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Primis Financial Corp.

FRST

Primis Financial Corp. • NASDAQ
$11.23 ▼ -0.27% (-0.03)
Market Cap $276.76 M
52w High $12.60
52w Low $7.59
Dividend Yield 0.40%
P/E 33.03
Volume 14.50K
Outstanding Shares 24.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $63.735M ▲ $32.313M ▲ $6.83M ▲ 10.716% ▲ $0.28 ▲ $10.766M ▲
Q2-2025 $58.207M ▼ $24.492M ▼ $2.437M ▼ 4.187% ▼ $0.099 ▼ $5.243M ▼
Q1-2025 $80.058M ▲ $32.516M ▼ $22.636M ▲ 28.275% ▲ $0.92 ▲ $26.815M ▲
Q4-2024 $64.012M ▼ $37.365M ▲ $-23.335M ▼ -36.454% ▼ $-0.94 ▼ $-29.867M ▼
Q3-2024 $66.394M $30.955M $1.228M 1.85% $0.05 $1.039M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 ▼ $3.955B ▲ $3.573B ▲ $382.153M ▲
Q2-2025 $336.147M ▲ $3.872B ▲ $3.495B ▲ $376.415M ▲
Q1-2025 $298.682M ▲ $3.697B ▲ $3.322B ▼ $375.563M ▲
Q4-2024 $243.224M ▼ $3.69B ▼ $3.325B ▼ $351.756M ▼
Q3-2024 $319.817M $4.024B $3.627B $381.022M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $2.437M ▼ $-40.98M ▼ $-92.582M ▼ $170.592M ▲ $37.03M ▲ $-40.98M ▼
Q1-2025 $19.034M ▲ $34.393M ▲ $-27.307M ▼ $-14.547M ▲ $-7.461M ▲ $34.393M ▲
Q4-2024 $-26.155M ▼ $-34.502M ▼ $324.655M ▲ $-302.922M ▼ $-12.769M ▼ $-35.696M ▼
Q3-2024 $-857K ▼ $4.458M ▼ $-44.224M ▲ $50.46M ▼ $10.694M ▲ $4.458M ▼
Q2-2024 $1.535M $50.539M $-145.791M $73.115M $-22.137M $50.539M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily over the past five years, which is a positive sign of business growth. However, profits have moved the other way more recently, shifting from healthy earnings a few years ago to small losses in the last two years. That pattern suggests the bank is spending heavily on growth, technology, and new businesses, or facing higher funding and credit costs, faster than it can turn that extra revenue into bottom‑line profit. The core story: the franchise is growing, but profitability is under pressure and needs to normalize for the story to fully come together.

Balance Sheet

Balance Sheet The balance sheet has expanded at a measured pace, showing a growing franchise rather than a rapid, high‑risk build‑out. Equity has stayed relatively stable, which points to a generally solid capital base for a regional bank. Debt spiked a few years ago but has since been brought down, which reduces funding risk. Cash balances are modest, though banks also hold liquidity in other forms, so low cash alone is not a red flag. Overall, the balance sheet looks like that of a cautious grower: not overly stretched, but with limited room for major missteps while profitability is soft.

Cash Flow

Cash Flow Despite the recent accounting losses, operating cash flow has stayed consistently positive, and free cash flow closely tracks it. That tells you the business is still generating real cash from its core activities, even as reported profits dip. Capital spending is light, which is typical for a bank and implies most investment is going through the income statement as operating expenses, not big one‑time projects. The cash flow picture supports the idea of a bank that is funding its own growth, but with fairly thin cushions if conditions worsen or if growth investments take longer to pay off.

Competitive Edge

Competitive Edge Primis competes as a tech‑enabled community bank with a twist. It combines a low‑cost deposit base in its home markets with a national, digital footprint. Services like the V1BE “bank on wheels” and Panacea’s specialization in serving doctors and other medical professionals help it stand out from plain‑vanilla regional banks. Its cost of deposits advantage can help it price loans more competitively and protect margins. On the flip side, it still faces intense competition from much larger banks and nimble fintechs, and its edge depends on sustaining niche strengths and service quality rather than sheer scale.

Innovation and R&D

Innovation and R&D Innovation is a clear centerpiece of Primis’s strategy. V1BE reimagines branch banking by bringing cash and services directly to customers, especially cash‑heavy small businesses. Panacea focuses deeply on the medical community, tailoring products to specific career and practice needs, which is unusual for a regional bank. The bank is also investing in a national digital platform, mortgage warehouse lending, and potentially licensing its technology to peers. The opportunity is to turn these initiatives into enduring, fee‑rich and loyalty‑driven businesses. The risk is execution: management must keep tech fresh, control costs, and avoid credit or operational missteps in these specialized areas.

Summary

Primis Financial is in the middle of a strategic transition: growing revenue, expanding its balance sheet, and leaning into technology and niche segments, but at the cost of weaker near‑term profitability. The bank looks reasonably sound from a balance‑sheet and cash‑flow perspective, with steady asset growth, stable capital, and positive cash generation. Its real differentiation comes from innovation—V1BE’s mobile banking service, Panacea’s medical focus, and a tech‑forward, high‑touch service model that reaches beyond its local footprint. Key things to watch are whether management can translate these distinctive offerings into consistent, sustainable earnings; maintain credit quality in specialized lending; and preserve its funding and margin advantages as the interest‑rate and competitive landscape evolves.

NEWS

October 23, 2025 · 5:00 PM UTC

Primis Financial Corp. Reports Earnings per Share for the Third Quarter of 2025

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October 6, 2025 · 5:30 PM UTC

Primis Financial Corp. Announces Date for Third Quarter 2025 Earnings Release and Conference Call

Read more