Primis Financial(NASDAQ) FRST

Primis helps families and small businesses manage money and get loans. It offers banking through physical branches and a modern mobile app. The bank specializes in healthcare and mortgage company lending.

From Doctors to Homeowners

• Commercial Lending: Real estate, construction, and small business loans for local companies; includes a specialized software system to track and monitor collateral.
• Panacea Financial: Specialized products like student debt refinancing and practice loans for doctors, dentists, and veterinarians; held $544 million in loans as of December 31, 2025.
• Mortgage Warehouse: Short-term funding for independent mortgage companies to close residential loans; reached over $1 billion in total commitments as of December 31, 2025.
• Digital Banking: Checking and savings accounts accessed through a mobile platform and the V1BE app for on-demand branch services.
• Residential Mortgages: Home loans for individuals originated through the subsidiary Primis Mortgage Company, which funded $1.2 billion in production during 2025.

Building a Broader Network

• Acquired Primis Mortgage Company in May 2022 to provide residential home loans across the majority of the United States.
• Deconsolidated Panacea Financial Holdings, Inc. on March 31, 2025, to move from direct ownership to a strategic partnership model for healthcare banking.
• Sold the Life Premium Finance division to EverBank in January 2025 to simplify operations and focus on core banking activities.
• Hired a specialized mortgage warehouse lending team in October 2024 to strengthen its market position in the independent mortgage sector.

A New Way to Bank

Primis stands out by using technology like the V1BE app to bring branch services like cash delivery directly to customers. This digital approach allows the bank to grow its customer base without needing to build expensive new physical buildings.

The Financial Scorecard

• Revenue reached $67.1 million in Q1 2026, down 16.2% from $80.1 million in Q1 2025.
• Net income was $7.3 million in Q1 2026, a 67.7% decrease from the previous year.
• Operating income hit $10.3 million in Q1 2026, down 58% from $24.6 million in Q1 2025.
• Free cash flow reached $27 million in Q4 2025.
• Total loans held for investment reached $3.3 billion as of December 31, 2025.

Bottom Line

Primis has evolved from a traditional regional bank into a specialized lender for professional industries like healthcare and mortgages. By blending digital innovation with niche lending, the company has created a flexible business model that reaches far beyond its physical branch network.