Primis Financial Corp.

For the period ended Mar 31, 2025. Filed May 14, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 14, 2025

FRST$14.68+1.4%Stored close · as of Nov 9, 2026

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Contents

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share amounts)


· March 31, · December 31,
· · 2025 · · 2024
· · (unaudited) · ·
ASSETS · · · · ·
Cash and cash equivalents: · ·
Cash and due from financial institutions	$7,972	$8,059
Interest-bearing deposits in other financial institutions	49,072	56,446
Total cash and cash equivalents	57,044	64,505

Securities available-for-sale, at fair value (amortized cost of $263,795 and $262,632, respectively)	241,638	235,903

Securities held-to-maturity, at amortized cost (fair value of $8,445 and $8,602, respectively)	9,153	9,448

Loans held for sale, at fair value	74,439	83,276
Loans held for sale, at lower of cost or market	—	163,832
Total loans held for sale	74,439	247,108

Loans held for investment, collateralizing secured borrowings	16,811	17,287
Loans held for investment	3,026,537	2,870,160
Less: allowance for credit losses	(44,021)	(53,724)
Net loans	2,999,327	2,833,723

Stock in Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB)	12,983	13,037
Bank premises and equipment, net	19,210	19,432
Assets held for sale	2,420	5,497
Operating lease right-of-use assets	10,352	10,279
Cloud computing arrangement assets, net	7,485	8,065
Goodwill	93,459	93,459
Intangible assets, net	345	665
Bank-owned life insurance	67,609	67,184
Deferred tax assets, net	21,399	26,466
Consumer Program derivative asset	1,597	4,511
Investment in Panacea Financial Holdings, Inc. common stock	21,227	—
Other assets	57,623	50,833
Total assets	$3,697,310	$3,690,115

LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing demand deposits	$455,768	$438,917
Interest-bearing deposits:
NOW accounts	819,606	817,715
Money market accounts	785,552	798,506
Savings accounts	777,736	775,719
Time deposits	330,210	340,178
Total interest-bearing deposits	2,713,104	2,732,118
Total deposits	3,168,872	3,171,035

Securities sold under agreements to repurchase	4,019	3,918
Secured borrowings	16,729	17,195
Junior subordinated debt	9,892	9,880
Senior subordinated notes	86,057	85,998
Operating lease liabilities	11,639	11,566
Other liabilities	24,539	25,541
Total liabilities	3,321,747	3,325,133

Commitments and contingencies (See Note 9)

Stockholders' equity:
Preferred stock, $0.01 par value. Authorized 5,000,000 shares; no shares issued and outstanding	—	—
Common stock, $0.01 par value. Authorized 45,000,000 shares; 24,722,734 shares issued and outstanding at March 31, 2025 and December 31, 2024	247	247
Additional paid in capital	314,725	314,694
Retained earnings	78,211	58,047
Accumulated other comprehensive loss	(17,620)	(21,232)
Total Primis stockholders' equity	375,563	351,756
Noncontrolling interests	—	13,226
Total stockholders' equity	375,563	364,982
Total liabilities and stockholders' equity	$3,697,310	$3,690,115

See accompanying notes to unaudited condensed consolidated financial statements.

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