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    Primis Financial (FRST)

    Market Price (9/21/2026): $15.915 | Market Cap: $393.6 MilSector: Financials | Industry: Regional Banks

    Primis Financial (FRST)

    Market Price (9/21/2026): $15.915
    Market Cap: $393.6 Mil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%

    Low stock price volatility
    Vol 12M is 29%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending.

    Trading close to highs
    Dist 52W High is -4.6%, Dist 3Y High is -4.6%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -25%

    Key risks
    FRST key risks include [1] a potential Nasdaq delisting stemming from its failure to timely file financial reports and acknowledged material weaknesses in internal controls, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%
    1 Low stock price volatility
    Vol 12M is 29%
    2 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending.
    3 Trading close to highs
    Dist 52W High is -4.6%, Dist 3Y High is -4.6%
    4 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -25%
    5 Key risks
    FRST key risks include [1] a potential Nasdaq delisting stemming from its failure to timely file financial reports and acknowledged material weaknesses in internal controls, Show more.

    FRST in ETFs

    Weight = FRST's share of each fund

    VTI0.00%
    IWM0.01%
    VTWO0.01%
    IWO0.01%
    DFAS0.01%
    AVUV0.01%
    IWN0.00%
    DFAC0.00%
    +1 more covered ETF

    Valuation & Metrics

    FYE: 12/31FRST [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$172.0 Mil—
    FY 2026 Sales$198.5 Mil—
    FY 2027 Sales$212.2 Mil—
    FY 2026 Sales Growth15.4%—
    FY 2027 Sales Growth6.9%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$53.1 Mil—
    FY 2026 Net Income (Non-GAAP)$34.7 Mil—
    FY 2027 Net Income (Non-GAAP)$48.2 Mil—
    FY 2027 Net Income Growth38.9%18.1%
    FY 2026 EPS (Non-GAAP)$1.39—
    FY 2027 EPS (Non-GAAP)$1.94—
    FY 2027 EPS Growth39.6%—
    VALUATION
    FY 2026 P/S2.01.6
    FY 2027 P/S1.9—
    FY 2026 P/E11.47.4
    FY 2027 P/E8.2—

    [1] FRST forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Core Bank loans2.1 billion9302025Link
    Panacea Financial loans548 million9302025Link
    Mortgage warehouse outstandings327 million9302025Link
    Approved lines for consumer loan program1.0 billion9302025Link
    Digital platform deposits1.0 billion9302025Link
    Panacea customer deposits133 million9302025Link
    Mortgage loan closings323 million6302025Link
    Number of full-service branches249302025Link
    Number of Employees59212312024Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/4/2026

    Primis Financial (FRST) stock has gained about 10% since 5/31/2026 because of the following key factors:

    1. Strong Profitability Growth in Fiscal Q2 2026.

    Primis Financial (FRST) reported a substantial increase in net income available to common shareholders, which nearly quadrupled to $9.4 million, or $0.38 per diluted share, for fiscal Q2 2026 (ended June 30, 2026), compared to $2.4 million, or $0.10 per diluted share, in fiscal Q2 2025. This significant year-over-year earnings improvement likely fueled investor confidence.

    2. Robust Revenue Outperformance.

    The company demonstrated strong top-line performance in fiscal Q2 2026, with revenue climbing to $55.8 million, exceeding Wall Street estimates by 14.41%, or more than $7 million. This revenue beat, coupled with a 34% year-over-year increase in net interest income to $33.8 million, suggests healthy business growth and market demand.

    Show more
    Updated on 9/4/2026

    Primis Financial (FRST) stock has gained about 10% since 5/31/2026 because of the following key factors:

    1. Strong Profitability Growth in Fiscal Q2 2026.

    Primis Financial (FRST) reported a substantial increase in net income available to common shareholders, which nearly quadrupled to $9.4 million, or $0.38 per diluted share, for fiscal Q2 2026 (ended June 30, 2026), compared to $2.4 million, or $0.10 per diluted share, in fiscal Q2 2025. This significant year-over-year earnings improvement likely fueled investor confidence.

    2. Robust Revenue Outperformance.

    The company demonstrated strong top-line performance in fiscal Q2 2026, with revenue climbing to $55.8 million, exceeding Wall Street estimates by 14.41%, or more than $7 million. This revenue beat, coupled with a 34% year-over-year increase in net interest income to $33.8 million, suggests healthy business growth and market demand.

    3. Expanded Net Interest Margin and Improved Operational Efficiency.

    Primis Financial successfully expanded its net interest margin to 3.45% in fiscal Q2 2026, up from 2.86% in the prior year. Concurrently, the cost of deposits declined to 2.25% from 2.52% a year earlier, indicating effective management of funding costs and enhanced profitability in its core banking operations.

    4. Boost from Strategic Asset Sale.

    Fiscal Q2 2026 net earnings were significantly supported by a non-recurring gain of approximately $5.9 million from the sale of an investment in an insurance agency. This strategic transaction provided a considerable one-time boost to the company's profitability.

    5. Notable Growth in Tangible Book Value Per Share.

    The company's tangible book value per share increased by 19.5% year-over-year, reaching $13.72 in fiscal Q2 2026. This growth signals sustained profitability and effective capital accumulation, reinforcing the company's financial strength.

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    Stock Movement Drivers

    Fundamental Drivers

    The 10.9% change in FRST stock from 5/31/2026 to 9/20/2026 was primarily driven by a 12.9% change in the company's Total Revenues ($ Mil).
    (LTM values as of)53120269202026Change
    Stock Price ($)14.3415.9110.9%
    Change Contribution By: 
    Total Revenues ($ Mil)15217212.9%
    Net Income Margin (%)30.3%30.9%2.0%
    P/E Multiple7.77.4-3.4%
    Shares Outstanding (Mil)2525-0.3%
    Cumulative Contribution10.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/20/2026
    ReturnCorrelation
    FRST10.9% 
    Market (SPY)0.9%7.6%
    Sector (XLF)8.3%39.9%

    Fundamental Drivers

    The 22.0% change in FRST stock from 2/28/2026 to 9/20/2026 was primarily driven by a 526.8% change in the company's Net Income Margin (%).
    (LTM values as of)22820269202026Change
    Stock Price ($)13.0415.9122.0%
    Change Contribution By: 
    Total Revenues ($ Mil)174172-1.1%
    Net Income Margin (%)4.9%30.9%526.8%
    P/E Multiple37.57.4-80.2%
    Shares Outstanding (Mil)2525-0.4%
    Cumulative Contribution22.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/20/2026
    ReturnCorrelation
    FRST22.0% 
    Market (SPY)11.6%23.2%
    Sector (XLF)9.2%42.2%

    Fundamental Drivers

    The 43.1% change in FRST stock from 8/31/2025 to 9/20/2026 was primarily driven by a 1675.4% change in the company's Net Income Margin (%).
    (LTM values as of)83120259202026Change
    Stock Price ($)11.1215.9143.1%
    Change Contribution By: 
    Total Revenues ($ Mil)1711720.9%
    Net Income Margin (%)1.7%30.9%1675.4%
    P/E Multiple92.67.4-92.0%
    Shares Outstanding (Mil)2525-0.1%
    Cumulative Contribution43.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/20/2026
    ReturnCorrelation
    FRST43.1% 
    Market (SPY)19.4%21.2%
    Sector (XLF)4.7%42.9%

    Fundamental Drivers

    The 98.6% change in FRST stock from 8/31/2023 to 9/20/2026 was primarily driven by a 289.3% change in the company's Net Income Margin (%).
    (LTM values as of)83120239202026Change
    Stock Price ($)8.0115.9198.6%
    Change Contribution By: 
    Total Revenues ($ Mil)14317219.9%
    Net Income Margin (%)7.9%30.9%289.3%
    P/E Multiple17.37.4-57.3%
    Shares Outstanding (Mil)2525-0.4%
    Cumulative Contribution98.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/20/2026
    ReturnCorrelation
    FRST98.6% 
    Market (SPY)75.6%42.7%
    Sector (XLF)69.8%57.4%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    FRST Return28%-18%11%-5%24%16%60%
    Peers Return33%-5%-20%9%10%15%39%
    S&P 500 Return27%-19%24%23%16%12%103%

    Monthly Win Rates [3]
    FRST Win Rate58%17%42%42%58%33% 
    Peers Win Rate62%42%38%50%58%51% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    FRST Max Drawdown-18%-24%-41%-29%-31%-11% 
    Peers Max Drawdown-23%-25%-50%-19%-26%-16% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: AUB, TOWN, WSBC, BHRB, BRBS.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/18/2026 (YTD)

    How Low Can It Go

    EventFRSTS&P 500
    2025 US Tariff Shock
      % Loss-27.6%-18.8%
      % Gain to Breakeven38.0%23.1%
      Time to Breakeven80 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-18.2%-9.5%
      % Gain to Breakeven22.2%10.5%
      Time to Breakeven8 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-41.3%-6.7%
      % Gain to Breakeven70.4%7.1%
      Time to Breakeven223 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-20.5%-24.5%
      % Gain to Breakeven25.8%32.4%
      Time to Breakeven1162 days427 days
    2020 COVID-19 Crash
      % Loss-50.3%-33.7%
      % Gain to Breakeven101.1%50.9%
      Time to Breakeven351 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-19.0%-19.2%
      % Gain to Breakeven23.4%23.8%
      Time to Breakeven50 days105 days

    Compare to AUB, TOWN, WSBC, BHRB, BRBS

    In The Past

    Primis Financial's stock fell -27.6% during the 2025 US Tariff Shock. Such a loss loss requires a 38.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventFRSTS&P 500
    2025 US Tariff Shock
      % Loss-27.6%-18.8%
      % Gain to Breakeven38.0%23.1%
      Time to Breakeven80 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-41.3%-6.7%
      % Gain to Breakeven70.4%7.1%
      Time to Breakeven223 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-20.5%-24.5%
      % Gain to Breakeven25.8%32.4%
      Time to Breakeven1162 days427 days
    2020 COVID-19 Crash
      % Loss-50.3%-33.7%
      % Gain to Breakeven101.1%50.9%
      Time to Breakeven351 days140 days
    2008-2009 Global Financial Crisis
      % Loss-66.3%-53.4%
      % Gain to Breakeven196.9%114.4%
      Time to Breakeven1432 days1085 days

    Compare to AUB, TOWN, WSBC, BHRB, BRBS

    In The Past

    Primis Financial's stock fell -27.6% during the 2025 US Tariff Shock. Such a loss loss requires a 38.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Primis Financial (FRST)

    ```html

    Primis Financial Corp. (FRST) operates as a bank holding company for Primis Bank, offering a comprehensive range of financial services. The company primarily caters to individuals and small to medium-sized businesses, with its physical footprint centered in Virginia and Maryland, where it operates multiple full-service branches.

    The bank's core product offerings include a variety of deposit accounts such as checking, savings, money market accounts, and certificates of deposit. On the lending side, Primis provides a broad spectrum of loan products. This encompasses commercial business and real estate loans, construction financing, and specialized lending solutions for professional practices in the medical, dental, and veterinary fields. For individual customers, the bank offers residential mortgages, home equity lines of credit, and various personal and consumer loans.

    In addition to traditional banking services, Primis Financial also provides essential cash management solutions for businesses, including wire transfers, ACH origination, and remote deposit capture. The company further enhances its offerings with modern conveniences like debit cards, ATM services, and robust mobile and online banking platforms, ensuring a blend of accessible branch services and convenient digital banking options for its clientele.

    ```

    AI Analysis | Feedback

    Here are 1-2 brief analogies for Primis Financial:

    • Bank of America for Virginia and Maryland small businesses.

    • A local version of PNC Bank, serving individuals and small businesses in Virginia and Maryland.

    AI Analysis | Feedback

    ```html
    • Deposit Accounts: Offers various account types including checking, NOW, savings, money market accounts, and certificates of deposits for managing personal and business funds.
    • Business and Commercial Loans: Provides financing solutions for commercial businesses, real estate, construction projects, secured assets, small business administration needs, and specialized medical, dental, and veterinary practices.
    • Mortgage Warehouse Lending: Provides short-term credit lines to mortgage originators to fund mortgage loans before they are sold to permanent investors.
    • Residential and Consumer Loans: Offers financing for homes through residential and trust mortgages, home equity lines of credit, secured and unsecured personal loans, consumer loans, life insurance premium financing, and demand loans.
    • Cash Management Services: Provides a suite of services for businesses, including investment/sweep, zero balance, and controlled disbursement accounts to optimize cash flow management.
    • Payment Processing and Transfer Services: Facilitates various payment operations such as wire transfers, ACH origination, employer/payroll processing, merchant services, and night depository.
    • Remote Deposit Capture: Enables businesses to electronically deposit checks from their location without visiting a physical branch.
    • Digital Banking and Access Services: Offers modern banking conveniences including debit cards, ATM services, mobile and online banking platforms for remote account management.
    • Notary Services: Provides official authentication of signatures on legal and important documents for customers.
    ```

    AI Analysis | Feedback

    Primis Financial (FRST) serves both individuals and small to medium-sized businesses. Its major customer categories include:

    • Individuals: This category includes customers seeking personal banking services such as checking, savings, money market accounts, certificates of deposit, residential mortgages, home equity lines of credit, secured and unsecured personal loans, consumer loans, and access to debit cards, ATMs, mobile, and online banking.
    • Small and Medium-Sized Businesses (SMBs): This category encompasses businesses in various sectors, including medical, dental, and veterinary practices, that utilize Primis Bank for commercial business and real estate loans, construction financing, secured asset-based lending, Small Business Administration (SBA) loans, and mortgage warehouse lending products. They also utilize cash management services like investment/sweep accounts, zero balance accounts, controlled disbursement, wire transfers, employer/payroll processing, ACH origination, and remote deposit capture.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Dennis J. Zember, Jr. President and Chief Executive Officer

    Dennis J. Zember, Jr. was appointed CEO of Primis Financial in February 2020. Before joining Primis, he worked as a public accountant and then in the private sector for ten years. He previously served as CFO and then CEO of Ameris Bank, where he was instrumental in growing the bank's assets from $1 billion to nearly $17 billion. During his tenure at Ameris Bank, he spearheaded numerous acquisitions and strategic development initiatives, enhancing the company's ability to integrate acquired organizations and implement new ideas effectively.

    Matthew A. Switzer Executive Vice President and Chief Financial Officer

    Matthew A. Switzer holds a degree in Chemical Engineering from the University of Virginia and an MBA from UNC Chapel Hill. Prior to joining Primis Financial, he served as a Managing Director at Stephens, Inc. for six years, leading a banking team. He also held the position of Managing Director at Keefe, Bruyette & Woods, Inc. from 2005 to 2015. In his role as CFO, he is responsible for all financial and accounting functions at Primis Bank.

    Rickey A. Fulk Executive Vice President and President of Primis Bank

    Rickey A. Fulk serves as the Executive Vice President and President of Primis Bank. He is described as a seasoned veteran in the industry.

    Marie T. Leibson Executive Vice President and Chief Credit Officer

    Marie T. Leibson is the Executive Vice President and Chief Credit Officer for Primis Financial Corp. and Primis Bank.

    Ann-Stanton C. Gore Executive Vice President and Chief Marketing Officer

    Ann-Stanton C. Gore holds the position of Executive Vice President and Chief Marketing Officer for Primis Financial Corp. and Primis Bank.

    AI Analysis | Feedback

    The key risks to Primis Financial (FRST) include potential Nasdaq delisting, credit risks associated with commercial real estate and business loans, and intense competition impacting its net interest margin.

    The most immediate and significant risk facing Primis Financial is the potential delisting of its securities from Nasdaq. This stems from delays in filing annual and quarterly financial reports, which were necessitated by a restatement of financial statements and an ongoing review process with the SEC. The company has appealed the delisting notice and requested a hearing, and it is actively working to file the overdue reports to regain compliance with Nasdaq’s listing requirements.

    Another key risk is credit risk, particularly concerning its commercial real estate (CRE) and business loan portfolios. Some of these loans have been on nonaccrual status, indicating potential issues with repayment.

    Primis Financial also faces intense competition within the financial services industry. The company competes with larger regional banks and non-bank fintech companies, which can put pressure on its deposit costs and net interest margin (NIM).

    AI Analysis | Feedback

    The increasing market penetration and sophistication of digital-native challenger banks (neobanks) and specialized online lending platforms pose a clear emerging threat. Neobanks, such as Chime or SoFi, offer compelling, mobile-first banking experiences often with lower fees and higher interest rates, attracting individual customers and small businesses who might otherwise rely on a traditional regional bank like Primis for deposits and basic financial services. Concurrently, specialized online lending platforms (e.g., Rocket Mortgage for residential loans, or various platforms for small business or professional practice financing) provide streamlined, often faster, and competitive alternatives to Primis's diverse loan portfolio, potentially siphoning off key lending opportunities across commercial, real estate, construction, and specialized business financing sectors.

    AI Analysis | Feedback

    Primis Financial Corp. (symbol: FRST) provides a range of financial services, primarily to individuals and small and medium-sized businesses in Virginia and Maryland. The addressable markets for its main products and services are as follows:

    • Deposits (Checking, NOW, Savings, Money Market Accounts, Certificates of Deposit):
      • In Virginia, the total deposits in all banks amounted to approximately $296 billion in 2024.
      • In Maryland, total deposits held at banks were around $195 billion in 2024.
    • Commercial Real Estate Loans:
      • The total commercial real estate lending volume in Virginia was approximately $19.2 billion in 2024.
      • For Maryland, a specific consolidated market size for commercial real estate loans is not readily available. However, the U.S. commercial real estate mortgage market for income-producing properties is roughly $4.5 trillion, with an additional $467 billion in construction loans nationally. Total commercial real estate mortgage borrowing and lending across the U.S. was estimated at $498 billion in 2024.
    • Small Business Loans (including Small Business Administration loans):
      • In Virginia, the market for small business loans was approximately $14 billion in 2024.
      • In Maryland, small business loans totaled about $10.2 billion in 2024.
    • Residential Mortgage Loans:
      • New home loans booked in Virginia amounted to $35.2 billion in 2024.
      • New home loans booked in Maryland were $23.2 billion in 2024.
    • Cash Management Services:
      • The demand for cash management services in the U.S. is projected to be $1.6 billion in 2025.
    • Other Loan Products (including Construction Loans, Secured Asset-Based Loans, Mortgage Warehouse Lending Products, Financing for Medical, Dental, and Veterinary Businesses, Residential Mortgage, Trust Mortgage, Home Equity Lines of Credit, Secured and Unsecured Personal Loans, Consumer Loans, Life Insurance Premium Financing, and Demand Loans):
      • Market sizes for these specific products in Virginia and Maryland are not available.

    AI Analysis | Feedback

    Primis Financial (symbol: FRST) anticipates several key drivers for its future revenue growth over the next 2-3 years:

    1. Growth in Mortgage Operations: The company projects significant expansion and profitability from its mortgage division. Primis Mortgage saw closed loans increase and expects annual production to reach approximately $1.6 billion to $2 billion in 2026, up from $1.2 billion in 2025. This growth is supported by increased production from new hires and improved profitability.
    2. Strategic Loan Growth, including Specialized Lending: Primis Financial aims for continued loan growth in its core banking activities and through specialized segments like Panacea Financial. Panacea Financial's loans grew 40% in the 12 months ending September 30, 2024, and its consolidated results are now included. The company also rebuilt earning assets with increased loan sizes in 2025.
    3. Net Interest Margin (NIM) Expansion: Primis Financial expects further improvement in its net interest margin. This is driven by effective management of interest expenses, particularly on deposits, and increasing yields on earning assets through new loan production and the repricing of existing loans. The core net interest margin for the Community Bank improved significantly, and management anticipates further margin expansion into 2026.
    4. Expansion of Digital Platforms and Profitable Deposit Relationships: The company is focused on leveraging its digital capabilities to drive deposit growth and foster profitable deposit relationships within the community bank. This strategy helps manage funding costs and supports overall earning asset growth.

    AI Analysis | Feedback

    Share Repurchases

    • Primis Financial Corp.'s board of directors approved a stock repurchase program on December 18, 2025, authorizing the repurchase of up to 750,000 shares of its common stock, with the program set to conclude on December 18, 2026.
    • Under a prior repurchase plan, the company acquired 79,549 shares at an average cost of $10.00 per share.
    • In 2025, the company's repurchases of common shares amounted to USD 403.5 thousand.

    Share Issuance

    • In March 2026, executive officers received common shares through the conversion of performance-based restricted stock units (PSUs); for instance, CEO Dennis J. Zember Jr. converted 50,964 PSUs into common shares.

    Capital Expenditures

    • Primis Financial's latest trailing twelve months (TTM) Capital Expenditure percentage was 2.4%.
    • Over the last five years, the company's median Capital Expenditure percentage was 1.15%.
    • The Capital Expenditure percentage for Primis Financial has fluctuated between a low of 0.23% and a high of 2.4% over the past five years.

    Peer Outperformance in Regional Banks

    FRST has trailed 72% of its 264 Regional Banks peers over 5Y. Regional Banks ranks 7th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that FRST has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    93%
    of 288 industry peers · 52.0% return
    3Y
    74%
    of 277 industry peers · 122.0% return
    5Y
    28%
    of 264 industry peers · 39.0% return
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    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is FRST's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 24.2%70.6%133.7% SPNT 170% · RGA 154% · RNR 140%
    Investment Banking & Brokerage 13 -1.7%105.1%116.5% IBKR 527% · SNEX 257% · HOOD 183%
    Diversified Banks 12 27.5%129.8%116.3% CM 161% · JPM 159% · RY 149%
    Life & Health Insurance 20 8.6%57.6%105.8% JXN 534% · UNM 373% · FG 207%
    Multi-Sector Holdings 4 6.8%50.2%87.3% JONE 361% · VOYA 88% · BRK-B 87%
    Property & Casualty Insurance 42 9.6%67.5%67.8% ASIC 2760900% · HRTG 445% · UVE 331%
    Regional Banks ← 265 23.9%91.7%67.1% ESQ 391% · GCBC 340% · VBNK 335%
    Multi-line Insurance 9 8.8%71.2%64.1% GNW 201% · L 112% · SLF 104%
    Financial Exchanges & Data 15 -0.1%17.4%32.7% VIRT 184% · CBOE 135% · CME 83%
    Diversified Financial Services 4 -7.3%22.1%32.6% FRHC 168% · EQH 119% · TMS -54%
    Consumer Finance 30 1.7%89.6%26.9% ENVA 447% · EZPW 319% · FCFS 168%
    Insurance Brokers 16 -15.1%-6.3%20.3% LIFE 200% · ARX 87% · AJG 70%
    Commercial & Residential Mortgage Finance 14 -50.2%32.8%13.9% FNMA 454% · FMCC 436% · ACT 204%
    Asset Management & Custody Banks 84 -11.7%17.6%12.0% WT 348% · SII 279% · VCTR 274%
    Specialized Finance 3 14.0%42.2%-2.8% EFC 27% · CACC -3% · HASI -16%
    Mortgage REITs 33 -13.0%7.4%-16.5% NREF 53% · RITM 42% · DX 34%
    Transaction & Payment Processing Services 15 -1.0%-5.9%-42.9% V 74% · MA 73% · CPAY 58%
    Diversified Capital Markets 20 -36.3%20.7%-48.1% OPY 196% · LPLA 136% · GOLD 90%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    Peers to compare with:

    Financials

    FRSTAUBTOWNWSBCBHRBBRBSMedian
    NamePrimis F.Atlantic.Towne Ba.Wesbanco Burke & .Blue Rid. 
    Mkt Price15.9139.0337.0839.3769.903.9538.05
    Mkt Cap0.45.53.43.81.30.32.3
    Rev LTM1721,5318881,05235984623
    Op Inc LTM-------
    FCF LTM-435241283948621107
    FCF 3Y Avg119761572567014113
    CFO LTM-435491803969723139
    CFO 3Y Avg129892072668015143

    Growth & Margins

    FRSTAUBTOWNWSBCBHRBBRBSMedian
    NamePrimis F.Atlantic.Towne Ba.Wesbanco Burke & .Blue Rid. 
    Rev Chg LTM0.9%46.3%25.4%38.0%8.6%-5.4%17.0%
    Rev Chg 3Y Avg6.7%31.3%8.7%21.3%52.9%-14.6%15.0%
    Rev Chg Q54.9%2.7%34.6%5.5%23.0%-20.7%14.2%
    QoQ Delta Rev Chg LTM12.9%0.7%7.7%1.4%5.8%-5.4%3.6%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM-24.8%35.9%20.3%37.7%27.1%27.7%27.4%
    CFO/Rev 3Y Avg11.8%92.7%27.9%32.7%21.0%17.1%24.5%
    FCF/Rev LTM-25.1%34.2%14.4%37.5%24.1%25.1%24.6%
    FCF/Rev 3Y Avg11.6%91.7%21.3%31.3%16.5%15.8%18.9%

    Valuation

    FRSTAUBTOWNWSBCBHRBBRBSMedian
    NamePrimis F.Atlantic.Towne Ba.Wesbanco Burke & .Blue Rid. 
    Mkt Cap0.45.53.43.81.30.32.3
    P/S2.33.63.83.63.64.23.6
    P/Op Inc-------
    P/EBIT-------
    P/E7.411.421.010.613.337.212.3
    P/CFO-9.210.118.69.513.315.011.7
    Total Yield16.0%12.7%7.2%13.1%10.4%17.9%12.9%
    Dividend Yield2.5%3.9%2.4%3.7%2.9%15.2%3.3%
    FCF Yield 3Y Avg6.5%22.1%6.4%9.3%6.3%8.0%7.3%
    D/E1.10.30.10.50.50.50.5
    Net D/E0.30.1-0.40.2-0.00.30.1

    Returns

    FRSTAUBTOWNWSBCBHRBBRBSMedian
    NamePrimis F.Atlantic.Towne Ba.Wesbanco Burke & .Blue Rid. 
    1M Rtn-1.5%-5.2%-1.8%-2.8%-2.3%1.3%-2.0%
    3M Rtn3.6%0.5%7.7%9.5%7.5%17.9%7.6%
    6M Rtn26.3%16.0%18.2%21.3%17.7%16.8%18.0%
    12M Rtn52.0%11.1%8.8%27.3%15.0%13.3%14.2%
    3Y Rtn122.0%53.4%81.4%91.2%62.0%-23.7%71.7%
    1M Excs Rtn-0.7%-4.9%0.2%-2.7%-0.7%1.0%-0.7%
    3M Excs Rtn1.6%-1.5%5.7%7.5%5.5%15.9%5.6%
    6M Excs Rtn10.9%0.6%1.9%5.2%-0.0%0.4%1.2%
    12M Excs Rtn36.8%-0.7%-4.8%16.0%0.8%1.5%1.2%
    3Y Excs Rtn39.2%-22.4%9.0%12.8%-11.0%-104.2%-1.0%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/7/20265/8/20263/16/202611/10/20258/11/20255/14/20254/29/202512/11/202412/11/202410/25/202410/15/202411/9/2023
    Key Financials Quarterly            
    Total Revenue554630413659393736363534
    Net Income97307223-23132-8-6
    EPS0.380.301.200.280.100.92-0.590.050.140.100.33-0.24
    Key Financials TTM            
    Total Revenue TTM172152165174171170147143140137144147
    Net Income TTM534661934-16-1-8-14-82
    Growth Rates Quarterly            
    Total Revenue Growth54.9%-22.3%-21.9%9.1%0.2%65.0%11.9%9.5%10.6%-17.2%-7.8%11.1%
    Net Income Growth286.8%-67.7%226.6%456.2%-29.1%817.9%-185.6%120.4%272.3%-70.5%-489.5%-307.0%
    Margins Quarterly            
    Net Income Margin17.0%16.0%97.6%16.8%6.8%38.6%-60.2%3.3%9.6%6.9%-23.6%-17.7%
    Cash & Debt            
    Total Cash334320303299336299243320299319306311
    Total Debt44437519720712412412529020815315896
    Net Debt / (Cash)11054-106-91-212-174-119-30-91-166-148-215
    Cash Flows Quarterly            
    FCF from Operations-6-5429-11-4134-38652-165-1
    Cash Flows TTM            
    FCF from Operations TTM-43-7811-56-3855201231164029-47
    Returns to Shareholders Quarterly            
    Dividends232222222222
    Share Repurchases-0-0-0-0-0-0-0-00-00-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC8.9%8.0%57.3%13.2%11.5%61.9%-59.7%-1.3%3.1%2.6%-29.1%-26.7%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM12.6%12.6%28.0%1.0%-6.5%-4.8%-14.1%-3.4%-7.1%-14.2%-7.0%3.6%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Primis Bank158124130120 
    Primis Mortgage4030206 
    Other26-6-7-5 
    Single Segment    105
    Total224147144120105


    Net Income by Segment
    $ Mil2025202420232022
    Primis Bank38-13-122
    Other18-8-7-5
    Primis Mortgage550-3
    Total61-16-814


    Assets by Segment
    $ Mil2025202420232022
    Primis Bank4,0233,5803,7823,526
    Primis Mortgage193996631
    Other-1681189
    Total4,0473,6903,8573,567


    Price Behavior

    Price Behavior
    Market Price$15.91 
    Market Cap ($ Bil)0.4 
    First Trading Date12/29/2006 
    Distance from 52W High-4.6% 
       50 Days200 Days
    DMA Price$16.05$14.31
    DMA Trendupup
    Distance from DMA-0.9%11.2%
     3M1YR
    Volatility23.6%28.7%
    Downside Capture25.0328.25
    Upside Capture41.1072.48
    Correlation (SPY)6.8%21.4%
    FRST Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta0.320.300.050.350.470.91
    Up Beta0.950.27-0.440.190.570.93
    Down Beta-0.15-0.70-0.41-0.090.311.00
    Up Capture-1%40%62%66%57%74%
    Bmk +ve Days10213268138427
    Stock +ve Days11223874134374
    Down Capture3%77%18%44%39%94%
    Bmk -ve Days11213259113324
    Stock -ve Days10202551113352

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FRST
    FRST53.0%28.9%1.46-
    Sector ETF (XLF)4.5%14.6%0.0843.6%
    Equity (SPY)16.9%12.9%0.9421.4%
    Gold (GLD)19.1%29.3%0.60-6.6%
    Commodities (DBC)46.3%20.6%1.73-23.1%
    Real Estate (VNQ)4.9%13.6%0.1026.2%
    Bitcoin (BTCUSD)-30.6%44.3%-0.708.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FRST
    FRST6.1%31.3%0.22-
    Sector ETF (XLF)10.1%18.4%0.4155.2%
    Equity (SPY)12.9%17.2%0.5741.9%
    Gold (GLD)19.1%18.8%0.83-2.5%
    Commodities (DBC)11.2%19.5%0.453.5%
    Real Estate (VNQ)1.1%18.8%-0.0539.8%
    Bitcoin (BTCUSD)12.5%52.5%0.4216.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FRST
    FRST5.3%34.6%0.24-
    Sector ETF (XLF)12.9%22.1%0.5365.2%
    Equity (SPY)15.1%18.0%0.7249.1%
    Gold (GLD)12.1%16.4%0.61-3.9%
    Commodities (DBC)8.3%18.1%0.3715.7%
    Real Estate (VNQ)4.4%20.7%0.1849.1%
    Bitcoin (BTCUSD)62.6%66.2%1.0214.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8312026
    Short Interest: Shares Quantity0.8 Mil
    Short Interest: % Change Since 815202644.8%
    Average Daily Volume0.1 Mil
    Days-to-Cover Short Interest5.4 days
    Basic Shares Quantity24.7 Mil
    Short % of Basic Shares3.1%

    Returns Analyses

    Earnings Returns History

    Updated 8/31/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/23/2026-2.2%1.3%3.6%
    4/23/20263.0%5.3%3.7%
    1/29/2026-0.7%4.2%-0.9%
    10/23/202510.2%10.2%13.9%
    7/24/20250.3%-4.3%-3.7%
    4/29/2025-1.2%5.0%15.5%
    1/28/2025-7.3%-4.1%-7.5%
    10/24/2024-3.8%-4.8%7.9%
    ...
    SUMMARY STATS   
    # Positive141312
    # Negative91011
    Median Positive2.2%4.2%6.7%
    Median Negative-2.2%-3.5%-2.5%
    Max Positive10.2%22.4%28.3%
    Max Negative-7.3%-16.9%-15.4%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/23/2026-2.2%1.3%3.6%
    4/23/20263.0%5.3%3.7%
    1/29/2026-0.7%4.2%-0.9%
    10/23/202510.2%10.2%13.9%
    7/24/20250.3%-4.3%-3.7%
    4/29/2025-1.2%5.0%15.5%
    1/28/2025-7.3%-4.1%-7.5%
    10/24/2024-3.8%-4.8%7.9%
    7/25/20242.3%-3.3%-4.8%
    4/25/2024-4.9%-3.6%1.0%
    1/26/20244.1%1.3%-2.0%
    10/26/20235.7%22.4%28.3%
    4/28/20230.6%-16.9%-15.4%
    1/26/2023-2.4%1.5%-1.4%
    10/27/20221.7%-2.6%-2.2%
    7/28/20221.7%3.3%0.7%
    4/28/2022-1.0%-3.3%-2.5%
    1/27/20222.3%-0.3%-3.0%
    10/28/20213.5%6.8%5.6%
    7/29/2021-0.1%2.3%-0.6%
    4/29/20210.7%3.5%4.1%
    1/28/20210.7%5.3%22.2%
    10/26/20202.1%-3.5%13.7%
    SUMMARY STATS   
    # Positive141312
    # Negative91011
    Median Positive2.2%4.2%6.7%
    Median Negative-2.2%-3.5%-2.5%
    Max Positive10.2%22.4%28.3%
    Max Negative-7.3%-16.9%-15.4%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/07/202610-Q
    03/31/202605/08/202610-Q
    12/31/202503/16/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/11/202510-Q
    03/31/202505/14/202510-Q
    12/31/202404/29/202510-K
    09/30/202412/11/202410-Q
    06/30/202412/11/202410-Q
    03/31/202410/25/202410-Q
    12/31/202310/15/202410-K
    09/30/202311/09/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/10/202310-Q
    12/31/202203/15/202310-K
    09/30/202211/09/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/07/202610-Q
    03/31/202605/08/202610-Q
    12/31/202503/16/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/11/202510-Q
    03/31/202505/14/202510-Q
    12/31/202404/29/202510-K
    09/30/202412/11/202410-Q
    06/30/202412/11/202410-Q
    03/31/202410/25/202410-Q
    12/31/202310/15/202410-K
    09/30/202311/09/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/10/202310-Q
    12/31/202203/15/202310-K
    09/30/202211/09/202210-Q
    06/30/202208/09/202210-Q
    03/31/202205/10/202210-Q
    12/31/202103/14/202210-K
    09/30/202111/09/202110-Q
    06/30/202108/09/202110-Q
    03/31/202105/10/202110-Q
    12/31/202003/16/202110-K
    09/30/202011/09/202010-Q
    06/30/202008/10/202010-Q
    03/31/202005/08/202010-Q
    12/31/201903/16/202010-K
    09/30/201911/07/201910-Q

    Recent Forward Guidance

    Updated 7/27/2026

    Latest: Q2 2026 Earnings Reported 7/23/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q3 2026 SBA Gain on Sale IncomeReported0.50 Mil0.55 Mil0.60 Mil  RaisedGuidance: 0.55 Mil for Q2 2026
    2026 Effective Tax RateReported 22.0%  0.2%RaisedGuidance: 21.8% for 2026


    Prior: Q1 2026 Earnings Reported 4/23/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q2 2026 SBA Gain on Sale IncomeReported0.50 Mil0.55 Mil0.60 Mil   
    2026 Noninterest Income ImprovementReported 1.20 Mil    
    2026 Effective Tax RateReported 21.8%    

    Q4 2025 Earnings Reported 1/29/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Core Operating Expense BurdenReported23.00 Mil23.50 Mil24.00 Mil   

    Q3 2025 Earnings Reported 10/23/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q4 2025 Deposit Cost BetaReported 0.7    

    Insider Activity

    Updated 9/10/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Johnson, Eric Alan DirectBuy910202615.951,56524,962836,530Form
    2Johnson, Eric Alan DirectBuy903202615.601,28019,968793,759Form
    3Weichert, Margaret M DirectBuy903202615.751001,57511,560Form
    4Weichert, Margaret M DirectBuy824202616.001101,76010,144Form
    5Weichert, Margaret M DirectBuy810202616.322003,2648,552Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Johnson, Eric Alan DirectBuy910202615.951,56524,962836,530Form
    2Johnson, Eric Alan DirectBuy903202615.601,28019,968793,759Form
    3Weichert, Margaret M DirectBuy903202615.751001,57511,560Form
    4Weichert, Margaret M DirectBuy824202616.001101,76010,144Form
    5Weichert, Margaret M DirectBuy810202616.322003,2648,552Form
    6Garrett, F L Iii DirectBuy611202615.241552,362736,686Form
    7Garrett, F L Iii DirectBuy609202615.032503,758724,206Form
    8Garrett, F L Iii DirectBuy608202615.001251,875719,010Form
    9Garrett, F L Iii DirectBuy608202614.741251,843704,944Form
    10Garrett, F L Iii DirectBuy608202614.504506,525691,418Form
    11Garrett, F L Iii DirectBuy608202614.752503,688696,702Form
    12Garrett, F L Iii DirectBuy608202614.303505,005671,871Form
    13Gamble, Scott R DirectBuy604202614.591,71124,97045,241Form
    14Sharma, AnuragEVP, Chief Information OfficerDirectBuy603202614.406949,9979,997Form
    15Gamble, Scott R DirectBuy602202614.391,38919,98419,984Form
    16Garrett, F L Iii DirectBuy601202614.402503,600671,530Form
    17Garrett, F L Iii DirectBuy601202614.502503,625672,568Form
    18Garrett, F L Iii DirectBuy601202614.512503,628669,404Form
    19Garrett, F L Iii DirectBuy601202614.493545,129664,859Form
    20Garrett, F L Iii DirectBuy601202614.392904,175655,404Form
    21Clagett, Robert Yates DirectBuy520202614.001,42119,894751,310Form
    22Clagett, Robert Yates DirectBuy519202614.161,41019,966739,775Form
    23Biagas, John Fitzgerald DirectBuy313202612.801,92524,6401,176,883Form
    24Biagas, John Fitzgerald DirectBuy312202612.751,55019,7681,148,075Form
    25Diaz, Deborah DirectBuy312202612.771,05013,408269,713Form
    26Cook, William Rand DirectBuy211202614.171,77025,081654,693Form
    27Cook, William Rand DirectBuy206202614.261,41020,113633,825Form
    28Switzer, Matthew AlanEVP, CFODirectBuy204202614.062,50035,1501,352,938Form
    29Diaz, Deborah DirectBuy1212202512.341,60819,849247,773Form
    30Clagett, Robert Yates DirectBuy1113202510.982,26824,898558,045Form
    31Clagett, Robert Yates DirectBuy1112202510.841,83019,842526,572Form
    32Johnson, Eric Alan DirectBuy1112202510.702,32024,827427,838Form
    33Johnson, Eric Alan DirectBuy911202511.001,81819,998414,260Form

    Investor Activity (13F)

    Updated Sep 21, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Patriot Financial Partners GP II, L.P.$16.2 Mil4.2%12Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Patriot Financial Partners GP II, L.P.$16.2 Mil4.2%12Hold13F

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    Core Cache Last Updated: 9/20/2026