Business
Primis Financial Corp. Announces Sale-Leaseback Transaction
Primis Bank (the "Bank"), the wholly-owned subsidiary of Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), today announced it has entered into a sale-leaseback transaction covering 18 branch properties. The transaction itself has a pre-tax gain of $50 million and provided the Bank a unique opportunity to restructure several areas of the balance sheet, improve operating earnings and build capital levels to support the growth expected in 2026 and 2027.
About this update from Primis Financial Corp.
[{"type":"text","content":"Accretive to TBV by 13.2% and Recurring Earnings by 15.0%","length":57,"tagName":"p","attribs":{}},{"type":"text","content":"MCLEAN, Va., Dec. 8, 2025 /PRNewswire/ -- Primis Bank (the "Bank"), the wholly-owned subsidiary of Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), today announced it has entered into a sale-leaseback transaction covering 18 branch properties. The transaction itself has a pre-tax gain of $50 million and provided the Bank a unique opportunity to restructure several areas of the balance sheet, improve operating earnings and build capital levels to support the growth expected in 2026 and 2027.","length":543,"tagName":"p"},{"type":"image","alt":"Primis (PRNewsfoto/Primis Financial Corporation)","displaySize":"","headline":null,"caption":"Primis (PRNewsfoto/Primis Financial Corporation)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":101,"url":"https://media.zenfs.com/en/prnewswire.com/bdf5ee89ebd96cfe72bd93c39037df69"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/RxuweEI83M4.2XtdMLGDDw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTE3ODtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/bdf5ee89ebd96cfe72bd93c39037df69","width":400,"height":101}},"href":"https://mma.prnewswire.com/media/1475393/Primis_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Dennis J. Zember, Jr., President and Chief Executive Officer of the Company stated, "This transaction as we close out 2025 is the finishing touch on a great year of repositioning the Company. We have rebuilt tangible book value and capital levels by realizing some embedded gains and strengthened the earnings outlook materially with 12 months of profitable growth and now this restructure. Because of this transaction, we are starting 2026 with the capital we need to support several mature strategies that are growing revenue with very little operating expense burden."","length":581,"tagName":"p"},{"type":"text","content":"On a net basis, after restructuring charges and deal expenses, the Company expects a gain of $38 million after tax or $1.54 per share. The impact on the Company's key ratios is seen below (against reported 3Q25 results and assuming full implementation of restructuring which is expected to be complete in the first quarter of 2026):...