-BASED COMPENSATION

The 2017 Equity Compensation Plan (the “2017 Plan”) was replaced during 2025 and previously had a maximum number of 750,000 shares reserved for issuance. No further awards will be granted under the 2017 Plan, but the plan will remain in effect only so long as awards granted under the plan remain outstanding. The 2017 Plan was replaced during 2025 with the 2025 Omnibus Incentive Plan (the “2025 Plan”), which has a maximum of 600,000 shares reserved for issuance. The purpose of the 2025 Plan, similar to the 2017 Plan, is to promote the success of the Company by providing greater incentives to employees, non-employee directors, consultants and advisors to associate their personal financial interests with the long-term financial success of the Company, including its subsidiaries, and with growth in stockholder value, consistent with the Company’s risk management practices.

A summary of stock option activity for the six months ended June 30, 2026, follows:

​	​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	​	​ ​ ​	​	​	​ ​ ​	Weighted	​ ​ ​		​
​	​	​	​	Weighted		​	Average	​	Aggregate
​	​	​	​	Average		​	Remaining	​	Intrinsic
​	​	​	​	Exercise		​	Contractual	​	Value
​	​	Shares	​	Price		​	Term (Yrs)	​	(in thousands)
Options outstanding, beginning of period		17,800	​	$	11.99		0.5	​	$	—
Expired	​	(3,000)	​	​	11.99	​	​	​	​	​
Exercised		(14,800)	​	​	11.99	​	​	​	​	​
Options outstanding, end of period		—	​	$	—	​	—	​	$	—
​	​	​	​	​	​	​	​	​	​	​
Exercisable at end of period		—	​	$	—	​	—	​	$	—

​

There was no stock-based compensation expense associated with stock options for the three and six months ended June 30, 2026 and 2025. As of June 30, 2026, we do not have any unrecognized compensation expense associated with the stock options.

A summary of time vested restricted stock award activity for the six months ended June 30, 2026, follows:

​	​	​	​	​	​	​	​	​
​	​ ​ ​	​	​ ​ ​	Weighted		​ ​ ​	Weighted	​ ​ ​
​	​	​	​	Average		​	Average	​
​	​	​	​	Grant-Date		​	Remaining	​
​	​	​	​	Fair Value		​	Contractual	​
​	​	Shares	​	Per Share		​	Term (Yrs)	​
Unvested restricted stock outstanding, beginning of period		60,250	​	$	12.97		3.0
Granted		21,500	​	​	14.49		​
Vested		(17,650)	​	​	13.59		​
Unvested restricted stock outstanding, end of period		64,100	​	$	13.30		5.1	​

​

Stock-based compensation expense for time vested restricted stock awards totaled $78 thousand and $18 thousand for the three months ended June 30, 2026 and 2025, respectively, and $145 thousand and $49 thousand for the six months ended June 30, 2026 and 2025, respectively.  As of June 30, 2026, unrecognized compensation expense associated with restricted stock awards was $738 thousand, which is expected to be recognized over the remaining contractual term.

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A summary of performance-based restricted stock units (the “Units”) for the six months ended June 30, 2026, follows:

​	​	​	​	​	​	​	​
​	​ ​ ​	​	​ ​ ​	​	Weighted	​ ​ ​	Weighted
​	​	​	​	​	Average	​	Average
​	​	​	​	​	Grant-Date	​	Remaining
​	​	​	​	​	Fair Value	​	Contractual
​	​	Shares	​	​	Per Share	​	Term (Yrs)
Unvested Units outstanding, beginning of period		319,960	​	$	12.36		1.3
Vested		(67,387)	​	​	14.58		​
Forfeited		(3,526)	​	​	13.52		​
Unvested Units outstanding, end of period		249,047	​	​	11.74	​	1.1

​

These Units are subject to service and performance conditions and vest based on the achievement of both conditions. Achievement of the performance condition will be determined at the end of the five-year performance period for awards granted prior to 2025 by evaluating the: (1) Company’s adjusted earnings per share compound annual growth measured for the performance period and (2) performance factor achieved. Achievement of the performance condition will be determined at the end of the three-year performance period for awards granted in 2025 by evaluating the: (1) Company’s return on average assets versus peers; (2) growth in noninterest bearing deposits versus peers; (3) total shareholder return versus peers; and (4) performance factor achieved. Payouts between performance levels will be determined based on straight line interpolation. Upon vesting, payout will be primarily Company common shares but based on the terms of the award and performance factor achieved some payouts may be in cash.

The Company recognized $254 thousand and $296 thousand stock-based compensation expense during the three and six months ended June 30, 2026, respectively and zero during 2025 as a result of the probability of a portion of the Units vesting. The potential unrecognized compensation expense associated with these Units was approximately $2 million and $3 million as of June 30, 2026 and December 31, 2025, respectively.

​

9.     COMMITMENTS AND CONTINGENCIES

Financial Instruments with Off-Balance Sheet Risk

Primis is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and guarantees of credit card accounts. These instruments involve elements of credit and funding risk in excess of the amounts recognized in the consolidated balance sheets. Letters of credit are written conditional commitments issued by Primis to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The Company had letters of credit outstanding totaling $18 million and $20 million as of June 30, 2026 and December 31, 2025, respectively.

The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and letters of credit is based on the contractual amount of these instruments. Primis uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Unless noted otherwise, Primis does not require collateral or other security to support financial instruments with credit risk.

Allowance For Credit Losses - Off-Balance-Sheet Credit Exposures

The allowance for credit losses on off-balance sheet credit exposures is a liability account, calculated in accordance with ASC 326, representing expected credit losses over the contractual period for which Primis is exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recorded if the Company has the unconditional right to cancel the obligation. Off-balance sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit detailed above. For the period of exposure, the estimate of expected credit losses considers both the likelihood that funding will occur, and the amount expected to be funded over the estimated remaining

36

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life of the commitment or other off-balance sheet exposure. The likelihood and expected amount of funding are based on historical utilization rates. The amount of the allowance represents management's best estimate of expected credit losses on commitments expected to be funded over the contractual life of the commitment. Estimating credit losses on amounts expected to be funded uses the same methodology as described for loans in Note 3 - Loans and Allowance for Credit Losses, as if such commitments were funded. The allowance for credit losses on off-balance sheet credit exposures is reflected in other liabilities in the condensed consolidated balance sheets.

The following table details activity in the allowance for credit losses on off-balance-sheet credit exposures ($ in thousands):

​	​	​	​	​	​	​
​	​ ​ ​	2026		​ ​ ​	2025
Balance as of January 1	​	$	1,006	​	$	1,121
(Benefit) provision for credit losses	​		(175)	​		31
Balance as of June 30	​	$	831	​	$	1,152

​

Commitments

Commitments to extend credit are agreements to lend to a customer if there is no violation of any condition established in the contract. Commitments are made predominately for adjustable rate loans, and generally have fixed expiration dates of up to three months or other termination clauses and usually require payment of a fee. Primis evaluates each customer’s creditworthiness on a case-by-case basis. Since many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

The Company had $195 million in mortgage loan commitments outstanding as of June 30, 2026, related to approved mortgage loan applications, although not all approved applications will ultimately fund.

As of June 30, 2026 and December 31, 2025, the Company had unfunded lines of credit and undisbursed construction loan funds totaling $577 million and $567 million, respectively, not all of which are expected to be drawn. Virtually all of our unfunded lines of credit and undisbursed construction loan funds are variable rate instruments. The amount of certificate of deposit accounts maturing in less than one year was $275 million as of June 30, 2026. Management anticipates that funding requirements for these commitments will be met in the normal course of business.

Primis also had outstanding commitments under subscription agreements entered into for investments in non-marketable equity securities of $1 million as of both June 30, 2026 and December 31, 2025.

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​

​

10.      EARNINGS PER SHARE

The following is a reconciliation of the denominators of the basic and diluted EPS computations ($ in thousands, except per share data):

​	​	​	​	​	​	​	​	​
​	​ ​ ​	​	​	​ ​ ​	Weighted	​ ​ ​		​
​	​	​	​	​	Average	​		​
​	​	Income		​	Shares	​	Per Share
​	​	(Numerator)		​	(Denominator)	​	Amount
For the three months ended June 30, 2026	​	​	​	​	​	​	​	​
Basic EPS	​	$	9,426		24,732	​	$	0.38
Effect of dilutive stock options and unvested restricted stock	​		—		56	​		—
Diluted EPS	​	$	9,426		24,788	​	$	0.38
​	​	​	​	​	​	​	​	​
For the three months ended June 30, 2025	​	​	​	​	​	​	​	​
Basic EPS	​	$	2,437		24,701	​	$	0.10
Effect of dilutive stock options and unvested restricted stock	​		—		13	​		—
Diluted EPS	​	$	2,437		24,714	​	$	0.10
​	​	​	​	​	​	​	​	​
For the six months ended June 30, 2026	​		​		​	​		​
Basic EPS	​	$	16,738		24,699	​	$	0.68
Effect of dilutive stock options and unvested restricted stock	​		—		52	​		—
Diluted EPS	​	$	16,738		24,751	​	$	0.68
​	​	​	​	​	​	​	​	​
For the six months ended June 30, 2025	​		​		​	​		​
Basic EPS	​	$	25,073	​	24,704	​	$	1.01
Effect of dilutive stock options and unvested restricted stock	​	​	—	​	14	​		—
Diluted EPS	​	$	25,073	​	24,718	​	$	1.01
​	​	​	​	​	​	​	​	​

​

The Company did not have any anti-dilutive options for the three and six months ended June 30, 2026 and had 19,000 for the three and six months ended June 30, 2025.

​

​

​

​

11.         SEGMENT INFORMATION

The Company’s reportable operating segments are determined based on its internal organizational structure, which is overseen by the CEO, the Company’s designated Chief Operating Decision Maker. While the CEO consults with key members of his leadership team, the ultimate responsibility for making operational decisions and resource allocations resides with the CEO. For the six months ended June 30, 2026 and 2025, the Company’s internal organizational structure and resulting management reporting was concentrated around the Bank and Primis Mortgage, which resulted in the Company determining these to be its two reportable segments.

Primis’ organizational structure and its operational segments are determined by attributes such as products, services, and customer base, which are then aggregated based on similarities around these attributes. The operating results for each segment are regularly reviewed by the CEO using a broad set of financial and operational data. Key financial data utilized by the CEO to assess financial performance and allocate resources includes loan and deposit growth, certain direct expenses, net interest income and mortgage banking income, along with overall net income attributable to Primis’ common shareholders. The CEO also considers actual results compared to budgeted results in these metrics when assessing performance and making determinations related to resource allocations. The following is a description of the Company’s reportable segments.

Primis Bank. This segment specializes in providing financing services to businesses in various industries along with consumer and residential loans to individuals. The segment also provides deposit-related services to businesses, non-

38

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profits, municipalities, and individual consumers. The primary source of revenue for this segment is interest income from the origination of loans, while the primary expenses are interest expenses on deposits, provisions for loan losses, personnel costs, and data processing expenses.

Primis Mortgage. This segment specializes in originating mortgages in a majority of the U.S. The primary source of revenue for this segment is noninterest income generated from the origination and sale of mortgage loans, while the primary expense of the segment is personnel costs.

The following table provides financial information for the Company's reportable segments. In addition to the Company’s two reportable segments as described above, the caption “Other” has been included to provide reconciliation of the Company’s consolidated results and includes operational costs that are not a part of the two reportable segments but don’t qualify to be considered a separate reportable segment. “Other” primarily includes the Primis Bank Holding Company and PFH, which are generally cost centers to the consolidated entity, along with elimination adjustments to reconcile the results of the reportable segments to the consolidated financial statements prepared in conformity with GAAP.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of and for the three months ended June 30, 2026

​

As of and for the six months ended June 30, 2026

($ in thousands)

​ ​ ​

Primis Mortgage

​ ​ ​

Primis Bank

​ ​ ​

Other (1)

​ ​ ​

Consolidated

​ ​ ​

Primis Mortgage

​ ​ ​

Primis Bank

​ ​ ​

Other (1)

​ ​ ​

Consolidated Company

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

$

3,343

​

$

52,936

​

$

43

​

$

56,322

​

$

5,719

​

$

104,041

​

$

88

​

$

109,848

Interest expense

​

​

—

​

​

20,967

​

​

1,600

​

​

22,567

​

​

—

​

​

40,551

​

​

3,468

​

​

44,019

Net interest income (loss)

​

​

3,343

​

​

31,969

​

​

(1,557)

​

​

33,755

​

​

5,719

​

​

63,490

​

​

(3,380)

​

​

65,829

Provision (benefit) for credit losses

​

​

(10)

​

​

5,462

​

​

—

​

​

5,452

​

​

6

​

​

6,995

​

​

—

​

​

7,001

Net interest income (loss) after provision for credit losses

​

​

3,353

​

​

26,507

​

​

(1,557)

​

​

28,303

​

​

5,713

​

​

56,495

​

​

(3,380)

​

​

58,828

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage banking income

​

​

11,388

​

​

—

​

​

—

​

​

11,388

​

​

22,148

​

​

—

​

​

—

​

​

22,148

Other noninterest income

​

​

—

​

​

10,246

​

​

400

​

​

10,646

​

​

—

​

​

13,041

​

​

400

​

​

13,441

Total noninterest income

​

​

11,388

​

​

10,246

​

​

400

​

​

22,034

​

​

22,148

​

​

13,041

​

​

400

​

​

35,589

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and benefits

​

​

9,529

​

​

10,137

​

​

601

​

​

20,267

​

​

18,241

​

​

20,738

​

​

844

​

​

39,823

Data processing expense

​

​

317

​

​

2,025

​

​

—

​

​

2,342

​

​

583

​

​

3,947

​

​

—

​

​

4,530

Other operating expenses

​

​

1,592

​

​

13,847

​

​

159

​

​

15,598

​

​

3,098

​

​

24,248

​

​

262

​

​

27,608

Total noninterest expenses

​

​

11,438

​

​

26,009

​

​

760

​

​

38,207

​

​

21,922

​

​

48,933

​

​

1,106

​

​

71,961

Income (loss) before income taxes

​

3,303

​

​

10,744

​

​

(1,917)

​

​

12,130

​

5,939

​

20,603

​

(4,086)

​

22,456

Income tax expense

​

769

​

​

1,563

​

​

372

​

​

2,704

​

1,386

​

​

3,654

​

​

678

​

​

5,718

Net income (loss) attributable to Primis' common stockholders

​

$

2,534

​

$

9,181

​

$

(2,289)

​

$

9,426

​

$

4,553

​

$

16,949

​

$

(4,764)

​

$

16,738

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

236,116

​

$

4,325,080

​

$

(207,582)

​

$

4,353,614

​

$

236,116

​

$

4,325,080

​

$

(207,582)

​

$

4,353,614

(1) Other includes Primis Bank Holding Company and intercompany eliminations.

​

​

39

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of and for the three months ended June 30, 2025

​

As of and for the six months ended June 30, 2025

($ in thousands)

​ ​ ​

Primis Mortgage

​ ​ ​

Primis Bank

​ ​ ​

Other (1)

​ ​ ​

Consolidated

​ ​ ​

Primis Mortgage

​ ​ ​

Primis Bank

​ ​ ​

Other (1)

​ ​ ​

Consolidated Company

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

$

1,754

​

$

45,822

​

$

51

​

$

47,627

​

$

2,810

​

$

92,439

​

$

101

​

$

95,350

Interest expense

​

​

—

​

​

20,814

​

​

1,633

​

​

22,447

​

​

—

​

​

40,505

​

​

3,301

​

​

43,806

Net interest income (loss)

​

​

1,754

​

​

25,008

​

​

(1,582)

​

​

25,180

​

​

2,810

​

​

51,934

​

​

(3,200)

​

​

51,544

Provision for credit losses

​

​

—

​

​

8,303

​

​

—

​

​

8,303

​

​

—

​

​

9,899

​

​

—

​

​

9,899

Net interest income (loss) after provision for credit losses

​

​

1,754

​

​

16,705

​

​

(1,582)

​

​

16,877

​

​

2,810

​

​

42,035

​

​

(3,200)

​

​

41,645

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage banking income (loss)

​

​

8,391

​

​

(498)

​

​

—

​

​

7,893

​

​

14,113

​

​

(605)

​

​

—

​

​

13,508

Other noninterest income

​

​

—

​

​

2,686

​

​

7,451

​

​

10,137

​

​

—

​

​

4,517

​

​

32,340

​

​

36,857

Total noninterest income

​

​

8,391

​

​

2,188

​

​

7,451

​

​

18,030

​

​

14,113

​

​

3,912

​

​

32,340

​

​

50,365

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and benefits

​

​

7,728

​

​

9,131

​

​

201

​

​

17,060

​

​

12,408

​

​

18,817

​

​

3,776

​

​

35,001

Data processing expense

​

​

192

​

​

2,845

​

​

—

​

​

3,037

​

​

323

​

​

5,563

​

​

—

​

​

5,886

Other operating expenses

​

​

1,259

​

​

10,423

​

​

163

​

​

11,845

​

​

2,229

​

​

19,690

​

​

1,652

​

​

23,571

Total noninterest expenses

​

​

9,179

​

​

22,399

​

​

364

​

​

31,942

​

​

14,960

​

​

44,070

​

​

5,428

​

​

64,458

Income (loss) before income taxes

​

966

​

(3,506)

​

5,505

​

2,965

​

1,963

​

1,877

​

23,712

​

27,552

Income tax expense (benefit)

​

221

​

​

(577)

​

​

884

​

​

528

​

446

​

​

539

​

​

5,096

​

​

6,081

Net income (loss)

​

​

745

​

​

(2,929)

​

​

4,621

​

​

2,437

​

​

1,517

​

​

1,338

​

​

18,616

​

​

21,471

Net loss attributable to noncontrolling interests

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

3,602

​

​

3,602

Net income (loss) attributable to Primis' common stockholders

​

$

745

​

$

(2,929)

​

$

4,621

​

$

2,437

​

$

1,517

​

$

1,338

​

$

22,218

​

$

25,073

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

143,940

​

$

3,830,202

​

$

(102,416)

​

$

3,871,726

​

$

143,940

​

$

3,830,202

​

$

(102,416)

​

$

3,871,726

(1) Other includes Primis Bank Holding Company, PFH, and intercompany eliminations.

​

​

​

40

Table of Contents

ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s discussion and analysis (“MD&A”) is presented to aid the reader in understanding and evaluating the financial condition and results of operations of Primis. This discussion and analysis should be read in conjunction with the condensed consolidated financial statements, the footnotes thereto, and the other financial data included in this report and in our Annual Report on Form 10-K for the year ended December 31, 2025. Results of operations for the three and six months ended June 30, 2026, are not necessarily indicative of results that may be achieved for any other period. The emphasis of this discussion will be on the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025 for the condensed consolidated income statements. For the condensed consolidated balance sheets, the emphasis of this discussion will be the balances as of June 30, 2026 compared to December 31, 2025. This discussion and analysis contain statements that may be considered “forward-looking statements” as defined in, and subject to the protections of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. See the following section for additional information regarding forward-looking statements.

FORWARD-LOOKING STATEMENTS

Statements and financial discussion and analysis contained in this Quarterly Report on Form 10-Q, including statements contained in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, that are not statements of historical fact constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and are instead based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are inherently subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. The words “believe,” “may,” “forecast,” “should,” “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “predict,” “intend,” “continue,” “would,” “could,” “hope,” “might,” “assume,” “objective,” “seek,” “plan,” “strive” or similar words, or the negatives of these words, identify forward-looking statements.

Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements. In addition to the Risk Factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, and the other reports we file with the Securities and Exchange Commission, factors that could contribute to those differences include, but are not limited to:

● the effects of future economic, business and market conditions and disruptions in the credit and financial markets, domestic and foreign;

● potential increases in the provision for credit losses and other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services;

● uncertainties surrounding geopolitical events, trade policy developments, tariffs and retaliatory trade measures, taxation policy and federal monetary policy, which continue to impact the outlook for future economic growth (including an economic downturn or recession), and may adversely affect our customers, borrowers, depositors and counterparties, as well as market conditions, inflation, interest rates, consumer spending and commercial activity in our markets;

● fraudulent and negligent acts by loan applicants, mortgage brokers and our employees;

● our ability to implement our various strategic and growth initiatives, including our Panacea Financial Division, digital banking platform, V1BE fulfillment service, Mortgage Warehouse lending, and Primis Mortgage Company, as well as with respect to use and implementation of artificial intelligence and our cost saving projects to reduce technology vendor expenses and administrative and branch expenses, including risks associated with the regulatory environment applicable to fintech companies, changes in customer demand, operational integration challenges, compliance obligations and reputational risks;

● adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions;

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● changes in the local economies in our market areas, which may adversely affect our customers and their ability to transact profitable business with us, including the ability of our borrowers to repay their loans according to their terms or a change in the value of the related collateral;

● changes in interest rates, inflation, stagflation, loan demand, real estate values, commodity prices, or competition, as well as labor shortages, supply chain disruptions, the threat of recession and volatile equity capital markets;

● changes in the availability of funds resulting in increased costs or reduced liquidity, as well as the adequacy of our cash flow from operations and borrowings to meet our short-term liquidity needs;

● a deterioration or downgrade in the credit quality and credit agency ratings of the investment securities in our investment securities portfolio;

● impairment concerns and risks related to our investment securities portfolio of collateralized mortgage obligations, agency mortgage-backed securities and obligations of states and political subdivisions;

● the incurrence and impairment of goodwill associated with current or future acquisitions and adverse short-term effects on our results of operations;

● increased credit risk in our assets and increased operating risk caused by a material change in commercial, consumer and/or real estate loans as a percentage of our total loan portfolio, including as a result of rising or elevated interest rates, inflation and recessionary concerns;

● the concentration of our loan portfolio in loans collateralized by real estate;

● our level of construction and land development and commercial real estate loans;

● risk related to a third-party’s ability to satisfy its contractual obligation to reimburse us for waived interest on loans with promotional features that pay off early;

● our ability to identify and address potential cybersecurity risks on our systems and/or third party vendors and service providers on which we rely, heightened by the developments in generative artificial intelligence and increased use of our virtual private network platform, including data security breaches, credential stuffing, malware, “denial-of-service” attacks, “hacking” and identity theft, a failure of which could disrupt our business and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption or damage to our systems, increased costs, losses, or adverse effects to our reputation;

● risks and costs associated with the use, development and implementation of artificial intelligence technologies, including operational, compliance, model risk, cybersecurity, privacy and reputational risks;

● changes in the levels of loan prepayments and the resulting effects on the value of our loan portfolio;

● the failure of assumptions and estimates underlying the establishment of and provisions made for credit losses;

● our ability to expand and grow our business and operations, including the acquisition of additional banks, and our ability to realize the cost savings and revenue enhancements we expect from such activities;

● government intervention in the U.S. financial system, including the effects of legislative, tax, accounting and regulatory actions and reforms, and the risk of inflation and interest rate increases resulting from monetary and fiscal stimulus response, which may have unanticipated adverse effects on our customers, and our financial condition and results of operations;

● the implementation of a regulatory reform agenda under the presidential administration that is significantly different than that of the prior administration, impacting rulemaking, supervision, examination and enforcement priorities of the federal banking agencies;

● regulatory, legislative, supervisory, litigation, reputational and operational risks associated with the provision of banking services to customers operating in industries subject to heightened governmental, public or media scrutiny, including allegations or claims relating to account access, customer onboarding, account terminations, so-called "debanking" practices, fair access to financial services, consumer protection requirements or anti-discrimination laws and regulations;

● increased competition for deposits and loans adversely affecting rates and terms;

● the continued service of key management personnel;

● the potential payment of interest on demand deposit accounts to effectively compete for customers;

● the potential environmental liability risk associated with properties that we assume upon foreclosure;

● increased asset levels and changes in the composition of assets and the resulting impact on our capital levels and regulatory capital ratios;

● risks of current or future mergers and acquisitions, including the related time and cost of implementing transactions and the potential failure to achieve expected gains, revenue growth or expense savings;

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● increases in regulatory capital requirements for banking organizations generally, which may adversely affect our ability to expand our business or could cause us to shrink our business;

● acts of God or of war or other conflicts, civil unrest, acts of terrorism, pandemics or other catastrophic events that may affect general economic conditions;

● changes in accounting policies, rules and practices and applications or determinations made thereunder;

● any inability or failure to implement and maintain effective internal control over financial reporting and/or disclosure control or inability to expediently remediate our existing material weakness in our internal controls deemed ineffective;

● failure to maintain effective internal controls and procedures, including the ability to remediate identified material weakness in internal control over financial reporting expediently;

● the risk that our deferred tax assets could be reduced if future taxable income is less than currently estimated, if corporate tax rates in the future are less than current rates, or if sales of our capital stock trigger limitations on the amount of net operating loss carryforwards that we may utilize for income tax purposes;

● our ability to attract and retain qualified employees, including as a result of heightened labor shortages;

● negative publicity and the impact on our reputation;

● our ability to grow the mortgage warehouse business and achievement of certain margin results; and

● other factors and risks described under “Risk Factors” herein and in any of the reports that we file with the SEC under the Exchange Act.

​

Forward-looking statements are not guarantees of performance or results and should not be relied upon as representing management’s views as of any subsequent date. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe we have chosen these assumptions or bases in good faith and that they are reasonable. We caution you, however, that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material. When considering forward-looking statements, you should refer to the risk factors and other cautionary statements in this Quarterly Report on Form 10-Q and in our periodic and current reports filed with the SEC for specific factors that could cause our actual results to be different from those expressed or implied by our forward-looking statements. These statements speak only as of the date of this Quarterly Report on Form 10-Q (or an earlier date to the extent applicable). Except as required by applicable law, we undertake no obligation to publicly update or revise these forward-looking statements in light of new information or future events.

OVERVIEW

Primis Financial Corp. is the bank holding company for Primis Bank, a Virginia state-chartered bank which commenced operations on April 14, 2005. Primis Bank provides a range of financial services to individuals and small and medium-sized businesses. Primis Bank has 24 full-service branches in Virginia and Maryland and also provides services to customers through certain online and mobile applications.  As of June 30, 2026, Primis had $4.4 billion in total assets, $3.5 billion in total loans held for investment, $3.4 billion in total deposits and $434 million in total stockholders’ equity.

We organized the core bank and lines of business in a way that we believe will drive premium operating results. Our strategy centers on growing earning assets, growing non-interest deposits, and achieving higher production and profitability in our retail mortgage business and the second quarter of 2026 was reflective of progress in these areas.

OPERATIONAL HIGHLIGHTS

Executive Overview

Our growth strategy is focused on driving higher production and profitability in four key areas of the company identified as the core community bank, mortgage warehouse, Panacea financial, and PMC. The following highlights key metrics from these four areas during 2026:

​

Core Community Bank

● Approximately $90 million of funded loans year-to-date with a pipeline of $158 million as of June 30, 2026.

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● Low concentrations of investor commercial real estate loans, making up just 23% of total loans as of June 30, 2026.

● The core Bank’s cost of deposits was 1.59% and 1.60% in the first and second quarter of 2026, respectively, compared to 1.83% and 1.79% in the first and second quarter of 2025, respectively. Approximately 21% of the core Bank’s deposit base as of June 30, 2026, are noninterest bearing deposits.

● Continued success of our proprietary banking app for commercial depositors with over $450 million of our deposit base utilizing the service, including new deposit relationships as a result of the offering.

● The core Bank had zero brokered deposits as of June 30, 2026.

​

Panacea Financial Division of the Bank

● Outstanding loan balances grew 13% to $617 million as of June 30, 2026 from $544 million as of December 31, 2025. The balance as of June 30, 2026 included $33 million classified as HFS that is expected to sell in the third quarter of 2026.

● Outstanding deposits were $169 million as of June 30, 2026, up 32% from December 31, 2025.

​

Mortgage Warehouse

● Outstanding loan balances as of June 30, 2026 were $544 million, up 71% from $318 million as of December 31, 2025.

● Mortgage warehouse funded on average approximately 12% of its outstanding loans with associated customer noninterest bearing deposit balances during the first six months of 2026.

​

Primis Mortgage Company

● Closed loan volume was $788 million in the first six months of 2026, up 61% from the same period of 2025.

● Pre-tax earnings was $2 million and $4 million during the three and six months ended June 30, 2026, respectively, compared to $100 thousand and $900 thousand during the three and six months ended June 30, 2025, respectively.

​

Funding for many of our strategies (all of the above excluding the core community bank) is provided exclusively by the Bank’s digital platform powered by what we believe is one of the safest and most functional deposit accounts in the nation. Because of the scalability of the platform, there is significantly less pressure on the core community bank to provide this funding and risk the profitable, decade-old relationships with core customers. The digital platform ended the second quarter of 2026 with approximately $1.0 billion of deposits with a cost of deposits of 3.79%. The digital platform successfully grew business accounts in 2026 with small business balances reaching $38 million as of June 30, 2026, up substantially from $16 million at December 31, 2025. Approximately 74% of our digital deposit customers have been with the Bank for at least three years.

​

​

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Table of Contents

SUMMARY OF FINANCIAL RESULTS

Results of Operations Highlights

We experienced strong results during the three and six months ended June 30, 2026, earning $9 million and $17 million, respectively, in net income available to common shareholders, or $0.38 and $0.68 basic and diluted earnings per common share, respectively. This compares to net income available to common shareholders of $2 million and $25 million during the three and six months ended June 30, 2025, respectively, or $0.10 and $1.01 basic and diluted earnings per common share, respectively. During the three and six months ended June 30, 2026 results included a $6 million gain on liquidation of an insurance agency investment, and during the three and six months ended June 30, 2025, results included a $7 million gain on sale of PFH shares and $32 million in sale of PFH shares and a one-time gain related to the deconsolidation of PFH, respectively. When excluding these gains from each period, income before income tax would have increased $9 million and $18 million during the three and six months ended June 30, 2026 compared to the same periods in 2025, respectively.

The key financial drivers of our results are noted in the following table with additional discussions following the table ($ in thousands).

​	​	​	​	​	​	​
​	​	Three Months Ended		​	Six Months Ended
​	​	June 30, 2026		​	June 30, 2026
​	​	compared to		​	compared to
​	​ ​ ​	June 30, 2025		​ ​ ​	June 30, 2025
​	​	Favorable (unfavorable) change
Net interest income	​	$	8,575	​	$	14,285
Provision for credit losses	​		2,851	​		2,898
Noninterest income	​		4,004	​		(14,776)
Noninterest expenses	​		(6,265)	​		(7,503)
Provision for income taxes	​		(2,176)	​		363
Noncontrolling interest	​		—	​		(3,602)
Net income attributable to Primis' common stockholders	​	$	6,989	​	$	(8,335)

​

● Net interest income increased in both the three and six months ended June 30, 2026 compared to the same period in 2025 due to higher earning asset balances and higher rates earned on those balances. The increases were also impacted by lower interest expense on deposit accounts that was driven by a decline in rates paid and an increase of $98 million and $93 million of non-interest bearing deposits during the three and six months ended June 30, 2026 compared to the same period in 2025, respectively, in part due to our focus on growing non-interest bearing deposit balances and growing operating balances associated with mortgage warehouse lending. This was partially offset by an increase in interest expense on higher average borrowings in both three and six months ended June 30, 2026 compared to the same period in 2025.

● Net interest margin increased 59 basis points and 44 basis points during the three and six months ended June 30, 2026 compared to the same period in 2025, respectively. Net interest margin was 3.45% and 3.44% during the three and six months ended June 30, 2026, respectively. Continued rebuilding of earning asset levels coupled with favorable deposit pricing was responsible for the improvements in 2026.

● Noninterest income increased $4 million when comparing the three months ended June 30, 2026 to the same period in 2025 and declined $15 million when comparing the six months ended June 30, 2026 to the same period in 2025. The $4 million increase was driven by higher mortgage banking income, gain on liquidation of an insurance agency investment, and gain on sale of loans, partially offset by gains in 2025 on sale of PFH stock. The $15 million decline was primarily a result of gains on deconsolidation of PFH and sales of PFH stock in 2025. Excluding these 2025 gains and the agency investment gain in 2026, noninterest income was $18 million higher during the six months ended June 30, 2026 compared to the same period in 2025 driven by higher mortgage banking income and gain on sale of loans.

● Noninterest expense increased $6 million and $8 million when comparing the three and six months ended June 30, 2026 to the same periods in 2025, respectively.  The drivers in both periods were primarily due to increases

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in personnel and occupancy expenses. Personnel expenses grew primarily as a result of PMC due to the significant growth of the business from 2025 to 2026 and occupancy expenses grew primarily as a result of increased lease expense related to the sale-leaseback transaction in December of 2025, partially offset by lower depreciation expense related to the branches sold in the sale-leaseback.  The increases were partially offset in both the three and six month periods of 2026 due to declines in data processing as a result of our new data processing contract executed in the second half of 2025.

​

Balance Sheet Highlights

​

● Total assets increased 8% as of June 30, 2026 compared to December 31, 2025 primarily due to growth in PMC, Mortgage Warehouse, and the Panacea Division that drove growth in LHFI and LHFS.

● Total LHFI as of June 30, 2026 was $3.5 billion, an increase of $183 million, or 6%, from December 31, 2025. The increase was led by 71% growth in the Mortgage Warehouse loans and 7% growth in Panacea division loans since December 31, 2025.

● Total deposits increased $51 million or 1%, from December 31, 2025 to June 30, 2026. Increases were seen in NOW, money market, and savings, partially offset by declines in time deposits and noninterest bearing demand accounts. Growth was partially driven by increased Mortgage Warehouse business and Panacea Division deposit account balances. We had no wholesale deposit funding as of June 30, 2026.  

● The ratio of gross loans (excluding loans held for sale) to deposits increased to 100.6% at June 30, 2026, from 96.7% at December 31, 2025 as a result of loan growth outpacing deposit growth in 2026.

● Allowance for credit losses to total loans was down 7 basis points to 1.33% as of June 30, 2026, compared to 1.40% as of December 31, 2025. The decline was driven by continued decline in promo and overall balances in the Consumer Program portfolio and a changing mix of the Bank’s loan portfolio to loan categories with lower reserve requirements.

● Asset quality improved from year end with nonperforming assets as a percentage of total assets (excluding SBA guarantees) at 1.45% as of June 30, 2026, compared to 2.03% as of December 31, 2025, a 58 basis point change. This improvement was primarily driven by a decline in nonaccrual loans of $23 million which was driven by one commercial relationship that refinanced during the second quarter of 2026 with another financial institution.

● We had decreases in Common Equity Tier 1 and Tier 1 and total risk-based capital of 3, 4, and 25 basis points, respectively, compared to December 31, 2025. Despite the decreases our capital ratios continued to exceed regulatory capital requirements set forth by our regulator to be considered adequately capitalized as of June 30, 2026, and the Bank continued to meet the applicable prompt-corrective-action well-capitalized thresholds.

​

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RESULTS OF OPERATIONS

Net Income

Three-Month Comparison Net income available to common shareholders for the three months ended June 30, 2026 totaled $9 million, or $0.38 basic and diluted earnings per share, compared to $2 million, or $0.10 basic and diluted earnings per share, for the three months ended June 30, 2025. The results reflect strong growth in net interest income of $9 million driven by growth in interest income and flat interest expense. Provision for credit losses improved by $3 million due to the Consumer Program loan portfolio largely shifting to amortizing and improved delinquencies compared to the prior year and a shift in the remaining loan portfolio mix to loan categories with lower reserve requirements. We also experienced a $4 million increase in noninterest income driven by higher mortgage banking income due to growth in PMC and increased loan sale gains. These increases were offset by higher noninterest expense driven by personnel costs and occupancy expenses, the former due to growth in PMC and Mortgage Warehouse and the latter primarily a result of higher lease expense due to the sale-leaseback transaction executed in December 2025.  Additional details of the changes in net income will be discussed in the remaining sections of this Results of Operations section.

Six-Month Comparison Net income available to common shareholders for the six months ended June 30, 2026 totaled $17 million, or $0.68 basic and diluted earnings per share, compared to $25 million, or $1.01 basic and diluted earnings per share, for the six months ended June 30, 2025. The decline was primarily a result of the $32 million of gains in 2025 due to deconsolidation of PFH in the first quarter of 2025 and gains from the sale of a portion of our remaining investment in PFH common share investment in the second quarter of 2025. When excluding these PFH-related gains and a $6 million one-time gain on liquidation of an insurance agency investment in 2026, income before income taxes increased in 2026 compared to the same period in 2025 by $18 million. Net interest income grew $14 million during the six months of 2026 compared to the same period in 2025 due to higher interest income and flat interest expense. Noninterest income included $9 million higher mortgage banking income and $2 million higher gain on sale of loans. Noninterest expense increased by $7 million driven by personnel costs and occupancy expenses for the same reasons as described above for the three month ended period and was partially offset by lower data processing costs. Additional details of the changes in net income will be discussed in the remaining sections of this Results of Operations section.

​

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Table of Contents

Net Interest Income and Net Interest Margin

Our operating results depend primarily on our net interest income, which is the difference between interest and dividend income on interest-earning assets such as loans and investments, and interest expense on interest-bearing liabilities such as deposits and borrowings.  

Three-Month Comparison

The following table details average balances of interest-earning assets and interest-bearing liabilities, the amount of interest earned/paid on such assets and liabilities, and the yield/rate for the periods indicated ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Balance Sheets and Net Interest Margin

​

​

​

Analysis For the Three Months Ended

​

​

​

June 30, 2026

​

June 30, 2025

​

​

​

​

​

​

Interest

​

​

​

​

​

​

Interest

​

​

​

​

​

Average

​

Income/

​

Yield/

​

Average

​

Income/

​

Yield/

​

​

​ ​ ​

Balance

​ ​ ​

Expense

​ ​ ​

Rate

​ ​ ​

Balance

​ ​ ​

Expense

​ ​ ​

Rate

​ ​ ​

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-earning assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans held for sale

​

$

207,590

​

$

3,142

​

6.07

%

$

108,693

​

$

1,754

​

6.47

%

Loans, net of deferred fees (1) (2)

​

​

3,379,938

​

​

49,785

​

5.91

%

​

3,074,993

​

​

42,963

​

5.60

%

Investment securities

​

​

177,451

​

​

1,951

​

4.41

%

​

249,485

​

​

1,928

​

3.10

%

Other earning assets

​

​

164,006

​

​

1,444

​

3.53

%

​

98,369

​

​

982

​

4.00

%

Total earning assets

​

​

3,928,985

​

​

56,322

​

5.75

%

​

3,531,540

​

​

47,627

​

5.41

%

Allowance for credit losses

​

​

(45,717)

​

​

​

​

​

​

​

(39,990)

​

​

​

​

​

​

Total non-earning assets

​

​

318,522

​

​

​

​

​

​

​

302,900

​

​

​

​

​

​

Total assets

​

$

4,201,790

​

​

​

​

​

​

$

3,794,450

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and stockholders' equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-bearing liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NOW and other demand accounts

​

$

856,254

​

$

4,446

​

2.08

%

$

821,893

​

$

4,603

​

2.25

%

Money market accounts

​

​

777,265

​

​

4,916

​

2.54

%

​

759,107

​

​

5,271

​

2.79

%

Savings accounts

​

​

950,932

​

​

7,575

​

3.20

%

​

882,227

​

​

7,793

​

3.54

%

Time deposits

​

​

311,192

​

​

2,451

​

3.16

%

​

329,300

​

​

2,830

​

3.45

%

Total interest-bearing deposits

​

​

2,895,643

​

​

19,388

​

2.69

%

​

2,792,527

​

​

20,497

​

2.94

%

Borrowings

​

​

219,946

​

​

3,179

​

5.80

%

​

117,701

​

​

1,950

​

6.65

%

Total interest-bearing liabilities

​

​

3,115,589

​

​

22,567

​

2.91

%

​

2,910,228

​

​

22,447

​

3.09

%

Noninterest-bearing liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Demand deposits

​

​

565,815

​

​

​

​

​

​

​

467,493

​

​

​

​

​

​

Other liabilities

​

​

86,339

​

​

​

​

​

​

​

36,649

​

​

​

​

​

​

Total liabilities

​

​

3,767,743

​

​

​

​

​

​

​

3,414,370

​

​

​

​

​

​

Primis common stockholders' equity

​

​

434,047

​

​

​

​

​

​

​

380,080

​

​

​

​

​

​

Total liabilities and stockholders' equity

​

$

4,201,790

​

​

​

​

​

​

$

3,794,450

​

​

​

​

​

​

Net interest income

​

​

​

​

$

33,755

​

​

​

​

​

​

$

25,180

​

​

​

Interest rate spread

​

​

​

​

​

​

​

2.84

%

​

​

​

​

​

​

2.32

%

Net interest margin

​

​

​

​

​

​

​

3.45

%

​

​

​

​

​

​

2.86

%

(1) Includes loan fees in both interest income and the calculation of the yield on loans.

(2) Calculations include non-accruing loans in average loan amounts outstanding.

48

Table of Contents

Net interest income was $34 million for the three months ended June 30, 2026, compared to $25 million for the three months ended June 30, 2025. Net interest income increased primarily as a result of higher average LHFS and net loans balances in the second quarter of 2026 compared to same period in prior year along with a 31 basis point increase in rates over that time on net loans. Interest expense was $120 thousand higher in the second quarter of 2026 compared to same period in prior year due primarily to $1 million higher expense on $102 million average borrowings mostly offset by lower interest expense on deposits due to lower rates on all interest-bearing deposit accounts despite deposit growth in all accounts except for time deposits in the current year.  Our net interest margin for the three months ended June 30, 2026 was 3.45%, compared to 2.86% for the three months ended June 30, 2025. Continued rebuilding of earning asset levels coupled with increased net loan rates and favorable deposit pricing was responsible for the improvement during the second quarter of 2026.

● Average earning assets increased by $397 million, or 11%, primarily due to an increase in average total loans of $404 million, or 13%, and growth in other earning assets of $66 million, or 67%, partially offset by a decrease in average investment securities of $72 million, or 29%. The decrease in average investment securities was due to our investment portfolio restructuring in the fourth quarter of 2025 which resulted in higher interest income on the smaller average portfolio during the second quarter of 2026 compared to the same quarter in 2025. Average earning asset balances were driven higher by a $305 million increase in average LHFI balances which was primarily a result of continued growth of average Panacea Division loans and Mortgage Warehouse loans during the three months ended June 30, 2026 compared to the same period in 2025.  LHFS average balances also increased by $99 million driven by a 30% increase in closed mortgage volume.

● Average interest-bearing liabilities increased by $205 million compared to the second quarter of 2025 largely due to growth across all deposit products, except for time deposits and growth in average borrowings. Despite the growth, rates on average interest-bearing deposits declined 25 basis points in total, in large part due to a decline in the Fed Funds borrowing rate during the last twelve months of 75 basis points, which influences our deposit pricing. Interest paid on average borrowings increased $1 million due to a $102 million increase in average borrowings from the prior year to support our loan growth. We also experienced a $50 million increase in noninterest-bearing demand deposits driven by growth in the Panacea Division and Mortgage Warehouse business, each of which has been successful in growing deposits alongside their loan growth. Lastly, we redeemed $27 million of subordinated debt at the end of January 2026 with a rate of 8.52% which benefited the second quarter of 2026, but was still outstanding in 2025.

● Yields on average interest earning assets increased by 34 basis points comparing the three months ended June 30, 2026 to the same period in 2025. The increase was primarily driven by an increases in yields earned on LHFI of 31 basis points. Yields on loans increased due to higher rates on new loans, influenced by the 10-year treasury rate increasing more during the second quarter of 2026 compared to the second quarter of 2025, and a portion of the existing LHFI portfolio repricing since June 30, 2025 at current market rates. Rates on our interest-bearing liabilities declined by 18 basis points during the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by the decline in external benchmark borrowing rates by 75 basis points over that time.

​

49

Table of Contents

Six-Month Comparison

The following table details average balances of interest-earning assets and interest-bearing liabilities, the amount of interest earned/paid on such assets and liabilities, and the yield/rate for the periods indicated ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Balance Sheets and Net Interest Margin

​

​

Analysis For the Six Months Ended

​

​

June 30, 2026

​

June 30, 2025

​

​

​

​

​

​

Interest

​

​

​

​

​

​

Interest

​

​

​

​

​

Average

​

Income/

​

Yield/

​

Average

​

Income/

​

Yield/

​

​

​ ​ ​

Balance

​ ​ ​

Expense

​ ​ ​

Rate

​ ​ ​

Balance

​ ​ ​

Expense

​ ​ ​

Rate

​ ​ ​

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-earning assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans held for sale

​

$

183,433

​

$

5,518

​

6.07

%

$

139,431

​

$

2,810

​

4.06

%

Loans, net of deferred fees (1) (2)

​

​

3,338,925

​

​

97,543

​

5.89

%

​

2,986,727

​

​

86,871

​

5.87

%

Investment securities

​

​

177,019

​

​

3,862

​

4.40

%

​

247,362

​

​

3,834

​

3.13

%

Other earning assets

​

​

162,611

​

​

2,925

​

3.63

%

​

92,457

​

​

1,835

​

4.00

%

Total earning assets

​

​

3,861,988

​

​

109,848

​

5.74

%

​

3,465,977

​

​

95,350

​

5.55

%

Allowance for credit losses

​

​

(45,462)

​

​

​

​

​

​

​

(43,495)

​

​

​

​

​

​

Total non-earning assets

​

​

312,629

​

​

​

​

​

​

​

295,964

​

​

​

​

​

​

Total assets

​

$

4,129,155

​

​

​

​

​

​

$

3,718,446

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and stockholders' equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-bearing liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NOW and other demand accounts

​

$

847,598

​

$

8,690

​

2.07

%

$

813,752

​

$

9,118

​

2.26

%

Money market accounts

​

​

763,896

​

​

9,454

​

2.50

%

​

773,507

​

​

10,691

​

2.79

%

Savings accounts

​

​

936,622

​

​

14,777

​

3.18

%

​

818,619

​

​

14,211

​

3.50

%

Time deposits

​

​

313,722

​

​

4,969

​

3.19

%

​

332,484

​

​

5,869

​

3.56

%

Total interest-bearing deposits

​

​

2,861,838

​

​

37,890

​

2.67

%

​

2,738,362

​

​

39,889

​

2.94

%

Borrowings

​

​

200,672

​

​

6,129

​

6.16

%

​

117,330

​

​

3,917

​

6.73

%

Total interest-bearing liabilities

​

​

3,062,510

​

​

44,019

​

2.90

%

​

2,855,692

​

​

43,806

​

3.09

%

Noninterest-bearing liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Demand deposits

​

​

549,781

​

​

​

​

​

​

​

457,007

​

​

​

​

​

​

Other liabilities

​

​

86,216

​

​

​

​

​

​

​

37,461

​

​

​

​

​

​

Total liabilities

​

​

3,698,507

​

​

​

​

​

​

​

3,350,160

​

​

​

​

​

​

Primis common stockholders' equity

​

​

430,648

​

​

​

​

​

​

​

362,295

​

​

​

​

​

​

Noncontrolling interest

​

​

—

​

​

​

​

​

​

​

5,991

​

​

​

​

​

​

Total stockholders' equity

​

​

430,648

​

​

​

​

​

​

​

368,286

​

​

​

​

​

​

Total liabilities and stockholders' equity

​

$

4,129,155

​

​

​

​

​

​

$

3,718,446

​

​

​

​

​

​

Net interest income

​

​

​

​

$

65,829

​

​

​

​

​

​

$

51,544

​

​

​

Interest rate spread

​

​

​

​

​

​

​

2.84

%

​

​

​

​

​

​

2.46

%

Net interest margin

​

​

​

​

​

​

​

3.44

%

​

​

​

​

​

​

3.00

%

(1) Includes loan fees in both interest income and the calculation of the yield on loans.

(2) Calculations include non-accruing loans in average loan amounts outstanding.

​

50

Table of Contents

Net interest income was $66 million for the six months ended June 30, 2026, compared to $52 million for the six months ended June 30, 2025. Net interest income increased as a result of interest income increasing 15% while interest expense remained flat. Interest income increases were driven by interest earned on loans while the decline in interest expense on deposits was fully offset by an increase in interest expense on borrowings. The interest income increase was primarily a result of higher average earning assets and moderate improvement in interest rates, while interest expense was due to lower rates across all categories on higher overall average balances. Our net interest margin for the six months ended June 30, 2026 was 3.44%, compared to 3.00% for the six months ended June 30, 2025, an increase of 44 basis points.

● Average earning assets increased by $397 million, or 11%, primarily due to an increase in average total loans of $396 million, or 13%, and growth in other earning assets of $70 million, or 76%, partially offset by a decrease in average investment securities of $70 million, or 28%. The decrease in average investment securities was due to our investment portfolio restructuring in the fourth quarter of 2025, which resulted in improved interest income on the smaller average portfolio during the first six months of 2026 compared to the first six months of 2025. Average earning asset balances were driven higher by a $352 million increase in average LHFI balances which was primarily a result of continued growth of average Panacea Division loans and Mortgage Warehouse loans during the six months ended June 30, 2026 compared to the same period in 2025.  LHFS average balances also increased by $44 million driven by a 61% increase in closed mortgage volume in the six months ended June 30, 2026 compared to the same period in 2025.

● Average interest-bearing liabilities increased by $207 million largely due to growth in NOW and savings accounts and other borrowings, partially offset by declines in money market and time deposit accounts. Despite the growth, rates on average interest-bearing deposits declined 27 basis points in total, in large part due to a decline in the Fed Funds borrowing rate during the last twelve months of 75 basis points, which influences our deposit pricing. Interest paid on average borrowings increased $2 million due to an $83 million increase in average borrowings from the prior year to support our loan growth. We also experienced a $93 million increase in noninterest-bearing demand deposits driven by growth in the Panacea Division and Mortgage Warehouse business, each of which has been successful in growing deposits alongside their loan growth. Lastly, we redeemed $27 million of subordinated debt at the end of January 2026 with a rate of 8.52% which benefited the first half of 2026, but was still outstanding in 2025.

● Yields on average interest earning assets increased by 19 basis points comparing the six months ended June 30, 2026 to the six months ended June 30, 2025. The increase was primarily driven by increases in yields earned on loans which increased 201 basis points on LHFS and 2 basis points on LHFI. Yields on loans increased due to higher rates on new loans, influenced by the 10-year treasury rate increasing more during the six months ended June 30, 2026 compared to the same six-month period in 2025, and a portion of the existing LHFI portfolio repricing since June 30, 2025 at current market rates. Rates on our interest-bearing liabilities declined by 19 basis points during the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily driven by the decline in external benchmark borrowing rates by 75 basis points over that time.

​

​

51

Table of Contents

Provision for Credit Losses

The provision for credit losses is a current charge to earnings made in order to adjust the allowance for credit losses for current expected losses in the loan portfolio based on an evaluation of the loan portfolio characteristics, current economic conditions, changes in the nature and volume of lending, historical loan experience and other known internal and external factors affecting loan collectability, and assessment of reasonable and supportable forecasts of future economic conditions that would impact collectability of the loans. Our allowance for credit losses is calculated by segmenting the loan portfolio by loan type and applying risk factors to each segment. The risk factors are determined by considering historical loss data, peer data, as well as applying management’s judgment.

For the three months ended June 30, 2026 and 2025, we had a provision for credit losses of $5 million and $8 million, respectively. The provision during the three months ended June 30, 2026 was driven by specific reserve additions for one nonaccrual commercial real estate loan based on a re-evaluation of that borrower’s loan characteristics as of June 30, 2026 compared to March 31, 2026. A majority of the provision in the prior year was driven by the downgrade of two commercial real estate loans to substandard in the second quarter of 2025. Excluding the charges on these specific loans, the provision for credit losses declined $1 million during the three months ended June 30, 2026 compared to the same period in 2025 due to improved nonperforming assets, reduction in both the overall and promotional part of the Consumer Program portfolio, and a significant portion of loan growth concentrated in certain loans requiring less reserve due to their credit characteristics.

For the six months ended June 30, 2026 and 2025, we had a provision for credit losses of $7 million and $10 million, respectively. Decline in provision for credit losses for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by the same factors as described in the three month ended period related to specific provisions on commercial real estate loans being higher in the prior year than the current year. Excluding the charges on these specific loans, the provision for credit losses declined $1 million during the six months ended June 30, 2026 compared to the same period in 2025 due to improved nonperforming assets, reduction in both the overall and promotional part of the Consumer Program portfolio, and a significant portion of loan growth concentrated in certain loans requiring less reserve due to their credit characteristics.

The Financial Condition and Asset Quality sections of this MD&A provides information on our loan portfolio, past due loans, nonperforming assets and the allowance for credit losses.

​

52

Table of Contents

Noninterest Income

Three-Month Comparison

​	​	​	​	​	​	​	​	​	​
​	​	For the Three Months Ended
​	​	June 30,
($ in thousands)	​ ​ ​	2026		​ ​ ​	2025		​ ​ ​ ​	Change
Account maintenance and deposit service fees	​	$	1,699	​	$	1,675		$	24
Income from bank-owned life insurance	​		729	​		438		​	291
Gain on Panacea Financial Holdings investment	​	​	400	​	​	7,450	​	​	(7,050)
Gain (loss) on other investments	​	​	5,961	​	​	(308)	​	​	6,269
Mortgage banking income	​		11,388	​		7,893		​	3,495
Gains on sale of loans	​	​	1,582	​	​	210	​	​	1,372
Consumer Program derivative income	​	​	196	​	​	593	​	​	(397)
Other noninterest income	​		79	​		79		​	—
Total noninterest income	​	$	22,034	​	$	18,030	​	$	4,004

​

Noninterest income increased 22% to $22 million for the three months ended June 30, 2026, compared to $18 million for the three months ended June 30, 2025. The increase was primarily driven by a gain of $6 million from the liquidation of an insurance agency investment and $3 million of higher income from mortgage banking activity during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The 44% increase in mortgage banking income was related to an increase in funded and sold loan volume. PMC had a 58% increase in sold loans in the second quarter of 2026 compared to the same quarter of 2025, resulting in $2 million higher gains on sale in the second quarter of 2026 compared to the same quarter in 2025. Noninterest income also had a $1 million increase in gains on sale of loans year-over-year primarily driven by sales of Panacea Division commercial loans and, to a lesser extent, the sale of the guaranteed portion of SBA loans. Panacea Division and SBA loan sales are expected to continue during the last six months of 2026.  These increases were partially offset by gains on sale of a portion of our PFH common shares during the three months ended June 30, 2025 and fair value adjustments to the remaining common share investment retained. Lastly, we experienced a $291 thousand increase in bank-owned life insurance income as a result of a restructure of that portfolio, which we expect to improve further in the second half of 2026 at the completion of the restructuring.

​

53

Table of Contents

Six-Month Comparison

​	​	​	​	​	​	​	​	​	​
​	​	For the Six Months Ended
​	​	June 30,
($ in thousands)	​ ​ ​	2026		​ ​ ​	2025		​ ​ ​	Change
Account maintenance and deposit service fees	​	$	2,945	​	$	3,014		$	(69)
Income from bank-owned life insurance	​		1,201	​		863		​	338
Gains on Panacea Financial Holdings investment	​	​	400	​	​	32,028	​	​	(31,628)
Gain (loss) on other investments	​	​	6,010	​	​	(255)	​	​	6,265
Mortgage banking income	​		22,148	​		13,508		​	8,640
Gains on sale of loans	​	​	2,149	​	​	210	​	​	1,939
Consumer Program derivative income	​	​	592	​	​	301	​	​	291
Other noninterest income	​		144	​		696		​	(552)
Total noninterest income	​	$	35,589	​	$	50,365		$	(14,776)
​	​	​	​	​	​	​	​	​	​

Noninterest income decreased 29% to $36 million for the six months ended June 30, 2026, compared to $50 million for the six months ended June 30, 2025. The decrease in noninterest income was primarily driven by the $32 million gain on our PFH investment, which comprised of the gain on deconsolidation of PFH in the first quarter of 2025 and gain on the sale of a portion of our ownership in PFH and fair value adjustments to the remaining common share investment retained in the second quarter of 2025. The current year included a one-time $6 million gain related to liquidation of an insurance agency investment. When excluding these gains from each year we had an increase in noninterest income of $11 million, or 62%.

During the six months ended June 30, 2026 we had $9 million higher income from mortgage banking activity compared to the same period in 2025. The increase in mortgage banking was related to a 61% increase in funded loan volume and subsequent sale of a large amount of these funded loans during 2026. PMC had a 71% increase in sold loans during the six months ended 2026 compared to the same period of 2025, resulting in $6 million higher gains on sale year-over-year. Noninterest income also increased $2 million due to gains on sale of loans year-over-year due to sales of Panacea Division commercial loans and the guaranteed portion of SBA loans, both of which are expected to continue during the second half of 2026. Lastly, we experienced a $338 thousand increase in bank-owned life insurance income as a result of a restructure of that portfolio, which we expect to improve further in the second half of 2026 at the completion of the restructuring.

​

​

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Noninterest Expense

Three-Month Comparison

​	​	​	​	​	​	​	​	​	​
​	​	For the Three Months Ended
​	​	June 30,
($ in thousands)	​ ​ ​	2026		​ ​ ​	2025		​ ​ ​	Change
Salaries and benefits	​	$	20,267	​	$	17,060	​	$	3,207
Occupancy expenses	​		2,646	​		1,318	​		1,328
Furniture and equipment expenses	​		2,153	​		1,809	​		344
Virginia franchise tax expense	​		695	​		577	​		118
FDIC insurance assessment	​	​	854	​	​	1,021	​	​	(167)
Data processing expense	​		2,342	​		3,037	​		(695)
Marketing expense	​	​	934	​	​	720	​	​	214
Telephone and communication expense	​		350	​		324	​		26
Professional fees	​		2,886	​		2,413	​		473
Miscellaneous lending expenses	​	​	1,128	​		900	​		228
Other operating expenses	​		3,952	​		2,763	​		1,189
Total noninterest expenses	​	$	38,207	​	$	31,942	​	$	6,265

​

Noninterest expenses increased 20% to $38 million during the three months ended June 30, 2026, compared to $32 million during the three months ended June 30, 2025. The increase was primarily driven by higher salaries and benefits expenses, occupancy expenses, professional fees, and other operating expenses, partially offset by lower data processing expense.

Salaries and benefits expense increased $3 million in the three months ended June 30, 2026, compared to the same period in 2025. PMC accounted for $2 million of the growth in salaries and benefits expense due to the significant growth of the business in the last year, while growth in the Mortgage Warehouse business and the core Bank comprised the remaining $1 million increase due to growth in these areas.

Occupancy expenses grew $1 million during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily as a result of increased lease expense related to the sale-leaseback transaction executed in December of 2025. Other operating expense includes $1 million in payments to PFH during the second quarter of 2026 under an agreement to share the gains on sale of loans originated in the Panacea Division of the Bank and drove the change in other operating expense because prior year did not include similar amounts. The gross amount of gains on these loans is recorded in “gains on sale of loans” within noninterest income. We expect to have continued gains on sale of Panacea Division loans during the remainder of 2026 that will drive additional increases in other operating expenses due to sharing the gains with PFH.

Professional fees increased $473 thousand in the second quarter of 2026 compared to the second quarter of 2025 and were driven during the second quarter of 2026 by a number of discrete expenses related to the settlement of a previously disclosed mortgage lawsuit. Most other noninterest expense categories increased modestly comparing the three months ended June 30, 2026 to the same period in 2025 primarily as a result of overall business growth as evidenced in the 11% growth in average earning and total assets comparing the second quarter of 2026 to 2025.

Offsetting some of the increases in noninterest expense was a decrease of $695 thousand in data processing expense during the three months ended June 30, 2026, compared to the same period in 2025. The decline in expense was driven by the reduced cost of data processing paid for our core loan and deposit systems as a result of renegotiating our core data processing contract with our vendor in the second half of 2025.

​

​

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Six-Month Comparison

​	​	​	​	​	​	​	​	​	​
​	​	For the Six Months Ended
​	​	June 30,
($ in thousands)	​ ​ ​	2026		​ ​ ​	2025		​ ​ ​	Change
Salaries and benefits	​	$	39,823	​	$	35,001	​	$	4,822
Occupancy expenses	​		5,198	​		2,746	​		2,452
Furniture and equipment expenses	​		4,218	​		3,666	​		552
Virginia franchise tax expense	​		1,306	​		1,154	​		152
FDIC insurance assessment	​	​	1,592	​	​	1,814	​	​	(222)
Data processing expense	​		4,530	​		5,886	​		(1,356)
Marketing expense	​	​	1,694	​	​	1,234	​	​	460
Telephone and communication expense	​		661	​		611	​		50
Professional fees	​		4,746	​		4,638	​		108
Miscellaneous lending expenses	​	​	1,856	​		1,734	​		122
Other operating expenses	​		6,337	​		5,974	​		363
Total noninterest expenses	​	$	71,961	​	$	64,458	​	$	7,503
​	​	​	​	​	​	​	​	​	​

Noninterest expenses increased 12% to $72 million during the six months ended June 30, 2026, compared to $64 million during the six months ended June 30, 2025. The increase was primarily driven by higher salaries and benefits expenses and occupancy expenses in 2026 compared to the same period in 2025. These increases were partially offset by lower data processing expenses during the six months ended June 30, 2026 compared to the same period in 2025.

Salaries and benefits expense increased $5 million for the six months ended June 30, 2026 compared to the same period in 2025 primarily driven by the substantial growth at PMC and in the Mortgage Warehouse lending business. The 61% closed loan volume growth for PMC and 195% loan growth in Mortgage Warehouse year-over-year fueled the growth in personnel costs to support these two businesses.

Occupancy expenses increased $2 million during the six months ended June 30, 2026 compared to the same period in 2025 primarily due to increased lease expense related to the sale-leaseback transaction executed in December of 2025. Most other noninterest expense categories increased modestly comparing the six months ended June 30, 2026 to the same period in 2025 primarily as a result of overall business growth as evidenced in the 11% growth in average earning and total assets year-over-year.

Offsetting the increases in most of our noninterest expense categories was a decrease of $1 million in data processing expense during the six months ended June 30, 2026, compared to the same period in 2025. The decline in expense was driven by the reduced cost of data processing paid for our core loan and deposit systems as a result of renegotiating our core data processing contract with our vendor in the second half of 2025.

​

​

​

​

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FINANCIAL CONDITION

The following illustrates key balance sheet categories as of June 30, 2026 and December 31, 2025 ($ in thousands):

​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	June 30,		​ ​ ​	December 31,		​ ​ ​	​	​
​	​	2026		​	2025		​	Change
Total cash and cash equivalents	​	$	176,825	​	$	143,607	​	$	33,218
Securities available-for-sale	​		168,285	​		171,377	​		(3,092)
Securities held-to-maturity	​		6,588	​	​	6,981	​	​	(393)
Loans held for sale, at fair value	​		198,713	​	​	166,066	​	​	32,647
Loans held for sale, at lower of cost or market	​	​	33,277	​	​	—	​	​	33,277
Net loans	​		3,420,424	​	​	3,237,800	​	​	182,624
Other assets	​		349,502	​	​	321,557	​	​	27,945
Total assets	​	$	4,353,614	​	$	4,047,388	​	$	306,226
​	​	​	​	​	​	​	​	​	​
Total deposits	​	$	3,446,341	​	$	3,395,585	​	$	50,756
Borrowings	​	​	387,497	​	​	139,487	​	​	248,010
Other liabilities	​	​	85,947	​	​	89,420	​	​	(3,473)
Total liabilities	​	​	3,919,785	​	​	3,624,492	​	​	295,293
Total equity	​	​	433,829	​	​	422,896	​	​	10,933
Total liabilities and equity	​	$	4,353,614	​	$	4,047,388	​	$	306,226

​

LOAN PORTFOLIO

Loans Held for Sale

LHFS increased $66 million from December 31, 2025 primarily due to the origination for sale during the quarter of $33 million of Panacea Financial division commercial loans and an increase of $33 million in PMC loans. A majority of the Panacea loans were originated in the second quarter and are expected to be sold to another financial institution during the third quarter of 2026. The increase in PMC loans is a result of overall increase in origination volume during the quarter.

Loans Held for Investment

Gross LHFI were $3.5 billion and $3.3 billion as of June 30, 2026 and December 31, 2025, respectively. The increase in loans was driven by growth of mortgage warehouse loans and Panacea Division commercial loans. The growth was partially offset by loan paydowns during the six months ended June 30, 2026 of consumer, non-owner occupied commercial real estate, and residential 1-4 family loans. As of June 30, 2026 and December 31, 2025, a majority of our loans were to customers located in Virginia and Maryland. We are not dependent on any single customer or group of customers whose insolvency would have a material adverse effect on our operations.

​

​

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Table of Contents

The composition of our loans HFI portfolio consisted of the following as of June 30, 2026 and December 31, 2025 ($ in thousands):

​	​	​	​	​	​	​	​	​	​	​	​
​	​	June 30, 2026				​	December 31, 2025				​
​	​ ​ ​	Amount		​ ​ ​	Percent	​ ​ ​	Amount		​ ​ ​	Percent	​ ​ ​
Loans secured by real estate:		​	​		​		​	​		​
Commercial real estate - owner occupied	​	$	560,515		16.2	%	$	510,088		15.5	%
Commercial real estate - non-owner occupied	​		522,383		15.1	%		567,091		17.3	%
Secured by farmland	​		2,479		0.1	%		3,408		0.1	%
Construction and land development	​		153,906		4.4	%		131,757		4.0	%
Residential 1-4 family	​		558,782		16.1	%		576,866		17.5	%
Multi- family residential	​		137,953		4.0	%		140,261		4.3	%
Home equity lines of credit	​		61,985		1.8	%		61,738		1.9	%
Total real estate loans	​		1,998,003		57.7	%		1,991,209		60.6	%
​	​	​	​	​	​	​	​	​	​	​	​
Commercial loans	​		1,184,862		34.2	%		970,492		29.6	%
Paycheck protection program loans	​	​	1,713	​	—	%	​	1,719	​	0.1	%
Consumer loans	​		277,248		8.0	%		315,407		9.6	%
Total Non-PCD loans	​		3,461,826		99.9	%		3,278,827		99.9	%
PCD loans	​	​	4,562	​	0.1	%	​	4,856	​	0.1	%
Total loans	​	$	3,466,388	​	100.0	%	$	3,283,683	​	100.0	%

​

The following table sets forth the contractual maturity ranges of our LHFI portfolio and the amount of those loans with fixed and floating interest rates in each maturity range as of June 30, 2026 ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

After 1 Year

​

After 5 Years

​

​

​

​

​

​

​

​

​

​

​

​

​

Through 5 Years

​

Through 15 Years

​

After 15 Years

​

​

​

​

One Year

​

Fixed

​

Floating

​

Fixed

​

Floating

​

Fixed

​

Floating

​

​

​

​ ​ ​

or Less

​ ​ ​

Rate

​ ​ ​

Rate

​ ​ ​

Rate

​ ​ ​

Rate

​ ​ ​

Rate

​ ​ ​

Rate

​ ​ ​

Total

Loans secured by real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate - owner occupied

​

$

32,728

​

$

67,554

​

$

40,541

​

$

221,050

​

$

141,535

​

$

3,294

​

$

53,813

​

$

560,515

Commercial real estate - non-owner occupied

​

​

75,942

​

​

145,013

​

​

30,377

​

​

81,797

​

​

77,222

​

​

9,052

​

​

102,980

​

​

522,383

Secured by farmland

​

​

455

​

​

386

​

​

697

​

​

214

​

​

512

​

​

—

​

​

215

​

​

2,479

Construction and land development

​

​

68,066

​

​

12,619

​

​

55,464

​

​

5,548

​

​

12,064

​

​

—

​

​

145

​

​

153,906

Residential 1-4 family

​

​

34,180

​

​

34,620

​

​

16,238

​

​

20,067

​

​

36,787

​

​

69,124

​

​

347,766

​

​

558,782

Multi- family residential

​

​

48,432

​

​

39,253

​

​

22,237

​

​

1,035

​

​

5,535

​

​

—

​

​

21,461

​

​

137,953

Home equity lines of credit

​

​

2,049

​

​

117

​

​

6,340

​

​

1

​

​

631

​

​

950

​

​

51,897

​

​

61,985

Total real estate loans

​

​

261,852

​

​

299,562

​

​

171,894

​

​

329,712

​

​

274,286

​

​

82,420

​

​

578,277

​

​

1,998,003

Commercial loans

​

​

86,925

​

60,683

​

​

651,441

​

​

332,337

​

​

44,772

​

​

7,015

​

​

1,689

​

​

1,184,862

Paycheck protection program loans

​

​

1,713

​

​

-

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,713

Consumer loans

​

​

31,422

​

​

135,486

​

​

41,430

​

​

59,371

​

​

6,815

​

​

2,720

​

​

4

​

​

277,248

Total Non-PCD loans

​

​

381,912

​

​

495,731

​

​

864,765

​

​

721,420

​

​

325,873

​

​

92,155

​

​

579,970

​

​

3,461,826

PCD loans

​

2,125

​

​

1,191

​

​

131

​

​

—

​

​

747

​

​

368

​

​

—

​

4,562

Total loans

​

$

384,037

​

$

496,922

​

$

864,896

​

$

721,420

​

$

326,620

​

$

92,523

​

$

579,970

​

$

3,466,388

​

Our highest concentration of credit by loan type is in commercial real estate. As of June 30, 2026, 35% of our loan portfolio was comprised of loans secured by commercial real estate, including multi-family residential loans and loans secured by farmland. Commercial real estate loans are generally viewed as having a higher risk of default than residential real estate loans and depend on cash flows from the owner’s business or the property’s tenants to service the debt. The borrower’s cash flows may be affected significantly by general economic conditions, a downturn in the local economy, or in occupancy rates in the market where the property is located, any of which could increase the likelihood of default.

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We seek to mitigate risks attributable to our most highly concentrated portfolios and our portfolios that pose unique risks to our balance sheet through our credit underwriting and monitoring processes, including oversight by a centralized credit administration function, approval process, credit policy, and risk management committee, as well as through our seasoned bankers that focus on lending to borrowers with proven track records in markets with which we are familiar.

The following table presents the composition of the industry classification for commercial real estate non-owner occupied loans as a percentage of total loans for the periods ended June 30, 2026 and December 31, 2025 ($ in thousands):

​	​	​	​	​	​	​	​	​	​	​	​
​	​	June 30, 2026				​	December 31, 2025				​
​	​ ​ ​	Amount		​ ​ ​	Percent	​ ​ ​	Amount		​ ​ ​	Percent	​ ​ ​
Commercial real estate - non-owner occupied	​		​		​	​		​		​	​
Hotel/ Motel	​	$	153,934	​	29.5	%	$	163,487	​	28.8	%
Office	​	​	137,757	​	26.4	%	​	131,638	​	23.2	%
Retail	​	​	67,287	​	12.9	%	​	80,918	​	14.3	%
Assisted living	​	​	36,877	​	7.1	%	​	54,382	​	9.6	%
Mixed use	​	​	44,373	​	8.5	%	​	44,626	​	7.9	%
Warehouse/ Industrial	​	​	22,930	​	4.4	%	​	20,691	​	3.6	%
Daycare/Schools/Churches	​	​	10,591	​	2.0	%	​	10,760	​	1.9	%
Self-storage	​	​	10,284	​	2.0	%	​	10,402	​	1.8	%
Leisure/Recreational	​	​	5,946	​	1.1	%	​	10,695	​	1.9	%
Other	​	​	32,404	​	6.1	%	​	39,492	​	7.0	%
Total Commercial real estate - non-owner occupied	​	$	522,383	​	100.0	%	$	567,091	​	100.0	%

​

The following table presents the composition of office portfolio loans for commercial real estate non-owner occupied loans, their loan count and their weighted average loan-to-value percentage as of June 30, 2026 and December 31, 2025 ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

December 31, 2025

Commercial real estate - non-owner occupied - Office Portfolio (1)

​

Loan count

​

​

Amount

​

Weighted Average Loan-to-Value

​

Loan count

​

​

Amount

​

Weighted Average Loan-to-Value

Commercial medical office

​

12

​

$

12,458

​

69.4

%

​

10

​

$

9,303

​

66.7

%

Commercial office building

​

30

​

112,330

​

66.5

%

​

28

​

108,586

​

65.9

%

Commercial office/ warehouse

​

11

​

12,969

​

34.9

%

​

12

​

13,749

​

36.8

%

Total

​

53

​

$

137,757

​

63.8

%

​

50

​

$

131,638

​

62.9

%

⁽¹⁾ The office portfolio is a subset of our Commercial real estate non-owner occupied loans.

The shift to work-from-home and hybrid work environments has caused a decreased utilization of office space. As such, we have additional monitoring for our exposure to office space, within our non-owner occupied commercial real estate portfolio, including periodic credit risk assessment of expiring office leases for most of the office portfolio. We do not currently finance large, high-rise, or major metropolitan central business district office buildings, and the office portfolio is generally in suburban markets with strong occupancy levels.

​

​

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Table of Contents

Consumer Program Loans

The following table sets forth the contractual maturity ranges of our Consumer Program loan portfolio principal balances as of June 30, 2026, which is only originated at fixed rates ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

One Year or Less

​

After One Year to Five Years

​

After Five Through Ten Years

​

After Ten Years

​

Total

Total Consumer Program Loans

​

$

774

​

$

18,567

​

$

55,436

​

$

—

​

$

74,777

​

Over the past two years our Consumer Program loan portfolio comprised a significant amount of loans that had a no-interest promotional period. A majority of these have paid-off or converted to an amortization period and as of June 30, 2026 we only had approximately $250 thousand of principal amount of promotional loans that remain in a promotional period. All of these loans will end their promotional period in the next four months.

​

ASSET QUALITY

Nonperforming Assets

The following table presents a comparison of nonperforming assets as of June 30, 2026 and December 31, 2025 ($ in thousands):

​	​	​	​	​	​	​	​
​	​ ​ ​	June 30,		​	December 31,		​
​	​	2026		​ ​ ​	2025		​ ​ ​
Nonaccrual loans	​	$	61,847	​	$	84,823	​
Loans past due 90 days and accruing interest	​		5,827	​		1,713	​
Total nonperforming loans	​	$	67,674	​	$	86,536	​
​	​	​	​	​	​	​	​
SBA guaranteed amounts included in nonperforming loans	​	$	4,491	​	$	4,482	​
​	​	​	​	​	​	​	​
Allowance for credit losses to total loans	​		1.33	%		1.40	%
Allowance for credit losses to nonaccrual loans	​		74.32	%		54.09	%
Allowance for credit losses to nonperforming loans	​		67.92	%		53.02	%
Nonaccrual to total loans	​		1.78	%		2.59	%
Nonperforming loans excluding SBA guaranteed loans to total assets	​		1.45	%		2.03	%

​

Nonperforming assets decreased $19 million, or 22%, as of June 30, 2026 compared to December 31, 2025, which was driven by one commercial relationship that was paid off through a refinance provided by an unrelated financial institution. As of June 30, 2026, all of our asset quality ratios have improved since year end as a result of our proactive management of the nonperforming asset portfolio that resulted in $26 million of loans paying off or curing out of nonaccrual or 90 days past due in the past six months.

We will generally place a loan on nonaccrual status when it becomes 90 days past due, with the exception of most consumer loans, which are charged off at 120 days past due and Consumer Program loans, which are charged off once they reach 90 days past due. Loans will also be placed on nonaccrual status in cases where we are uncertain whether the borrower can satisfy the contractual terms of the loan agreement. Cash payments received while a loan is categorized as nonaccrual will be recorded as a reduction of principal as long as doubt exists as to future collections.

We maintain appraisals on loans secured by real estate, particularly those categorized as nonperforming loans and potential problem loans. In instances where appraisals reflect reduced collateral values, we make an evaluation of the borrower’s overall financial condition to determine the need, if any, for impairment or write-down to their fair values. If

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foreclosure occurs, we record OREO at the lower of our recorded investment in the loan or fair value less our estimated costs to sell.

Our loan portfolio losses and delinquencies have been primarily limited by our underwriting standards and portfolio management practices. Whether losses and delinquencies in our portfolio will increase significantly depends upon the value of the real estate securing the loans and economic factors, such as the overall economy, rising or elevated interest rates, historically high or persistent inflation, and recessionary concerns.

Allowance for Credit Losses

We are focused on the asset quality of our loan portfolio, both before and after a loan is made. We have established underwriting standards that we believe are effective in maintaining high credit quality in our loan portfolio. We have experienced loan officers who take personal responsibility for the loans they originate, a skilled underwriting team and highly qualified credit officers that review each loan application carefully.

Our allowance for credit losses is established through charges to earnings in the form of a provision for credit losses. Management evaluates the allowance at least quarterly. In addition, on a quarterly basis, our Board of Directors reviews our loan portfolio, evaluates credit quality, reviews the loan loss provision and the allowance for credit losses and requests management to make changes as may be required. In evaluating the allowance, management and the Board of Directors consider the growth, composition and industry diversification of the loan portfolio, historical loan loss experience, current delinquency levels and all other known factors affecting loan collectability.

The allowance for credit losses is based on the CECL methodology and represents management’s estimate of an amount appropriate to provide for expected credit losses in the loan portfolio. This estimate is based on historical credit loss information adjusted for current conditions and reasonable and supportable forecasts applied to various loan types that compose our portfolio, including the effects of known factors such as the economic environment within our market area will have on net losses. The allowance is also subject to regulatory examinations and determination by the regulatory agencies as to the appropriate level of the allowance.

​

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The following table sets forth the allowance for credit losses allocated by loan category and the percentage of loans in each category to total loans at the dates indicated ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of June 30,

​

​

As of December 31,

​

​

​

2026

​

​

2025

​

​

​

​

​

​

Percent of

​

​

​

​

​

Percent of

​

​

​

Allowance

​

Loans by

​

​

Allowance

​

Loans by

​

​

​

for Credit

​

Category to

​

​

for Credit

​

Category to

​

​

​ ​ ​

Losses

​ ​ ​

Total Loans

​ ​ ​

​

Losses

​ ​ ​

Total Loans

​ ​ ​

Commercial real estate - owner occupied

​

$

6,197

​

16.2

%

​

$

5,682

​

15.5

%

Commercial real estate - non-owner occupied

​

​

17,730

​

15.1

%

​

​

15,329

​

17.3

%

Secured by farmland

​

​

12

​

0.1

%

​

​

30

​

0.1

%

Construction and land development

​

​

1,714

​

4.4

%

​

​

748

​

4.0

%

Residential 1-4 family

​

​

6,204

​

16.1

%

​

​

6,852

​

17.5

%

Multi- family residential

​

​

1,202

​

4.0

%

​

​

1,368

​

4.3

%

Home equity lines of credit

​

​

417

​

1.8

%

​

​

428

​

1.9

%

Commercial loans

​

​

8,641

​

34.2

%

​

​

11,197

​

29.6

%

Paycheck Protection Program loans

​

​

—

​

—

%

​

​

—

​

0.1

%

Consumer loans

​

​

3,847

​

8.0

%

​

​

4,249

​

9.6

%

PCD loans

​

​

—

​

0.1

%

​

​

—

​

0.1

%

Total

​

$

45,964

​

100.0

%

​

$

45,883

​

100.0

%

​

The following table presents an analysis of the allowance for credit losses for the periods indicated ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended June 30,

​

​

For the Six Months Ended June 30,

​

​

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

​

2026

​ ​ ​

2025

​ ​ ​

Balance, beginning of period

​

$

46,381

​

$

44,021

​

​

$

45,883

​

$

53,724

​

Provision charged to operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total provisions

​

​

5,452

​

​

8,303

​

​

​

7,001

​

​

9,899

​

Recoveries credited to allowance:

​

​

​

​

​

​

​

​

​

​

Commercial real estate - non-owner occupied

​

​

7

​

​

—

​

​

​

9

​

​

—

​

Residential 1-4 family

​

50

​

—

​

​

50

​

—

​

Home equity lines of credit

​

1

​

1

​

​

2

​

2

​

Commercial loans

​

​

—

​

​

—

​

​

​

75

​

​

—

​

Consumer loans

​

​

882

​

​

6,392

​

​

​

2,354

​

​

9,426

​

Total recoveries

​

940

​

6,393

​

​

2,490

​

9,428

​

Total

​

52,773

​

58,717

​

​

55,374

​

73,051

​

Loans charged off:

​

​

​

​

​

​

​

​

​

​

Residential 1-4 family

​

—

​

67

​

​

5

​

67

​

Commercial loans

​

​

4,369

​

​

726

​

​

​

4,369

​

​

932

​

Consumer loans

​

​

2,440

​

​

11,939

​

​

​

5,036

​

​

26,067

​

Total loans charged-off

​

6,809

​

12,732

​

​

9,410

​

27,066

​

Net charge-offs

​

5,869

​

6,339

​

​

6,920

​

17,638

​

Balance, end of period

​

$

45,964

​

$

45,985

​

​

$

45,964

​

$

45,985

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net charge-offs to average loans, net of unearned income

​

0.17

%

0.21

%

​

0.21

%

0.59

%

​

We believe that the allowance for credit losses as of June 30, 2026 is sufficient to absorb future expected credit losses in our loan portfolio based on our assessment of all known factors affecting the collectability of our loan portfolio. Our assessment involves uncertainty and judgment; therefore, the adequacy of the allowance for credit losses cannot be determined with precision and may be subject to change in future periods. In addition, bank regulatory authorities, as part of their periodic examination, may require additional charges to the provision for credit losses in future periods if the results of their reviews warrant additions to the allowance for credit losses.

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Our allowance for credit losses was $46 million as of both June 30, 2026 and December 31, 2025. The allowance was flat during the six months as a result of the provision being mostly offset by net charge-offs during the period.  Net charge-offs were driven by the Consumer Program portfolio and commercial loan net charge-offs, while meaningful recoveries were realized on the Consumer Program portfolio during the six months. The provision during the six months ended June 30, 2026 was driven by increases in growth in the commercial and warehouse loan portfolio balances, specific provisions determined for non-owner occupied commercial real estate loans, and charge-offs of Consumer Program loans, partially offset by a decline in 1-4 family and multi-family residential loan balances.  

Our net charge-offs were primarily driven during the three and six months ended June 30, 2026 by commercial loans and one specific borrower relationship. The borrower was in nonaccrual as of December 31, 2025 and during the six months ended June 30, 2026, we agreed to a resolution of the loan relationship resulting in $4 million of charge-offs and the remaining balance of the loans paid-off due to another financial institution providing financing to the borrower. The Consumer Program portfolio was a secondary driver of net charge-offs in both three and six months ended June 30, 2026, but was down significantly from the same periods in the prior year. During the three months ended June 30, 2026 we charged-off $1 million net of recoveries compared to $5 million during the three months ended June 30, 2025. During the six months ended June 30, 2026 we charged-off $2 million net of recoveries compared to $16 million during the six months ended June 30, 2025. This significant improvement in net charge-offs related to the Consumer Program was a result of the reduction of the promotional loans in the portfolio over that time along with enhanced mitigation and collection efforts implemented by us to improve performance of the portfolio.  

As of June 30, 2026, the principal balance outstanding of Consumer Program loans was $80 million, inclusive of a $5 million discount as a result of our prior decision to market a majority of the portfolio for sale, which has since been moved back to LHFI and will be run-off over time. These loans are accounted for like our other consumer loans and are not placed on nonaccrual because they are charged off when they become 90 days past due. The allowance and discounts on this portfolio are 7% of the portfolio principal balance. As of June 30, 2026, 94% of the outstanding principal balance was current and we had 457% coverage of the principal balance of loans greater than 30 days past due by the aggregate allowance and discount.

​

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INVESTMENT SECURITIES

Our investment securities portfolio provides us with required liquidity and collateral to pledge to secure public deposits, certain other deposits, advances from the FHLB, and repurchase agreements.

AFS and HTM investment securities totaled $175 million as of June 30, 2026, a decrease of 2% from $178 million as of December 31, 2025, primarily due to unrealized losses on AFS securities with paydowns, maturities, and calls of the AFS and HTM investments over the past six months mostly being offset by purchases of AFS securities during that time. We recognized no credit impairment charges related to credit losses on our HTM investment securities during the three and six months ended June 30, 2026.

The following table sets forth a summary of the investment securities portfolio as of the dates indicated. AFS investment securities are reported at fair value, and HTM investment securities are reported at amortized cost ($ in thousands).

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
​	​ ​ ​	2026		​ ​ ​	2025
Available-for-sale investment securities:		​	​		​	​
Residential government-sponsored mortgage-backed securities	​	$	69,048	​	$	71,806
Obligations of states and political subdivisions	​		5,040	​		5,778
Corporate securities	​		6,819	​		6,579
Residential government-sponsored collateralized mortgage obligations	​		61,608	​		63,807
Agency commercial mortgage-backed securities	​		19,648	​		16,965
SBA pool securities	​		6,122	​		6,442
Total	​	$	168,285	​	$	171,377
​	​	​	​	​	​	​
Held-to-maturity investment securities:	​		​	​		​
Residential government-sponsored mortgage-backed securities	​	$	5,069	​	$	5,462
Obligations of states and political subdivisions	​		1,519	​		1,519
Total	​	$	6,588	​	$	6,981

​

Debt investment securities that we have the positive intent and ability to hold to maturity are classified as HTM and are carried at amortized cost. Investment securities classified as AFS are those debt securities that may be sold in response to changes in interest rates, liquidity needs or other similar factors. Investment securities AFS are carried at fair value, with unrealized gains or losses net of deferred taxes, included in accumulated other comprehensive income (loss) in stockholders’ equity. Our portfolio of AFS securities currently contains $5 million of unrealized mark-to-market adjustments due to increases in market interest rates since the original purchase of many of these securities.

For additional information regarding investment securities refer to “Note 2 - Investment Securities” in this Form 10-Q.

​

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DEPOSITS AND OTHER BORROWINGS

Deposits

Our deposits are diversified in type and by underlying customers and lack significant concentration in any type of customer (i.e. commercial, consumer, government) or industry. The variety of deposit accounts we offer allows us to be competitive in obtaining funds and in responding to the threat of disintermediation (the flow of funds away from depository institutions such as banking institutions into direct investment vehicles such as government and corporate securities). Our ability to attract and maintain deposits, and the effect of such retention on our cost of funds, has been, and will continue to be, significantly affected by the general economy and market rates of interest.

Total deposits increased by $51 million to $3.4 billion as of June 30, 2026 compared to $3.4 billion as of December 31, 2025. The mix of deposits changed during the six months ended June 30, 2026, including an increase in money market, savings and NOW deposit balances of $108 million, offset by a decline in demand deposits and time deposit account balances of $57 million. Deposits are net of excess amounts we sweep off balance sheet to manage liquidity, but swept deposits was immaterial as of June 30, 2026 and we had none as of December 31, 2025.

Approximately $1.0 billion of our total deposits at both June 30, 2026 and December 31, 2025 are from our digital banking platform with a substantial portion of these deposits from customers outside of our local branch footprint. We believe this platform is one of the safest and most functional deposit accounts in the nation and has been a funding platform for many of our national strategies, relieving pressure to utilize deposits from our core bank customers. While personal accounts in the platform has been relatively flat, we have successfully grown business accounts in 2026 with small business balances reaching $38 million at June 30, 2026, up substantially from $16 million at December 31, 2025. Despite the significant amount of our digital platform customers residing outside of our footprint, approximately 74% of our digital deposits have been with us for at least three years.

Uninsured deposits are defined as the portion of deposit accounts in U.S. offices that exceed the FDIC insurance limit and amounts in any other uninsured investment or deposit accounts that are classified as deposits and are not subject to any federal or state deposit insurance regimes. Total uninsured deposits as calculated per regulatory guidance were $886 million, or 26% of total deposits as of June 30, 2026.

The following table sets forth the average balance and average rate paid on each of the deposit categories for the six months ended June 30, 2026 and 2025 ($ in thousands):

​	​	​	​	​	​	​	​	​	​	​	​
​	​	2026				​	2025				​
​	​ ​ ​	Average		​ ​ ​	Average	​ ​ ​	Average		​ ​ ​	Average	​ ​ ​
​	​	Balance		​	Rate	​	Balance		​	Rate	​
Noninterest-bearing demand deposits	​	$	549,781		​	​	$	457,007		​	​
Interest-bearing deposits:	​		​		​	​		​		​	​
Savings accounts	​		936,622		3.18	%		818,619		3.50	%
Money market accounts	​		763,896		2.50	%		773,507		2.79	%
NOW and other demand accounts	​		847,598		2.07	%		813,752		2.26	%
Time deposits	​		313,722		3.19	%		332,484		3.56	%
Total interest-bearing deposits	​		2,861,838		2.67	%		2,738,362		2.94	%
Total deposits	​	$	3,411,619		​	​	$	3,195,369		​	​

​

Other Borrowings

We borrow funds on a short-term basis to support our liquidity needs and to temporarily satisfy our funding needs from increased loan demand and for other shorter-term purposes. We are a member of the FHLB and are authorized to obtain advances from the FHLB from time to time, as needed. The FHLB has a credit program for members with different maturities and interest rates, which may be fixed or variable. We are required to collateralize our borrowings from the FHLB with purchases of FHLB stock and other collateral acceptable to the FHLB. As of June 30, 2026 and December 31,

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Table of Contents

2025, we had $300 million and $25 million FHLB borrowings, respectively. The borrowings from the FHLB during the six months ended June 30, 2026 are short-term borrowings and were obtained primarily to fund increased loan growth experienced during the year. As of June 30, 2026, we had $639 million of FHLB lines of credit, less amounts outstanding at June 30, as well as $484 million of available credit with the FRB, secured by excess collateral pledged to the FHLB and FRB in the form of loans and investment securities. As of June 30, 2026, our borrowing capacity under the FHLB line is $199 million based on the $300 million short-term borrowings outstanding and a $140 million letter of credit issued as collateral for public deposits held by the bank.

We had secured borrowings of $14 million and $15 million as of June 30, 2026 and December 31, 2025, respectively. These borrowings reflect the cash received for transferring the loans to the other financial institution and any unamortized sale premium and are secured by approximately the same amount of LHFI that are recorded in our balance sheet. For additional information on secured borrowings refer to “Note 7 –Debt and Other Borrowings” in this Form 10-Q.

JUNIOR SUBORDINATED DEBT AND SENIOR SUBORDINATED NOTES

On January 31, 2026, we repaid $27 million of our fixed-to-floating rate senior Subordinated Notes due 2027. At the time of repayment, interest was payable at a floating rate equal to three-month CME Term SOFR plus a tenor spread adjustment of 0.26%. The repayment of these notes resulted in $600 thousand and $1 million less interest expense during the three and six months ended June 30, 2026 compared to the same period in 2025, respectively.

For information about junior subordinated debt and senior subordinated notes and their anticipated principal repayments refer to “Note 7 –Debt and Other Borrowings.”  

​

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Table of Contents

LIQUIDITY AND FUNDS MANAGEMENT

The objective of our liquidity management is to ensure the ability to meet our financial obligations. These obligations include the payment of deposits on demand or at maturity, the repayment of borrowings at maturity and the ability to fund commitments and other new business opportunities. We obtain funding from a variety of sources, including customer deposit accounts, customer certificates of deposit and payments on our loans and investments. If our level of core deposits is not sufficient to fully fund our lending activities, we have access to funding from additional sources, including but not limited to, borrowing from the FHLB and institutional certificates of deposits. In addition, we maintain federal funds lines of credit with two correspondent banks, totaling $75 million, and utilize securities sold under agreements to repurchase and reverse repurchase agreement borrowings from approved securities dealers as needed. For additional information about borrowings and our funding sources refer to the discussion previously in “Deposits and Other Borrowings”,  “Note 7 –Debt and Other Borrowings” and “Note 9 – Commitments and Contingencies”.

We prepare a cash flow forecast on a 30, 60 and 90 day basis along with a one and two year basis. These projections incorporate expected cash flows on loans, investment securities, and deposits based on data used to prepare our interest rate risk analyses. As of June 30, 2026, we were not aware of any known trends, events or uncertainties that have or are reasonably likely to have a material impact on our liquidity. As of June 30, 2026, we had no material commitments or long-term debt for capital expenditures.

Impact of Inflation and Changing Prices

The financial statements and related financial data presented in Item 1 “Financial Statements” of this Quarterly Report have been prepared in accordance with GAAP, which require the measurement of financial position and operating results in terms of historical dollars, without considering changes in the relative purchasing power of money over time due to inflation. The primary impact of inflation on our operations is reflected in increased operating costs. Unlike most industrial companies, substantially all of the assets and liabilities of a financial institution are monetary in nature. As a result, changes in interest rates have a more significant impact on our performance than the effects of changes in the general rate of inflation and changes in prices do. Interest rates do not necessarily move in the same direction or in the same magnitude as the prices of goods and services. Many factors impact interest rates, including the decisions of the FRB, inflation, recession, changes in unemployment, the money supply, and international disorder and instability in domestic and foreign financial markets. Like most financial institutions, changes in interest rates can impact our net interest income, which is the difference between interest earned from interest-earning assets, such as loans and investment securities, and interest paid on interest-bearing liabilities, such as deposits and borrowings, as well as the valuation of our assets and liabilities.

​

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Table of Contents

CAPITAL RESOURCES

Capital management consists of providing equity to support both current and future operations. Primis Financial Corp. and its subsidiary, Primis Bank, are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory - and possibly additional discretionary - actions by regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action (“PCA”), we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. As of June 30, 2026 and December 31, 2025, the most recent regulatory notifications categorized the Bank as well capitalized under regulatory framework for PCA. Federal banking agencies do not provide a similar well capitalized threshold for bank holding companies.

The following table provides a comparison of the leverage and risk-weighted capital ratios of Primis Financial Corp. and Primis Bank at the periods indicated to the minimum and well-capitalized required regulatory standards:

​	​	​	​	​	​	​	​	​	​
​	​	Minimum	​	​	​	​	​	​
​	​	Required for	​	​	​	​	​	​
​	​	Capital	​	To Be	​	Actual Ratio at
​	​	Adequacy	​	Categorized as	​	June 30,	​	December 31,	​
​	​ ​ ​	Purposes	​ ​ ​	Well Capitalized (1)	​ ​ ​	2026	​ ​ ​	2025
Primis Financial Corp.		​		​		​		​	​
Leverage ratio		4.00	%	n/a		8.63	%	8.80	%
Common equity tier 1 capital ratio		4.50	%	n/a		9.33	%	9.36	%
Tier 1 risk-based capital ratio		6.00	%	n/a		9.60	%	9.64	%
Total risk-based capital ratio		8.00	%	n/a		12.15	%	12.40	%
​	​	​	​	​	​	​	​	​	​
Primis Bank		​		​	​	​	​	​	​
Leverage ratio		4.00	%	5.00	%	9.51	%	9.74	%
Common equity tier 1 capital ratio		4.50	%	6.50	%	10.63	%	10.74	%
Tier 1 risk-based capital ratio		6.00	%	8.00	%	10.63	%	10.74	%
Total risk-based capital ratio		8.00	%	10.00	%	11.88	%	11.99	%

(1) Prompt corrective action provisions are not applicable at the bank holding company level.

Bank regulatory agencies have approved regulatory capital guidelines (“Basel III”) aimed at strengthening existing capital requirements for banking organizations. The Basel III Capital Rules require Primis Financial Corp. and Primis Bank to maintain (i) a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 4.5%, plus a 2.5% “capital conservation buffer”, (ii) a minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer, (iii) a minimum ratio of Total capital to risk-weighted assets of at least 8.0%, plus the capital conservation buffer and (iv) a minimum leverage ratio of 4.0%. Failure to meet minimum capital requirements may result in certain actions by regulators which could have a direct material effect on the consolidated financial statements.

Primis Bank had a capital conservation buffer of 3.88% and 3.99% as of June 30, 2026 and December 31, 2025, respectively, which exceeded the 2.50% minimum requirement below which the regulators may impose limits on distributions. As of June 30, 2026, we believe the Company exceeded its applicable regulatory capital requirements and the Bank was well-capitalized under the applicable PCA framework.

CRITICAL ACCOUNTING POLICIES

The critical accounting policies are discussed in the MD&A in our Annual Report on Form 10-K for the year ended December 31, 2025. Significant accounting policies and changes in accounting principles and effects of new accounting pronouncements are discussed in “Note 1 - Organization and Significant Accounting Policies” in the Form 10-K for the year ended December 31, 2025. Disclosures regarding changes in our significant accounting policies since year end and

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the effects of new accounting pronouncements are included in “Note 1 - Accounting Policies” in this Form 10-Q. There have been no changes to the significant accounting policies during the six months ended June 30, 2026.

​

ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are engaged primarily in the business of investing funds obtained from deposits and borrowings into interest-earning loans and investments. Consequently, our earnings significantly depend on our net interest income, which is the difference between the interest income on loans and other investments and the interest expense on deposits and borrowings. To the extent that our interest-bearing liabilities do not reprice or mature at the same time as our interest-earning assets, we are subject to interest rate risk and corresponding fluctuations in net interest income. Our ALCO meets regularly and is responsible for reviewing our interest rate sensitivity position and establishing policies to monitor and limit exposure to interest rate risk. The policies established by the ALCO are reviewed and approved by our Board of Directors. We have employed asset/liability management policies that seek to manage our net interest income, without having to incur unacceptable levels of credit or investment risk.

We use simulation modeling to manage our interest rate risk and review quarterly interest sensitivity. This approach uses a model which generates estimates of the change in our EVE over a range of interest rate scenarios. EVE is the present value of expected cash flows from assets, liabilities and off-balance sheet contracts using assumptions including estimated loan prepayment rates, reinvestment rates and deposit decay rates.

The following tables are based on an analysis of our interest rate risk as measured by the estimated change in EVE resulting from instantaneous and sustained parallel shifts in the yield curve (plus 400 basis points or minus 300 basis points, measured in 100 basis point increments) as of June 30, 2026 and December 31, 2025 (plus 400 basis points or minus 400 basis points, measured in 100 basis point increments). We determined that all changes are within our Asset/Liability Risk Management Policy guidelines ($ in thousands).

​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Sensitivity of EVE
​	​	As of June 30, 2026
​	​	EVE							​	EVE as a % of
Change in Interest Rates	​	​	​	​	$ Change		​	% Change	​	Total	​	Equity
in Basis Points (Rate Shock)	​ ​ ​	Amount		​ ​ ​	From Base		​ ​ ​	From Base	​ ​ ​	Assets	​ ​ ​	Book Value
Up 400	​	$	610,204	​	$	(87,695)		(12.57)	%	14.02	%	140.66	%
Up 300	​		644,285	​		(53,614)		(7.68)	%	14.80	%	148.51	%
Up 200	​		672,705	​		(25,194)		(3.61)	%	15.45	%	155.06	%
Up 100	​		692,798	​		(5,101)		(0.73)	%	15.91	%	159.69	%
Base	​		697,899	​		—		—	%	16.03	%	160.87	%
Down 100	​		696,503	​		(1,396)		(0.20)	%	16.00	%	160.55	%
Down 200	​		671,949	​		(25,950)		(3.72)	%	15.43	%	154.89	%
Down 300	​		635,668	​		(62,231)		(8.92)	%	14.60	%	146.53	%

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Sensitivity of EVE
​	​	As of December 31, 2025
​	​	EVE							​	EVE as a % of
Change in Interest Rates	​	​	​	​	$ Change		​	% Change	​	Total	​	Equity
in Basis Points (Rate Shock)	​ ​ ​	Amount		​ ​ ​	From Base		​ ​ ​	From Base	​ ​ ​	Assets	​ ​ ​	Book Value
Up 400	​	$	580,061	​	$	(92,337)		(13.73)	%	14.33	%	137.16	%
Up 300	​		609,258	​		(63,140)		(9.39)	%	15.05	%	144.07	%
Up 200	​		635,000	​		(37,398)		(5.56)	%	15.69	%	150.16	%
Up 100	​		665,294	​		(7,104)		(1.06)	%	16.44	%	157.32	%
Base	​		672,398	​		—		—	%	16.61	%	159.00	%
Down 100	​	​	664,487	​		(7,911)		(1.18)	%	16.42	%	157.13	%
Down 200	​		636,039	​		(36,359)		(5.41)	%	15.71	%	150.40	%
Down 300	​	​	589,701	​		(82,697)		(12.30)	%	14.57	%	139.44	%
Down 400	​		496,404	​		(175,994)		(26.17)	%	12.26	%	117.38	%

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​

Our interest rate sensitivity is also monitored by management through the use of a model that generates estimates of the change in the NII over a range of interest rate scenarios. NII depends upon the relative amounts of interest-earning assets and interest-bearing liabilities and the interest rates earned or paid on them. In this regard, our model historically assumes that the composition of our interest sensitive assets and liabilities remains constant over the period being measured and also assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration to maturity or repricing of specific assets and liabilities. The results below are within our ALM Policy guidelines as of June 30, 2026 and December 31, 2025 ($ in thousands).

​	​	​	​	​	​	​
​	​	Sensitivity of NII
​	​	As of June 30, 2026
​	​	Adjusted NII
Change in Interest Rates	​	​	​	​	$ Change
in Basis Points (Rate Shock)	​ ​ ​	Amount		​ ​ ​	From Base
Up 400	​	$	152,797	​	$	14,909
Up 300	​		149,676	​		11,788
Up 200	​		146,407	​		8,519
Up 100	​		142,915	​		5,027
Base	​		137,888	​		—
Down 100	​		133,718	​		(4,170)
Down 200	​		129,564	​		(8,324)
Down 300	​		129,571	​		(8,317)

​

​	​	​	​	​	​	​
​	​	Sensitivity of NII
​	​	As of December 31, 2025
​	​	Adjusted NII
Change in Interest Rates	​	​	​	​	$ Change
in Basis Points (Rate Shock)	​ ​ ​	Amount		​ ​ ​	From Base
Up 400	​	$	138,460	​	$	12,036
Up 300	​		135,719	​		9,295
Up 200	​		132,912	​		6,488
Up 100	​		130,888	​		4,464
Base	​		126,424	​		—
Down 100	​		122,521	​		(3,903)
Down 200	​		117,838	​		(8,586)
Down 300	​		113,697	​		(12,727)
Down 400	​		109,356	​		(17,068)

​

Sensitivity of EVE and NII are modeled using different assumptions and approaches. Certain shortcomings are inherent in the methodology used in the above interest rate risk measurements. Modeling changes in EVE and NII sensitivity requires the making of certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. Accordingly, although the EVE tables and NII tables provide an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to, and do not, provide a precise forecast of the effect of changes in market interest rates on our net worth and NII.

​

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ITEM 4 – CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures. Disclosure controls and procedures are our controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

As of the end of the period covered by this quarterly report on Form 10-Q, under the supervision and with the participation of management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d -15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, our CEO and CFO have concluded that these controls and procedures are not effective as of the end of the period covered by this Quarterly Report on Form 10-Q. This conclusion was reached as a result of the continued remediation of a previously identified material weakness in its internal controls over financial reporting as further described in Item 9A in the 2025 Annual Report on Form 10-K.

Notwithstanding the material weakness that has not been fully remediated, the Company’s management, including the CEO and CFO, has concluded that the condensed consolidated financial statements, included in this Form 10-Q, as of and for the three and six months ended June 30, 2026, fairly present, in all material respects, the Company's financial condition, results of operations and cash-flows for the periods presented in conformity with generally accepted accounting principles for interim financial statements.

(b) Changes in Internal Control over Financial Reporting. There were no changes in our internal controls over financial reporting that occurred during the three and six months ended June 30, 2026 that materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting except for continued remediation of the prior material weakness. During the three and six months ended June 30, 2026, the Company continued to remediate the material weakness in its internal control over financial reporting as previously identified and disclosed in Item 9A in the 2025 Annual Report on Form 10-K. Management continues to put controls in place to remediate the previously identified material weakness and the material weakness will not be remediated until the necessary controls are in place and operating effectively for a sufficient amount of time.

​

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PART II - OTHER INFORMATION

ITEM 1 – LEGAL PROCEEDINGS

Primis and Primis Bank are from time to time a party, as both plaintiff and defendant, to various claims and proceedings arising in the ordinary course of the Company’s business, including administrative and/or legal proceedings that may include employment-related claims, as well as claims of lender liability, breach of contract, and other similar lending-related claims. While the ultimate resolution of these matters cannot be determined at this time, we presently believes that such matters, individually and in the aggregate, will not have a material adverse effect on our financial condition or results of operations. There are no proceedings pending, or to management’s knowledge, threatened, that represent a significant risk against Primis or Primis Bank as of June 30, 2026.

ITEM 1A – RISK FACTORS

In addition to the other information set forth in this Report, in evaluating an investment in the Company’s securities, investors should consider carefully, among other things, the risk factors previously disclosed in Part I, Item 1A of our 2025 Form 10-K, which could materially affect the Company's business, financial position, results of operations, cash flows, or future results. Please be aware that these risks may change over time and other risks may prove to be important in the future. New risks may emerge at any time, and we cannot predict such risks or estimate the extent to which they may affect our business, financial condition or results of operations, or the trading price of our securities.

There are no material changes during the period covered by this Report to the risk factors previously disclosed in our 2025 Form 10-K.

ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table sets forth information regarding purchases of our common stock related to our share repurchase program made by us or on our behalf during the three months ended June 30, 2026:

​	​	​	​	​	​	​	​	​	​	​
Issuer Purchases of Equity Securities
​	​	​	​	​		​	​	​	Approximate
​	​	​	​	​		​	Total Number of	​	Dollar Value of
​	​	​	​	​		​	Shares	​	Shares that May
​	​	Total	​	​		​	Purchased as	​	Yet be
​	​	Number of	​	Average		​	Part of Publicly	​	Purchased
​	​	Shares	​	Price Paid		​	Announced Plan	​	Under the Plan
Period	​	Purchased	​	Per Share		​	or Program	​	or Program (1)
April 1-30, 2026	​	—	​	$	—	​	—	​	$	10,995,000
May 1-31, 2026	​	—	​		—	​	—	​		10,822,500
June 1-30, 2026	​	—	​		—	​	—	​		12,277,500
Total	​	—	​	$	—	​	—	​		​

(1) In December 2025, our Board of Directors approved a new share repurchase program authorizing the purchase of up to 750,000 shares of our outstanding common stock beginning on December 18, 2025 and ending on December 18, 2026. This share repurchase authorization replaced our prior share repurchase program authorization that authorized up to 740,600 shares to be repurchased. The actual amount and timing of future share repurchase, if any, will depend on market and economic conditions, regulatory rules, applicable SEC rules, and various other factors.

​

ITEM 3 – DEFAULTS UPON SENIOR SECURITIES

Not applicable.

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ITEM 4 – MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5 – OTHER INFORMATION

Pursuant to Item 408(a) of Regulation S-K, none of the Company's directors or executive officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the three and six months ended June 30, 2026.

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ITEM 6 - EXHIBITS

(a) Exhibits.

​	​	​
Exhibit No.	​ ​ ​	Description
​	​	​
3.1	​	Articles of Incorporation (incorporated herein by reference to Exhibit 3.1 to Primis Financial Corp.’s (formerly Southern National’s) Registration Statement on Form S-1 (Registration No. 333-136285) filed August 4, 2006)
​	​	​
3.2	​	Certificate of Amendment to the Articles of Incorporation dated January 31, 2005 (incorporated herein by reference to Exhibit 3.2 to Primis Financial Corp.’s (formerly Southern National’s) Registration Statement on Form S-1 (Registration No. 333-136285) filed on August 4, 2006)
​	​	​
3.3	​	Certificate of Amendment to the Articles of Incorporation dated April 13, 2006 (incorporated herein by reference to Exhibit 3.3 to Primis Financial Corp.’s (formerly Southern National’s) Registration Statement on Form S-1 (Registration No. 333-136285) filed on August 4, 2006)
​	​	​
3.4	​	Articles of Amendment to the Articles of Incorporation dated March 31, 2021 (incorporated herein by reference to Exhibit 3.1 to Primis Financial Corp.’s Current Report on Form 8-K filed on March 31, 2021)
​	​	​
3.5	​	Articles of Amendment to the Articles of Incorporation dated July 2, 2025 (incorporated herein by reference to Exhibit 3.1 to Primis Financial Corp.’s Current Report on Form 8-K filed on July 2, 2025)
​	​	​
3.6	​	Second Amended and Restated Bylaws (incorporated herein by reference to Exhibit 3.2 to Primis Financial Corp.’s Current Report on Form 8-K filed on July 2, 2025)
​	​	​
31.1*	​	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
​	​	​
31.2*	​	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
​	​	​
32.1**	​	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
​	​	​

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101	​	The following materials from Primis Financial Corp. Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in Inline XBRL (Extensible Business Reporting Language), filed herewith: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income and Comprehensive Income (unaudited), (iii) Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited), (iv) Condensed Consolidated Statements of Cash Flows (unaudited), and (v) Notes to Unaudited Condensed Consolidated Financial Statements.
​	​	​
104	​	The cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).

*      Filed with this Quarterly Report on Form 10-Q

**    Furnished with this Quarterly Report on Form 10-Q

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

​	​
​	​	Primis Financial Corp.
​	​	(Registrant)
​	​	​
August 7, 2026	​	/s/ Dennis J. Zember, Jr.
(Date)	​	Dennis J. Zember, Jr.
​	​	President and Chief Executive Officer
​	​	​
August 7, 2026	​	/s/ Matthew Switzer
(Date)	​	Matthew Switzer
​	​	Executive Vice President and Chief Financial Officer

​

​

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