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Primis Financial Corp. operates as the bank holding company for Primis Bank that provides various financial services to individuals, and small and medium sized businesses in the United States. The company offers deposit products, including checking, NOW, savings, and money market accounts, as well as certificates of deposits; and commercial deposit products comprising investment/sweep accounts, wire transfer services, employer services/payroll processing services, zero balance accounts, night depository services, depository transfers, merchant services, ACH originations, business debit cards, controlled disbursement accounts, and remote deposit capture services. It also provides commercial lending products, such as loans consist of lines of credit, revolving credit facilities, demand loans, term loans, equipment loans, SBA loans, stand-by letters of credit, and unsecured loans; loans for permanent financing; construction loans for commercial, multi-family, assisted living and other non-residential properties, and builder/developer lines; second asset based lending; SBA lending; financing for medical, dental, and veterinary businesses; and warehouse lending lines of credit to residential mortgage originators. In addition, the company provides consumer lending products comprising residential mortgage, home equity lines of credit, secured and unsecured personal loans, life insurance premium financing, and Panacea consumer loans. Further, it offers debit cards, ATM services, notary services, and mobile and online banking. The company was formerly known as Southern National Bancorp of Virginia, Inc. and changed its name to Primis Financial Corp. Primis Financial Corp. was founded in 2004 and is headquartered in McLean, Virginia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2024
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2024 | $147M | - | $-16M | $18M | -4.4% | 2.4% | - |
| 2023 | $144M | - | $-8M | $27M | -2.0% | 19.9% | -155.4% |
| 2022 | $120M | - | $14M | $11M | 3.6% | 14.7% | -54.5% |
| 2021 | $105M | - | $31M | $25M | 7.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Total Revenue | 104.67 | 120.05 | 143.96 | 147.36 |
| Pretax Income | 39.57 | 17.33 | -11.18 | -28.90 |
| Tax Provision | 8.68 | 3.19 | -1.07 | -4.24 |
| Net Income | 31.11 | 14.15 | -7.83 | -16.20 |
| Net Income Common Stockholders | 31.11 | 14.15 | -7.83 | -16.20 |
| Interest Expense | 19.04 | 21.59 | 93.91 | 106.75 |
| Interest Income | 113.14 | 123.29 | 192.62 | 210.97 |
| Selling General And Administration | 39.27 | 52.96 | 63.51 | 71.07 |
| Normalized Income | 30.49 | 14.79 | 5.68 | -14.86 |
| Basic EPS | 1.28 | 0.72 | 0.40 | -0.31 |
| Diluted EPS | 1.27 | 0.72 | 0.40 | -0.31 |
| Tax Effect Of Unusual Items | 0.11 | -0.15 | -1.43 | -0.23 |
| Tax Rate For Calcs | 0.22 | 0.18 | 0.10 | 0.15 |
| Total Unusual Items | 0.50 | -0.79 | -14.94 | -1.58 |
| Total Unusual Items Excluding Goodwill | 0.50 | -0.79 | -14.94 | -1.58 |
| Net Income From Continuing Operation Net Minority Interest | 30.88 | 14.15 | -7.83 | -16.20 |
| Reconciled Depreciation | 8.04 | 7.43 | 9.09 | 8.93 |
| Net Interest Income | 94.10 | 101.70 | 98.71 | 104.22 |
| Net Income From Continuing And Discontinued Operation | 31.11 | 14.15 | -7.83 | -16.20 |
| Diluted Average Shares | 24.60 | 24.67 | 24.69 | 24.69 |
| Basic Average Shares | 24.44 | 24.56 | 24.64 | 24.69 |
| Diluted NI Availto Com Stockholders | 31.11 | 14.15 | -7.83 | -16.20 |
| Minority Interests | 0 | 0 | 2.28 | 8.46 |
| Net Income Including Noncontrolling Interests | 31.11 | 14.15 | -10.11 | -24.66 |
| Net Income Discontinuous Operations | 0.23 | 0 | 0 | 0 |
| Net Income Continuous Operations | 30.88 | 14.15 | -10.11 | -24.66 |
| Special Income Charges | 0.50 | -0.79 | -14.94 | -1.58 |
| Other Special Charges | 0.07 | 0.79 | 3.79 | 1.58 |
| Impairment Of Capital Assets | 0 | 0 | 11.15 | 0 |
| Gain On Sale Of Security | 0 | 4.77 | 18.30 | 4.73 |
| Depreciation Amortization Depletion Income Statement | 1.36 | 1.32 | 1.27 | 1.26 |
| Depreciation And Amortization In Income Statement | 1.36 | 1.32 | 1.27 | 1.26 |
| Amortization | 1.36 | 1.32 | 1.27 | 1.26 |
| Amortization Of Intangibles Income Statement | 1.36 | 1.32 | 1.27 | 1.26 |
| Selling And Marketing Expense | 1.73 | 3.07 | 1.82 | 1.91 |
| General And Administrative Expense | 37.55 | 49.90 | 61.69 | 69.16 |
| Other Gand A | 5.64 | 0 | 0 | 0 |
| Insurance And Claims | 0.80 | 0.89 | 2.93 | 2.55 |
| Salaries And Wages | 36.74 | 49.01 | 58.77 | 66.61 |
| Operating Revenue | 104.67 | 120.05 | 143.96 | 147.36 |
| Occupancy And Equipment | 9.58 | 10.86 | 12.62 | 12.74 |
| Professional Expense And Contract Services Expense | 5.47 | 4.79 | 4.64 | 10.38 |
| Other Non Interest Expense | 15.72 | 20.72 | 25.62 | 28.61 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Primis Financial Corp.this co. | FRST | $361M | 7.68↓ discount | 0.85 | -4.4% | - |
| American Integrity Insurance Group, Inc. | AII | $379M | 3.43 | 1.13 | 29.6% | 1.35 |
| First Bank | FRBA | $377M | 8.63 | 0.84 | 9.8% | - |
| Farmers & Merchants Bancorp, Inc. | FMAO | $367M | 10.18 | 0.97 | 9.0% | - |
| Regional Management Corp. | RM |
| $362M |
| 8.66 |
| 0.99 |
| 11.9% |
| 12.88 |
| Parke Bancorp, Inc. | PKBK | $356M | 8.59 | 1.05 | 11.6% | - |
| Plumas Bancorp | PLBC | $355M | 10.78 | 1.36 | 11.3% | - |
| PCB Bancorp | PCB | $343M | 8.65 | 1.06 | 9.6% | - |
| Pioneer Bancorp, Inc. | PBFS | $343M | 16.93 | 1.06 | 6.3% | - |
| Peer Median | - | 8.65 | 1.05 | 10.6% | 7.12 | |