Primis Financial Corp (NASDAQ: FRST) is a Virginia-based bank holding company that operates through Primis Bank, providing commercial, consumer, and mortgage banking services. The company earns money primarily through net interest income on loans and deposits, with lending activities spanning commercial real estate, residential mortgage, construction, home equity, and consumer loans. Primis Bank also operates specialty divisions including Panacea Financial, which finances medical, dental, and veterinary business acquisitions, start-ups, expansions, and equipment purchases, and a mortgage warehouse lending unit that extends lines of credit to residential mortgage originators. Net income available to common shareholders for FY2025 totaled $61 million, or $2.49 basic and diluted earnings per share, compared to a net loss in FY2024. The company's CEO is Dennis J. Zember, Jr., and its headquarters are in Glen Allen, Virginia. The company holds two reporting units with goodwill: Primis Bank and Primis Mortgage, tested for impairment as of September 30, 2025.

Revenue model

Net interest income from loans held for investment and deposits is the primary revenue driver. Fee income is generated from mortgage origination and warehouse lending operations. Primis also recorded a $25 million gain from the de-consolidation of Panacea Financial Holdings (PFH) and a $7 million gain from the partial sale of its retained PFH equity stake during FY2025.

Products and services

Commercial and consumer lending; residential mortgage origination and purchase; residential construction loans; home equity lines of credit (up to 80% loan-to-value); mortgage warehouse lines of credit for third-party mortgage originators; Panacea Financial division lending for medical, dental, and veterinary practice acquisitions, start-ups, expansions, real estate, equipment, and buy-ins; bank-owned life insurance; secured and unsecured consumer loans.

Customers and end markets

Individual consumers for personal and residential mortgage products; residential mortgage originators using warehouse lending lines; medical, dental, and veterinary professionals and practices served through the Panacea Financial division; commercial real estate borrowers.

Value-chain role

Community and specialty bank acting as direct lender and deposit-taker. Also functions as a secondary market participant by purchasing originated residential mortgages from warehouse line clients and other originators.

Geographic exposure

Headquartered in Glen Allen, Virginia. Operations concentrated in Virginia and surrounding states based on filing context, though specific branch counts or state-level deposit data are not detailed in the excerpts reviewed.

Source: SEC 10-K, filed 2026-03-16

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