Primis (NASDAQ: FRST) Q1 profit dips on comps as operating earnings rise

Q: How did Primis Financial Corp. (FRST) perform in Q1 2026?

Primis reported net income of $7.3 million, or $0.30 per diluted share , for Q1 2026. Operating net income excluding nonrecurring items was $8.1 million, or $0.33 per diluted share , more than double the prior-year operating result, reflecting stronger core profitability.

Q: What were Primis Financial Corp. (FRST) key margin and revenue metrics in Q1 2026?

In Q1 2026, Primis generated $32.1 million of net interest income and achieved a 3.43% net interest margin . Both improved versus the prior year, driven by robust earning asset growth, higher yields on investments, and lower deposit and overall funding costs across the balance sheet.

Q: How strong is Primis Financial Corp. (FRST) balance sheet and capital position?

As of March 31, 2026, Primis reported $4.26 billion in total assets , $3.40 billion in loans held for investment , and $3.42 billion in total deposits . Tangible common equity was $333.7 million , with a tangible common equity to tangible assets ratio of 8.02% , indicating solid capitalization.

Q: What is happening with asset quality at Primis Financial Corp. (FRST)?

Nonperforming assets, excluding SBA guarantees, were 2.24% of total assets at March 31, 2026, up from 2.03% the prior quarter. One 90-day past-due relationship drove most of the increase but has since made payments. The allowance for credit losses stood at 1.37% of loans held for investment .

Q: Did Primis Financial Corp. (FRST) declare a dividend with its Q1 2026 results?

Yes. The Board declared a $0.10 per share quarterly cash dividend , payable on May 22, 2026 to shareholders of record on May 8, 2026 . This represents Primis’ fifty-eighth consecutive quarterly dividend , underscoring a consistent shareholder return practice.

Q: How did Primis Financial Corp. (FRST) noninterest income and expenses trend in Q1 2026?

Noninterest income was $13.6 million versus $32.3 million a year earlier, largely due to a prior-year $25 million Panacea gain. Excluding that, noninterest income roughly doubled. Noninterest expense was $33.8 million , and core operating expense burden was about $22.0 million after adjustments.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Primis Financial Corp. reported mixed but improving first-quarter 2026 results. Net income available to common shareholders was $7.3 million, or $0.30 per diluted share, down from $22.6 million a year earlier, when results included a large Panacea investment gain. Operating net income, which excludes nonrecurring items, rose to $8.1 million, or $0.33 per diluted share, from $3.6 million, reflecting stronger core profitability.

Net interest income grew to $32.1 million and the net interest margin improved to 3.43% on higher earning assets and lower funding costs. Total assets reached $4.26 billion, with loans held for investment of $3.40 billion and deposits of $3.42 billion. Tangible book value per share increased to $13.47, up 18% year over year, while tangible common equity to tangible assets was 8.02%.

Nonperforming assets rose to 2.24% of total assets, partly due to one large relationship that became 90 days past due but subsequently made payments. The Board declared a $0.10 per-share quarterly cash dividend, payable May 22, 2026 to shareholders of record on May 8, 2026, marking the company’s fifty-eighth consecutive quarterly dividend.

Insights

Core earnings and margin improved, but credit metrics and headline profit are mixed.

Primis Financial Corp. delivered stronger underlying profitability in Q1 2026, with operating net income of $8.1 million more than doubling year over year. Net interest income rose to $32.1 million and net interest margin expanded to 3.43%, supported by asset growth, better deposit mix, and lower funding costs.

Headline net income fell to $7.3 million from $22.6 million due to prior-year nonrecurring gains, so the apparent decline reflects comparison noise rather than weaker core performance. Capital remains solid with tangible common equity to tangible assets at 8.02% and tangible book value per share up 18% year over year.

Asset quality bears watching: nonperforming assets increased to 2.24% of total assets, and the company recorded a $1.5 million provision for credit losses, though core net charge-offs stayed low at 0.06% of average loans. The Board maintained a $0.10 quarterly dividend, signaling confidence in ongoing earnings capacity under current conditions.

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

Net income available to common: $7.3 million Operating net income: $8.1 million Net interest income: $32.1 million +5 more

8 metrics

Net income available to common $7.3 million For the three months ended March 31, 2026

Operating net income $8.1 million For the three months ended March 31, 2026

Net interest income $32.1 million Q1 2026, up 22% year over year

Net interest margin 3.43% Q1 2026 consolidated net interest margin

Total assets $4.26 billion Balance sheet as of March 31, 2026

Loans held for investment $3.40 billion As of March 31, 2026

Nonperforming assets ratio 2.24% Nonperforming assets as a percent of total assets, March 31, 2026

Quarterly dividend per share $0.10 Dividend payable May 22, 2026 to holders of record May 8, 2026

Key Terms

operating net income, net interest margin, tangible common equity, nonperforming assets, +2 more

6 terms

operating net income financial

"Operating net income(1) available to common shareholders for the three months ended March 31, 2026 was $8.1 million"

net interest margin financial

"the Company’s net interest margin improved to 3.43% in the first quarter of 2026 compared to 3.15% in the same quarter of 2025"

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.

tangible common equity financial

"Tangible common equity(1) ended the first quarter of 2026 at $334 million, or 8.02% of tangible assets(1)"

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.

nonperforming assets financial

"Nonperforming assets, excluding portions guaranteed by the SBA, were 2.24% of total assets at March 31, 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.

core net charge-offs financial

"Core net charge-offs as a percentage of average loans were six basis points, flat with the same period a year ago"

allowance for credit losses financial

"As a percentage of loans held for investment, the allowance for credit losses was 1.37% at the end of the first quarter of 2026"

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.

Offering Details

earnings_snapshot

Offering

Offering Type earnings_snapshot

Understanding 8-K Material Events →

04/23/2026 - 05:00 PM

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): April 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 April 23, 2026, Primis Financial Corp. (“Primis” or the “Company”) issued a press release announcing its financial results for the period ended March 31, 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 April 23, 2026, Primis issued a press release announcing the declaration of a dividend payable on May 22, 2026 to shareholders of record as of May 8, 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 April 23, 2026

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

Exhibit 99.1

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

Declares Quarterly Cash Dividend of $0.10 Per Share

For immediate release

Thursday, April 23, 2026

McLean, Virginia, April 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 $7.3 million, or $0.30 per diluted share, for the three months ended March 31, 2026, compared to net income available to common shareholders of $22.6 million, or $0.92 per diluted share, for the three months ended March 31, 2025. Operating net income⁽¹⁾ available to common shareholders for the three months ended March 31, 2026 was $8.1 million, or $0.33 per diluted share, compared to operating net income⁽¹⁾ available to common shareholders of $3.6 million, or $0.14 per diluted share, for the same period in 2025.

Q1 2026 Accomplishments

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

	As of or for the Three Months Ended
($ in millions except per share)	3/31/2026			3/31/2025			Var.
Operating Net Income⁽¹⁾	$	8.1		$	3.6			126	%
Operating ROAA⁽¹⁾		0.84	%		0.40	%		44	bps
Operating ROTCE⁽¹⁾		10.19			5.78			441

Net Interest Income	$	32.1		$	26.4			22	%
Net Interest Margin		3.43			3.15			28	bps

Total Assets	$	4,257		$	3,697			15	%
Gross Loans HFI		3,396			3,043			12
Total Deposits		3,423			3,169			8

Average Earning Assets	$	3,794		$	3,400			12	%
Avg. Noninterest Bearing Deposits (“NIB”)		534			446			20
Avg. NIB / Avg. Total Deposits		15.9	%		14.3	%		160	bps

TCE / TA⁽¹⁾		8.02	%		7.82	%		20	bps
Tangible Book Value per Share⁽¹⁾	$	13.47		$	11.40			18	%

Retail Mortgage Volume	$	367		$	165			122	%

Commenting on the results, Dennis J. Zember, Jr., President and Chief Executive Officer of the Company, stated, “We are excited to see the progress on our profitability initiatives in what is generally a seasonally slow quarter. We believe we are extremely well-positioned with a stronger balance sheet and demonstrated operating leverage versus a year ago. Our expectations for a robust level of profitability in 2026 are on track as we continue operating our plan to maximize results.”

Division Updates

The first quarter of 2026 demonstrated progress in key areas that are expected to drive full-year profitability 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 (25% of total loans and only 197% of regulatory capital)
	·	$66 million of closed loans in the first quarter of 2026 with a pipeline of $123 million as of March 31, 2026.
	·	Cost of deposits of 1.59% in the first quarter of 2026 compared to 1.85% 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 23% 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, which directly supports more than $200 million of mostly commercial clients in the Bank’s footprint. Approximately $60 million of checking accounts are associated with customers that use V1BE regularly.

Primis Mortgage

Primis Mortgage had closed mortgage volume of $367 million in the first quarter of 2026, up 122% compared to the same quarter in 2025. Construction-to-permanent loan volume was $26 million in the first quarter of 2026 versus $4 million in the same period in 2025. Pre-tax earnings related to Primis Mortgage were approximately $2.1 million for the first quarter of 2026, up substantially from earnings of $0.8 million in the first quarter of 2025.

Mortgage Warehouse

Mortgage warehouse lending continued to show strong growth in the first quarter of 2026. Outstanding loan balances at March 31, 2026 were $460 million, up 300% from $115 million at March 31, 2025. Average loan balances were $342 million in the first quarter of 2026, up 14% from $300 million in the fourth quarter of 2025 and up 499% from $57 million in the first quarter of 2025. Mortgage warehouse also funded on average approximately 12% of its balance sheet with associated customer noninterest bearing deposit balances during the first quarter of 2026.

Panacea Financial

Panacea’s growth remained strong through the first quarter of 2026 with loans outstanding of $600 million, including loans held for sale, up 10% compared to December 31, 2025. The loans held for sale at March 31, 2026 are expected to be sold early in the second quarter of 2026 with ongoing flow loan sales thereafter allowing for continued high growth rates without straining the Company’s balance sheet. At the end of the first quarter of 2026, Panacea customer deposits totaled $153 million, up 63% from March 31, 2025. Panacea is the number one ranked “Bank for doctors” on Google and banks over 7,500 professionals and practices nationwide.

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 first quarter of 2026 with approximately $1.0 billion of deposits with a cost of deposits of 3.79% compared to $1.0 billion at March 31, 2025 with a cost of 4.36%. The platform also successfully grew business accounts in 2026 with small business balances reaching $28 million at March 31, 2026, up substantially from $16 million at December 31, 2025. Over 1,200 of our digital accounts have come from referrals from other customers and approximately 81% of our consumer accounts have been with the Bank for over two years.

Net Interest Income

Net interest income in the first quarter of 2026 was $32 million, up 22%, versus $26 million in the first quarter of 2025. As noted above, the Company’s net interest margin improved to 3.43% in the first quarter of 2026 compared to 3.15% 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 first quarter of 2026 increased six basis points and three basis points versus the fourth quarter of 2025 and first quarter of 2025, respectively. Yield on investments increased 124 basis points year-over-year largely due to the previously announced portfolio restructuring and offsetting declines in yield on loans and yield on other earning assets driven by recent rate cuts.

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 first quarter of 2026, the Company reported cost of interest-bearing deposits of 2.65% compared to 2.93% in the same quarter in 2025. Cost of funds was 2.46% in the first quarter of 2026, down 21 basis points from 2.67% in the first quarter of 2025.

Noninterest Income

Noninterest income was $14 million in the first quarter of 2026 versus $32 million in the first quarter of 2025 with a substantial portion of the decrease driven by a $25 million gain from Panacea Financial Holdings investment in the first quarter of 2025. Excluding this item, noninterest income was $14 million in the first quarter of 2026 versus $7 million in the first quarter of 2025. Mortgage related income grew 92% to $11 million in the first quarter of 2026 compared to $6 million in the same quarter in 2025. As previously disclosed, the Company is currently in the process of restructuring its bank-owned life insurance portfolio which is anticipated to improve noninterest income by approximately $1.2 million annually beginning late in the second quarter of 2026.

The Company reported gain on sale income of $0.6 million related to the sale of the guaranteed portion of SBA loans in the first quarter of 2026 for no similar gain on sale income in the first quarter of 2025. Approximately $45 thousand of the gain on sale income was attributable to the core Bank in the first 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 second quarter of 2026.

Noninterest Expense

Noninterest expense was $34 million for the first quarter of 2026, compared to $33 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)		1Q26			4Q25			3Q25			2Q25			1Q25
Reported Noninterest Expense	$	33,754		$	42,164		$	32,313		$	31,942		$	32,516
PFH Consolidated Expenses		-			-			-			-			(4,754	)
Noninterest Expense Excl. PFH	$	33,754		$	42,164		$	32,313			31,942			27,762

Nonrecurring		-			(1,126	)		-			(232	)		(1,144	)
Primis Mortgage Expenses		(10,545	)		(10,048	)		(8,214	)		(8,514	)		(5,569	)
Panacea Net Expense		(1,040	)		(2,614	)		(2,100	)		(370	)		384
Consumer Program Servicing Fee		(347	)		(391	)		(439	)		(518	)		(622	)
Reserve for Unfunded Commitment		136			127			19			(18	)		(13	)
Total Adjustments		(11,796	)		(14,052	)		(10,734	)		(9,652	)		(6,964	)

Core Operating Expense Burden	$	21,958		$	28,112		$	21,579		$	22,290		$	20,798

Core operating expense burden, as defined above, was $22 million in the first quarter of 2026 versus $21 million in the first quarter of 2025. As previously disclosed, the first quarter of 2026 includes 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. Excluding the effects of that transaction, core operating expense burden would have been $20.6 million, a decrease of 1% from the year-ago period.

The Company believes it still has substantial ability to contain expenses while growing revenue as it aggressively adopts artificial intelligence tools and agents to drive productivity. Each department across the Bank has identified a list of high priority use cases for AI that collectively is projected to yield over 200 people-hours per week of time savings and efficiencies, many of which are in the early stages of implementation.

Loan Portfolio and Asset Quality

Loans held for investment increased to $3.4 billion at March 31, 2026 compared to $3.3 billion at December 31, 2025 and $3.0 billion at March 31, 2025. Primary drivers in these levels include:

	·	Core Bank loans averaged approximately $2.0 billion in the first quarter of 2026, flat from the fourth quarter of 2025
	·	Panacea Financial loans grew $56 million through the end of first quarter of 2026 to $600 million including loans held for sale at March 31, 2026.
	·	Mortgage warehouse outstandings increased significantly to $460 million at the end of the first quarter of 2026 compared to $318 million at December 31, 2025. Approved lines ended the first quarter of 2026 at $1.37 billion across 139 customers.
	·	Loan balances associated with the consumer loan program declined to $82 million at March 31, 2026, net of fair value discounts, compared to $132 million at March 31, 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, were 2.24% of total assets at March 31, 2026 compared to 2.03% of total assets at December 31, 2025. Nonperforming assets increased $13.6 million from December 31, 2025 to $100 million at March 31, 2026 due to one relationship that was 90 days past due at quarter-end but subsequently made multiple payments to reduce its delinquency. Substandard and nonaccrual loans were essentially flat linked-quarter.

The Company recorded a provision for credit losses of $1.5 million for the first quarter of 2026 compared to a provision for credit losses of $2.4 million for the fourth quarter of 2025 and $1.6 million for the first quarter of 2025. Approximately $0.1 million of the first quarter 2026 provision was related to growth in the loan portfolio. Another $0.4 million was related to the Consumer Program portfolio which was down from $0.6 million in the fourth quarter of 2025. Lastly, changes in impairment amounts for individually evaluated loans contributed $0.6 million to the provision in the first quarter of 2026. Core net charge-offs as a percentage of average loans were six basis points, flat with the same period a year ago and up one basis point from the fourth quarter of 2025.

As a percentage of loans held for investment, the allowance for credit losses was 1.37% at the end of the first quarter of 2026 compared to 1.45% at the end of the first quarter of 2025. Total allowance and discounts on the consumer loan program portfolio totaled $6.7 million at March 31, 2026, which represents 8% of gross principal balance and 358% of loans more than one period delinquent as of that date.

Deposits and Funding

Total deposits at March 31, 2026 were $3.4 billion, up $0.2 billion, or 8% when compared to the same period in 2025. Noninterest bearing demand deposits were $541 million at March 31, 2026, an increase of 19% compared to balances at March 31, 2025. The Company had FHLB advances totaling $230 million outstanding at March 31, 2026 up from $25 million at December 31, 2025 and versus no advances at March 31, 2025.

Taxes

Tax expense for the first quarter of 2026 was $3 million. Included in this expense was $0.8 million of tax expense related to the Panacea Financial Holdings deconsolidation in 2025 and is considered nonrecurring. Excluding this amount, tax expense for the first quarter of 2026 was $2.3 million or an effective tax rate of 21.8% of pre-tax earnings. The Company expects the effective tax rate to be at a similar level for the rest of 2026.

Shareholders’ Equity

Tangible book value per common share⁽¹⁾ at the end of the first quarter of 2026 was $13.47, an increase of $2.07 or 18% from levels reported at March 31, 2025. Tangible common equity⁽¹⁾ ended the first quarter of 2026 at $334 million, or 8.02% of tangible assets⁽¹⁾.

The Board of Directors declared a dividend of $0.10 per share payable on May 22, 2026 to shareholders of record on May 8, 2026. This is Primis’ fifty-eighth consecutive quarterly dividend.

About Primis Financial Corp.

As of March 31, 2026, Primis had $4.3 billion in total assets, $3.4 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 first quarter results on Friday, April 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/286254303. Participants may also call 1-888-330-3573 and ask for the Primis Financial Corp. call. A replay of the teleconference will be available for 7 days by calling 1-800-770-2030 and providing Replay Access Code 4440924.

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; 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 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.

(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.

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, 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 first 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.

Primis Financial Corp.

Financial Highlights (unaudited)

*(Dollars in thousands, except per share data)*	For Three Months Ended:
	1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2025
Selected Performance Ratios:
Return on average assets		0.76	%		2.94	%		0.70	%		0.26	%		2.52	%
Operating return on average assets⁽¹⁾		0.84	%		0.23	%		0.70	%		(0.34	)%		0.40	%
Pre-tax pre-provision return on average assets		1.20	%		3.84	%		0.89	%		1.20	%		3.32	%
Pre-tax pre-provision operating return on average assets⁽¹⁾		1.20	%		0.39	%		0.89	%		0.44	%		0.71	%
Return on average common equity		7.24	%		29.46	%		7.13	%		2.57	%		26.66	%
Operating return on average common equity⁽¹⁾		7.96	%		2.36	%		7.13	%		(3.40	)%		4.21	%
Operating return on average tangible common equity⁽¹⁾		10.19	%		3.07	%		9.45	%		(4.51	)%		5.78	%
Cost of funds		2.46	%		2.52	%		2.62	%		2.67	%		2.67	%
Net interest margin		3.43	%		3.28	%		3.18	%		2.86	%		3.15	%
Core net interest margin⁽¹⁾		3.41	%		3.29	%		3.15	%		3.12	%		3.13	%
Gross loans to deposits		99.22	%		96.70	%		95.92	%		93.65	%		96.04	%
Efficiency ratio		73.97	%		52.14	%		78.81	%		73.92	%		55.39	%
Operating efficiency ratio⁽¹⁾		73.97	%		91.05	%		78.81	%		88.67	%		91.97	%

Per Common Share Data:
Earnings per common share - Basic	$	0.30		$	1.20		$	0.28		$	0.10		$	0.92
Operating earnings per common share - Basic⁽¹⁾	$	0.33		$	0.10		$	0.28		$	(0.13	)	$	0.14
Earnings per common share - Diluted	$	0.30		$	1.20		$	0.28		$	0.10		$	0.92
Operating earnings per common share - Diluted⁽¹⁾	$	0.33		$	0.10		$	0.28		$	(0.13	)	$	0.14
Book value per common share	$	17.25		$	17.12		$	15.51		$	15.27		$	15.19
Tangible book value per common share⁽¹⁾	$	13.47		$	13.34		$	11.71		$	11.48		$	11.40
Cash dividend per common share	$	0.10		$	0.10		$	0.10		$	0.10		$	0.10
Weighted average shares outstanding - Basic		24,665,011			24,634,544			24,632,202			24,701,319			24,706,593
Weighted average shares outstanding - Diluted		24,719,255			24,654,037			24,643,889			24,714,229			24,722,734
Shares outstanding at end of period		24,772,072			24,695,385			24,644,385			24,643,185			24,722,734

Asset Quality Ratios:
Non-performing assets as a percent of total assets, excluding SBA guarantees		2.24	%		2.03	%		2.07	%		1.90	%		0.28	%
Net charge-offs (recoveries) as a percent of average loans (annualized)		0.12	%		0.16	%		0.14	%		0.80	%		1.47	%
Core net charge-offs (recoveries) as a percent of average loans (annualized)⁽¹⁾		0.06	%		0.05	%		0.03	%		0.15	%		0.06	%
Allowance for credit losses to total loans		1.37	%		1.40	%		1.40	%		1.47	%		1.45	%

Capital Ratios:
Common equity to assets		10.04	%		10.45	%		9.66	%		9.72	%		10.16	%
Tangible common equity to tangible assets⁽¹⁾		8.02	%		8.33	%		7.48	%		7.49	%		7.82	%
Leverage ratio⁽²⁾		8.76	%		8.80	%		8.32	%		8.34	%		8.71	%
Common equity tier 1 capital ratio⁽²⁾		9.35	%		9.36	%		8.62	%		8.92	%		9.35	%
Tier 1 risk-based capital ratio⁽²⁾		9.63	%		9.64	%		8.91	%		9.22	%		9.66	%
Total risk-based capital ratio⁽²⁾		12.21	%		12.40	%		12.02	%		12.43	%		12.96	%

⁽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.

Primis Financial Corp.
(Dollars in thousands)	For Three Months Ended:
Condensed Consolidated Balance Sheets (unaudited)	1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2025
Assets
Cash and cash equivalents	$	159,881		$	143,607		$	63,881		$	94,074		$	57,044
Investment securities-available for sale		171,877			171,377			234,660			242,073			241,638
Investment securities-held to maturity		6,792			6,981			8,550			8,850			9,153
Loans held for sale		223,180			166,066			202,372			126,869			74,439
Loans held for investment		3,396,366			3,283,683			3,200,234			3,130,521			3,043,348
Allowance for credit losses		(46,381	)		(45,883	)		(44,766	)		(45,985	)		(44,021	)
Net loans		3,349,985			3,237,800			3,155,468			3,084,536			2,999,327
Stock in Federal Reserve Bank and Federal Home Loan Bank		24,162			14,185			17,035			12,998			12,983
Bank premises and equipment, net		5,924			6,070			19,380			19,642			19,210
Operating lease right-of-use assets		64,781			65,596			9,427			9,927			10,352
Goodwill and other intangible assets		93,488			93,495			93,502			93,508			93,804
Assets held for sale, net		776			776			775			2,181			2,420
Bank-owned life insurance		76,958			68,969			68,504			68,048			67,609
Deferred tax assets, net		14,593			14,683			17,328			19,466			21,399
Consumer Program derivative asset		47			159			409			1,177			1,597
Investment in Panacea Financial Holdings, Inc. common stock		6,899			6,899			6,880			6,586			21,277
Other assets		57,325			50,725			56,678			81,791			65,058
Total assets	$	4,256,668		$	4,047,388		$	3,954,849		$	3,871,726		$	3,697,310

Liabilities and stockholders' equity
Demand deposits	$	541,168		$	554,442		$	489,728		$	477,705		$	455,768
NOW accounts		844,528			862,735			831,709			858,624			819,606
Money market accounts		778,366			740,886			737,634			744,321			785,552
Savings accounts		942,847			922,337			958,416			935,527			777,736
Time deposits		316,156			315,185			318,865			326,496			330,210
Total deposits		3,423,065			3,395,585			3,336,352			3,342,673			3,168,872
Securities sold under agreements to repurchase - short term		3,525			3,552			3,954			4,370			4,019
Federal Home Loan Bank advances		230,000			25,000			85,000			-			-
Secured borrowings		14,450			14,773			15,403			16,449			16,729
Subordinated debt and notes		69,311			96,162			96,091			96,020			95,949
Operating lease liabilities		60,832			61,340			10,682			11,195			11,639
Other liabilities		28,287			28,080			25,214			24,604			24,539
Total liabilities		3,829,470			3,624,492			3,572,696			3,495,311			3,321,747
Total stockholders' equity		427,198			422,896			382,153			376,415			375,563
Total liabilities and stockholders' equity	$	4,256,668		$	4,047,388		$	3,954,849		$	3,871,726		$	3,697,310

Tangible common equity⁽¹⁾	$	333,710		$	329,401		$	288,651		$	282,907		$	281,759

Primis Financial Corp.
(Dollars in thousands)	For Three Months Ended:
Condensed Consolidated Statement of Operations (unaudited)	1Q 2026		4Q 2025			3Q 2025			2Q 2025			1Q 2025
Interest and dividend income	$	53,526	$	53,326		$	51,766		$	47,627		$	47,723
Interest expense		21,452		22,474			22,734			22,447			21,359
Net interest income		32,074		30,852			29,032			25,180			26,364
Provision for (recovery of) credit losses		1,549		2,439			(49	)		8,303			1,596
Net interest income after provision for credit losses		30,525		28,413			29,081			16,877			24,768
Account maintenance and deposit service fees		1,246		1,292			1,358			1,675			1,339
Income from bank-owned life insurance		472		466			456			438			425
Mortgage banking income		10,760		9,992			8,887			7,893			5,615
Gain on sale of loans		567		1,470			249			210			-
Gains on Panacea Financial Holdings investment		-		20			294			7,450			24,578
Consumer Program derivative		396		775			264			593			(292	)
Gain on sale-leaseback		-		50,573			-			-			-
Loss on sales of investment securities		-		(14,777	)		-			-			-
Gain (loss) on other investments		49		33			381			(308	)		53
Other		65		172			80			79			617
Noninterest income		13,555		50,016			11,969			18,030			32,335
Employee compensation and benefits		19,556		25,535			18,523			17,060			17,941
Occupancy and equipment expenses		4,617		4,459			3,481			3,127			3,285
Amortization of intangible assets		7		-			-			289			313
Virginia franchise tax expense		611		577			576			577			577
FDIC Insurance assessment		738		918			999			1,021			793
Data processing expense		2,188		2,421			2,369			3,037			2,849
Marketing expense		760		472			450			720			514
Telecommunication and communication expense		311		352			309			324			287
Professional fees		1,860		3,730			2,509			2,413			2,225
Miscellaneous lending expenses		728		634			231			900			834
Loss on bank premises and equipment		-		-			80			5			106
Other expenses		2,378		3,066			2,786			2,469			2,792
Noninterest expense		33,754		42,164			32,313			31,942			32,516
Income before income taxes		10,326		36,265			8,737			2,965			24,587
Income tax expense		3,014		6,725			1,907			528			5,553
Net Income		7,312		29,540			6,830			2,437			19,034
Noncontrolling interest		-		-			-			-			3,602
Net income available to Primis' common shareholders	$	7,312	$	29,540		$	6,830		$	2,437		$	22,636

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

Primis Financial Corp.
(Dollars in thousands)	For Three Months Ended:
Loan Portfolio Composition	1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2025
Loans held for sale	$	223,180		$	166,066		$	202,372		$	126,869		$	74,439
Loans secured by real estate:
Commercial real estate - owner occupied		534,897			510,088			495,739			480,981			477,233
Commercial real estate - non-owner occupied		540,154			567,092			592,480			590,848			600,872
Secured by farmland		2,386			3,407			3,642			3,696			3,742
Construction and land development		151,426			131,757			102,227			106,443			104,301
Residential 1-4 family		560,711			576,866			564,087			571,206			576,837
Multi-family residential		150,475			140,261			137,804			157,097			157,443
Home equity lines of credit		61,786			61,738			62,458			62,103			60,321
Total real estate loans		2,001,835			1,991,209			1,958,437			1,972,374			1,980,749

Commercial loans		1,104,438			970,492			915,158			811,458			698,097
Paycheck Protection Program loans		1,716			1,719			1,723			1,729			1,738
Consumer loans		283,605			315,407			319,977			339,936			357,652
Total Non-PCD loans		3,391,594			3,278,827			3,195,295			3,125,497			3,038,236
PCD loans		4,772			4,856			4,939			5,024			5,112
Total loans receivable, net of deferred fees	$	3,396,366		$	3,283,683		$	3,200,234		$	3,130,521		$	3,043,348

(Dollars in thousands)		For Three Months Ended:
Loans by Risk Grade:		1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2025
Pass Grade 1 - Highest Quality	$	119		$	87		$	666		$	667		$	880
Pass Grade 2 - Good Quality		160,228			178,999			168,177			170,560			175,379
Pass Grade 3 - Satisfactory Quality		1,556,700			1,882,934			1,842,958			1,737,153			1,643,957
Pass Grade 4 - Pass		1,469,542			1,026,499			1,034,035			1,050,397			1,124,901
Pass Grade 5 - Pass/ Watch⁽¹⁾		13,765			-			-			-			-
Pass Grade 6 - Special Mention⁽²⁾		49,308			48,683			7,004			31,902			28,498
Grade 7 - Substandard⁽²⁾		139,155			138,932			139,847			139,842			69,733
Grade 8 - Doubtful⁽²⁾		7,549			7,549			7,547			-			-
Grade 9 - Loss⁽²⁾		-			-			-			-			-
Total loans	$	3,396,366		$	3,283,683		$	3,200,234		$	3,130,521		$	3,043,348

(Dollars in thousands)		For Three Months Ended:
Asset Quality Information		1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2025
Allowance for Credit Losses:
Balance at beginning of period	$	(45,883	)	$	(44,766	)	$	(45,985	)	$	(44,021	)	$	(53,724	)
Recovery of (provision for) credit losses		(1,549	)		(2,439	)		49			(8,303	)		(1,596	)
Net charge-offs		1,051			1,322			1,170			6,339			11,299
Ending balance	$	(46,381	)	$	(45,883	)	$	(44,766	)	$	(45,985	)	$	(44,021	)

Reserve for Unfunded Commitments:
Balance at beginning of period	$	(1,006	)	$	(1,133	)	$	(1,152	)	$	(1,134	)	$	(1,121	)
Recovery of (provision for) unfunded loan commitment reserve		136			127			19			(18	)		(13	)
Total Reserve for Unfunded Commitments	$	(870	)	$	(1,006	)	$	(1,133	)	$	(1,152	)	$	(1,134	)

Non-Performing Assets:		1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2025
Nonaccrual loans	$	84,949		$	84,823		$	84,973		$	53,059		$	12,956
Accruing loans delinquent 90 days or more		15,223			1,713			1,713			25,188			1,713
Total non-performing assets	$	100,172		$	86,536		$	86,686		$	78,247		$	14,669
SBA guaranteed portion of non-performing loans	$	5,033		$	4,482		$	4,682		$	4,750		$	4,307

(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.

Primis Financial Corp.
(Dollars in thousands)	For Three Months Ended:
Average Balance Sheet	1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2025
Assets
Loans held for sale	$	159,007		$	162,854		$	130,061		$	108,693		$	170,509
Loans, net of deferred fees		3,297,456			3,238,184			3,143,155			3,074,993			2,897,481
Investment securities		176,582			220,343			247,008			249,485			245,216
Other earning assets		161,199			115,908			101,278			98,369			86,479
Total earning assets		3,794,244			3,737,289			3,621,502			3,531,540			3,399,685
Other assets		261,466			244,183			232,636			272,910			241,912
Total assets	$	4,055,710		$	3,981,472		$	3,854,138		$	3,804,450		$	3,641,597

Liabilities and equity
Demand deposits	$	533,570		$	498,681		$	481,697		$	467,493		$	446,404
Interest-bearing liabilities:
NOW and other demand accounts		838,845			837,231			834,839			821,893			805,522
Money market accounts		750,380			740,915			756,361			759,107			788,067
Savings accounts		922,152			934,092			922,048			882,227			754,304
Time deposits		316,281			315,943			324,614			329,300			335,702
Total Deposits		3,361,228			3,326,862			3,319,559			3,260,020			3,129,999
Borrowings		181,185			205,767			117,697			117,701			116,955
Total Funding		3,542,413			3,532,629			3,437,256			3,377,721			3,246,954
Other Liabilities		86,090			50,978			36,720			36,649			38,280
Total liabilites		3,628,503			3,583,607			3,473,976			3,414,370			3,285,234
Primis common stockholders' equity		427,207			397,865			380,162			380,080			344,381
Noncontrolling interest		—			—			—			—			11,982
Total stockholders' equity		427,207			397,865			380,162			380,080			356,363
Total liabilities and stockholders' equity	$	4,055,710		$	3,981,472		$	3,854,138		$	3,794,450		$	3,641,597

Net Interest Income
Loans held for sale	$	2,376		$	2,511		$	2,085		$	1,754		$	2,564
Loans		47,758			47,856			46,772			42,963			42,400
Investment securities		1,911			1,841			1,894			1,928			1,906
Other earning assets		1,481			1,118			1,015			982			853
Total Earning Assets Income		53,526			53,326			51,766			47,627			47,723

Non-interest bearing DDA		-			-			-			-			-
NOW and other interest-bearing demand accounts		4,244			4,124			4,549			4,603			4,515
Money market accounts		4,539			4,615			5,229			5,271			5,420
Savings accounts		7,202			7,599			8,070			7,793			6,418
Time deposits		2,517			2,639			2,723			2,830			3,039
Total Deposit Costs		18,502			18,977			20,571			20,497			19,392

Borrowings		2,950			3,497			2,163			1,950			1,967
Total Funding Costs		21,452			22,474			22,734			22,447			21,359

Net Interest Income	$	32,074		$	30,852		$	29,032		$	25,180		$	26,364

Net Interest Margin
Loans held for sale		6.06	%		6.12	%		6.36	%		6.47	%		6.10	%
Loans		5.87	%		5.86	%		5.90	%		5.60	%		5.93	%
Investments		4.39	%		3.31	%		3.04	%		3.10	%		3.15	%
Other Earning Assets		3.73	%		3.83	%		3.98	%		4.00	%		4.00	%
Total Earning Assets		5.72	%		5.66	%		5.67	%		5.41	%		5.69	%

NOW		2.05	%		1.95	%		2.16	%		2.25	%		2.27	%
MMDA		2.45	%		2.47	%		2.74	%		2.79	%		2.79	%
Savings		3.17	%		3.23	%		3.47	%		3.54	%		3.45	%
CDs		3.23	%		3.31	%		3.33	%		3.45	%		3.67	%
Cost of Interest Bearing Deposits		2.65	%		2.66	%		2.88	%		2.94	%		2.93	%
Cost of Deposits		2.23	%		2.26	%		2.46	%		2.52	%		2.52	%

Other Funding		6.60	%		6.74	%		7.29	%		6.65	%		6.82	%
Total Cost of Funds		2.46	%		2.52	%		2.62	%		2.67	%		2.67	%

Net Interest Margin		3.43	%		3.28	%		3.18	%		2.86	%		3.15	%
Net Interest Spread		2.83	%		2.72	%		2.62	%		2.32	%		2.60	%

Primis Financial Corp.
(Dollars in thousands, except per share data)	For Three Months Ended:
	1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2025
Reconciliation of Non-GAAP items:
Net income available to Primis' common shareholders	$	7,312		$	29,540		$	6,830		$	2,437		$	22,636
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			893
Gain on sale-leaseback		-			(50,573	)		-			-			-
Transaction costs related to sale-leaseback		-			1,126			-			-			-
Gains on Panacea Financial Holdings investment		-			-			-			(7,450	)		(24,578	)
Loss on sale of closed bank branch buildings		-			-			-			-			107
Tax expense related to de-consolidation gain in 2025 on PFH investment		759			-			-			-			-
Income tax effect		-			7,489			-			1,559			4,370
Operating net income (loss) available to Primis' common shareholders	$	8,071		$	2,359		$	6,830		$	(3,222	)	$	3,572

Net income available to Primis' common shareholders	$	7,312		$	29,540		$	6,830		$	2,437		$	22,636
Income tax expense		3,014			6,725			1,907			528			5,553
Provision (benefit) for credit losses (incl. unfunded commitment expense/benefit)		1,413			2,312			(68	)		8,321			1,609
Pre-tax pre-provision earnings	$	11,739		$	38,577		$	8,669		$	11,286		$	29,798
Effect of adjustment for nonrecurring income and expenses		-			(34,670	)		-			(7,218	)		(23,434	)
Pre-tax pre-provision operating earnings	$	11,739		$	3,907		$	8,669		$	4,068		$	6,364

Return on average assets		0.76	%		2.94	%		0.70	%		0.26	%		2.52	%
Effect of adjustment for nonrecurring income and expenses		0.08	%		(2.71	)%		0.00	%		(0.60	)%		(2.12	)%
Operating return on average assets		0.84	%		0.23	%		0.70	%		(0.34	)%		0.40	%

Return on average assets		0.76	%		2.94	%		0.70	%		0.26	%		2.52	%
Effect of tax expense		0.30	%		0.67	%		0.20	%		0.06	%		0.62	%
Effect of provision for credit losses (incl. unfunded commitment expense)		0.14	%		0.23	%		(0.01	)%		0.88	%		0.18	%
Pre-tax pre-provision return on average assets		1.20	%		3.84	%		0.89	%		1.20	%		3.32	%
Effect of adjustment for nonrecurring income and expenses		0.00	%		(3.45	)%		0.00	%		(0.76	)%		(2.61	)%
Pre-tax pre-provision operating return on average assets		1.20	%		0.39	%		0.89	%		0.44	%		0.71	%

Return on average common equity		7.24	%		29.46	%		7.13	%		2.57	%		26.66	%
Effect of adjustment for nonrecurring income and expenses		0.72	%		(27.10	)%		0.00	%		(5.97	)%		(22.45	)%
Operating return on average common equity		7.96	%		2.36	%		7.13	%		(3.40	)%		4.21	%
Effect of goodwill and other intangible assets		2.23	%		0.71	%		2.32	%		(1.11	)%		1.57	%
Operating return on average tangible common equity		10.19	%		3.07	%		9.45	%		(4.51	)%		5.78	%

Efficiency ratio		73.97	%		52.14	%		78.81	%		73.92	%		55.39	%
Effect of adjustment for nonrecurring income and expenses		0.00	%		38.91	%		0.00	%		14.75	%		36.58	%
Operating efficiency ratio		73.97	%		91.05	%		78.81	%		88.67	%		91.97	%

Earnings per common share - Basic	$	0.30		$	1.20		$	0.28		$	0.10		$	0.92
Effect of adjustment for nonrecurring income and expenses		0.03			(1.10	)		-			(0.23	)		(0.78	)
Operating earnings per common share - Basic	$	0.33		$	0.10		$	0.28		$	(0.13	)	$	0.14

Earnings per common share - Diluted	$	0.30		$	1.20		$	0.28		$	0.10		$	0.92
Effect of adjustment for nonrecurring income and expenses		0.03			(1.10	)		-			(0.23	)		(0.78	)
Operating earnings per common share - Diluted	$	0.33		$	0.10		$	0.28		$	(0.13	)	$	0.14

Book value per common share	$	17.25		$	17.12		$	15.51		$	15.27		$	15.19
Effect of goodwill and other intangible assets		(3.78	)		(3.78	)		(3.80	)		(3.79	)		(3.79	)
Tangible book value per common share	$	13.47		$	13.34		$	11.71		$	11.48		$	11.40

Net charge-offs as a percent of average loans (annualized)		0.12	%		0.16	%		0.14	%		0.80	%		1.47	%
Impact of third-party consumer portfolio		(0.06	)%		(0.11	)%		(0.11	)%		(0.65	)%		(1.41	)%
Core net charge-offs as a percent of average loans (annualized)		0.06	%		0.05	%		0.03	%		0.15	%		0.06	%

Total Primis common stockholders' equity	$	427,198		$	422,896		$	382,153		$	376,415		$	375,563
Less goodwill and other intangible assets		(93,488	)		(93,495	)		(93,502	)		(93,508	)		(93,804	)
Tangible common equity	$	333,710		$	329,401		$	288,651		$	282,907		$	281,759

Common equity to assets		10.04	%		10.45	%		9.66	%		9.72	%		10.16	%
Effect of goodwill and other intangible assets		(2.02	)%		(2.12	)%		(2.18	)%		(2.23	)%		(2.34	)%
Tangible common equity to tangible assets		8.02	%		8.33	%		7.48	%		7.49	%		7.82	%

Net interest margin		3.43	%		3.28	%		3.18	%		2.86	%		3.15	%
Effect of adjustment for Consumer Portfolio		(0.02	)%		0.01	%		(0.03	)%		0.26	%		(0.02	)%
Core net interest margin		3.41	%		3.29	%		3.15	%		3.12	%		3.13	%

Exhibit 99.2

Primis Financial Corp. NASDAQ: FRST First 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 first 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 ; 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 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 April 21 2026. Financial data as of or for the three months ended March 31, 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) : $347 0.81x 1.04x 9.03x 7.09x Key Metrics Total Assets: Total Loans HFI: Total Deposits: TCE / TA (1) : Operating ROAA (1) : Operating ROATCE (1) : Net Interest Margin: Cost of Core Bank Deposits: $4.26B $3.35B $3.42B 8.02% 0.84% 10.19% 3.43% 1.59% 4

• Margin continues to move higher due to: • Favorable deposit pricing/Increased NIB • Strong earning asset yields • Restructuring of securities portfolio • Retirement of sub debt • Material operating leverage in Q1 and expected to continue • All facets of the bank are adding to results in Q1: • Core Bank ROA of 1.31% • Mortgage Warehouse up 45% from Q4 with ROA >2% • Primis Mortgage pre - tax earnings of $2.1MM in Q1’26 versus $0.8MM in Q1’25 • Panacea loans up 10% from December 31, 2025 (including HFS) Q1 2026 Financial Highlights (1) Dollars in Millions, except per share (1) See reconciliation of Non - GAAP financial measures beginning on slide 19. 5 YoY QoQ Q1'26 Q4'25 Q1'25 126% 242% $8.1 $2.4 $3.6 Operating Net Income 44 bps 61 bps 0.84% 0.23% 0.40% Operating ROAA 441 bps 712 bps 10.19% 3.07% 5.78% Operating ROTCE 22% 4% $32.1 $30.9 $26.4 Net Interest Income 28 bps 15 bps 3.43% 3.28% 3.15% Net Interest Margin 15% 5% $4,257 $4,047 $3,697 Total Assets 12% 3% $3,396 $3,284 $3,043 Gross Loans HFI 8% 1% $3,423 $3,396 $3,169 Total Deposits 12% 2% $3,794 $3,737 $3,400 Average Earning Assets 20% 7% $534 $499 $446 Avg. Noninterest Bearing Deposits (“NIB”) 160 bps 90 bps 15.9% 15.0% 14.3% Avg. NIB / Avg. Total Deposits 20 bps (31 bps) 8.02% 8.33% 7.82% TCE / TA 18% 1% $13.47 $13.34 $11.40 Tangible Book Value per Share 122% (3%) $367 $378 $165 Retail Mortgage Volume

• Core Bank is 100% core funded with customers that walk in our branches or use our technology • V1BE (proprietary branch delivery app) manages approximately 15% of our commercial checking accounts • Focus on NIB driving results with NIB now 23% 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) Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 $22,071 $22,696 $22,667 $23,269 $23,105 Net Interest Income ($114) $935 $189 $7,676 ($562) Provision (recovery) $1,894 $1,898 $1,996 $2,362 $1,993 Non - Interest Income $13,666 $13,763 $14,302 $14,570 $14,109 Non - Interest Expense $10,299 $10,831 $10,361 $11,061 $10,990 Pre - Tax Pre - Provision $10,413 $9,896 $10,172 $3,385 $11,552 Pre - Tax Income $2,030 $1,930 $1,983 $660 $2,253 Taxes $8,382 $7,967 $8,188 $2,725 $9,299 Net Income 1.31% 1.22% 1.24% 0.41% 1.37% Return on Assets 1.33% 1.34% 1.26% 1.32% 1.28% Pre - Tax Pre - Provision Return on Assets 3.77% 3.79% 3.70% 3.76% 3.61% Net Interest Margin 56.31% 56.38% 58.43% 56.70% 56.64% Efficiency Consolidated 1.81% 1.83% 1.87% 1.81% 1.76% Overhead Ratio

• Q1’26 operating ratios on $342 million in average loans: • PTPP ROAA: 2.54% • Yields: 6.80% • Margin: 3.48% (with FTP funding) • Efficiency: 27% • 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 (12% of average loans in Q1’26) Mortgage Warehouse Lending Dollars in Millions 7 Highly Scalable Business at 6.80% Yield in Q1 • $1.37 billion in commitments with 139 customers • Yields structured to be the note rate with floors to protect bank margin and fees that give the bank around 75 - 100bps over note rate $115 $185 $327 $318 $460 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 300% Growth in Loan Balances YoY

• Continued recruiting success driving pipeline increases in the face of seasonal/macro headwinds • $26 million of construction - to - perm loans closed in Q1’26 • Limited profitability at origination but attractive rates during construction followed by wider than average GOS margin • Solid profitability in Q1’26 of $2.1 million would have been even stronger absent market volatility from macro events Primis Mortgage Dollars in Millions 8 Growth Despite Rate Environment $165 $189 $278 $255 $392 $501 Q3'23 Q1'24 Q3'24 Q1'25 Q3'25 Q1'26 97% Growth YoY Locks

• Growth in Q1’26: • 27% Growth in Loans YoY • 63% Growth in Deposits YoY • $41 million of commercial loans moved to held for sale at March 31, 2026 • Sale closing expected early Q2’26 • Regular flow sales planned to start soon thereafter • Banking over 7,500 doctors and their practices • #1 Ranked "Bank for Doctors" on Google Panacea Financial Dollars in Millions Q1’26 loan balance includes loans held for sale. 9 Growth in Balance Sheet $94 $112 $133 $128 $153 $474 $505 $548 $544 $600 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 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 • $27 million debt retired 1/31/26 • $402 million of loan portfolio with WAC of 4.81% repricing starting latter half of 2026 and continuing until Q1’2027 • Bank’s focus is squarely on deposit mix and continued momentum in checking through V1BE advantage 3.43% 3.28% 3.18% 2.86% 3.15% Q1'26 Q4'25 Q3'25 Q2'25 Q1'25

Balance Sheet – Loans and Deposits by Type and Division Dollars in Millions 11 Digital $999 29% Mortgage Warehouse $43 1% Panacea $153 5% Core Bank $2,227 65% Deposits by Division (Millions) Panacea $600 18% Life Premium Finance $136 4% Consumer Program $82 2% Mortgage Warehouse $460 13% PM Portfolio $130 4% Core Bank $2,030 59% Loans by Portfolio Type (Millions)

Deposits Dollars in Millions 12 • Approximately 15% 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 Growth of 19% year - over - year • Core Bank benefitting from V1BE convenience for customers • Warehouse funding 10% - 15% of outstanding balances with NIB Deposit Composition – Q1’26 Deposit and Cost Trends Demand Deposits 16% NOW Accounts 25% Money Market Accounts 23% Savings Accounts 28% Time Deposits 9% $3,423 $3,396 $3,336 $3,343 $3,169 2.23% 2.26% 2.46% 2.52% 2.52% Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Total Deposits Cost of Deposits

Operating Expense (1) See reconciliation of Non - GAAP financial measures beginning on slide 19 13 • Sale lease - back transaction added $1.4 million, net of depreciation, to run - rate expenses per quarter • Excluding that impact, core operating expense burden would have been down 1% year - over - year • Aggressively pursuing efficiencies through AI to preserve operating leverage as revenue grows Operating Efficiency Ratio (1) Core Opex Burden – 5 Quarters 74.0% 91.1% 78.8% 88.7% 92.0% Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 ($ in thousands) 33,754 42,164 32,313 31,942 32,516 Reported Noninterest Expense - - - - (4,754) PFH Consolidated Expenses 33,754 42,164 32,313 31,942 27,762 Noninterest Expense Excl. PFH - ($1,126) - ($232) ($1,144) Nonrecurring ($10,545) ($10,048) ($8,214) ($8,514) ($5,569) Primis Mortgage Expenses ($1,040) ($2,614) ($2,100) ($370) $384 Panacea Net Expense ($347) ($391) ($439) ($518) ($622) Consumer Program Servicing Fee $136 $127 $19 ($18) ($13) Reserve for Unfunded Commitment ($11,796) ($14,052) ($10,734) ($9,652) ($6,964) Total Adjustments $21,958 $28,112 $21,579 $22,290 $20,798 Core Operating Expense Burden

Loan Portfolio (1) Dollars in millions 14 Non - Owner Occupied CRE Breakdown (1) • Hotel portfolio down to $156 million from almost $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 16% C&D 4% Residential 21% C&I 33% Consumer 8% Other 2% Hotel $156 Office $134 Retail $83 Assisted Living $41 Mixed Use $44 Warehouse/Industrial $23 All Other $59

4.32% 4.46% 4.61% 4.47% 2.29% Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 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 essentially flat for last three quarters • Provision of $1.5 million for Q1’26 • $0.1 million related to growth • $0.4 million for consumer program • $ 0.6 million for impaired loans • Core net charge - offs remain at nominal levels 0.06% 0.15% 0.03% 0.05% 0.06% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

Capital Ratios (1) See reconciliation of Non - GAAP financial measures on slide 19 16 CET1 Ratio TCE / TA (1) 8.02% 8.33% 7.48% 7.49% 7.82% Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 9.35% 9.36% 8.62% 8.92% 9.35% Q1'26 Q4'25 Q3'25 Q2'25 Q1'25

Per Share Results (1) See reconciliation of Non - GAAP financial measures on slide 19 (2) Data from Capital IQ with pricing as of April 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 • 33% upside to the peer group average valuation of 1.38x $13.47 $13.34 $11.71 $11.48 $11.40 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 0.59 0.98 1.04 1.07 1.20 1.28 1.32 1.38 1.48 1.56 1.70 2.29 2.78 BCBP MNSB BRBS MVBF FRST CFFI FRBA JMSB MPB SFST CCNE CARE SHBI BWFG HTB PFIS CBAN SMBK ORRF ACNB CCBG MCBS FCBC CHCO Price / Tangible Book (2) 4.4 8.8 8.9 9.0 9.7 10.0 10.1 10.4 11.7 12.9 14.0 14.9 CARE BCBP FRBA CCNE PFIS FRST ORRF MPB MCBS SHBI ACNB CBAN BWFG SFST MNSB SMBK JMSB CCBG HTB CHCO MVBF FCBC Price/ 2026 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 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Net income available to Primis' common shareholders $22,636 $2,437 $6,830 $29,540 $7,312 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 $893 $232 Gain on sale-leaseback ($50,573) Transaction costs related to sale-leaseback $1,126 Gains on Panacea Financial Holdings investment ($24,578) ($7,450) Loss on sale of closed bank branch buildings $107 Tax expense related to de-consolidation gain in 2025 on Panacea Financial Holdings investment $759 Income tax effect $4,370 $1,559 $7,489 $3,572 ($3,222) $6,830 $2,359 $8,071 Return on average assets 2.52% 0.26% 0.70% 2.94% 0.76% Effect of adjustment for nonrecurring income and expenses (2.12%) (0.60%) 0.00% (2.71%) 0.08% Operating return on average assets 0.40% (0.34%) 0.70% 0.23% 0.84% Return on average common equity 26.66% 2.57% 7.13% 29.46% 7.24% Effect of adjustment for nonrecurring income and expenses (22.45%) (5.97%) 0.00% (27.10%) 0.72% Operating return on average common equity 4.21% (3.40%) 7.13% 2.36% 7.96% Effect of goodwill and other intangible assets 1.57% (1.11%) 2.32% 0.71% 2.23% Operating return on average tangible common equity 5.78% (4.51%) 9.45% 3.07% 10.19% Efficiency ratio 55.39% 73.92% 78.81% 52.14% 73.97% Effect of adjustment for nonrecurring income and expenses 36.58% 14.75% 0.00% 38.91% 0.00% Operating efficiency ratio 91.97% 88.67% 78.81% 91.05% 73.97% Book value per common share $15.19 $15.27 $15.51 $17.12 $17.25 Effect of goodwill and other intangible assets ($3.79) ($3.79) ($3.80) ($3.78) ($3.78) Tangible book value per common share $11.40 $11.48 $11.71 $13.34 $13.47 Net charge-offs as a percent of average loans (annualized) 1.47% 0.80% 0.14% 0.16% 0.12% Impact of third-party consumer portfolio (1.41%) (0.65%) (0.11%) (0.11%) (0.06%) Core net charge-offs as a percent of average loans (annualized) 0.06% 0.15% 0.03% 0.05% 0.06% Common equity to assets 10.16% 9.72% 9.66% 10.45% 10.04% Effect of goodwill and other intangible assets (2.34%) (2.23%) (2.18%) (2.12%) (2.02%) Tangible common equity to tangible assets 7.82% 7.49% 7.48% 8.33% 8.02% Operating net income (loss) available to Primis' common shareholders

Source: View Original Filing on SEC EDGAR

FAQ

How did Primis Financial Corp. (FRST) perform in Q1 2026?

Primis reported net income of $7.3 million, or $0.30 per diluted share, for Q1 2026. Operating net income excluding nonrecurring items was $8.1 million, or $0.33 per diluted share, more than double the prior-year operating result, reflecting stronger core profitability.

What were Primis Financial Corp. (FRST) key margin and revenue metrics in Q1 2026?

In Q1 2026, Primis generated $32.1 million of net interest income and achieved a 3.43% net interest margin. Both improved versus the prior year, driven by robust earning asset growth, higher yields on investments, and lower deposit and overall funding costs across the balance sheet.

How strong is Primis Financial Corp. (FRST) balance sheet and capital position?

As of March 31, 2026, Primis reported $4.26 billion in total assets, $3.40 billion in loans held for investment, and $3.42 billion in total deposits. Tangible common equity was $333.7 million, with a tangible common equity to tangible assets ratio of 8.02%, indicating solid capitalization.

What is happening with asset quality at Primis Financial Corp. (FRST)?

Nonperforming assets, excluding SBA guarantees, were 2.24% of total assets at March 31, 2026, up from 2.03% the prior quarter. One 90-day past-due relationship drove most of the increase but has since made payments. The allowance for credit losses stood at 1.37% of loans held for investment.

Did Primis Financial Corp. (FRST) declare a dividend with its Q1 2026 results?

Yes. The Board declared a $0.10 per share quarterly cash dividend, payable on May 22, 2026 to shareholders of record on May 8, 2026. This represents Primis’ fifty-eighth consecutive quarterly dividend, underscoring a consistent shareholder return practice.

How did Primis Financial Corp. (FRST) noninterest income and expenses trend in Q1 2026?

Noninterest income was $13.6 million versus $32.3 million a year earlier, largely due to a prior-year $25 million Panacea gain. Excluding that, noninterest income roughly doubled. Noninterest expense was $33.8 million, and core operating expense burden was about $22.0 million after adjustments.

What are the main business drivers for Primis Financial Corp. (FRST) in Q1 2026?

Key contributors included the core community bank, a fast-growing mortgage warehouse portfolio, Primis Mortgage, and the Panacea Financial division. For example, mortgage warehouse outstandings reached $460 million, and Primis Mortgage produced $367 million of retail mortgage volume in the quarter.

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Primis (NASDAQ: FRST) Q1 profit dips on comps as operating earnings rise

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FAQ

How did Primis Financial Corp. (FRST) perform in Q1 2026?

What were Primis Financial Corp. (FRST) key margin and revenue metrics in Q1 2026?

How strong is Primis Financial Corp. (FRST) balance sheet and capital position?

What is happening with asset quality at Primis Financial Corp. (FRST)?

Did Primis Financial Corp. (FRST) declare a dividend with its Q1 2026 results?

How did Primis Financial Corp. (FRST) noninterest income and expenses trend in Q1 2026?

What are the main business drivers for Primis Financial Corp. (FRST) in Q1 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents

Primis (NASDAQ: FRST) Q1 profit dips on comps as operating earnings rise

Rhea-AI Filing Summary

Positive

Negative

Insights

Banking earnings analyst positive

8-K Event Classification

Key Figures

Key Terms

Offering Details

FAQ

How did Primis Financial Corp. (FRST) perform in Q1 2026?

What were Primis Financial Corp. (FRST) key margin and revenue metrics in Q1 2026?

How strong is Primis Financial Corp. (FRST) balance sheet and capital position?

What is happening with asset quality at Primis Financial Corp. (FRST)?

Did Primis Financial Corp. (FRST) declare a dividend with its Q1 2026 results?

How did Primis Financial Corp. (FRST) noninterest income and expenses trend in Q1 2026?

What are the main business drivers for Primis Financial Corp. (FRST) in Q1 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents