Primis Financial Q3 2026 earnings rise to $8.7M

Third-quarter net interest income and margin were above their 2025 levels, while nine-month GAAP net income was lower than in 2025.

Rhea-AI Filing Summary

Primis Financial Corp. (FRST) reported third-quarter 2026 net income available to common shareholders of $8.7 million, or $0.35 per diluted share, compared with $6.8 million, or $0.28, a year earlier. Net interest income was $36.3 million versus $29.0 million, and net interest margin was 3.66% versus 3.18%. Approximately $0.7 million of interest recoveries from a previously charged-off loan contributed to the quarter; net interest margin adjusted for that recovery was 3.59%.

For the nine months ended September 30, 2026, net income available to common shareholders was $25.4 million, compared with $31.9 million in 2025. Operating net income, a non-GAAP measure, was $22.3 million versus $7.2 million; year-to-date results included second-quarter investment gains of $5.9 million in 2026 and $32.0 million in 2025. Primis Mortgage reported an approximately $0.3 million pretax loss for the quarter, compared with $1.9 million in earnings a year earlier. CEO Dennis J. Zember, Jr. said headwinds reduced the retail mortgage pipeline by 37% and revenue by $2.3 million compared with the second quarter.

The board declared a cash dividend of $0.10 per share, payable November 20, 2026, to shareholders of record November 6, 2026; it was Primis' 60th consecutive quarterly dividend. At September 30, 2026, Primis had $4.3 billion in total assets, $3.5 billion in loans held for investment and $3.5 billion in deposits.

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Positive

• Moderate pointThird-quarter net income reached $8.7 million, versus $6.8 million in 2025.
• Moderate pointThird-quarter net interest income reached $36.3 million, versus $29.0 million in 2025.
• Moderate pointNine-month operating net income rose 211% to $22.3 million.

Negative

• Moderate pointNine-month net income was $25.4 million, versus $31.9 million in 2025.
• Moderate pointRetail mortgage pipeline fell 37% in Q3 2026.
• Minor pointPrimis Mortgage reported an approximately $0.3 million pretax loss in Q3 2026.

Filing Explained

At September 30, $220 million of Federal Home Loan Bank advances remained outstanding, alongside $3,473 million in deposits.

At September 30, Primis reported lower nonperforming-asset measures than a year earlier, while still recording a credit-loss provision and net charge-offs during the quarter.

Nonperforming assets excluding SBA-guaranteed balances were $61 million, or 1.43% of total assets, compared with $63 million and 1.45% at June 30; the ratio was 2.07% a year earlier.

The quarter included a $1.1 million credit-loss provision, most of it attributed to loan growth, while annualized core net charge-offs were 0.17%, compared with 0.53% in the second quarter.

Tangible book value per common share was $13.81 at September 30, 2026, compared with $11.71 a year earlier.

8-K Event Classification

4 items: 2.02, 7.01, 8.01, 9.01

4 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income available to common shareholders: $8.7 million Diluted earnings per share: $0.35 per diluted share Net interest income: $36.3 million +4 more

7 metrics

Net income available to common shareholders $8.7 million Three months ended September 30, 2026; $6.8 million in 2025

Diluted earnings per share $0.35 per diluted share Three months ended September 30, 2026; $0.28 in 2025

Net interest income $36.3 million Third quarter of 2026; $29.0 million in 2025

Net interest margin 3.66% Third quarter of 2026; 3.18% in 2025

Net income available to common shareholders $25.4 million Nine months ended September 30, 2026; $31.9 million in 2025

Operating net income available to common shareholders $22.3 million Nine months ended September 30, 2026; $7.2 million in 2025; non-GAAP measure

Cash dividend per share $0.10 per share Payable November 20, 2026, to shareholders of record November 6, 2026

Key Terms

Net interest margin, Operating net income, Allowance for credit losses, Tangible common equity to tangible assets

4 terms

Net interest margin financial

"net interest margin was 3.66%"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

Operating net income financial

"Operating net income available to Primis' common shareholders"

Allowance for credit losses financial

"allowance for credit losses was 1.30%"

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.

Tangible common equity to tangible assets financial

"Tangible common equity to tangible assets"

Tangible common equity to tangible assets is a ratio that compares the amount of common shareholders’ capital after removing intangible items (like goodwill) to a company’s physical and financial assets after the same removal. It tells investors how much real, loss‑absorbing capital supports each dollar of tangible assets—think of it as the safety cushion under a car: the thicker the cushion, the more protection against unexpected losses.

Earnings Snapshot

Net income available to common shareholders: $8.7 million

Three months ended September 30, 2026

Net income available to common shareholders $8.7 million Compared with $6.8 million in the three months ended September 30, 2025

Diluted earnings per share $0.35 per diluted share Compared with $0.28 per diluted share in the three months ended September 30, 2025

Net interest income $36.3 million Compared with $29.0 million in the third quarter of 2025

Net interest margin 3.66% Compared with 3.18% in the third quarter of 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did FRST earn in the third quarter of 2026?

Primis reported net income available to common shareholders of $8.7 million, or $0.35 per diluted share, for the three months ended September 30, 2026. The comparable 2025 figures were $6.8 million and $0.28 per diluted share.

What dividend did FRST declare for 2026?

The board declared a cash dividend of $0.10 per share, payable November 20, 2026, to shareholders of record November 6, 2026. The release described it as Primis' 60th consecutive quarterly dividend.

What credit-loss provision did FRST report in the third quarter of 2026?

Primis recorded a $1.1 million provision for credit losses in the third quarter of 2026, compared with $5.5 million in the second quarter of 2026 and a $49,000 recovery in the third quarter of 2025. The company said most of the third-quarter provision was driven by loan portfolio growth.

What cost savings does FRST expect beginning in 2027?

Primis expects approximately $3.0 million of annualized savings from vendor consolidation and statement services beginning early in 2027.

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

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 22, 2026

Primis Financial Corp.

(Exact Name of Registrant as Specified in its Charter)

Virginia	001-33037	20-1417448
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

1676 International Drive, Suite 900, McLean, Virginia 22102

(Address of Principal Executive Offices) (Zip Code)

(703) 893-7400

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
COMMON STOCK		FRST		NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 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. ¨

Item 2.02. Results of Operations and Financial Condition.

On October 22, 2026, Primis Financial Corp. (“Primis” or the “Company”) issued a press release announcing its financial results for the period ended September 30, 2026. A copy of the press release is furnished and attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

The Company has prepared presentation materials (the “Investor Presentation”) that management intends to use from time to time hereafter in presentations about the Company’s operations and performance. The Company may use the Investor Presentation, possibly with modifications, in presentations to current and potential investors, analysts, lenders, business partners, acquisition candidates, customers, employees and others with an interest in the Company and its business.

A copy of the Investor Presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference. The Investor Presentation is also available on the Company's website at www.primisbank.com. Materials on the Company’s website are not part of or incorporated by reference into this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01. Other Events.

On October 22, 2026, Primis issued a press release announcing the declaration of a dividend payable on November 20, 2026 to shareholders of record as of November 6, 2026. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release dated October 22, 2026

99.2 Primis Financial Corp. Third Quarter 2026 Investor Presentation

104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 

SIGNATURE

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 hereunto duly authorized.

	Primis Financial Corp.
Date: October 22, 2026	By:	/s/ Matthew A. Switzer
		Matthew A. Switzer
		Chief Financial Officer

Exhibit 99.1

 

Primis Financial Corp. Reports Strong Results for the Third Quarter of 2026

Declares Quarterly Cash Dividend of $0.10 Per Share

For immediate release

Thursday, October 22, 2026

McLean, Virginia, October 22, 2026 – Primis Financial Corp. (NASDAQ: FRST) (“Primis” or the “Company”), and its wholly-owned subsidiary, Primis Bank (the “Bank”), today reported net income available to common shareholders of $8.7 million, or $0.35 per diluted share, for the three months ended September 30, 2026, compared to net income available to common shareholders of $6.8 million, or $0.28 per diluted share, for the three months ended September 30, 2025. For the nine months ended September 30, 2026, the Company reported net income available to common shareholders of $25.4 million, or $1.03 per diluted share, compared to net income available to common shareholders of $31.9 million, or $1.29 per diluted share, for the nine months ended September 30, 2025.

Operating net income available to common shareholders⁽¹⁾ was $8.7 million, or $0.35 per diluted share, for the three months ended September 30, 2026, up 27% from operating net income available to common shareholders⁽¹⁾ of $6.8 million, or $0.28 per diluted share, for the three months ended September 30, 2025. Year-to-date results in 2026 and 2025 benefited from investment gains of $5.9 million in the second quarter of 2026 and $32.0 million in the second quarter of 2025. Excluding these gains and other nonrecurring items, operating net income available to common shareholders⁽¹⁾ for the nine months ended September 30, 2026, was $22.3 million, or $0.90 per diluted share, up 211% from operating net income available to common shareholders⁽¹⁾ of $7.2 million, or $0.29 per diluted share, for the nine months ended September 30, 2025.

Commenting on the results, Dennis J. Zember, Jr., President and Chief Executive Officer of the Company, stated, “The progress we have made over the past year is substantial. A core margin of 3.59% with expansion of 14 basis points linked-quarter is a testament to the value of our Core Bank franchise which continues to drive slow and steady growth at attractive margins. Our core earnings engine delivered a solid quarter in the face of unprecedented headwinds that reduced our retail mortgage pipeline 37% and reduced revenue by $2.3 million versus the second quarter. In a steady environment for retail mortgage, we would have been at our 1.00% ROAA target this quarter as expected. We are already making changes to close the gap during this period of lower volumes while preserving our ability to benefit when volumes eventually recover.”

Third Quarter And Year-to-Date 2026 Highlights

The Company demonstrated strong profitability in the third quarter and year-to-date in 2026. Significant areas of improvement year-over-year are detailed in the chart below:

		As of or for the Three Months Ended September 30								As of or for the Nine Months Ended September 30
($ in millions except per share)		2026				2025				2026				2025
Net Income		$	8.7			$	6.8			$	25.4			$	31.9
Pre-Tax Pre-Provision Op. Net Income(1)			12.0				8.7				35.4				19.1
ROAA			0.80	%			0.70	%			0.82	%			1.13	%
Pre-Tax Pre-Provision Op. ROAA(1)			1.11				0.89				1.14				0.67
Net Interest Income		$	36.3			$	29.0			$	102.1			$	80.6
Net Interest Margin			3.66	%			3.18	%			3.51	%			3.06	%
Total Assets		$	4,300			$	3,955			$	4,300			$	3,955
Gross Loans HFI			3,500				3,200				3,500				3,200
Total Deposits			3,473				3,336				3,473				3,336
Average Earning Assets		$	3,936			$	3,622			$	3,887			$	3,518
Avg. NIB Deposits			542				482				547				465
Avg. NIB / Avg. Total Deposits			15.4	%			14.5	%			15.9	%			14.4	%
TCE / TA(1)			8.14	%			7.48	%			8.14	%			7.48	%
Tangible Book Value per Share(1)		$	13.81			$	11.71			$	13.81			$	11.71

1

Division Updates

The third quarter of 2026 demonstrated continued progress across the Company’s strategies to meet its growth and profitability goals in 2026. The following discussion highlights recent progress for each of these strategies:

Core Community Bank

The Core Bank’s 24 banking offices in Virginia and Maryland represent almost two-thirds of the Company’s total balance sheet and are a vital source of attractive lending and core funding. Recent activity in the Core Bank includes the following:

· The Core Bank has low concentrations of investor CRE (24% of total loans and only 188% of regulatory capital).

· Core Bank loan growth of 11% annualized in the third quarter of 2026 with a pipeline of $160 million as of September 30, 2026.

· Cost of deposits of 1.63% in the third quarter of 2026 compared to 1.73% in the same quarter in 2025.

· Approximately 21% of the Core Bank’s deposits are noninterest bearing.

· Zero brokered deposits.

The Core Bank’s deposit base is supported by what management believes is the region’s best and most unique technology including the Bank’s proprietary and recently rebranded Banking Valet service. Over 87% of Banking Valet users are commercial customers and clients who actively use the service have average relationship balances of almost $1 million.

Primis Mortgage

Primis Mortgage had closed mortgage volume of $347 million in the third quarter of 2026, up 12.5% compared to the same quarter in 2025, in spite of significant macroeconomic headwinds in the third quarter of 2026. Construction-to-permanent loan volume was $40.0 million in the third quarter of 2026 versus $26.4 million in the same period in 2025. Pre-tax losses related to Primis Mortgage were approximately $0.3 million for the third quarter of 2026, down from earnings of $1.9 million in the third quarter of 2025.

Mortgage Warehouse

Mortgage warehouse lending showed resilience in the third quarter of 2026 in the face of substantial market disruption. Outstanding loan balances at September 30, 2026 were $501 million, down 8% from $544 million at June 30, 2026 and up 53% from $327 million at September 30, 2025. Average loan balances were $427 million in the third quarter of 2026, up slightly from $426 million in the second quarter of 2026 and up 103% from $210 million in the third quarter of 2025. Mortgage warehouse also funded on average approximately 11% of its balance sheet with associated customer noninterest bearing deposit balances during the third quarter of 2026.

Panacea Financial

Panacea’s growth remained strong through the third quarter of 2026 with loans outstanding of $642 million, including loans held for sale, up 17% annualized compared to June 30, 2026. Panacea sold approximately $32 million of loans in the third quarter of 2026 and had $39 million of loans classified as held for sale at September 30, 2026. Panacea loans held for investment were $603 million at September 30, 2026, up 14% annualized from $583 million at June 30, 2026. At the end of the third quarter of 2026, Panacea customer deposits totaled $207 million, up 56% from September 30, 2025. Panacea remains the number one ranked “Bank for doctors” on Google and serves over 7,500 professionals and practices nationwide.

2

Digital Platform

Our highly scalable digital platform continues to provide attractive funding for the Bank’s nationwide business lines while protecting the Bank’s low cost in-market funding. The platform ended the third quarter of 2026 with approximately $1.0 billion of deposits with a cost of deposits of 3.80% compared to $1.0 billion at September 30, 2025 with a cost of 4.07%. The platform also successfully grew business accounts in 2026 with small business balances reaching $54 million at September 30, 2026, up substantially from $16 million at December 31, 2025. These customers remain loyal with approximately 76% of our digital deposits banking with Primis for at least three years.

Net Interest Income

Net interest income in the third quarter of 2026 was $36.3 million, up 25%, from $29.0 million in the third quarter of 2025. Included in interest income in the third quarter of 2026 was approximately $0.7 million of interest recoveries from a previously charged off loan. Adjusting for the recovery, net interest income for the third quarter of 2026 was $35.6 million, up 23% from the prior year period. Net interest margin was 3.66%, or 3.59% adjusted for the interest recovery, in the third quarter of 2026 compared to 3.18% in the same quarter of 2025 with the expansion driven by robust earning asset growth funded at attractive incremental margins.

Yield on earning assets in the third quarter of 2026 increased 22 basis points and 30 basis points versus the second quarter of 2026 and third quarter of 2025, respectively, including approximately 7 basis points due to the interest recovery noted above. Yield on investments increased 135 basis points year-over-year largely due to the portfolio restructuring in the fourth quarter of 2025.

Cost of deposits in the Bank have benefitted from the focus on growing noninterest bearing deposit balances as well as the Core Bank’s management of interest expense. In the third quarter of 2026, the Company reported cost of interest-bearing deposits of 2.70% compared to 2.88% in the same quarter in 2025. Cost of funds was 2.47% in the third quarter of 2026, down 15 basis points from 2.62% in the third quarter of 2025.

Noninterest Income

Noninterest income was $12.9 million in the third quarter of 2026 versus $22.0 million in the second quarter of 2026 and $12.0 million in the third quarter of 2025. Mortgage related income decreased 10% to $8.0 million in the third quarter of 2026 compared to $8.9 million in the same quarter in 2025. In 2026, the Company restructured its bank-owned life insurance portfolio which improved noninterest income by approximately $0.4 million per quarter beginning late in the second quarter of 2026. Lastly, the third quarter of 2026 benefited from $0.9 million of recoveries from a previously charged-off loan and $0.4 million in payouts from a bank-owned life insurance policy.

The Company reported gain on sale income of $1.5 million related to the sale of Panacea loans and the guaranteed portion of SBA loans in the third quarter of 2026 compared to $0.2 million in the third quarter of 2025. Approximately $0.5 million of the gain on sale income was attributable to the Core Bank in the third quarter of 2026 with the remainder driven by the Panacea Division.

Noninterest Expense

Noninterest expense was $37.2 million for the third quarter of 2026, compared to $32.3 million for the same quarter of 2025. The following table reflects the core operating expense burden at the Company, net of mortgage related and Panacea division impacts.

($ in thousands)		3Q26				2Q26				1Q26				4Q25				3Q25
Reported Noninterest Expense		$	37,155			$	38,207			$	33,754			$	42,164			$	32,313
Nonrecurring			-				-				-				(1,126	)			-
Primis Mortgage Expenses			(10,159	)			(11,526	)			(10,545	)			(10,048	)			(8,214	)
Panacea Net Expense			(2,674	)			(1,507	)			(1,040	)			(2,614	)			(2,100	)
Consumer Program Servicing Fee			(281	)			(300	)			(347	)			(391	)			(439	)
Reserve for Unfunded Commitment			113				39				136				127				19
Total Adjustments			(13,001	)			(13,294	)			(11,796	)			(14,052	)			(10,734	)
Core Operating Expense Burden		$	24,154			$	24,913			$	21,958			$	28,112			$	21,579

3

Core operating expense burden, as defined above, was $24.2 million in the third quarter of 2026 versus $24.9 million and $21.6 million in the second quarter of 2026 and third quarter of 2025, respectively. As previously disclosed, all three quarters of 2026 include a full quarter of lease expense, net of reduced depreciation expense, of approximately $1.4 million from the Company’s sale leaseback transaction executed in the fourth quarter of 2025. The third quarter of 2026 also included approximately $1.4 million of loan related expenses and approximately $0.4 million of professional fees and other third-party expenses. Excluding these expenses, core operating expense burden for the third quarter of 2026 would have been essentially flat with the second quarter of 2026 run rate and lower than the same period in 2025 when adjusting for net lease expense. As disclosed in the second quarter of 2026, the Company expects approximately $3.0 million of annualized savings from vendor consolidation and statement services beginning early in 2027.

Loan Portfolio and Asset Quality

Loans held for investment were $3.5 billion at September 30, 2026, flat compared to June 30, 2026 and increased 9% compared to $3.2 billion at September 30, 2025. Primary drivers of these changes include:

· Core Bank loans ended slightly over $2.0 billion at September 30, 2026, up 11% annualized from June 30, 2026.

· Panacea Financial loans, excluding loans held for sale, grew $20 million, or 3%, from June 30, 2026 to $603 million at September 30, 2026.

· Mortgage warehouse balances decreased to $501 million at September 30, 2026 compared to $544 million at June 30, 2026. Average loan balances were $427 million in the third quarter of 2026, up slightly from $426 million in the second quarter of 2026.

· Mortgage portfolio loans generated by Primis Mortgage grew to $156 million at September 30, 2026, up 10% from $140 million at June 30, 2026 and up 87% from $84 million at September 30, 2025.

· Loan balances associated with the consumer loan program declined to $69 million at September 30, 2026, net of fair value discounts, compared to $101 million at September 30, 2025.

Nonperforming assets, excluding portions guaranteed by the SBA, improved to 1.43% of total assets at September 30, 2026 compared to 1.45% at June 30, 2026 and 2.07% at September 30, 2025. The Company continues to make progress reducing nonperforming assets with total nonperforming assets excluding SBA guaranteed balances decreasing to $61 million at September 30, 2026 from $63 million at June 30, 2026, representing a 3% reduction in the third quarter of 2026.

The Company recorded a provision for credit losses of $1.1 million for the third quarter of 2026 compared to a provision for credit losses of $5.5 million for the second quarter of 2026 and a recovery of credit losses of $49 thousand for the third quarter of 2025. The majority of the provision expense was driven by growth in the loan portfolio in the third quarter of 2026. Core net charge-offs as a percentage of average loans were 17 basis points, up 14 basis points from the same period a year ago and down 36 basis points from the second quarter of 2026. The increase in net charge-offs was largely driven by one credit that had previously been reserved for. As a percentage of loans held for investment, the allowance for credit losses was 1.30% at the end of the third quarter of 2026 compared to 1.40% at the end of the third quarter of 2025.

Deposits and Funding

Total deposits at September 30, 2026 were $3.5 billion, up $0.1 billion, or 4% when compared to the same period in 2025. Noninterest bearing demand deposits were $496 million at September 30, 2026, an increase of 1% compared to balances at September 30, 2025. Average noninterest bearing deposits were $542 million in the third quarter of 2026, up 13% from $482 million in the third quarter of 2025. The Company had FHLB advances totaling $220 million outstanding at September 30, 2026, down from $300 million at June 30, 2026 and up from $85 million at September 30, 2025. Average FHLB advances were $89 million in the third quarter of 2026, down from $133 million in the second quarter of 2026 and up from $1 million in the third quarter of 2025.

Shareholders’ Equity

Tangible book value per common share⁽¹⁾ at the end of the third quarter of 2026 was $13.81, an increase of $2.10, or 18%, from levels reported at September 30, 2025. Tangible common equity⁽¹⁾ ended the third quarter of 2026 at $342.4 million, or 8.14% of tangible assets⁽¹⁾.

The Board of Directors declared a dividend of $0.10 per share payable on November 20, 2026 to shareholders of record on November 6, 2026. This is Primis’ sixtieth consecutive quarterly dividend.

4

About Primis Financial Corp.

As of September 30, 2026, Primis had $4.3 billion in total assets, $3.5 billion in total loans held for investment and $3.5 billion in total deposits. Primis Bank provides a range of financial services to individuals and small- and medium-sized businesses through 24 full-service branches in Virginia and Maryland and provides services to customers through certain online and mobile applications.

Contacts:		Address:
Dennis J. Zember, Jr., President and CEO		Primis Financial Corp.
Matthew A. Switzer, EVP and CFO		1676 International Drive, Suite 900
Phone: (703) 893-7400		McLean, VA 22102

Primis Financial Corp., NASDAQ Symbol FRST 

Website: www.primisbank.com

Conference Call

The Company’s management will host a conference call to discuss its third quarter results on Friday, October 23, 2026 at 10:00 a.m. (ET). A live webcast of the conference call is available at the following website: https://events.q4inc.com/attendee/709063364. Participants may also call 1-833-461-5787, enter meeting ID 709 063 364 and ask for the Primis Financial Corp. call. A replay of the teleconference will be available for 7 days using the webcast link above.

Non-GAAP Measures

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables. Primis uses non-GAAP financial measures to analyze its performance. The measures entitled operating net income (loss) available to Primis' common shareholders; pre-tax pre-provision operating earnings; operating return on average assets; pre-tax pre-provision operating return on average assets; operating return on average common equity; operating return on average tangible common equity; operating efficiency ratio; operating earnings per share – basic; operating earnings per share – diluted; core operating expense burden, tangible book value per share; tangible common equity; tangible common equity to tangible assets; and core net interest margin are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. We use the term “operating” to describe a financial measure that excludes income or expense considered to be non-recurring in nature. Items identified as non-operating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward-looking trends in our business. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is provided when discussing the financial measure or in the Reconciliation of Non-GAAP Items table.

Management believes that these non-GAAP financial measures provide additional useful information about Primis that allows management and investors to evaluate the ongoing operating results, financial strength and performance of Primis and provide meaningful comparison to its peers. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider Primis’ performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Primis. Non-GAAP financial measures are not standardized and, therefore, it may not be possible to compare these measures with other companies that present measures having the same or similar names.

Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.

5

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," and other similar words or expressions of the future or otherwise regarding the outlook for the Company’s future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, but are not limited to, our expectations regarding our future operating and financial performance, including the preliminary estimated financial and operating information presented herein, which is subject to adjustment; our outlook and long-term goals for future growth and new offerings and services; our expectations regarding net interest margin; expectations on our growth strategy, expense management, capital management and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: instability in global economic conditions and geopolitical matters; the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within our primary market areas; adverse developments in borrower industries; changes in interest rates, inflation, loan demand, real estate values, or competition, as well as labor shortages and supply chain disruptions; the impact of tariffs, trade policies, and trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services); the Company’s ability to implement its various strategic and growth initiatives, including its recently established Panacea Financial Division, digital banking platform, Banking Valet fulfillment service, Mortgage Warehouse division and Primis Mortgage Company, as well as with respect to use and implementation of artificial intelligence; competitive pressures among financial institutions increasing significantly (including as a result of technological changes and the use and continued development of artificial intelligence); changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices; legislative, regulatory or supervisory actions related to so-called “de-banking,” including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices; changes in management’s plans for the future; credit risk associated with our lending activities; changes in accounting principles, policies, or guidelines; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions; potential impacts of adverse developments in the banking industry, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; potential increases in the provision for credit losses; our ability to identify and address increased cybersecurity risks, including those impacting vendors and other second parties; fraud or misconduct by internal or external actors, which we may not be able to prevent, detect or mitigate; 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; action or inaction by the federal government, including as a result of any prolonged government shutdown; and other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services.

Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company’s management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company’s filings with the Securities and Exchange Commission, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors,” and in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, unless required by law. Readers are cautioned not to place undue reliance on these forward-looking statements.

(1) Non-GAAP financial measure. Please see “Reconciliation of Non-GAAP Items” in the financial tables for more information and for a reconciliation to GAAP.

6

Primis Financial Corp.   

Financial Highlights (unaudited)                

(Dollars in thousands, except per share data)

		For Three Months Ended:																				For Nine Months Ended:
		3Q 2026				2Q 2026				1Q 2026				4Q 2025				3Q 2025				3Q 2026				3Q 2025
Selected Performance Ratios:
Return on average assets			0.80	%			0.90	%			0.76	%			2.94	%			0.70	%			0.82	%			1.13	%
Operating return on average assets(1)			0.80	%			0.53	%			0.84	%			0.23	%			0.70	%			0.72	%			0.25	%
Pre-tax pre-provision return on average assets			1.11	%			1.68	%			1.20	%			3.84	%			0.89	%			1.33	%			1.76	%
Pre-tax pre-provision operating return on average assets(1)			1.11	%			1.12	%			1.20	%			0.39	%			0.89	%			1.14	%			0.67	%
Return on average common equity			7.67	%			8.71	%			7.24	%			29.46	%			7.13	%			7.89	%			11.58	%
Operating return on average common equity(1)			7.67	%			5.17	%			7.96	%			2.36	%			7.13	%			6.95	%			2.61	%
Operating return on average tangible common equity(1)			9.75	%			6.65	%			10.19	%			3.07	%			9.45	%			8.86	%			3.50	%
Cost of funds			2.47	%			2.46	%			2.46	%			2.52	%			2.62	%			2.46	%			2.65	%
Net interest margin			3.66	%			3.45	%			3.43	%			3.28	%			3.18	%			3.51	%			3.06	%
Gross loans to deposits			100.78	%			100.58	%			99.22	%			96.70	%			95.92	%			100.78	%			95.92	%
Efficiency ratio			75.47	%			68.48	%			73.97	%			52.14	%			78.81	%			72.43	%			67.71	%
Operating efficiency ratio(1)			75.47	%			76.51	%			73.97	%			91.05	%			78.81	%			75.36	%			86.03	%
Per Common Share Data:
Earnings per common share - Basic		$	0.35			$	0.38			$	0.30			$	1.20			$	0.28			$	1.03			$	1.29
Operating earnings per common share - Basic(1)		$	0.35			$	0.23			$	0.33			$	0.10			$	0.28			$	0.90			$	0.29
Earnings per common share - Diluted		$	0.35			$	0.38			$	0.30			$	1.20			$	0.28			$	1.03			$	1.29
Operating earnings per common share - Diluted(1)		$	0.35			$	0.23			$	0.33			$	0.10			$	0.28			$	0.90			$	0.29
Book value per common share		$	17.57			$	17.49			$	17.25			$	17.12			$	15.51			$	17.57			$	15.51
Tangible book value per common share(1)		$	13.81			$	13.72			$	13.47			$	13.34			$	11.71			$	13.81			$	11.71
Cash dividend per common share		$	0.10			$	0.10			$	0.10			$	0.10			$	0.10			$	0.30			$	0.30
Weighted average shares outstanding - Basic			24,735,157				24,731,956				24,665,011				24,634,544				24,632,202				24,710,970				24,679,766
Weighted average shares outstanding - Diluted			24,799,072				24,788,023				24,719,255				24,654,037				24,643,889				24,767,238				24,693,328
Shares outstanding at end of period			24,799,072				24,799,072				24,772,072				24,695,385				24,644,385				24,799,072				24,644,385
Asset Quality Ratios:
Non-performing assets as a percent of total assets, excluding SBA guarantees			1.43	%			1.45	%			2.35	%			2.03	%			2.07	%			1.43	%			2.07	%
Net charge-offs (recoveries) as a percent of average loans (annualized)			0.17	%			0.65	%			0.12	%			0.16	%			0.14	%			0.34	%			0.79	%
Core net charge-offs (recoveries) as a percent of average loans (annualized)(1)			0.17	%			0.53	%			0.06	%			0.05	%			0.03	%			0.26	%			0.08	%
Allowance for credit losses to total loans			1.30	%			1.33	%			1.37	%			1.40	%			1.40	%			1.30	%			1.40	%
Capital Ratios:
Common equity to assets			10.14	%			9.96	%			10.04	%			10.45	%			9.66	%
Tangible common equity to tangible assets(1)			8.14	%			7.99	%			8.02	%			8.33	%			7.48	%
Leverage ratio(2)			8.77	%			8.63	%			8.76	%			8.80	%			8.32	%

⁽¹⁾ See Reconciliation of Non-GAAP financial measures.

⁽²⁾ Ratios are estimated and may be subject to change pending the final filing of the FR Y-9C.  

7

Primis Financial Corp.             

(Dollars in thousands)

Condensed Consolidated Balance Sheets (unaudited)

		For Three Months Ended:
		3Q 2026				2Q 2026				1Q 2026				4Q 2025				3Q 2025
Assets
Cash and cash equivalents		$	165,085			$	176,825			$	159,881			$	143,607			$	63,881
Investment securities-available for sale			165,116				168,285				171,877				171,377				234,660
Investment securities-held to maturity			6,418				6,588				6,792				6,981				8,550
Loans held for sale			161,449				231,990				223,180				166,066				202,372
Loans held for investment			3,499,636				3,466,388				3,396,366				3,283,683				3,200,234
Allowance for credit losses			(45,567	)			(45,964	)			(46,381	)			(45,883	)			(44,766	)
Net loans			3,454,069				3,420,424				3,349,985				3,237,800				3,155,468
Stock in Federal Reserve Bank and Federal Home Loan Bank			23,636				27,487				24,162				14,185				17,035
Bank premises and equipment, net			5,905				5,955				5,924				6,070				19,380
Operating lease right-of-use assets			63,373				64,233				64,781				65,596				9,427
Goodwill and other intangible assets			93,475				93,482				93,488				93,495				93,502
Assets held for sale, net			776				776				776				776				775
Bank-owned life insurance			78,252				77,515				76,958				68,969				68,504
Deferred tax assets, net			17,260				15,914				14,593				14,683				17,328
Investment in Panacea Financial Holdings, Inc. common stock			7,133				7,299				6,899				6,899				6,880
Other assets			57,579				56,841				57,372				50,884				57,087
Total assets		$	4,299,526			$	4,353,614			$	4,256,668			$	4,047,388			$	3,954,849
Liabilities and stockholders' equity
Demand deposits		$	496,282			$	505,758			$	541,168			$	554,442			$	489,728
NOW accounts			907,685				878,976				844,528				862,735				831,709
Money market accounts			787,031				794,540				778,366				740,886				737,634
Savings accounts			975,521				960,343				942,847				922,337				958,416
Time deposits			306,112				306,724				316,156				315,185				318,865
Total deposits			3,472,631				3,446,341				3,423,065				3,395,585				3,336,352
Securities sold under agreements to repurchase - short term			3,864				3,974				3,525				3,552				3,954
Federal Home Loan Bank advances			220,000				300,000				230,000				25,000				85,000
Secured borrowings			13,624				14,165				14,450				14,773				15,403
Subordinated debt and notes			69,406				69,358				69,311				96,162				96,091
Operating lease liabilities			60,008				60,573				60,832				61,340				10,682
Other liabilities			24,161				25,374				28,287				28,080				25,214
Total liabilities			3,863,694				3,919,785				3,829,470				3,624,492				3,572,696
Total stockholders' equity			435,832				433,829				427,198				422,896				382,153
Total liabilities and stockholders' equity		$	4,299,526			$	4,353,614			$	4,256,668			$	4,047,388			$	3,954,849
Tangible common equity(1)		$	342,357			$	340,347			$	333,710			$	329,401			$	288,651

⁽¹⁾ See Reconciliation of Non-GAAP financial measures.                

8

Primis Financial Corp.  

(Dollars in thousands)

Condensed Consolidated Statement of Operations (unaudited)

		For Three Months Ended:																				For Nine Months Ended:
		3Q 2026				2Q 2026				1Q 2026				4Q 2025				3Q 2025				3Q 2026				3Q 2025
Interest and dividend income		$	59,234			$	56,322			$	53,526			$	53,326			$	51,766			$	169,082			$	147,116
Interest expense			22,924				22,567				21,452				22,474				22,734				66,943				66,540
Net interest income			36,310				33,755				32,074				30,852				29,032				102,139				80,576
Provision for (recovery of) credit losses			1,149				5,452				1,549				2,439				(49	)			8,150				9,850
Net interest income after provision for credit losses			35,161				28,303				30,525				28,413				29,081				93,989				70,726
Account maintenance and deposit service fees			1,389				1,699				1,246				1,292				1,358				4,334				4,372
Mortgage banking income			8,022				11,388				10,760				9,992				8,887				30,170				22,395
Gain on sale of loans			1,465				1,582				567				1,470				249				3,614				459
Gains (loss) on Panacea Financial Holdings investment			(165	)			400				-				20				294				235				32,322
Gain on sale-leaseback			-				-				-				50,573				-				-				-
Loss on sales of investment securities			-				-				-				(14,777	)			-				-				-
Gain (loss) on other investments			(134	)			5,961				49				33				381				5,876				126
Other			2,344				1,004				933				1,413				800				4,281				2,660
Noninterest income			12,921				22,034				13,555				50,016				11,969				48,510				62,334
Employee compensation and benefits			20,539				20,267				19,556				25,535				18,523				60,362				53,524
Occupancy and equipment expenses			5,044				4,799				4,617				4,459				3,481				14,460				9,893
Virginia franchise tax expense			713				695				611				577				576				2,019				1,730
FDIC Insurance assessment			634				854				738				918				999				2,226				2,813
Data processing expense			2,099				2,342				2,188				2,421				2,369				6,629				8,255
Marketing expense			717				934				760				472				450				2,411				1,684
Telecommunication and communication expense			307				350				311				352				309				968				920
Professional fees			1,345				2,886				1,860				3,730				2,509				6,091				7,147
Miscellaneous lending expenses			2,081				1,128				728				634				231				3,937				1,965
Other expenses			3,676				3,952				2,385				3,066				2,866				10,013				8,840
Noninterest expense			37,155				38,207				33,754				42,164				32,313				109,116				96,771
Income before income taxes			10,927				12,130				10,326				36,265				8,737				33,383				36,289
Income tax expense			2,255				2,704				3,014				6,725				1,907				7,973				7,988
Net Income			8,672				9,426				7,312				29,540				6,830				25,410				28,301
Noncontrolling interest			-				-				-				-				-				-				3,602
Net income available to Primis' common shareholders		$	8,672			$	9,426			$	7,312			$	29,540			$	6,830			$	25,410			$	31,903

9

Primis Financial Corp.             

(Dollars in thousands)

Loan Portfolio Composition

		For Three Months Ended:
		3Q 2026				2Q 2026				1Q 2026				4Q 2025				3Q 2025
Loans held for sale		$	161,449			$	231,990			$	223,180			$	166,066			$	202,372
Loans secured by real estate:
Commercial real estate - owner occupied			567,774				560,515				534,897				510,088				495,739
Commercial real estate - non-owner occupied			527,883				522,383				540,154				567,092				592,480
Secured by farmland			2,434				2,479				2,386				3,407				3,642
Construction and land development			149,509				153,906				151,426				131,757				102,227
Residential 1-4 family			570,589				558,782				560,711				576,866				564,087
Multi-family residential			149,458				137,953				150,475				140,261				137,804
Home equity lines of credit			67,582				61,985				61,786				61,738				62,458
Total real estate loans			2,035,229				1,998,003				2,001,835				1,991,209				1,958,437
Commercial loans			1,180,572				1,184,862				1,104,438				970,492				915,158
Paycheck Protection Program loans			1,705				1,713				1,716				1,719				1,723
Consumer loans			277,640				277,248				283,605				315,407				319,977
Total Non-PCD loans			3,495,146				3,461,826				3,391,594				3,278,827				3,195,295
PCD loans			4,490				4,562				4,772				4,856				4,939
Total loans receivable, net of deferred fees		$	3,499,636			$	3,466,388			$	3,396,366			$	3,283,683			$	3,200,234

		For Three Months Ended:
(Dollars in thousands)		3Q 2026				2Q 2026				1Q 2026				4Q 2025				3Q 2025
Loans by Risk Grade:
Pass Grade 1 - Highest Quality		$	90			$	128			$	119			$	87			$	666
Pass Grade 2 - Good Quality			160,761				152,946				160,228				178,999				168,177
Pass Grade 3 - Satisfactory Quality			1,641,071				1,537,862				1,556,700				1,882,934				1,842,958
Pass Grade 4 - Pass			1,501,630				1,591,207				1,469,542				1,026,499				1,034,035
Pass Grade 5 - Pass/ Watch(1)			28,633				14,599				13,765				-				-
Pass Grade 6 - Special Mention(2)			75,659				75,213				49,308				48,683				7,004
Grade 7 - Substandard(2)			84,243				86,884				139,155				138,932				139,847
Grade 8 - Doubtful(2)			7,549				7,549				7,549				7,549				7,547
Grade 9 - Loss(2)			-				-				-				-				-
Total loans		$	3,499,636			$	3,466,388			$	3,396,366			$	3,283,683			$	3,200,234

(Dollars in thousands)

Asset Quality Information

		For Three Months Ended:
		3Q 2026				2Q 2026				1Q 2026				4Q 2025				3Q 2025
Allowance for Credit Losses:
Balance at beginning of period		$	(45,964	)		$	(46,381	)		$	(45,883	)		$	(44,766	)		$	(45,985	)
Recovery of (provision for) credit losses			(1,149	)			(5,452	)			(1,549	)			(2,439	)			49
Net charge-offs			1,546				5,869				1,051				1,322				1,170
Ending balance		$	(45,567	)		$	(45,964	)		$	(46,381	)		$	(45,883	)		$	(44,766	)
Reserve for Unfunded Commitments:
Balance at beginning of period		$	(831	)		$	(870	)		$	(1,006	)		$	(1,133	)		$	(1,152	)
Recovery of (provision for) unfunded loan commitment reserve			113				39				136				127				19
Total Reserve for Unfunded Commitments		$	(718	)		$	(831	)		$	(870	)		$	(1,006	)		$	(1,133	)

		3Q 2026				2Q 2026				1Q 2026				4Q 2025				3Q 2025
Non-Performing Assets:
Nonaccrual loans		$	59,018			$	61,847			$	84,949			$	84,823			$	84,973
Accruing loans delinquent 90 days or more			5,806				5,827				20,222				1,713				1,713
Total non-performing assets		$	64,824			$	67,674			$	105,171			$	86,536			$	86,686
SBA guaranteed portion of non-performing loans		$	3,402			$	4,491			$	5,033			$	4,482			$	4,682

⁽¹⁾ In first quarter of 2026, the Company expanded its risk grade matrix to include Pass Grade 5 - Pass/ Watch.

⁽²⁾ In first quarter of 2026, due to the expansion of the risk grade matrix, Special Mention, Substandard, Doubtful and Loss loans that were in risk grades 5, 6, 7 and 8, respectively in 2025, were migrated to risk grades 6, 7, 8 and 9, respectively in 2026.

10

Primis Financial Corp.                   

(Dollars in thousands)

Average Balance Sheet

		For Three Months Ended:																				For Nine Months Ended:
		3Q 2026				2Q 2026				1Q 2026				4Q 2025				3Q 2025				3Q 2026				3Q 2025
Assets
Loans held for sale		$	196,449			$	207,590			$	159,007			$	162,854			$	130,061			$	187,819			$	136,273
Loans, net of deferred fees			3,398,668				3,379,938				3,297,456				3,238,184				3,143,155				3,359,058				3,039,443
Investment securities			175,278				177,451				176,582				220,343				247,008				176,432				247,243
Other earning assets			165,944				164,006				161,199				115,908				101,278				163,734				95,430
Total earning assets			3,936,339				3,928,985				3,794,244				3,737,289				3,621,502				3,887,043				3,518,389
Other assets			274,149				272,805				261,466				244,183				232,636				269,520				245,786
Total assets		$	4,210,488			$	4,201,790			$	4,055,710			$	3,981,472			$	3,854,138			$	4,156,563			$	3,764,175
Liabilities and equity
Demand deposits		$	542,184			$	565,815			$	533,570			$	498,681			$	481,697			$	547,221			$	465,327
Interest-bearing liabilities:
NOW and other demand accounts			894,250				856,254				838,845				837,231				834,839				863,319				820,859
Money market accounts			795,993				777,265				750,380				740,915				756,361				774,713				767,729
Savings accounts			973,431				950,932				922,152				934,092				922,048				949,026				853,474
Time deposits			306,878				311,192				316,281				315,943				324,614				311,416				329,832
Total Deposits			3,512,736				3,461,458				3,361,228				3,326,862				3,319,559				3,445,695				3,237,221
Borrowings			176,465				219,946				181,185				205,767				117,697				192,515				117,454
Total Funding			3,689,201				3,681,404				3,542,413				3,532,629				3,437,256				3,638,210				3,354,675
Other Liabilities			83,067				86,339				86,090				50,978				36,720				85,154				37,211
Total liabilites			3,772,268				3,767,743				3,628,503				3,583,607				3,473,976				3,723,364				3,391,886
Primis common stockholders' equity			438,220				434,047				427,207				397,865				380,162				433,199				368,295
Noncontrolling interest			—				—				—				—				—				—				3,994
Total stockholders' equity			438,220				434,047				427,207				397,865				380,162				433,199				372,289
Total liabilities and stockholders' equity		$	4,210,488			$	4,201,790			$	4,055,710			$	3,981,472			$	3,854,138			$	4,156,563			$	3,764,175
Net Interest Income
Loans held for sale		$	2,487			$	3,142			$	2,376			$	2,511			$	2,085			$	8,005			$	4,895
Loans			53,309				49,785				47,758				47,856				46,772				150,852				133,643
Investment securities			1,940				1,950				1,911				1,841				1,894				5,802				5,728
Other earning assets			1,498				1,445				1,481				1,118				1,015				4,423				2,850
Total Earning Assets Income			59,234				56,322				53,526				53,326				51,766				169,082				147,116
Non-interest bearing DDA			-				-				-				-				-				-				-
NOW and other interest-bearing demand accounts			4,743				4,446				4,244				4,124				4,549				13,433				13,667
Money market accounts			5,162				4,916				4,539				4,615				5,229				14,617				15,920
Savings accounts			7,860				7,575				7,202				7,599				8,070				22,637				22,281
Time deposits			2,432				2,451				2,517				2,639				2,723				7,400				8,592
Total Deposit Costs			20,197				19,388				18,502				18,977				20,571				58,087				60,460
Borrowings			2,727				3,179				2,950				3,497				2,163				8,856				6,080
Total Funding Costs			22,924				22,567				21,452				22,474				22,734				66,943				66,540
Net Interest Income		$	36,310			$	33,755			$	32,074			$	30,852			$	29,032			$	102,139			$	80,576
Net Interest Margin
Loans held for sale			5.02	%			6.07	%			6.06	%			6.12	%			6.36	%			5.70	%			4.80	%
Loans			6.22	%			5.91	%			5.87	%			5.86	%			5.90	%			6.00	%			5.88	%
Investments			4.39	%			4.41	%			4.39	%			3.31	%			3.04	%			4.40	%			3.10	%
Other Earning Assets			3.58	%			3.53	%			3.73	%			3.83	%			3.98	%			3.61	%			3.99	%
Total Earning Assets			5.97	%			5.75	%			5.72	%			5.66	%			5.67	%			5.82	%			5.59	%
NOW			2.10	%			2.08	%			2.05	%			1.95	%			2.16	%			2.08	%			2.23	%
MMDA			2.57	%			2.54	%			2.45	%			2.47	%			2.74	%			2.52	%			2.77	%
Savings			3.20	%			3.20	%			3.17	%			3.23	%			3.47	%			3.19	%			3.49	%
CDs			3.14	%			3.16	%			3.23	%			3.31	%			3.33	%			3.18	%			3.48	%
Cost of Interest Bearing Deposits			2.70	%			2.69	%			2.65	%			2.66	%			2.88	%			2.68	%			2.92	%
Cost of Deposits			2.28	%			2.25	%			2.23	%			2.26	%			2.46	%			2.25	%			2.50	%
Other Funding			6.13	%			5.80	%			6.60	%			6.74	%			7.29	%			6.15	%			6.92	%
Total Cost of Funds			2.47	%			2.46	%			2.46	%			2.52	%			2.62	%			2.46	%			2.65	%
Net Interest Margin			3.66	%			3.45	%			3.43	%			3.28	%			3.18	%			3.51	%			3.06	%
Net Interest Spread			3.08	%			2.84	%			2.83	%			2.72	%			2.62	%			2.92	%			2.51	%

11

Primis Financial Corp.

(Dollars in thousands, except per share data)

		For Three Months Ended:																				For Nine Months Ended:
		3Q 2026				2Q 2026				1Q 2026				4Q 2025				3Q 2025				3Q 2026				3Q 2025
Reconciliation of Non-GAAP items:
Net income available to Primis' common shareholders		$	8,672			$	9,426			$	7,312			$	29,540			$	6,830			$	25,410			$	31,903
Non-GAAP adjustments to Net Income:
Loss on sale of investment securities			-				-				-				14,777				-				-				-
Branch Consolidation / Other restructuring			-				-				-				-				-				-				144
Professional fee expense related to accounting matters and LPF sale			-				-				-				-				-				-				1,125
Gain on sale-leaseback			-				-				-				(50,573	)			-				-				-
Transaction costs related to sale-leaseback			-				-				-				1,126				-				-				-
Gains on Panacea Financial Holdings investment			-				-				-				-				-				-				(32,028	)
Loss on sale of closed bank branch buildings			-				-				-				-				-				-				107
Gain on investment in Bearing Insurance			-				(5,853	)			-				-				-				(5,853	)			-
Tax expense related to de-consolidation gain in 2025 on PFH investment			-				759				759				-				-				1,518				-
Income tax effect			-				1,264				-				7,489				-				1,264				5,929
Operating net income available to Primis' common shareholders		$	8,672			$	5,596			$	8,071			$	2,359			$	6,830			$	22,339			$	7,180
Net income available to Primis' common shareholders		$	8,672			$	9,426			$	7,312			$	29,540			$	6,830			$	25,410			$	31,903
Income tax expense			2,255				2,704				3,014				6,725				1,907				7,973				7,988
Provision (benefit) for credit losses (incl. unfunded commitment expense/benefit)			1,036				5,413				1,413				2,312				(68	)			7,862				9,862
Pre-tax pre-provision earnings		$	11,963			$	17,543			$	11,739			$	38,577			$	8,669			$	41,245			$	49,753
Effect of adjustment for nonrecurring income and expenses			-				(5,853	)			-				(34,670	)			-				(5,853	)			(30,652	)
Pre-tax pre-provision operating earnings		$	11,963			$	11,690			$	11,739			$	3,907			$	8,669			$	35,392			$	19,101
Return on average assets			0.80	%			0.90	%			0.76	%			2.94	%			0.70	%			0.82	%			1.13	%
Effect of adjustment for nonrecurring income and expenses			0.00	%			(0.37	)%			0.08	%			(2.71	)%			0.00	%			(0.10	)%			(0.88	)%
Operating return on average assets			0.80	%			0.53	%			0.84	%			0.23	%			0.70	%			0.72	%			0.25	%
Return on average assets			0.80	%			0.90	%			0.76	%			2.94	%			0.70	%			0.82	%			1.13	%
Effect of tax expense			0.21	%			0.26	%			0.30	%			0.67	%			0.20	%			0.26	%			0.28	%
Effect of provision for credit losses  (incl. unfunded commitment expense)			0.10	%			0.52	%			0.14	%			0.23	%			(0.01	)%			0.25	%			0.35	%
Pre-tax pre-provision return on average assets			1.11	%			1.68	%			1.20	%			3.84	%			0.89	%			1.33	%			1.76	%
Effect of adjustment for nonrecurring income and expenses			0.00	%			(0.56	)%			0.00	%			(3.45	)%			0.00	%			(0.19	)%			(1.09	)%
Pre-tax pre-provision operating return on average assets			1.11	%			1.12	%			1.20	%			0.39	%			0.89	%			1.14	%			0.67	%
Return on average common equity			7.67	%			8.71	%			7.24	%			29.46	%			7.13	%			7.89	%			11.58	%
Effect of adjustment for nonrecurring income and expenses			0.00	%			(3.54	)%			0.72	%			(27.10	)%			0.00	%			(0.94	)%			(8.97	)%
Operating return on average common equity			7.67	%			5.17	%			7.96	%			2.36	%			7.13	%			6.95	%			2.61	%
Effect of goodwill and other intangible assets			2.08	%			1.48	%			2.23	%			0.71	%			2.32	%			1.91	%			0.89	%
Operating return on average tangible common equity			9.75	%			6.65	%			10.19	%			3.07	%			9.45	%			8.86	%			3.50	%
Efficiency ratio			75.47	%			68.48	%			73.97	%			52.14	%			78.81	%			72.43	%			67.71	%
Effect of adjustment for nonrecurring income and expenses			0.00	%			8.03	%			0.00	%			38.91	%			0.00	%			2.93	%			18.32	%
Operating efficiency ratio			75.47	%			76.51	%			73.97	%			91.05	%			78.81	%			75.36	%			86.03	%
Earnings per common share - Basic		$	0.35			$	0.38			$	0.30			$	1.20			$	0.28			$	1.03			$	1.29
Effect of adjustment for nonrecurring income and expenses			-				(0.15	)			0.03				(1.10	)			-				(0.13	)			(1.00	)
Operating earnings per common share - Basic		$	0.35			$	0.23			$	0.33			$	0.10			$	0.28			$	0.90			$	0.29
Earnings per common share - Diluted		$	0.35			$	0.38			$	0.30			$	1.20			$	0.28			$	1.03			$	1.29
Effect of adjustment for nonrecurring income and expenses			-				(0.15	)			0.03				(1.10	)			-				(0.13	)			(1.00	)
Operating earnings per common share - Diluted		$	0.35			$	0.23			$	0.33			$	0.10			$	0.28			$	0.90			$	0.29
Book value per common share		$	17.57			$	17.49			$	17.25			$	17.12			$	15.51			$	17.57			$	15.51
Effect of goodwill and other intangible assets			(3.76	)			(3.77	)			(3.78	)			(3.78	)			(3.80	)			(3.76	)			(3.80	)
Tangible book value per common share		$	13.81			$	13.72			$	13.47			$	13.34			$	11.71			$	13.81			$	11.71
Net charge-offs as a percent of average loans (annualized)			0.17	%			0.65	%			0.12	%			0.16	%			0.14	%			0.34	%			0.79	%
Impact of third-party consumer portfolio			0.00	%			(0.12	)%			(0.06	)%			(0.11	)%			(0.11	)%			(0.08	)%			(0.71	)%
Core net charge-offs as a percent of average loans (annualized)			0.17	%			0.53	%			0.06	%			0.05	%			0.03	%			0.26	%			0.08	%
Total Primis common stockholders' equity		$	435,832			$	433,829			$	427,198			$	422,896			$	382,153			$	435,832			$	382,153
Less goodwill and other intangible assets			(93,475	)			(93,482	)			(93,488	)			(93,495	)			(93,502	)			(93,475	)			(93,502	)
Tangible common equity		$	342,357			$	340,347			$	333,710			$	329,401			$	288,651			$	342,357			$	288,651
Common equity to assets			10.14	%			9.96	%			10.04	%			10.45	%			9.66	%			10.14	%			9.66	%
Effect of goodwill and other intangible assets			(2.00	)%			(1.97	)%			(2.02	)%			(2.12	)%			(2.18	)%			(2.00	)%			(2.18	)%
Tangible common equity to tangible assets			8.14	%			7.99	%			8.02	%			8.33	%			7.48	%			8.14	%			7.48	%

12

Exhibit 99.2

Primis Financial Corp. NASDAQ: FRST Third Quarter 2026

Forward - Looking Statements This presentation and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward - looking statements” within the meaning of, and subject to the protections of, Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended . All statements other than statements of historical fact are forward - looking statements . Such statements can generally be identified by such words as "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," and other similar words or expressions of the future or otherwise regarding the outlook for the Company’s future business and financial performance and/or the performance of the banking industry and economy in general . These forward - looking statements include, but are not limited to, our expectations regarding our future operating and financial performance, including the preliminary estimated financial and operating information presented herein, which is subject to adjustment ; our outlook and long - term goals for future growth and new offerings and services ; our expectations regarding net interest margin ; expectations on our growth strategy, expense management, capital management and future profitability ; expectations on credit quality and performance ; and the assumptions underlying our expectations . Prospective investors are cautioned that any such forward - looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward - looking statements . Forward - looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties . Actual results may differ materially from those contemplated by such forward - looking statements . Factors that might cause such differences include, but are not limited to : instability in global economic conditions and geopolitical matters ; the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within our primary market areas ; adverse developments in borrower industries ; changes in interest rates, inflation, loan demand, real estate values, or competition, as well as labor shortages and supply chain disruptions ; the impact of tariffs, trade policies, and trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U . S . exports, disruptions to supply chains, and decreased demand for other banking products and services) ; the Company’s ability to implement its various strategic and growth initiatives, including its recently established Panacea Financial Division, digital banking platform, Banking Valet fulfillment service, Mortgage Warehouse division and Primis Mortgage Company, as well as with respect to use and implementation of artificial intelligence ; competitive pressures among financial institutions increasing significantly (including as a result of technological changes and the use and continued development of artificial intelligence) ; changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices ; legislative, regulatory or supervisory actions related to so - called “de - banking,” including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices ; changes in management’s plans for the future ; credit risk associated with our lending activities ; changes in accounting principles, policies, or guidelines ; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions ; potential impacts of adverse developments in the banking industry, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto ; potential increases in the provision for credit losses ; our ability to identify and address increased cybersecurity risks, including those impacting vendors and other second parties ; fraud or misconduct by internal or external actors, which we may not be able to prevent, detect or mitigate ; 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 ; action or inaction by the federal government, including as a result of any prolonged government shutdown ; and other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services . Forward - looking statements speak only as of the date on which such statements are made . These forward - looking statements are based upon information presently known to the Company’s management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company’s filings with the Securities and Exchange Commission, the Company’s Annual Report on Form 10 - K for the year ended December 31 , 2025 , under the captions “Cautionary Note Regarding Forward - Looking Statements” and “Risk Factors,” and in the Company’s Quarterly Reports on Form 10 - Q and Current Reports on Form 8 - K . The Company undertakes no obligation to update any forward - looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events , unless required by law . Readers are cautioned not to place undue reliance on these forward - looking statements . 2

Non - GAAP Measures Statements included in this presentation include non - GAAP financial measures and should be read along with the accompanying tables . Primis uses non - GAAP financial measures to analyze its performance . The measures entitled operating net income (loss) available to Primis' common shareholders ; pre - tax pre - provision operating earnings ; operating return on average assets ; pre - tax pre - provision operating return on average assets ; operating return on average common equity ; operating return on average tangible common equity ; operating efficiency ratio ; operating earnings per share – basic ; operating earnings per share – diluted ; core operating expense burden, tangible book value per share ; tangible common equity ; tangible common equity to tangible assets ; and core net interest margin are not measures recognized under GAAP and therefore are considered non - GAAP financial measures . We use the term “operating” to describe a financial measure that excludes income or expense considered to be non - recurring in nature . Items identified as non - operating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward - looking trends in our business . A reconciliation of these non - GAAP financial measures to the most comparable GAAP measures is provided when discussing the financial measure or in the Reconciliation of Non - GAAP Items table . Management believes that these non - GAAP financial measures provide additional useful information about Primis that allows management and investors to evaluate the ongoing operating results, financial strength and performance of Primis and provide meaningful comparison to its peers . Non - GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider Primis’ performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Primis . Non - GAAP financial measures are not standardized and, therefore, it may not be possible to compare these measures with other companies that present measures having the same or similar names . Non - GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP . 3

Company Overview Corp. Headquarters: Bank Headquarters: Branches: Ticker (NASDAQ): Pricing as of October 20, 2026. Financial data as of or for the three months ended September 30, 2026. (1) See reconciliation of Non - GAAP financial measures beginning on slide 19. (2) Mean analyst estimates per Capital IQ McLean, VA Glen Allen, VA 24 FRST Valuation Market Capitalization ($MM): Price / Book Value per Share: Price / Tangible Book Value (1) : Price / 2026 Estimated EPS (2) : Price / 2027 Estimated EPS (2) : Dividend Yield: $389 0.89x 1.13x 10.18x 7.90x 2.55% Key Metrics Total Assets: Total Loans HFI: Total Deposits: TCE / TA (1) : ROAA: ROATCE (1) : Net Interest Margin: Cost of Core Bank Deposits: $4.30B $3.50B $3.47B 8.14% 0.80% 9.75% 3.66% 1.63% 4

• Margin expanded 21 bps vs Q2’26 (14 bps excluding interest recovery) • Demonstrated core earnings power that continues to build • If mortgage net overhead was just breakeven in Q3’26, consolidated ROAA would have been approx. 1.00% • Material operating leverage expected to continue • Diversified business lines provide strong earnings base : • Core Bank ROA of 1.42% • Mortgage Warehouse loans up 53% YoY to $501MM with PTPP ROA >2% • Primis Mortgage funded $347MM in Q3’26, up 13% YoY (YTD funded volume of $1.1B, up 42% YoY) • Panacea loans up 37 % annualized from June 30, 2026 ( including HFS) Q3 2026 Financial Highlights (1) Dollars in Millions, except per share (1) See reconciliation of Non - GAAP financial measures beginning on slide 19. 5 As of or for the Nine Months Ended September 30 As of or for the Three Months Ended September 30 2025 2026 2025 2026 $31.90 $25.41 $6.83 $8.67 Net Income (Loss) $19.10 $33.98 $8.67 $11.96 Pre - Tax Pre - Provision Op. Net Income(1) 1.13% 0.82% 0.70% 0.80% ROAA 0.67% 1.10% 0.89% 1.11% Pre - Tax Pre - Provision Op. ROAA(1) $80.6 $102.1 $29.0 $36.3 Net Interest Income 3.06% 3.51% 3.18% 3.66% Net Interest Margin $3,955 $4,300 $3,955 $4,300 Total Assets $3,200 $3,500 $3,200 $3,500 Gross Loans HFI $3,336 $3,473 $3,336 $3,473 Total Deposits $3,518 $3,887 $3,622 $3,936 Average Earning Assets $465 $547 $482 $542 Avg. Noninterest Bearing Deposits (“NIB”) 14.4% 15.9% 14.5% 15.4% Avg. NIB / Avg. Total Deposits 7.48% 8.14% 7.48% 8.14% TCE / TA $11.71 $13.81 $11.71 $13.81 Tangible Book Value per Share

• Core Bank is 100% core funded with customers that walk in our branches or use our technology • Banking Valet service (proprietary branch delivery app) used extensively: • Over 87 % are commercial customers • Directly generated over $75MM of deposits • Focus on NIB driving results with NIB 21 % of Core Bank deposits • Extremely limited efforts on Investor CRE • Lending focused on Residential Builders, C&I and OO CRE Core Bank — Steady & Profitable Dollars in thousands. (1) Core Bank results based on management reporting excluding business lines and with estimated corporate allocations and income statement items are stated in thousands. 6 Core Bank Balance Sheet & Earnings (1 ) Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 $22,489 $21,482 $22,071 $22,696 $22,722 Net Interest Income $280 $3,147 ($328) $935 $189 Provision (recovery) $2,833 $2,947 $1,894 $1,898 $1,996 Non - Interest Income $13,507 $13,817 $13,401 $13,441 $14,081 Non - Interest Expense $11,816 $10,612 $10,563 $11,154 $10,638 Pre - Tax Pre - Provision $11,536 $7,465 $10,891 $10,219 $10,448 Pre - Tax Income $2,250 $1,456 $2,124 $1,993 $2,037 Taxes $9,287 $6,009 $8,767 $8,226 $8,411 Net Income 1.42% 0.93% 1.37% 1.26% 1.27% Return on Assets (Adjusted) 1.46% 1.34% 1.36% 1.38% 1.30% Pre Provision ROA (Adjusted) 3.78% 3.65% 3.77% 3.79% 3.71% Net Interest Margin 53.73% 56.42% 55.22% 55.06% 57.40% Efficiency Consolidated 1.64% 1.68% 1.77% 1.79% 1.84% Overhead Ratio

Highly Scalable Business at 6.84 % Yield in Q3 • Q3’26 YTD operating ratios on $399 million in average loans: • PTPP ROAA: 2.57% • Yields: 6.80% • Margin: 3.41% (with FTP funding) • Efficiency: 25% • Q3’26 average loans of $427 million up slightly from Q2’26 in the face of substantial industry headwinds • Low cost/NIB balances are generally were 11% of average loans in Q3’26 Mortgage Warehouse Lending Dollars in Millions 7 • $2.0 billion in commitments with 183 customers • Yields structured to be the note rate with floors to protect bank margin and fees that generate approximately 75 - 100bps over note rate $327 $318 $460 $544 $501 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 53% Growth in Loan Balances YoY

• Attractive platform allows for selective recruiting to position for higher volumes • Aggressively eliminating costs for the current environment • $40 million of construction - to - perm loans closed in Q3’26 • Attractive fee income and rates during construction with wider than average GOS margin at sale • YTD funded volume of $1.1 billion through Q3’26, up 42% from $797 million in the same period of 2025 Primis Mortgage Dollars in Millions 8 Managing Through Rate Environment $151 $230 $165 $308 $367 $347 Q1'24 Q3'24 Q1'25 Q3'25 Q1'26 Q3'26 13% Growth YoY Funded

• Growth in Q3’26: • 23% Growth in Loans YoY • 56% Growth in Deposits YoY • $39 million of commercial loans moved to held for sale at September 30, 2026 • $32 million sold in Q3’26 • Banking over 7,500 doctors and their practices • #1 Ranked "Bank for Doctors" on Google Panacea Financial Dollars in Millions Loan balance includes loans held for sale. 9 Growth in Balance Sheet $133 $128 $153 $169 $207 $548 $544 $600 $617 $674 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Total Deposits Total Loans

Net Interest Margin & Income 10 Net Interest Margin • $570 million of fixed rate loans with a 5.31% weighted average coupon reprice over the next 4 quarters • Additional $530 million of floating - rate loans are indexed to Prime and SOFR and reprice directly with Fed rate moves • Bank’s focus is squarely on deposit mix and continued momentum in checking through Banking Valet advantage 3.66% 3.45% 3.43% 3.28% 3.18% Q3'26 Q2'26 Q1'26 Q4'25 Q3'25

Balance Sheet – Loans and Deposits by Type and Division 11 Panacea $635 18% Life Premium Finance $122 4% Consumer Program $69 2% Mortgage Warehouse $501 14% Core Bank $2,173 62% Loans by Portfolio Type (Millions) Digital $1,044 30% Mortgage Warehouse $39 1% Panacea $207 6% Core Bank $2,183 63% Deposits by Division (Millions) Dollars in Millions Loan balances represent loans held for investment (HFI) only; excludes loans held for sale.

Deposit Composition – Q3’26 Deposits Dollars in Millions 12 • Approximately 80% of our commercial checking balances have Banking Valet • Even with vastly scalable lending strategies, we can grow deposits faster with zero pressure on the core bank’s relationship pricing or profitability • NIB average balance growth of 13% year - over - year • Core Bank benefitting from Banking Valet convenience for customers • Warehouse funding 10% - 15% of outstanding balances with NIB Deposit and Cost Trends Demand Deposits 14% NOW Accounts 26% Money Market Accounts 23% Savings Accounts 28% Time Deposits 9% $3,473 $3,446 $3,423 $3,396 $3,336 2.28% 2.25% 2.23% 2.26% 2.46% Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Total Deposits Cost of Deposits

75.47% 76.51% 73.97% 91.05% 78.81% Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Efficiency and Operating Expense (1) See reconciliation of Non - GAAP financial measures on slide 19 . 13 • Core operating expense burden of $24.2 million in Q3’26 versus $24.9 million in Q2’26 and $ 21.6 million in Q3’25 • All 2026 quarters include approx. $1.4 million of lease expense , net of reduced depreciation, from the Q4’25 sale - leaseback • Q3’26 also included approx. $ 1.4 million of loan related expenses and approx. $ 0.4 million of professional fees and other third - party expenses • Excluding these, core burden essentially flat with the Q2’26 run rate and below Q3’25 when adjusting for net lease expense • Approx . $ 3.0 million of annualized savings expected from vendor consolidation and statement services beginning early 2027 • Quarterly amortization of digital platform development costs of $0.8 million expected to end in Q3’27 • Aggressively pursuing additional efficiencies through AI to drive further operating leverage as revenue grows Operating Efficiency Ratio (1) Core Opex Burden – 5 Quarters Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 ($ in thousands) 37,155 38,207 33,754 42,164 32,313 Reported Noninterest Expense - - - ($1,126) - Nonrecurring ($10,159) ($11,526) ($10,545) ($10,048) ($8,214) Primis Mortgage Expenses ($2,674) ($1,507) ($1,040) ($2,614) ($2,100) Panacea Net Expense ($281) ($300) ($347) ($391) ($439) Consumer Program Servicing Fee $113 $39 $136 $127 $19 Reserve for Unfunded Commitment ($13,001) ($13,294) ($11,796) ($14,052) ($10,734) Total Adjustments $24,154 $24,913 $21,958 $28,112 $21,579 Core Operating Expense Burden

Loan Portfolio (1) Dollars in millions 14 Non - Owner Occupied CRE Breakdown (1) • Hotel down to $156 million from ~$300 million in early 2020 • Debt coverage over 1.50x • C&I largest asset class and growing • Concentrated in Mortgage Warehouse and Panacea • Room to grow C&D with recent success with high quality builders • Office weighted average LTV of 64% CRE - OO 16% CRE - NOO 15% C&D 4% Residential 21% C&I 34% Consumer 8% Other 2% Hotel $156 Office $150 Retail $57 Assisted Living $37 Mixed Use $45 Warehouse/Industrial $31 All other $53

Asset Quality (1) See reconciliation of Non - GAAP financial measures beginning on slide 19. (2) Excludes SBA guaranteed portion of loans. 15 Classified Loans / Total Loans (ex. PPP) (2) Core NCOs / Average Loans (1) • Nonaccrual loans down $2.8 million to $59.0 million in Q3’26 • NPAs/Assets of 1.43% at September 30, 2026 versus 1.45% at June 30, 2026 • Provision of $1.1 million for Q3’26 largely driven by loan growth in the quarter • ACL to total loans of 1.30% • Core net charge - offs of 0.17% (annualized) in Q3’26 versus 0.53% in Q2’26 • Q3’26 C/O’s largely driven by one credit previously reserved for 0.03% 0.05% 0.06% 0.53% 0.17% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 2.53% 2.60% 4.18% 4.33% 4.46% Q3'26 Q2'26 Q1'26 Q4'25 Q3'25

Capital Ratios CET1 ratio estimated and subject to revision pending regulatory filings. (1) See reconciliation of Non - GAAP financial measures on slide 19. 16 CET1 Ratio TCE / TA (1) 9.62% 9.33% 9.18% 9.36% 8.62% Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 8.14% 7.99% 8.02% 8.33% 7.48% Q3'26 Q2'26 Q1'26 Q4'25 Q3'25

Per Share Results (1) See reconciliation of Non - GAAP financial measures on slide 19 (2) Data from Capital IQ with pricing as of October 20, 2026 (3) Peers based on FRST proxy compensation peer group 17 Increasing Tangible Book Value Per Share (1) Significant Upside Just to Peer Group Average (3) • 2027 estimates are achievable and lead to attractive ROE • 33% upside to the peer group average valuation of 1.5x $13.81 $13.72 $13.47 $13.34 $11.71 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 0.56 1.10 1.13 1.24 1.29 1.32 1.38 1.45 1.61 1.74 1.91 2.50 3.06 BCBP MNSB MVBF FRBA FRST JMSB SFST CARE BRBS MPB CBAN CFFI CCNE HTB SHBI PFIS BWFG ORRF CCBG SMBK ACNB MCBS FCBC CHCO Price / Tangible Book(2) 7.9 8.6 9.5 9.6 9.9 10.1 10.6 11.2 11.5 12.0 13.2 14.7 16.2 FRST CBAN JMSB CCNE MPB ORRF PFIS SFST MNSB FRBA SHBI CFFI MCBS HTB ACNB BWFG MVBF CARE SMBK BCBP CCBG CHCO FCBC Price/ 2027 Earnings Per Share (2)

• Desirable and profitable Core Bank paired with attractive nationwide business lines • Profitability thesis intact – absent mortgage market disruption Q3’26 would have hit 1.00% ROAA • Attractive valuation relative to peers • Board and management team focused on driving shareholder value Investment Summary 18

Reconciliation of Non - GAAP Terms 19 Dollars in Thousands, except per share Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 $8,672 $9,426 $7,312 $29,540 $6,830 Net income available to Primis' common shareholders Non - GAAP adjustments to Net Income: $14,777 Loss on sale of investment securities ($50,573) Gain on sale - leaseback $1,126 Transaction costs related to sale - leaseback ($5,853) Gain on investment in Bearing Insurance $759 $759 Tax expense related to de - consolidation gain in 2025 on Panacea Financial Holdings investment $1,264 $7,489 Income tax effect $8,672 $5,596 $8,071 $2,359 $6,830 Operating net income (loss) available to Primis' common shareholders 0.80% 0.90% 0.76% 2.94% 0.70% Return on average assets 0.00% (0.37%) 0.08% (2.71%) 0.00% Effect of adjustment for nonrecurring income and expenses 0.80% 0.53% 0.84% 0.23% 0.70% Operating return on average assets 7.67% 8.71% 7.24% 29.46% 7.13% Return on average common equity 0.00% (3.54%) 0.72% (27.10%) 0.00% Effect of adjustment for nonrecurring income and expenses 7.67% 5.17% 7.96% 2.36% 7.13% Operating return on average common equity 2.08% 1.48% 2.23% 0.71% 2.32% Effect of goodwill and other intangible assets 9.75% 6.65% 10.19% 3.07% 9.45% Operating return on average tangible common equity 75.47% 68.48% 73.97% 52.14% 78.81% Efficiency ratio 0.00% 8.03% 0.00% 38.91% 0.00% Effect of adjustment for nonrecurring income and expenses 75.47% 76.51% 73.97% 91.05% 78.81% Operating efficiency ratio $17.57 $17.49 $17.25 $17.12 $15.51 Book value per common share ($3.76) ($3.77) ($3.78) ($3.78) ($3.80) Effect of goodwill and other intangible assets $13.81 $13.72 $13.47 $13.34 $11.71 Tangible book value per common share 0.17% 0.65% 0.12% 0.16% 0.14% Net charge - offs as a percent of average loans (annualized) 0.00% (0.12%) (0.06%) (0.11%) (0.11%) Impact of third - party consumer portfolio 0.17% 0.53% 0.06% 0.05% 0.03% Core net charge - offs as a percent of average loans (annualized) 10.14% 9.96% 10.04% 10.45% 9.66% Common equity to assets (2.00%) (1.97%) (2.02%) (2.12%) (2.18%) Effect of goodwill and other intangible assets 8.14% 7.99% 8.02% 8.33% 7.48% Tangible common equity to tangible assets

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