Primis Financial (NASDAQ: FRST) boosts Q2 profit, declares $0.10 dividend

Rhea-AI Filing Summary

Primis Financial Corp. reported much stronger profitability for the quarter ended June 30, 2026. Net income available to common shareholders was $9.4 million, or $0.38 per diluted share, up from $2.4 million, or $0.10 per diluted share, a year earlier. For the first six months of 2026, net income available to common shareholders was $16.7 million, or $0.68 per diluted share, compared with $25.1 million, or $1.01 per diluted share, in the prior-year period.

Net interest income rose to $33.8 million from $25.2 million in Q2 2025, and net interest margin expanded to 3.45% from 2.86%, supported by earning-asset growth and lower deposit costs. Total assets were $4.35 billion, loans held for investment were $3.47 billion, and deposits were $3.45 billion at June 30, 2026. Asset quality improved as nonperforming assets decreased to about $63 million, or 1.45% of total assets, down from $100 million at March 31, 2026, while the allowance for credit losses was 1.33% of loans. Tangible book value per share increased to $13.72, and tangible common equity to tangible assets was 7.99%. The board declared a quarterly cash dividend of $0.10 per share, payable August 21, 2026 to shareholders of record on August 7, 2026.

Positive

• Q2 2026 net income available to common shareholders increased to $9.4 million (EPS $0.38) from $2.4 million (EPS $0.10) in Q2 2025, reflecting substantially higher quarterly profitability.
• Net interest income rose to $33.8 million in Q2 2026 from $25.2 million a year earlier, and net interest margin widened to 3.45% from 2.86%, indicating more profitable earning-asset deployment.
• Nonperforming assets declined to about $63 million, or 1.45% of total assets, from $100 million at March 31, 2026, a 37% reduction that improves the bank’s risk profile.
• Tangible book value per share increased to $13.72, up $2.24, or 19.5%, from June 30, 2025, while tangible common equity to tangible assets improved to 7.99%.

Negative

• Provision for credit losses rose to $5.5 million in Q2 2026, with approximately $5.3 million tied to one nonaccrual credit, and core net charge-offs increased to 0.53% of average loans.
• Noninterest expense grew to $38.2 million from $31.9 million in Q2 2025, including a $1.1 million mortgage lawsuit settlement and other discrete costs related to loans, marketing, regulatory and core-conversion activities.
• For the six months ended June 30, 2026, net income available to common shareholders declined to $16.7 million from $25.1 million in the prior-year period, reflecting less favorable year-to-date performance despite a stronger current quarter.

Filing Explained

The core-conversion plan remains forward-looking, with $6.1 million of expected earnings improvements scheduled for late 2026 and early 2027.

Primis Financial Corp. says its previously announced conversion of the bank and all divisions to a real-time, fully digital core remains in the evaluation and implementation phase, with expected earnings improvements beginning in late 2026 and becoming fully implemented in early 2027. The company estimates the total earnings impact at $6.1 million, split between revenue improvements and expense savings.

That $6.1 million is a forward-looking operating expectation rather than a completed change to reported earnings. The filing also says approximately $0.8 million of quarterly amortization for the digital platform is expected to end in Q3 2027.

For the current quarter, the credit-loss provision was $5.5 million, including $5.3 million tied to one nonaccrual credit; core net charge-offs were 0.53% of average loans, versus 0.06% in the first quarter. The filing therefore combines a future efficiency program with a current-period credit charge largely linked to one loan.

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, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Net Income to Common: $9.4 million Q2 2026 Diluted EPS: $0.38 Net Interest Income Q2 2026: $33.8 million +5 more

8 metrics

Q2 2026 Net Income to Common $9.4 million For the three months ended June 30, 2026; up from $2.4 million in Q2 2025

Q2 2026 Diluted EPS $0.38 Three months ended June 30, 2026; compared with $0.10 in Q2 2025

Net Interest Income Q2 2026 $33.8 million Quarter ended June 30, 2026; versus $25.2 million in Q2 2025

Net Interest Margin Q2 2026 3.45% Quarter ended June 30, 2026; up from 2.86% in Q2 2025

Total Assets $4.353 billion Balance sheet at June 30, 2026

Nonperforming Assets $63 million NPAs at June 30, 2026; down from $100 million at March 31, 2026

Tangible Book Value per Share $13.72 As of June 30, 2026; increased from $11.48 at June 30, 2025

Quarterly Dividend $0.10 per share Payable August 21, 2026 to shareholders of record on August 7, 2026

Key Terms

Pre-tax pre-provision operating earnings, Tangible common equity, Net interest margin, Nonperforming assets, +1 more

5 terms

Pre-tax pre-provision operating earnings financial

"Pre-tax pre-provision operating earnings were $11.7 million in Q2 2026."

Tangible common equity financial

"Tangible common equity ended the second quarter of 2026 at $340.0 million."

Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.

Net interest margin financial

"The Company’s net interest margin improved to 3.45% in the second quarter of 2026."

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.

Nonperforming assets financial

"Total nonperforming assets decreased to $63 million at June 30, 2026."

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

Allowance for credit losses financial

"As a percentage of loans held for investment, the allowance for credit losses was 1.33%."

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.

Earnings Snapshot

Q2 2026 net income available to common shareholders: $9.4 million · Guidance included

quarter and six months ended June 30, 2026

Q2 2026 net income available to common shareholders $9.4 million vs $2.4 million in Q2 2025

Q2 2026 diluted EPS $0.38 vs $0.10 in Q2 2025

Net interest income Q2 2026 $33.8 million vs $25.2 million in Q2 2025

Net interest margin Q2 2026 3.45% vs 2.86% in Q2 2025

Noninterest income Q2 2026 $22.0 million vs $18.0 million in Q2 2025

Six-month 2026 net income available to common shareholders $16.7 million vs $25.1 million for the six months ended June 30, 2025

Guidance

The company expects an effective tax rate of approximately 22% for the rest of 2026 and identifies $6.1 million of anticipated earnings enhancements from its digital core conversion, beginning incrementally in late 2026 and early 2027.

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Available on EDGAR 07/23/2026 - 04:36 PM Accepted by SEC EDGAR 07/23/2026 - 04:35 PM Learn about SEC filing dates

FAQ

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

Primis Financial reported Q2 2026 net income of $9.4 million, or $0.38 per diluted share, compared with $2.4 million, or $0.10 per diluted share, in Q2 2025. Stronger net interest income and margin expansion drove the improved quarterly profitability.

What were Primis Financial (FRST)’s key margin and income metrics for Q2 2026?

In Q2 2026, net interest income was $33.8 million, up from $25.2 million a year earlier, and net interest margin expanded to 3.45% from 2.86%. Noninterest income was $22.0 million, helped by a $5.9 million gain on the Bearing Insurance sale and higher mortgage-related revenue.

How is asset quality trending at Primis Financial (FRST)?

Asset quality improved in Q2 2026, with total nonperforming assets falling to about $63 million from $100 million at March 31, 2026, lowering NPAs to 1.45% of total assets. The allowance for credit losses stood at 1.33% of loans held for investment.

What dividend did Primis Financial (FRST) declare with these results?

The board declared a $0.10 per share quarterly cash dividend, payable on August 21, 2026 to shareholders of record as of August 7, 2026. This represents Primis’ fifty-ninth consecutive quarterly dividend, underscoring its ongoing capital return program.

What are Primis Financial (FRST)’s capital and tangible book value levels?

At June 30, 2026, tangible common equity was $340.0 million, equal to 7.99% of tangible assets. Tangible book value per common share rose to $13.72 from $11.48 a year earlier, while the common equity Tier 1 capital ratio was 9.48%.

How did Primis Financial (FRST)’s loan and deposit balances change by Q2 2026?

As of June 30, 2026, loans held for investment totaled $3.47 billion, up from $3.13 billion a year earlier, and total deposits were $3.45 billion, up 3.1% year over year. Noninterest-bearing demand deposits increased 5.9% to $506 million.

Which business lines drove Primis Financial (FRST)’s Q2 2026 growth?

Multiple divisions contributed, including Primis Mortgage with $421 million in closed volume and $2.2 million pre-tax earnings, Mortgage Warehouse loans rising to $544 million, and Panacea Financial loans of $617 million plus deposits of $169 million, up 52% year over year.

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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): July 23, 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 July 23, 2026, Primis Financial Corp. (“Primis” or the “Company”) issued a press release announcing its financial results for the period ended June 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 July 23, 2026, Primis issued a press release announcing the declaration of a dividend payable on August 21, 2026 to shareholders of record as of August 7, 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 July 23, 2026

99.2 Primis Financial Corp. Second 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: July 23, 2026	By:	/s/ Matthew A. Switzer
		Matthew A. Switzer
		Chief Financial Officer

Exhibit 99.1

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

Declares Quarterly Cash Dividend of $0.10 Per Share

For immediate release

Thursday, July 23, 2026

McLean, Virginia, July 23, 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 $9.4 million, or $0.38 per diluted share, for the three months ended June 30, 2026, compared to net income available to common shareholders of $2.4 million, or $0.10 per diluted share, for the three months ended June 30, 2025. For the six months ended June 30, 2026, the Company reported net income available to common shareholders of $16.7 million, or $0.68 per diluted share, compared to a net income available to common shareholders of $25.1 million, or $1.01 per diluted share, for the six months ended June 30, 2025.

Q2 And Year-to-Date 2026 Accomplishments

The Company demonstrated strong profitability in the second quarter and first half of 2026. Significant areas of improvement year-over-year are detailed in the chart below:

		As of or for the Three Months Ended June 30								As of or for the Six Months Ended June 30
($ in millions except per share)		2026				2025				2026				2025
Net Income		$	9.4			$	2.4			$	16.7			$	25.1
Pre-Tax Pre-Provision Op. Net Income(1)			11.7				4.1				23.4				10.4
ROAA			0.90	%			0.26	%			0.83	%			1.36	%
Pre-Tax Pre-Provision Op. ROAA(1)			1.12				0.44				1.15				0.57
Net Interest Income		$	33.8			$	25.2			$	65.8			$	51.5
Net Interest Margin			3.45	%			2.86	%			3.44	%			3.00	%
Total Assets		$	4,353			$	3,872			$	4,353			$	3,872
Gross Loans HFI			3,466				3,131				3,466				3,131
Total Deposits			3,446				3,343				3,446				3,343
Average Earning Assets		$	3,929			$	3,532			$	3,862			$	3,466
Avg. NIB Deposits			566				467				550				457
Avg. NIB / Avg. Total Deposits			16.3	%			14.3	%			16.1	%			14.3	%
TCE / TA(1)			7.99	%			7.49	%			7.99	%			7.49	%
Tangible Book Value per Share(1)		$	13.72			$	11.48			$	13.72			$	11.48

Commenting on the results, Dennis J. Zember, Jr., President and Chief Executive Officer of the Company, stated, “We delivered another quarter of improving results and continued momentum.  Our ROA climbed to 0.90% in the second quarter, more than three times where it was a year ago.  Just as noteworthy, NPAs declined by 37% during the quarter and our allowance to NPAs increased to 73%.  During the quarter, we recognized a pre-tax gain related to the sale of Bearing Insurance totaling $5.9 million.  We offset that gain with a provision for loan losses on a larger office CRE loan and a $0.9 settlement on a nuisance lawsuit regarding mortgage recruiting.

1 

Lastly, as discussed later in this press release, we have identified substantial earnings enhancements related to our announcement to convert the entire bank to our digital, real-time core.  The total earnings impact of $6.1 million is equally centered on revenue and expense improvements and should be incrementally in place beginning in the fourth quarter of 2026.  This project will afford us another year of the superior operating leverage that we have been demonstrating while putting the entire bank on the most sales focused real time core available in our industry.”

Division Updates

The second 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. Management believes the Core Bank drives significant value for the Company with a stable deposit base and strong core profitability:

· The Core Bank has low concentrations of investor CRE (23% of total loans and only 188% of regulatory capital).

· Loan pipeline of $158 million as of June 30, 2026, up 28% from $123 million at March 31, 2026.

· Cost of deposits of 1.60% in the second quarter of 2026 compared to 1.79% in the same quarter in 2025.

· Zero brokered deposits.

· A proprietary banking app for commercial depositors that drives new sales independent of lending efforts in and around the Company’s footprint.

Approximately 21% of the core Bank’s deposit base are noninterest bearing deposits, supported with what management believes is the region’s best and most unique technology including the Bank’s proprietary V1BE service. Over $450 million of deposits have used the service, including over 80% of commercial clients. Over $70 million of new deposit relationships have resulted directly from the V1BE offering.

Primis Mortgage

Primis Mortgage had closed mortgage volume of $421 million in the second quarter of 2026, up 30% compared to the same quarter in 2025, in spite of significant macroeconomic headwinds in the second quarter. Construction-to-permanent loan volume was $34 million in the second quarter of 2026 versus $26 million in the same period in 2025. Pre-tax earnings related to Primis Mortgage were approximately $2.2 million for the second quarter of 2026, up substantially from earnings of $0.1 million in the second quarter of 2025.

Mortgage Warehouse

Mortgage warehouse lending continued to show strong growth in the second quarter of 2026. Outstanding loan balances at June 30, 2026 were $544 million, up 18% from $460 million at March 31, 2026 and up 195% from $185 million at June 30, 2025. Average loan balances were $426 million in the second quarter of 2026, up 24% from $343 million in the first quarter of 2026 and up 226% from $131 million in the second quarter of 2025. Mortgage warehouse also funded on average approximately 11% of its balance sheet with associated customer noninterest bearing deposit balances during the second quarter of 2026.

Panacea Financial

Panacea’s growth remained strong through the second quarter of 2026 with loans outstanding of $617 million, including loans held for sale, up 11% annualized compared to March 31, 2026. Panacea sold approximately $51 million of loans in the second quarter of 2026, including $41 million of loans classified as held for sale at March 31, 2026, and had $33 million of loans classified as held for sale at June 30, 2026. Panacea loans held for investment were $583 million at June 30, 2026, up 18% annualized from $559 million at March 31, 2026. At the end of the second quarter of 2026, Panacea customer deposits totaled $169 million, up 52% from June 30, 2025. Panacea remains the number one ranked “Bank for doctors” on Google and banks over 7,500 professionals and practices nationwide.

2 

Digital Platform

Funding for the national strategies is provided exclusively by the Bank’s digital platform powered by what the Bank believes 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 Bank to provide this funding and risk the profitable, decades old relationships with core customers.

The platform ended the second quarter of 2026 with approximately $1.0 billion of deposits with a cost of deposits of 3.79% compared to $1.1 billion at June 30, 2025 with a cost of 4.27%. The platform also successfully grew business accounts in 2026 with small business balances reaching $38 million at June 30, 2026, up substantially from $16 million at December 31, 2025. These customers remain sticky with approximately 74% of our digital deposits banking with Primis for at least three years.

Core Consolidation Initiative

In 2025, the Company announced its decision to fully convert its core bank and all divisions onto its real-time, fully digital core that had served as the backbone of its successful national deposit origination platform.  Concurrent with that decision, management has been fully evaluating its products and services as well as vendors and various contracts supporting both cores.  Additional earnings improvements from this evaluation are expected to begin late in 2026 and be fully implemented in early 2027.  The improvements to earnings are on both the income and expense side totaling $6.1 million and are comprised of the following:

· $3 million in revenue improvements resulting from consolidating account types and applying best practice fee solutions across all products and services, expected to be in place by late 2026.

· $2.4 million in cost savings from consolidation of printing and statement services.  Expected to be in place by January 2027.

· $0.7 million from the consolidation of contracts and other consulting services.  Consolidation of these services is beginning in 4Q 2026 with the majority of the savings realized in the first quarter of 2027 and full realization expected by the end of the second quarter of 2027.

In addition, we currently amortize approximately $0.8 million per quarter of capitalized costs from the initial development of the digital platform.  This amortization expense is expected to end during the third quarter of 2027.

Net Interest Income

Net interest income in the second quarter of 2026 was $33.8 million, up 34.1%, versus $25.2 million in the second quarter of 2025. As noted above, the Company’s net interest margin improved to 3.45% in the second quarter of 2026 compared to 2.86% in the same quarter of 2025 with the expansion driven by robust earning asset growth funded at attractive incremental margins.

Yield on earnings assets in the second quarter of 2026 increased three basis points and 34 basis points versus the first quarter of 2026 and second quarter of 2025, respectively. Yield on investments increased 131 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 second quarter of 2026, the Company reported cost of interest-bearing deposits of 2.69% compared to 2.94% in the same quarter in 2025. Cost of funds was 2.46% in the second quarter of 2026, down 21 basis points from 2.67% in the second quarter of 2025.

Noninterest Income

Noninterest income was $22.0 million in the second quarter of 2026 versus $13.6 million in the first quarter of 2026 and $18.0 million in the second quarter of 2025. The second quarter of 2026 included a gain of $5.9 million from the liquidation of an insurance agency investment while the second quarter of 2025 included a $7.5 million gain on the Company’s investment in Panacea Financial Holdings. Mortgage related income grew 44.3% to $11.4 million in the second quarter of 2026 compared to $7.9 million in the same quarter in 2025. In 2026, the Company restructured its bank-owned life insurance portfolio which improved noninterest income by approximately $1.2 million annually beginning late in the second quarter of 2026.

3 

The Company reported gain on sale income of $1.6 million related to the sale of Panacea loans and the guaranteed portion of SBA loans in the second quarter of 2026 compared to no similar gain on sale income in the second quarter of 2025. Approximately $237 thousand of the gain on sale income was attributable to the Core Bank in the second quarter of 2026 with the remainder driven by the Panacea Division. The Company anticipates increasing SBA gain on sale income to between $500 thousand to $600 thousand from the Core Bank beginning in the third quarter of 2026.

Noninterest Expense

Noninterest expense was $38.2 million for the second quarter of 2026, compared to $31.9 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)		2Q26				1Q26				4Q25				3Q25				2Q25
Reported Noninterest Expense		$	38,207			$	33,754			$	42,164			$	32,313			$	31,942
Nonrecurring			-				-				(1,126	)			-				(232	)
Primis Mortgage Expenses			(11,526	)			(10,545	)			(10,048	)			(8,214	)			(8,514	)
Panacea Net Expense			(1,507	)			(1,040	)			(2,614	)			(2,100	)			(370	)
Consumer Program Servicing Fee			(300	)			(347	)			(391	)			(439	)			(518	)
Reserve for Unfunded Commitment			39				136				127				19				(18	)
Total Adjustments			(13,294	)			(11,796	)			(14,052	)			(10,734	)			(9,652	)
Core Operating Expense Burden		$	24,913			$	21,958			$	28,112			$	21,579			$	22,290

Core operating expense burden, as defined above, was $25 million in the second quarter of 2026 versus $22 million in both the first quarter of 2026 and second quarter of 2025. As previously disclosed, the first and second 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 second quarter of 2026 included a number of discrete expenses including $1.1 million related to the settlement of a previously disclosed mortgage lawsuit, $0.4 million increase of loan related expenses and $0.2 million higher marketing costs. There was also approximately $0.9 million cumulatively of smaller expenses related to the Company’s recent shelf filing, BOLI exchange and core conversion project.

Lastly, the Company is also in the beginning stages of deploying artificial intelligence tools and agents to drive ongoing productivity improvements in order to preserve operating leverage.

Loan Portfolio and Asset Quality

Loans held for investment increased to $3.5 billion at June 30, 2026 compared to $3.4 billion at March 31, 2026 and $3.1 billion at June 30, 2025. Primary drivers in these levels include:

· Core Bank loans averaged approximately $2.0 billion in the second quarter of 2026, flat from the first quarter of 2026

· Panacea Financial loans grew $24 million, or 4%, through the end of second quarter of 2026 to $583 million excluding loans held for sale at June 30, 2026.

· Mortgage warehouse outstandings increased significantly to $544 million, or 18%, at the end of the second quarter of 2026 compared to $460 million at March 31, 2026.

· Mortgage portfolio loans generated by Primis Mortgage grew to $140 million at June 30, 2026, up 15% from $122 million at March 31, 2026 and up 132% from $67 million at June 30, 2025.

· Loan balances associated with the consumer loan program declined to $75 million at June 30, 2026, net of fair value discounts, compared to $113 million at June 30, 2025. Importantly, loans in promotional periods with full deferral now represent an immaterial amount of the portfolio which is amortizing down over time.

Nonperforming assets, excluding portions guaranteed by the SBA, improved to 1.45% of total assets at June 30, 2026 compared to 2.35% of total assets at March 31, 2026 and 1.90% at June 30, 2025. The Company has made significant progress reducing nonperforming assets with total nonperforming assets decreasing to $63 million at June 30, 2026 from $100 million at March 31, 2026, representing a 37% reduction in the second quarter of 2026.

4 

The Company recorded a provision for credit losses of $5.5 million for the second quarter of 2026 compared to a provision for credit losses of $1.5 million for the first quarter of 2026 and $8.3 million for the second quarter of 2025. Approximately $5.3 million of the second quarter 2026 provision was related to specific reserve additions for one nonaccrual credit. Absent this amount, improvements in specific reserve amounts largely offset provision amounts related to portfolio growth and the consumer loan program. Core net charge-offs as a percentage of average loans were 53 basis points, up 38 basis points from the same period a year ago and up 47 basis points from the first quarter of 2026. The increase in net charge-offs was largely driven by one nonaccrual loan that was resolved in the second quarter of 2026. As a percentage of loans held for investment, the allowance for credit losses was 1.33% at the end of the second quarter of 2026 compared to 1.47% at the end of the second quarter of 2025.

Deposits and Funding

Total deposits at June 30, 2026 were $3.4 billion, up $0.1 billion, or 3.1% when compared to the same period in 2025. Noninterest bearing demand deposits were $506 million at June 30, 2026, an increase of 5.9% compared to balances at June 30, 2025. The Company had FHLB advances totaling $300 million outstanding at June 30, 2026, up from $25 million at December 31, 2025 and compared to no advances at June 30, 2025.

Taxes

Tax expense for the second quarter of 2026 was $2.7 million. Included in this expense was $0.8 million of tax expense related to the Panacea Financial Holdings deconsolidation in 2025 offset by $0.8 million of benefit from the purchase of certain tax credits. The Company expects the effective tax rate to be approximately 22% for the rest of 2026.

Shareholders’ Equity

Tangible book value per common share⁽¹⁾ at the end of the second quarter of 2026 was $13.72, an increase of $2.24, or 19.5%, from levels reported at June 30, 2025. Tangible common equity⁽¹⁾ ended the second quarter of 2026 at $340.0 million, or 7.99% of tangible assets⁽¹⁾. 

The Board of Directors declared a dividend of $0.10 per share payable on August 21, 2026 to shareholders of record on August 7, 2026. This is Primis’ fifty-ninth consecutive quarterly dividend. 

About Primis Financial Corp.

As of June 30, 2026, Primis had $4.4 billion in total assets, $3.5 billion in total loans held for investment and $3.4 billion in total deposits. Primis Bank provides a range of financial services to individuals and small- and medium-sized businesses through twenty-four 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 second quarter results on Friday, July 24, 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/499443631. Participants may also call 1-833-461-5787, enter meeting ID 499 443 631 and ask for the Primis Financial Corp. call. A replay of the teleconference will be available for 7 days using the webcast link above.

5 

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 equity; operating return on average tangible 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.

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.

6 

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, V1BE 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 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. 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.

7 

Primis Financial Corp.   

Financial Highlights (unaudited)                

(Dollars in thousands, except per share data)

		For Three Months Ended:																				For Six Months Ended:
		2Q 2026				1Q 2026				4Q 2025				3Q 2025				2Q 2025				2Q 2026				2Q 2025
Selected Performance Ratios:
Return on average assets			0.90	%			0.76	%			2.94	%			0.70	%			0.26	%			0.83	%			1.36	%
Operating return on average assets(1)			0.53	%			0.84	%			0.23	%			0.70	%			(0.34	)%			0.68	%			0.02	%
Pre-tax pre-provision return on average assets			1.68	%			1.20	%			3.84	%			0.89	%			1.20	%			1.44	%			2.23	%
Pre-tax pre-provision operating return on average assets(1)			1.12	%			1.20	%			0.39	%			0.89	%			0.44	%			1.15	%			0.57	%
Return on average common equity			8.71	%			7.24	%			29.46	%			7.13	%			2.57	%			7.84	%			13.96	%
Operating return on average common equity(1)			5.17	%			7.96	%			2.36	%			7.13	%			(3.40	)%			6.56	%			0.19	%
Operating return on average tangible common equity(1)			6.65	%			10.19	%			3.07	%			9.45	%			(4.51	)%			8.38	%			0.26	%
Cost of funds			2.46	%			2.46	%			2.52	%			2.62	%			2.67	%			2.46	%			2.67	%
Net interest margin			3.45	%			3.43	%			3.28	%			3.18	%			2.86	%			3.44	%			3.00	%
Gross loans to deposits			100.58	%			99.22	%			96.70	%			95.92	%			93.65	%			100.58	%			93.65	%
Efficiency ratio			68.48	%			73.97	%			52.14	%			78.81	%			73.92	%			70.95	%			63.25	%
Operating efficiency ratio(1)			76.51	%			73.97	%			91.05	%			78.81	%			88.67	%			70.95	%			90.27	%
Per Common Share Data:
Earnings per common share - Basic		$	0.38			$	0.30			$	1.20			$	0.28			$	0.10			$	0.68			$	1.01
Operating earnings per common share - Basic(1)		$	0.23			$	0.33			$	0.10			$	0.28			$	(0.13	)		$	0.55			$	0.01
Earnings per common share - Diluted		$	0.38			$	0.30			$	1.20			$	0.28			$	0.10			$	0.68			$	1.01
Operating earnings per common share - Diluted(1)		$	0.23			$	0.33			$	0.10			$	0.28			$	(0.13	)		$	0.55			$	0.01
Book value per common share		$	17.49			$	17.25			$	17.12			$	15.51			$	15.27			$	17.49			$	15.27
Tangible book value per common share(1)		$	13.72			$	13.47			$	13.34			$	11.71			$	11.48			$	13.72			$	11.48
Cash dividend per common share		$	0.10			$	0.10			$	0.10			$	0.10			$	0.10			$	0.20			$	0.20
Weighted average shares outstanding - Basic			24,731,956				24,665,011				24,634,544				24,632,202				24,701,319				24,698,677				24,703,942
Weighted average shares outstanding - Diluted			24,788,023				24,719,255				24,654,037				24,643,889				24,714,229				24,751,058				24,718,458
Shares outstanding at end of period			24,799,072				24,772,072				24,695,385				24,644,385				24,643,185				24,799,072				24,643,185
Asset Quality Ratios:
Non-performing assets as a percent of total assets, excluding SBA guarantees			1.45	%			2.35	%			2.03	%			2.07	%			1.90	%			1.45	%			1.90	%
Net charge-offs (recoveries) as a percent of average loans (annualized)			0.65	%			0.12	%			0.16	%			0.14	%			0.80	%			0.41	%			1.13	%
Core net charge-offs (recoveries) as a percent of average loans (annualized)(1)			0.53	%			0.06	%			0.05	%			0.03	%			0.15	%			0.30	%			0.11	%
Allowance for credit losses to total loans			1.33	%			1.37	%			1.40	%			1.40	%			1.47	%			1.33	%			1.47	%
Capital Ratios:
Common equity to assets			9.96	%			10.04	%			10.45	%			9.66	%			9.72	%
Tangible common equity to tangible assets(1)			7.99	%			8.02	%			8.33	%			7.48	%			7.49	%
Leverage ratio(2)			8.63	%			8.76	%			8.80	%			8.32	%			8.34	%
Common equity tier 1 capital ratio(2)			9.48	%			9.18	%			9.36	%			8.62	%			8.92	%
Tier 1 risk-based capital ratio(2)			9.75	%			9.45	%			9.64	%			8.91	%			9.22	%
Total risk-based capital ratio(2)			12.32	%			12.01	%			12.40	%			12.02	%			12.43	%

(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.

8 

Primis Financial Corp. 

(Dollars in thousands)

Condensed Consolidated Balance Sheets (unaudited)

		For Three Months Ended:
		2Q 2026				1Q 2026				4Q 2025				3Q 2025				2Q 2025
Assets
Cash and cash equivalents		$	176,825			$	159,881			$	143,607			$	63,881			$	94,074
Investment securities-available for sale			168,285				171,877				171,377				234,660				242,073
Investment securities-held to maturity			6,588				6,792				6,981				8,550				8,850
Loans held for sale			231,990				223,180				166,066				202,372				126,869
Loans held for investment			3,466,388				3,396,366				3,283,683				3,200,234				3,130,521
Allowance for credit losses			(45,964	)			(46,381	)			(45,883	)			(44,766	)			(45,985	)
Net loans			3,420,424				3,349,985				3,237,800				3,155,468				3,084,536
Stock in Federal Reserve Bank and Federal Home Loan Bank			27,487				24,162				14,185				17,035				12,998
Bank premises and equipment, net			5,955				5,924				6,070				19,380				19,642
Operating lease right-of-use assets			64,233				64,781				65,596				9,427				9,927
Goodwill and other intangible assets			93,482				93,488				93,495				93,502				93,508
Assets held for sale, net			776				776				776				775				2,181
Bank-owned life insurance			77,515				76,958				68,969				68,504				68,048
Deferred tax assets, net			15,914				14,593				14,683				17,328				19,466
Investment in Panacea Financial Holdings, Inc. common stock			7,299				6,899				6,899				6,880				6,586
Other assets			56,841				57,372				50,884				57,087				82,968
Total assets		$	4,353,614			$	4,256,668			$	4,047,388			$	3,954,849			$	3,871,726
Liabilities and stockholders' equity
Demand deposits		$	505,758			$	541,168			$	554,442			$	489,728			$	477,705
NOW accounts			878,976				844,528				862,735				831,709				858,624
Money market accounts			794,540				778,366				740,886				737,634				744,321
Savings accounts			960,343				942,847				922,337				958,416				935,527
Time deposits			306,724				316,156				315,185				318,865				326,496
Total deposits			3,446,341				3,423,065				3,395,585				3,336,352				3,342,673
Securities sold under agreements to repurchase - short term			3,974				3,525				3,552				3,954				4,370
Federal Home Loan Bank advances			300,000				230,000				25,000				85,000				-
Secured borrowings			14,165				14,450				14,773				15,403				16,449
Subordinated debt and notes			69,358				69,311				96,162				96,091				96,020
Operating lease liabilities			60,573				60,832				61,340				10,682				11,195
Other liabilities			25,374				28,287				28,080				25,214				24,604
Total liabilities			3,919,785				3,829,470				3,624,492				3,572,696				3,495,311
Total stockholders' equity			433,829				427,198				422,896				382,153				376,415
Total liabilities and stockholders' equity		$	4,353,614			$	4,256,668			$	4,047,388			$	3,954,849			$	3,871,726
Tangible common equity(1)		$	340,347			$	333,710			$	329,401			$	288,651			$	282,907

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

9 

Primis Financial Corp.

(Dollars in thousands)

Condensed Consolidated Statement of Operations (unaudited)

		For Three Months Ended:																				For Six Months Ended:
		2Q 2026				1Q 2026				4Q 2025				3Q 2025				2Q 2025				2Q 2026				2Q 2025
Interest and dividend income		$	56,322			$	53,526			$	53,326			$	51,766			$	47,627			$	109,848			$	95,350
Interest expense			22,567				21,452				22,474				22,734				22,447				44,019				43,806
Net interest income			33,755				32,074				30,852				29,032				25,180				65,829				51,544
Provision for (recovery of) credit losses			5,452				1,549				2,439				(49	)			8,303				7,001				9,899
Net interest income after provision for credit losses			28,303				30,525				28,413				29,081				16,877				58,828				41,645
Account maintenance and deposit service fees			1,699				1,246				1,292				1,358				1,675				2,945				3,014
Mortgage banking income			11,388				10,760				9,992				8,887				7,893				22,148				13,508
Gain on sale of loans			1,582				567				1,470				249				210				2,149				210
Gains on Panacea Financial Holdings investment			400				-				20				294				7,450				400				32,028
Gain on sale-leaseback			-				-				50,573				-				-				-				-
Loss on sales of investment securities			-				-				(14,777	)			-				-				-				-
Gain (loss) on other investments			5,961				49				33				381				(308	)			6,010				(255	)
Other			1,004				933				1,413				800				1,110				1,937				1,860
Noninterest income			22,034				13,555				50,016				11,969				18,030				35,589				50,365
Employee compensation and benefits			20,267				19,556				25,535				18,523				17,060				39,823				35,001
Occupancy and equipment expenses			4,799				4,617				4,459				3,481				3,127				9,416				6,412
Virginia franchise tax expense			695				611				577				576				577				1,306				1,154
FDIC Insurance assessment			854				738				918				999				1,021				1,592				1,814
Data processing expense			2,342				2,188				2,421				2,369				3,037				4,530				5,886
Marketing expense			934				760				472				450				720				1,694				1,234
Telecommunication and communication expense			350				311				352				309				324				661				611
Professional fees			2,886				1,860				3,730				2,509				2,413				4,746				4,638
Miscellaneous lending expenses			1,128				728				634				231				900				1,856				1,734
Other expenses			3,952				2,385				3,066				2,866				2,763				6,337				5,974
Noninterest expense			38,207				33,754				42,164				32,313				31,942				71,961				64,458
Income before income taxes			12,130				10,326				36,265				8,737				2,965				22,456				27,552
Income tax expense			2,704				3,014				6,725				1,907				528				5,718				6,081
Net Income			9,426				7,312				29,540				6,830				2,437				16,738				21,471
Noncontrolling interest			-				-				-				-				-				-				3,602
Net income available to Primis' common shareholders		$	9,426			$	7,312			$	29,540			$	6,830			$	2,437			$	16,738			$	25,073

10 

Primis Financial Corp.

(Dollars in thousands)

Loan Portfolio Composition

		For Three Months Ended:
		2Q 2026				1Q 2026				4Q 2025				3Q 2025				2Q 2025
Loans held for sale		$	231,990			$	223,180			$	166,066			$	202,372			$	126,869
Loans secured by real estate:
Commercial real estate - owner occupied			560,515				534,897				510,088				495,739				480,981
Commercial real estate - non-owner occupied			522,383				540,154				567,092				592,480				590,848
Secured by farmland			2,479				2,386				3,407				3,642				3,696
Construction and land development			153,906				151,426				131,757				102,227				106,443
Residential 1-4 family			558,782				560,711				576,866				564,087				571,206
Multi-family residential			137,953				150,475				140,261				137,804				157,097
Home equity lines of credit			61,985				61,786				61,738				62,458				62,103
Total real estate loans			1,998,003				2,001,835				1,991,209				1,958,437				1,972,374
Commercial loans			1,184,862				1,104,438				970,492				915,158				811,458
Paycheck Protection Program loans			1,713				1,716				1,719				1,723				1,729
Consumer loans			277,248				283,605				315,407				319,977				339,936
Total Non-PCD loans			3,461,826				3,391,594				3,278,827				3,195,295				3,125,497
PCD loans			4,562				4,772				4,856				4,939				5,024
Total loans receivable, net of deferred fees		$	3,466,388			$	3,396,366			$	3,283,683			$	3,200,234			$	3,130,521

		For Three Months Ended:
(Dollars in thousands)		2Q 2026				1Q 2026				4Q 2025				3Q 2025				2Q 2025
Loans by Risk Grade:
Pass Grade 1 - Highest Quality		$	128			$	119			$	87			$	666			$	667
Pass Grade 2 - Good Quality			152,946				160,228				178,999				168,177				170,560
Pass Grade 3 - Satisfactory Quality			1,537,862				1,556,700				1,882,934				1,842,958				1,737,153
Pass Grade 4 - Pass			1,591,207				1,469,542				1,026,499				1,034,035				1,050,397
Pass Grade 5 - Pass/ Watch(1)			14,599				13,765				-				-				-
Pass Grade 6 - Special Mention(2)			75,213				49,308				48,683				7,004				31,902
Grade 7 - Substandard(2)			86,884				139,155				138,932				139,847				139,842
Grade 8 - Doubtful(2)			7,549				7,549				7,549				7,547				-
Grade 9 - Loss(2)			-				-				-				-				-
Total loans		$	3,466,388			$	3,396,366			$	3,283,683			$	3,200,234			$	3,130,521

(Dollars in thousands)

Asset Quality Information

		For Three Months Ended:
		2Q 2026				1Q 2026				4Q 2025				3Q 2025				2Q 2025
Allowance for Credit Losses:
Balance at beginning of period		$	(46,381	)		$	(45,883	)		$	(44,766	)		$	(45,985	)		$	(44,021	)
Recovery of (provision for) credit losses			(5,452	)			(1,549	)			(2,439	)			49				(8,303	)
Net charge-offs			5,869				1,051				1,322				1,170				6,339
Ending balance		$	(45,964	)		$	(46,381	)		$	(45,883	)		$	(44,766	)		$	(45,985	)
Reserve for Unfunded Commitments:
Balance at beginning of period		$	(870	)		$	(1,006	)		$	(1,133	)		$	(1,152	)		$	(1,134	)
Recovery of (provision for) unfunded loan commitment reserve			39				136				127				19				(18	)
Total Reserve for Unfunded Commitments		$	(831	)		$	(870	)		$	(1,006	)		$	(1,133	)		$	(1,152	)

		2Q 2026				1Q 2026				4Q 2025				3Q 2025				2Q 2025
Non-Performing Assets:
Nonaccrual loans		$	61,847			$	84,949			$	84,823			$	84,973			$	53,059
Accruing loans delinquent 90 days or more			5,827				20,222				1,713				1,713				25,188
Total non-performing assets		$	67,674			$	105,171			$	86,536			$	86,686			$	78,247
SBA guaranteed portion of non-performing loans		$	4,491			$	5,033			$	4,482			$	4,682			$	4,750

(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.

11 

Primis Financial Corp.

(Dollars in thousands)

Average Balance Sheet

		For Three Months Ended:																				For Six Months Ended:
		2Q 2026				1Q 2026				4Q 2025				3Q 2025				2Q 2025				2Q 2026				2Q 2025
Assets
Loans held for sale		$	207,590			$	159,007			$	162,854			$	130,061			$	108,693			$	183,433			$	139,431
Loans, net of deferred fees			3,379,938				3,297,456				3,238,184				3,143,155				3,074,993				3,338,925				2,986,727
Investment securities			177,451				176,582				220,343				247,008				249,485				177,019				247,362
Other earning assets			164,006				161,199				115,908				101,278				98,369				162,611				92,457
Total earning assets			3,928,985				3,794,244				3,737,289				3,621,502				3,531,540				3,861,988				3,465,977
Other assets			272,805				261,466				244,183				232,636				272,910				267,167				252,469
Total assets		$	4,201,790			$	4,055,710			$	3,981,472			$	3,854,138			$	3,804,450			$	4,129,155			$	3,718,446
Liabilities and equity
Demand deposits		$	565,815			$	533,570			$	498,681			$	481,697			$	467,493			$	549,781			$	457,007
Interest-bearing liabilities:
NOW and other demand accounts			856,254				838,845				837,231				834,839				821,893				847,598				813,752
Money market accounts			777,265				750,380				740,915				756,361				759,107				763,896				773,507
Savings accounts			950,932				922,152				934,092				922,048				882,227				936,622				818,619
Time deposits			311,192				316,281				315,943				324,614				329,300				313,722				332,484
Total Deposits			3,461,458				3,361,228				3,326,862				3,319,559				3,260,020				3,411,619				3,195,369
Borrowings			219,946				181,185				205,767				117,697				117,701				200,672				117,330
Total Funding			3,681,404				3,542,413				3,532,629				3,437,256				3,377,721				3,612,291				3,312,699
Other Liabilities			86,339				86,090				50,978				36,720				36,649				86,216				37,461
Total liabilites			3,767,743				3,628,503				3,583,607				3,473,976				3,414,370				3,698,507				3,350,160
Primis common stockholders' equity			434,047				427,207				397,865				380,162				380,080				430,648				362,295
Noncontrolling interest			-				-				-				-				-				-				5,991
Total stockholders' equity			434,047				427,207				397,865				380,162				380,080				430,648				368,286
Total liabilities and stockholders' equity		$	4,201,790			$	4,055,710			$	3,981,472			$	3,854,138			$	3,794,450			$	4,129,155			$	3,718,446
Net Interest Income
Loans held for sale		$	3,142			$	2,376			$	2,511			$	2,085			$	1,754			$	5,518			$	2,810
Loans			49,785				47,758				47,856				46,772				42,963				97,543				86,871
Investment securities			1,950				1,911				1,841				1,894				1,928				3,862				3,834
Other earning assets			1,445				1,481				1,118				1,015				982				2,925				1,835
Total Earning Assets Income			56,322				53,526				53,326				51,766				47,627				109,848				95,350
Non-interest bearing DDA			-				-				-				-				-				-				-
NOW and other interest-bearing demand accounts			4,446				4,244				4,124				4,549				4,603				8,690				9,118
Money market accounts			4,916				4,539				4,615				5,229				5,271				9,454				10,691
Savings accounts			7,575				7,202				7,599				8,070				7,793				14,777				14,211
Time deposits			2,451				2,517				2,639				2,723				2,830				4,969				5,869
Total Deposit Costs			19,388				18,502				18,977				20,571				20,497				37,890				39,889
Borrowings			3,179				2,950				3,497				2,163				1,950				6,129				3,917
Total Funding Costs			22,567				21,452				22,474				22,734				22,447				44,019				43,806
Net Interest Income		$	33,755			$	32,074			$	30,852			$	29,032			$	25,180			$	65,829			$	51,544
Net Interest Margin
Loans held for sale			6.07	%			6.06	%			6.12	%			6.36	%			6.47	%			6.07	%			4.06	%
Loans			5.91	%			5.87	%			5.86	%			5.90	%			5.60	%			5.89	%			5.87	%
Investments			4.41	%			4.39	%			3.31	%			3.04	%			3.10	%			4.40	%			3.13	%
Other Earning Assets			3.53	%			3.73	%			3.83	%			3.98	%			4.00	%			3.63	%			4.00	%
Total Earning Assets			5.75	%			5.72	%			5.66	%			5.67	%			5.41	%			5.74	%			5.55	%
NOW			2.08	%			2.05	%			1.95	%			2.16	%			2.25	%			2.07	%			2.26	%
MMDA			2.54	%			2.45	%			2.47	%			2.74	%			2.79	%			2.50	%			2.79	%
Savings			3.20	%			3.17	%			3.23	%			3.47	%			3.54	%			3.18	%			3.50	%
CDs			3.16	%			3.23	%			3.31	%			3.33	%			3.45	%			3.19	%			3.56	%
Cost of Interest Bearing Deposits			2.69	%			2.65	%			2.66	%			2.88	%			2.94	%			2.67	%			2.94	%
Cost of Deposits			2.25	%			2.23	%			2.26	%			2.46	%			2.52	%			2.24	%			2.52	%
Other Funding			5.80	%			6.60	%			6.74	%			7.29	%			6.65	%			6.16	%			6.73	%
Total Cost of Funds			2.46	%			2.46	%			2.52	%			2.62	%			2.67	%			2.46	%			2.67	%
Net Interest Margin			3.45	%			3.43	%			3.28	%			3.18	%			2.86	%			3.44	%			3.00	%
Net Interest Spread			2.84	%			2.83	%			2.72	%			2.62	%			2.32	%			2.84	%			2.46	%

12 

Primis Financial Corp.                   

(Dollars in thousands, except per share data)

		For Three Months Ended:																				For Six Months Ended:
		2Q 2026				1Q 2026				4Q 2025				3Q 2025				2Q 2025				2Q 2026				2Q 2025
Reconciliation of Non-GAAP items:
Net income available to Primis' common shareholders		$	9,426			$	7,312			$	29,540			$	6,830			$	2,437			$	16,738			$	25,073
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			-				-				-				-				232				-				1,125
Gain on sale-leaseback			-				-				(50,573	)			-				-				-				-
Transaction costs related to sale-leaseback			-				-				1,126				-				-				-				-
Gains on Panacea Financial Holdings investment			-				-				-				-				(7,450	)			-				(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				-				1,559				1,264				5,929
Operating net income (loss) available to Primis' common shareholders		$	5,596			$	8,071			$	2,359			$	6,830			$	(3,222	)		$	13,667			$	350
Net income available to Primis' common shareholders		$	9,426			$	7,312			$	29,540			$	6,830			$	2,437			$	16,738			$	25,073
Income tax expense			2,704				3,014				6,725				1,907				528				5,718				6,081
Provision (benefit) for credit losses (incl. unfunded commitment expense/benefit)			5,413				1,413				2,312				(68	)			8,321				6,826				9,930
Pre-tax pre-provision earnings		$	17,543			$	11,739			$	38,577			$	8,669			$	11,286			$	29,282			$	41,084
Effect of adjustment for nonrecurring income and expenses			(5,853	)			-				(34,670	)			-				(7,218	)			(5,853	)			(30,652	)
Pre-tax pre-provision operating earnings		$	11,690			$	11,739			$	3,907			$	8,669			$	4,068			$	23,429			$	10,432
Return on average assets			0.90	%			0.76	%			2.94	%			0.70	%			0.26	%			0.83	%			1.36	%
Effect of adjustment for nonrecurring income and expenses			(0.37	)%			0.08	%			(2.71	)%			0.00	%			(0.60	)%			(0.15	)%			(1.34	)%
Operating return on average assets			0.53	%			0.84	%			0.23	%			0.70	%			(0.34	)%			0.68	%			0.02	%
Return on average assets			0.90	%			0.76	%			2.94	%			0.70	%			0.26	%			0.83	%			1.36	%
Effect of tax expense			0.26	%			0.30	%			0.67	%			0.20	%			0.06	%			0.28	%			0.33	%
Effect of provision for credit losses  (incl. unfunded commitment expense)			0.52	%			0.14	%			0.23	%			(0.01	)%			0.88	%			0.33	%			0.54	%
Pre-tax pre-provision return on average assets			1.68	%			1.20	%			3.84	%			0.89	%			1.20	%			1.44	%			2.23	%
Effect of adjustment for nonrecurring income and expenses			(0.56	)%			0.00	%			(3.45	)%			0.00	%			(0.76	)%			(0.29	)%			(1.66	)%
Pre-tax pre-provision operating return on average assets			1.12	%			1.20	%			0.39	%			0.89	%			0.44	%			1.15	%			0.57	%
Return on average common equity			8.71	%			7.24	%			29.46	%			7.13	%			2.57	%			7.84	%			13.96	%
Effect of adjustment for nonrecurring income and expenses			(3.54	)%			0.72	%			(27.10	)%			0.00	%			(5.97	)%			(1.28	)%			(13.77	)%
Operating return on average common equity			5.17	%			7.96	%			2.36	%			7.13	%			(3.40	)%			6.56	%			0.19	%
Effect of goodwill and other intangible assets			1.48	%			2.23	%			0.71	%			2.32	%			(1.11	)%			1.82	%			0.07	%
Operating return on average tangible common equity			6.65	%			10.19	%			3.07	%			9.45	%			(4.51	)%			8.38	%			0.26	%
Efficiency ratio			68.48	%			73.97	%			52.14	%			78.81	%			73.92	%			70.95	%			63.25	%
Effect of adjustment for nonrecurring income and expenses			8.03	%			0.00	%			38.91	%			0.00	%			14.75	%			0.00	%			27.02	%
Operating efficiency ratio			76.51	%			73.97	%			91.05	%			78.81	%			88.67	%			70.95	%			90.27	%
Earnings per common share - Basic		$	0.38			$	0.30			$	1.20			$	0.28			$	0.10			$	0.68			$	1.01
Effect of adjustment for nonrecurring income and expenses			(0.15	)			0.03				(1.10	)			-				(0.23	)			(0.13	)			(1.00	)
Operating earnings per common share - Basic		$	0.23			$	0.33			$	0.10			$	0.28			$	(0.13	)		$	0.55			$	0.01
Earnings per common share - Diluted		$	0.38			$	0.30			$	1.20			$	0.28			$	0.10			$	0.68			$	1.01
Effect of adjustment for nonrecurring income and expenses			(0.15	)			0.03				(1.10	)			-				(0.23	)			(0.13	)			(1.00	)
Operating earnings per common share - Diluted		$	0.23			$	0.33			$	0.10			$	0.28			$	(0.13	)		$	0.55			$	0.01
Book value per common share		$	17.49			$	17.25			$	17.12			$	15.51			$	15.27			$	17.49			$	15.27
Effect of goodwill and other intangible assets			(3.77	)			(3.78	)			(3.78	)			(3.80	)			(3.79	)			(3.77	)			(3.79	)
Tangible book value per common share		$	13.72			$	13.47			$	13.34			$	11.71			$	11.48			$	13.72			$	11.48
Net charge-offs as a percent of average loans (annualized)			0.65	%			0.12	%			0.16	%			0.14	%			0.80	%			0.41	%			1.13	%
Impact of third-party consumer portfolio			(0.12	)%			(0.06	)%			(0.11	)%			(0.11	)%			(0.65	)%			(0.11	)%			(1.02	)%
Core net charge-offs as a percent of average loans (annualized)			0.53	%			0.06	%			0.05	%			0.03	%			0.15	%			0.30	%			0.11	%
Total Primis common stockholders' equity		$	433,829			$	427,198			$	422,896			$	382,153			$	376,415			$	433,829			$	376,415
Less goodwill and other intangible assets			(93,482	)			(93,488	)			(93,495	)			(93,502	)			(93,508	)			(93,482	)			(93,508	)
Tangible common equity		$	340,347			$	333,710			$	329,401			$	288,651			$	282,907			$	340,347			$	282,907
Common equity to assets			9.96	%			10.04	%			10.45	%			9.66	%			9.72	%			9.96	%			9.72	%
Effect of goodwill and other intangible assets			(1.97	)%			(2.02	)%			(2.12	)%			(2.18	)%			(2.23	)%			(1.97	)%			(2.23	)%
Tangible common equity to tangible assets			7.99	%			8.02	%			8.33	%			7.48	%			7.49	%			7.99	%			7.49	%

13 

Exhibit 99.2

Primis Financial Corp. NASDAQ: FRST Second 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, V 1 BE 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 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 third 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 . 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 equity ; operating return on average tangible 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 July 21, 2026. Financial data as of or for the three months ended June 30, 2026. (1) See reconciliation of Non - GAAP financial measures beginning on slide 19. (2) Mean analyst estimates per Bloomberg. 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) : $397 0.92x 1.17x 10.29x 8.49x Key Metrics Total Assets: Total Loans HFI: Total Deposits: TCE / TA (1) : ROAA: ROATCE (1) : Net Interest Margin: Cost of Core Bank Deposits: $4.35B $3.47B $3.45B 7.99% 0.90% 11.10% 3.45% 1.60% 4

• Margin continues to inch higher (3.45% in Q2’26 vs. 3.43% in Q1’26) • Material operating leverage expected to continue • All facets of the bank are adding to results in Q2’26: • Core Bank PTPP ROA of 1.30% • Mortgage Warehouse up 195% from Q2’25 with ROA >2% • Primis Mortgage pre - tax earnings of $2.2MM in Q2’26 versus $0.1MM in Q2’25 • Panacea loans up 18% annualized from March 31, 2026 (excluding HFS) Q2 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 Six Months Ended June 30 As of or for the Three Months Ended June 30 2025 2026 2025 2026 $25.07 $16.74 $2.44 $9.43 Net Income (Loss) $10.43 $23.43 $4.07 $11.69 Pre - Tax Pre - Provision Op. Net Income(1) 1.36% 0.83% 0.26% 0.90% ROAA 0.57% 1.15% 0.44% 1.12% Pre - Tax Pre - Provision Op. ROAA(1) $51.5 $65.8 $25.2 $33.8 Net Interest Income 3.00% 3.44% 2.86% 3.45% Net Interest Margin $3,872 $4,353 $3,872 $4,353 Total Assets $3,131 $3,466 $3,131 $3,466 Gross Loans HFI $3,343 $3,446 $3,343 $3,446 Total Deposits $3,466 $3,862 $3,532 $3,929 Average Earning Assets $457 $550 $467 $566 Avg. Noninterest Bearing Deposits (“NIB”) 14.3% 16.1% 14.3% 16.3% Avg. NIB / Avg. Total Deposits 7.49% 7.99% 7.49% 7.99% TCE / TA $11.48 $13.72 $11.48 $13.72 Tangible Book Value per Share

• Core Bank is 100% core funded with customers that walk in our branches or use our technology • V1BE (proprietary branch delivery app) used extensively: • Over $450MM of deposits • Over 80% of commercial customers • Directly generated over $70MM of deposits • Focus on NIB driving results with NIB now 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 (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) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 $21,482 $22,071 $22,696 $22,667 $23,269 Net Interest Income $3,147 ($114) $935 $189 $7,676 Provision (recovery) $2,980 $1,894 $1,898 $1,996 $2,362 Non - Interest Income $14,194 $13,666 $13,763 $14,302 $14,570 Non - Interest Expense $10,267 $10,299 $10,831 $10,361 $11,061 Pre - Tax Pre - Provision $7,120 $10,413 $9,896 $10,172 $3,385 Pre - Tax Income $1,388 $2,030 $1,930 $1,983 $660 Taxes $5,732 $8,382 $7,967 $8,188 $2,725 Net Income 0.89% 1.31% 1.22% 1.24% 0.41% Return on Assets 1.30% 1.33% 1.34% 1.26% 1.32% Pre - Tax Pre - Provision ROA 3.65% 3.77% 3.79% 3.70% 3.76% Net Interest Margin 57.89% 56.31% 56.38% 58.43% 56.70% Efficiency Consolidated 1.73% 1.81% 1.83% 1.87% 1.81% Overhead Ratio

Highly Scalable Business at 6.76% Yield in Q2 • Q2’26 YTD operating ratios on $384 million in average loans: • PTPP ROAA: 2.02% • Yields: 6.78% • Margin: 3.40% (with FTP funding) • Efficiency: 25% • Plan to augment growth with larger top - tier lines and MSR relationships through 2026 • Low cost/NIB balances are generally 10 - 15% of total outstanding loan balances (11% of average loans in Q2’26) Mortgage Warehouse Lending Dollars in Millions 7 • $1.72 billion in commitments with 156 customers • Yields structured to be the note rate with floors to protect bank margin and fees that generate approximately 75 - 100bps over note rate $185 $327 $318 $460 $544 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 195% Growth in Loan Balances YoY

• Continued recruiting success driving pipeline increases in the face of seasonal/macro headwinds • $34 million of construction - to - perm loans closed in Q2’26 • Limited profitability at origination but attractive rates during construction followed by wider than average GOS margin • Solid profitability in Q2’26 of $2.2 million would have been even stronger absent market volatility from macro events Primis Mortgage Dollars in Millions 8 Growth Despite Rate Environment $130 $212 $205 $324 $378 $421 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 30% Growth YoY Funded

• Growth in Q2’26: • 22% Growth in Loans YoY • 52% Growth in Deposits YoY • $33 million of commercial loans moved to held for sale at June 30, 2026 • $51 million sold in Q2’26 • 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 $112 $133 $128 $153 $169 $505 $548 $544 $600 $617 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Total Deposits Total Loans

Net Interest Margin & Income 10 Net Interest Margin Our Margin Advantages • Zero pressure across the Company to: • Compete on rate on any loan offerings in any division • Up - price any deposit relationship to preserve funding levels • $359 million of loan portfolio with WAC of 4.96% repricing starting latter half of 2026 and continuing until Q2’2027 • Bank’s focus is squarely on deposit mix and continued momentum in checking through V1BE advantage 3.45% 3.43% 3.28% 3.18% 2.86% Q2'26 Q1'26 Q4'25 Q3'25 Q2'25

Balance Sheet – Loans and Deposits by Type and Division 11 Panacea $617 18% Life Premium Finance $128 4% Consumer Program $75 2% Mortgage Warehouse $544 15% Core Bank $2,136 61% Loans by Portfolio Type (Millions) Digital $1,028 30% Mortgage Warehouse $44 1% Panacea $169 5% Core Bank $2,163 64% Deposits by Division (Millions)

Deposit Composition – Q2’26 Deposits Dollars in Millions 12 • Approximately 80% of our commercial checking balances have V1BE • 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 21% year - over - year • Core Bank benefitting from V1BE convenience for customers • Warehouse funding 10% - 15% of outstanding balances with NIB Deposit and Cost Trends Demand Deposits 15% NOW Accounts 26% Money Market Accounts 23% Savings Accounts 28% Time Deposits 9% $3,446 $3,423 $3,396 $3,336 $3,343 2.25% 2.23% 2.26% 2.46% 2.52% Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Total Deposits Cost of Deposits

68.48% 73.97% 52.14% 78.81% 73.92% Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Efficiency and Operating Expense (1) See reconciliation of Non - GAAP financial measures beginning on slide 19. 13 • Sale lease - back transaction added $1.4 million, net of depreciation, to run - rate expenses per quarter (fully realized beginning Q1’26) • Q2’26 includes $1.1 million of costs related to the settlement of a previously disclosed mortgage lawsuit, $0.4 million incre ase of loan related expenses and $0.2 million higher marketing costs. A variety of smaller expenses related to recent shelf filing, BOLI exchange fees and co re conversion costs totaled $0.9 million • Activities related to core conversion expected to materially benefit efficiency heading into 2027 • Product consolidation along with fee rationalization expected to generate approx. $3 million annualized of incremental revenu e b eginning late 2026 • Additional vendor and contract savings of $3.1 million tied to core conversion will begin to be realized in early 2027 • Quarterly amortization of digital platform development costs of $0.8 million expected to end in Q3’27 • Aggressively pursuing additional efficiencies through AI to drive further operating leverage as revenue grows Efficiency Ratio Core Opex Burden – 5 Quarters Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 ($ in thousands) 38,207 33,754 42,164 32,313 31,942 Reported Noninterest Expense - - ($1,126) - ($232) Nonrecurring ($11,526) ($10,545) ($10,048) ($8,214) ($8,514) Primis Mortgage Expenses ($1,507) ($1,040) ($2,614) ($2,100) ($370) Panacea Net Expense ($300) ($347) ($391) ($439) ($518) Consumer Program Servicing Fee $39 $136 $127 $19 ($18) Reserve for Unfunded Commitment ($13,294) ($11,796) ($14,052) ($10,734) ($9,652) Total Adjustments $24,913 $21,958 $28,112 $21,579 $22,290 Core Operating Expense Burden

Loan Portfolio (1) Dollars in millions 14 Non - Owner Occupied CRE Breakdown (1) • Hotel portfolio down to $155 million from approximately $300 million in early 2020 • Occupancy, RevPAR, and ADR exceeding 2019 performance • 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 CRE - OO 16% CRE - NOO 15% C&D 5% Residential 20% C&I 34% Consumer 8% Other 2% Hotel $155 Office $138 Retail $67 Assisted Living $37 Mixed Use $44 Warehouse/Industrial $23 All other $59

Asset Quality (1) See reconciliation of Non - GAAP financial measures beginning on slide 19. 15 Classified Loans / Total Loans (ex. PPP) Core NCOs / Average Loans (1) • Substandard and nonaccrual loans down materially in Q2’26 • NPAs/Assets of 1.45% at June 30, 2026 versus 2.35% at March 31, 2026 • Provision of $5.5 million for Q2’26 • $5.3 million related to additional impairment fo r one nonaccrual loan • Core net charge - off increase in Q2’26 driven by charge - off of specific reserves at resolution of a nonaccrual loan in the quarter 0.15% 0.03% 0.05% 0.06% 0.53% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 2.72% 4.32% 4.46% 4.61% 4.47% Q2'26 Q1'26 Q4'25 Q3'25 Q2'25

Capital Ratios (1) See reconciliation of Non - GAAP financial measures on slide 19. 16 CET1 Ratio TCE / TA (1) 9.48% 9.18% 9.36% 8.62% 8.92% Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 7.99% 8.02% 8.33% 7.48% 7.49% Q2'26 Q1'26 Q4'25 Q3'25 Q2'25

Per Share Results (1) See reconciliation of Non - GAAP financial measures on slide 19 (2) Data from Capital IQ with pricing as of July 21,2026 (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) • 2026 estimates are achievable and lead to attractive ROE • 28% upside to the peer group average valuation of 1.5x $13.72 $13.47 $13.34 $11.71 $11.48 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 0.64 1.05 1.12 1.17 1.29 1.42 1.47 1.51 1.63 1.86 2.14 2.99 BCBP MNSB CFFI BRBS FRBA MVBF JMSB FRST MPB SFST CCNE CBAN HTB CARE BWFG SHBI ORRF PFIS SMBK ACNB CCBG MCBS FCBC CHCO Price / Tangible Book(2) 8.4 8.5 8.9 9.6 9.7 10.0 10.5 11.0 11.7 13.0 14.1 14.6 BCBP FRST CBAN CCNE PFIS ORRF MNSB MPB FRBA SFST SHBI JMSB BWFG MCBS ACNB SMBK MVBF CARE HTB CCBG CHCO FCBC Price/ 2027 Earnings Per Share (2)

• Desirable and profitable Core Bank paired with attractive nationwide business lines • Profitability thesis intact – achievable 1.0% ROAA in 2026 • 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 Q2'26 Q1'26 Q4'25 Q3'25 Q2'26 $9,426 $7,312 $29,540 $6,830 $2,437 Net income available to Primis' common shareholders Non - GAAP adjustments to Net Income: $14,777 Loss on sale of investment securities Branch Consolidation / Other restructuring $232 Professional fee expense related to accounting matters and LPF sale ($50,573) Gain on sale - leaseback $1,126 Transaction costs related to sale - leaseback ($7,450) Gains on Panacea Financial Holdings investment Loss on sale of closed bank branch buildings ($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 $1,559 Income tax effect $5,596 $8,071 $2,359 $6,830 ($3,222) Operating net income (loss) available to Primis' common shareholders 0.90% 0.76% 2.94% 0.70% 0.26% Return on average assets (0.37%) 0.08% (2.71%) 0.00% (0.60%) Effect of adjustment for nonrecurring income and expenses 0.53% 0.84% 0.23% 0.70% (0.34%) Operating return on average assets 8.71% 7.24% 29.46% 7.13% 2.57% Return on average common equity (3.54%) 0.72% (27.10%) 0.00% (5.97%) Effect of adjustment for nonrecurring income and expenses 5.17% 7.96% 2.36% 7.13% (3.40%) Operating return on average common equity 1.42% 2.23% 0.71% 2.32% (1.11%) Effect of goodwill and other intangible assets 6.59% 10.19% 3.07% 9.45% (4.51%) Operating return on average tangible common equity 68.48% 73.97% 52.14% 78.81% 73.92% Efficiency ratio 8.03% 0.00% 38.91% 0.00% 14.75% Effect of adjustment for nonrecurring income and expenses 76.51% 73.97% 91.05% 78.81% 88.67% Operating efficiency ratio $17.49 $17.25 $17.12 $15.51 $15.27 Book value per common share ($3.77) ($3.78) ($3.78) ($3.80) ($3.79) Effect of goodwill and other intangible assets $13.72 $13.47 $13.34 $11.71 $11.48 Tangible book value per common share 0.65% 0.12% 0.16% 0.14% 0.80% Net charge - offs as a percent of average loans (annualized) (0.12%) (0.06%) (0.11%) (0.11%) (0.65%) Impact of third - party consumer portfolio 0.53% 0.06% 0.05% 0.03% 0.15% Core net charge - offs as a percent of average loans (annualized) 9.96% 10.04% 10.45% 9.66% 9.72% Common equity to assets (1.97%) (2.02%) (2.12%) (2.18%) (2.23%) Effect of goodwill and other intangible assets 7.99% 8.02% 8.33% 7.48% 7.49% Tangible common equity to tangible assets

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