• A regional bank similar to a smaller-scale PNC or Truist, serving communities in Virginia and Maryland.
• Think of it as the local-market equivalent of a full-service commercial bank like Wells Fargo or Bank of America, concentrated in Virginia and Maryland.

• Commercial Lending: Provides a range of loans to businesses, including commercial real estate, commercial & industrial, and lines of credit, to support their operational and growth needs.
• Commercial Deposit & Treasury Management Services: Offers business checking and savings accounts alongside treasury management solutions like remote deposit capture and merchant services to help companies efficiently manage their cash flow.
• Retail Banking Services: Delivers personal checking, savings, and certificate of deposit accounts, as well as consumer loan products such as residential mortgages, home equity, and auto loans for individual customers.
• Digital Banking Platform: Provides advanced online and mobile banking tools for both business and personal clients, emphasizing convenient, secure, and robust digital management of accounts and transactions.

Primis Financial (FRST) operates as a bank holding company, and its primary subsidiary, Primis Bank, serves a diverse base of customers rather than having a few "major" identifiable customers in the traditional sense. Due to the nature of banking, which involves thousands of depositors and borrowers, and the need to mitigate concentration risk, banks typically do not disclose specific large commercial customers. Instead, their customer base is highly diversified across various segments.

Based on Primis Financial's business operations and loan portfolio composition, it primarily serves businesses, though it also maintains a significant retail banking presence for individuals. Given the inability to list specific corporate customers, here are the main categories of customers Primis Financial serves:

• Commercial Real Estate Developers and Investors: This category includes businesses involved in the acquisition, development, and management of various commercial properties such as office buildings, retail centers, industrial facilities, and multi-family residential complexes. Commercial real estate loans typically represent a significant portion of Primis Bank's loan portfolio.

• Small to Medium-sized Businesses (SMBs): Primis Bank provides a range of commercial banking services to businesses across diverse industries. These services include commercial and industrial (C&I) loans for working capital, equipment financing, and expansion, as well as business checking, treasury management services, and other financial solutions tailored for corporate clients.

• Individual Consumers and Families: While their lending focus leans towards commercial, Primis Bank also serves individual customers. This segment includes individuals and families who utilize services such as personal checking and savings accounts, mortgages for residential properties, home equity lines of credit, and other consumer lending products.

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Dennis J. Zember, Jr., Chief Executive Officer

Dennis J. Zember, Jr. was appointed CEO of Primis Financial Corp. (formerly Southern National Bancorp of Virginia) in February 2020. Prior to joining Primis, he served as President and Chief Executive Officer of Ameris Bancorp, where he helped grow the bank from $1 billion to nearly $17 billion in total assets. During his tenure at Ameris, he also held positions as Chief Operating Officer and Chief Financial Officer. He led numerous acquisitions and strategic development initiatives at Ameris.

Matthew A. Switzer, EVP, Chief Financial Officer

Matthew A. Switzer serves as the Chief Financial Officer for Primis Financial Corp. Before transitioning to Primis as CFO, he led a banking team at Stephens, Inc. for six years as a Managing Director. He holds degrees in Chemical Engineering from the University of Virginia and an MBA from UNC Chapel Hill.

Rick Fulk, EVP, Primis Bank President

Rick Fulk has over 25 years of experience at Primis Bank.

Ann-Stanton C. Gore, EVP, Chief Marketing Officer

Ann-Stanton C. Gore is the Executive Vice President and Chief Marketing Officer at Primis.

Marie T. Leibson, EVP, Chief Credit Officer

Marie T. Leibson holds the position of Executive Vice President and Chief Credit Officer at Primis.

The clear emerging threat for Primis Financial, as with many traditional community banks, is the accelerating proliferation and adoption of digital-first financial technology companies (fintechs) and challenger banks. These entities leverage advanced technology, data analytics, and often superior user interfaces to offer banking services such as deposit accounts, payments, and various loan products (especially for consumers and small businesses) at potentially lower costs, higher interest rates on deposits, or with significantly greater speed and convenience compared to traditional brick-and-mortar banks. This trend directly threatens Primis Financial's ability to attract and retain low-cost deposits, a critical funding source, and its capacity to originate loans, particularly in segments susceptible to digital disruption. Examples include neobanks attracting retail deposits, online lenders simplifying small business credit, and payment platforms expanding into broader financial services, all bypassing traditional branch networks and relationship models.

Primis Financial Corp. (FRST) operates primarily through its subsidiary, Primis Bank, offering a diverse range of financial products and services to individuals and small to medium-sized businesses across Virginia, Maryland, and Washington, D.C.. Their main product and service categories include retail banking, commercial banking, and mortgage and real estate lending. Primis also has specialized offerings such as Panacea Financial, which focuses on healthcare professionals, and mortgage warehouse lending.

The addressable markets for Primis Financial's main products and services in the U.S. are sized as follows:

• Community Banking: The U.S. community banking market was valued at approximately $6.35 billion in 2024 and is projected to reach $19.39 billion in 2025. This market is expected to grow to $26.98 billion by 2029.
• Small Business Lending: The U.S. small business loan market was valued at $30.83 billion in 2023 and is projected to grow to $56.13 billion by 2031. The estimated total lending volume to small businesses in the U.S. for 2025 is $760 billion. Globally, the small business loan market was valued at $2.5 trillion in 2023 and is projected to reach $7.2 trillion by 2032.
• Commercial Real Estate Lending: The U.S. commercial real estate (CRE) mortgage market, which includes income-producing properties and construction loans, is valued at $4.5 trillion and $470 billion respectively. Total CRE mortgage borrowing and lending in the U.S. was estimated at $498 billion in 2024 and is expected to increase by 16% to $583 billion in 2025.
• Residential Mortgages (part of Real Estate Lending): The broader U.S. Real Estate Loan Market, which encompasses residential, commercial, and industrial property developments, was valued at $3.5 trillion in 2024.

Expected Drivers of Future Revenue Growth for Primis Financial (FRST)

Primis Financial (NASDAQ: FRST) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market dynamics:

1. Growth in Mortgage Banking and Warehouse Lending: Primis Financial has demonstrated significant expansion in its mortgage division. Mortgage-related income increased by 31% in the third quarter of 2025 compared to the prior year, with closed mortgage volume rising 34% to $308 million. The company has also seen substantial activity in mortgage warehouse lending, particularly after team expansion in late 2024. Management reported that residential mortgage production has expanded considerably, with continued recruiting success further building annual production.
2. Expansion of Panacea Financial: Panacea Financial, a specialized division, is a key growth area. Panacea Financial's loan balances grew by 40% year-over-year to $548 million by September 30, 2024, and averaged $530 million with a 50% increase in deposits over the past year. The company projects potential growth of an additional $150 million in the Panacea division.
3. Net Interest Margin (NIM) Expansion: Primis Financial anticipates continued improvement in its net interest margin. The net interest margin improved to 3.18% in the third quarter of 2025, up from 2.97% in the same period of 2024. This improvement is attributed to the rebuilding of earning asset levels and favorable deposit pricing, with expectations for further enhancement due to recent rate cuts and efficient deposit cost management. Analysts expect the net interest margin to approach 3.30% by the first quarter of 2026.
4. Core Bank Loan and Earning Asset Growth: The company expects to see growth in its core banking operations. Loans held for investment increased to $3.2 billion at September 30, 2025. The company projects anticipated loan growth of 6-8% in the core bank and reported a nearly 9% annualized increase in gross loans, alongside a 10% annualized increase in average earning assets in the third quarter of 2025.
5. Licensing of the V1BE Digital Platform: Primis Financial is enhancing its V1BE digital platform and plans to license it to other banks. The company expects to onboard its first customer for V1BE licensing in the near future, opening a new potential revenue stream through technology contracts.

Share Repurchases

• Primis Financial Corp. approved a new stock repurchase program on December 21, 2023, authorizing the repurchase of up to 740,600 shares of its common stock, set to conclude by December 21, 2024. The preceding repurchase program had expired without any shares being repurchased.
• A further stock repurchase program for up to 740,600 shares was approved on December 19, 2024, scheduled to conclude on December 19, 2025.

Share Issuance

• Primis Financial's cash flow statements indicate net capital stock issuance of $0.57 million in 2020, $1.51 million in 2021, $0.56 million in 2022, $23.83 million in 2023, and $0.21 million in 2024.
• The company's shares outstanding increased from 24.27 million in 2020 to 24.70 million in 2025.

Outbound Investments

• In the fourth quarter of 2024, Primis Financial announced the sale of its Life Premium Finance business, anticipating a pre-tax gain of $4.5 million, net of advisory and legal fees. This transaction involved EverBank acquiring approximately $370 million of loans from the division.
• The company expanded its mortgage warehouse lending team and launched a significant mortgage warehouse lending business, which is projected to enhance the return on assets by up to 15 basis points once it achieves scale in 2025.

Capital Expenditures

• As of March 31, 2023, Primis Financial had no material commitments for capital expenditures.