Primis Financial Corp. FRST
Primis Financial Corp. is the bank holding company for Primis Bank, a Virginia state-chartered bank which commenced operations on April 14, 2005. Primis Bank provides a range of financial services to individuals and small and medium-sized businesses.
As of December 31, 2025, Primis had $4.0 billion in total assets, $3.3 billion in total loans held for investment, $3.4 billion in total deposits and $423 million in total stockholders' equity. As of December 31, 2025, Primis Bank had 24 full-service branches in Virginia and Maryland and also provides services to customers through certain online and mobile applications. Headquartered in McLean, Virginia, the Company has an administrative office in Glen Allen, Virginia and an operations center in Atlee, Virginia. PMC, a residential mortgage lender headquartered in Wilmington, North Carolina, is a consolidated subsidiary of Primis Bank. PFH owns the rights to the Panacea Financial brand and its intellectual property and partners with the Bank to offer a suite of financial products and services for doctors, their practices, and ultimately the broader healthcare industry. PFH was deconsolidated from the Company on March 31, 2025, as further
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $200.4M | $211.0M | $192.6M | $123.3M | $113.1M | $117.7M | $120.5M | $118.9M | $83.6M | $48.9M |
| Interest expense | $111.4M | $104.2M | $98.7M | $101.7M | $19.0M | $26.1M | $36.9M | $27.8M | $15.7M | $8.6M |
| Pre-tax income | $72.6M | -$28.9M | -$11.2M | $17.3M | $39.6M | $18.7M | $38.1M | $43.3M | $15.6M | $15.4M |
| Income tax | $14.7M | $4.2M | $1.1M | $3.2M | $8.7M | $4.1M | $5.9M | $9.6M | $13.1M | $5.1M |
| Net income | $61.4K | -$16.2K | -$7.8K | $14.1K | $31.1K | $23.0M | $33.2M | $33.7M | $2.4M | $10.3M |
| EPS, basic | 2.49 | -0.66 | -0.32 | 0.58 | — | 0.96 | 1.38 | 1.40 | 0.13 | 0.84 |
| EPS, diluted | 2.49 | -0.66 | -0.32 | 0.57 | — | 0.96 | 1.36 | 1.39 | 0.13 | 0.83 |
| Shares, diluted (wtd. avg.) | $24.7M | $24.7M | $24.6M | $24.7M | $24.6M | $24.4M | $24.3M | $24.3M | $18.7M | $12.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $143.6M | $64.5M | $77.6M | $77.9M | $530.2M | $196.2M | $31.9M | $28.6M | $25.5M | $47.4M |
| Property, plant and equipment | $6.1M | $19.4M | $20.6M | $25.3M | $30.4M | $30.3M | $31.2M | $32.4M | $35.8M | $8.2M |
| Goodwill | $93.5M | $93.5M | $93.5M | $104.6M | $102.0M | $102.0M | $102.0M | $102.0M | $100.6M | $10.5M |
| Other intangibles | $36.0K | $665.0K | $2.0M | $3.3M | $4.5M | $5.8M | $7.2M | $8.6M | $10.1M | $874.0K |
| Total assets | $4.05B | $3.69B | $3.86B | $3.57B | $3.41B | $3.09B | $2.72B | $2.70B | $2.61B | $1.14B |
| Total liabilities | $3.62B | $3.33B | $3.46B | $3.18B | $3.00B | $2.70B | $2.34B | $2.35B | $2.29B | $1.02B |
| Retained earnings | $109.6M | $58.0M | $84.1M | $101.8M | $97.6M | $78.0M | $69.5M | $45.0M | $18.8M | $22.1M |
| Total equity | $422.9M | $351.8M | $397.6M | $389.0M | $410.0M | $388.8M | $377.2M | $348.3M | $322.8M | $126.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.8M | $19.5M | $28.8M | $12.4M | $27.6M | $28.8M | $37.0M | $41.4M | $24.6M | $18.0M |
| Stock-based compensation | $2.9M | $940.0K | $712.0K | $395.0K | $747.0K | $1.5M | $432.0K | $280.0K | $251.0K | $260.0K |
| Capital expenditure | $1.7M | $1.2M | $1.9M | $1.0M | $2.5M | $1.1M | $1.1M | $2.0M | $1.4M | $143.0K |
| Investing cash flow | -$158.2M | $108.3M | -$312.8M | -$616.9M | $5.8M | -$204.0M | -$5.0M | -$93.7M | -$62.0M | -$95.6M |
| Financing cash flow | $226.6M | -$140.9M | $283.6M | $152.1M | $296.2M | $338.9M | -$28.4M | $55.4M | $15.5M | $94.6M |
| Dividends paid | $9.9M | $9.9M | $9.9M | $9.9M | $9.8M | $9.7M | $8.7M | $7.7M | $5.8M | $3.9M |
| Buybacks | $807.0K | — | — | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-041860.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |