Primis Financial Corp. · NASDAQ:FRST
Primis Financial — Q4 2025 Earnings Presentation
20 slides from Primis Financial's earnings presentation, Jan 29, 2026
Slide 1: Primis Financial Corp. Fourth Quarter 2025
Primis Financial Corp. NASDAQ: FRST Fourth Quarter 2025
Slide 2: Forward-Looking Statements
Forward - Looking Statements This presentation and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward - looking statements” within the meaning of, and subject to the protections of, Section 27 A of the Securities Act of 1933 , as amen
Slide 3: Non-GAAP Measures
Non - GAAP Measures Statements included in this presentation include non - GAAP financial measures and should be read along with the accompanying tables . Primis uses non - GAAP financial measures to analyze its performance . The measures entitled net income adjusted for nonrecurring income and expe
Slide 4: Company Overview
Company Overview Corp. Headquarters: Bank Headquarters: Branches: Ticker (NASDAQ): Pricing as of January 27, 2026. Financial data as of or for the three months ended December 31, 2025. (1) See reconciliation of Non - GAAP financial measures beginning on slide 20. (2) Mean analyst estimates per Bloom
Slide 5: Q4 2025 Financial Highlights
• Margin continues to move higher due to: • Rebuilding and repricing of earning assets • Favorable deposit pricing • Increasing NIB deposits • Restructuring of securities portfolio • Material operating leverage in Q4 and expected to continue • All facets of the bank are adding to results in Q4: • Co
Slide 6: Core Bank — Steady & Profitable
• Core Bank is 100% core funded with customers that walk in our branches or use our technology • V1BE (proprietary branch delivery app) manages approximately 15% of our commercial checking accounts • Focus on NIB driving results with NIB now 23% of Core Bank deposits • Extremely limited efforts on I
Slide 7: Mortgage Warehouse Lending
• Q4’25 operating ratios on $300 million in average loans: • AT ROAA: 2.26% • Yields: 6.92% • Margin: 3.49% (with FTP funding) • Efficiency: 35% • Ending Q4 balance of $318 million at the seasonal low • Plan to augment growth with larger top - tier lines and MSR relationships through 2026 • Low cost
Slide 8: Primis Mortgage
• Growth in Q4’25 results from: • Recruitment of #4 Nationwide VA lender in late Q1 • Recruitment of #1 originator team in Nashville, TN in late Q1 • Top 7 originators up 55% over Q2’24. • Recent hires have added >$500 million to annualized run - rate production • $32 million of construction - to -
Slide 9: Panacea Financial
• Growth in Q4’25 : • 25% Growth in Loans YoY • 39% Growth in Deposits YoY • $54 million of commercial loans sold in December 2025 demonstrating demand for Panacea loans and providing additional balance sheet flexibility • Flow loan sales expected to begin Q1 2026 • Banking over 7,500 doctors and th
Slide 10: Net Interest Margin & Income
Net Interest Margin & Income (1) See reconciliation of Non - GAAP financial measures beginning on slide 20 10 Core Net Interest Margin (1) Our Margin Advantages • Zero pressure across the Company to: • Compete on rate on any loan offerings in any division • Up - price any deposit relationship to pre
Slide 11: Balance Sheet – Earning Assets
Balance Sheet – Earning Assets Dollars in Millions 11 Core Bank $2,072 63% Panacea $544 16% Warehouse $318 10% Life Premium $141 4% PM Portfolio $119 4% Consumer Program $90 3% Loans by Divisions (Millions) Core Bank $2,207 66% Panacea $128 4% Mortgage Warehouse $29 1% Digital $992 29% Deposits by D
Slide 12: Deposits
Deposits Dollars in Millions 12 • Approximately 15% of our commercial checking balances have our proprietary branching app • Even with vastly scalable lending strategies, we can grow deposits faster with zero pressure on the core bank’s relationship pricing or profitability • Core Bank benefitting f
Slide 13: Operating Expense
Operating Expense (1) See reconciliation of Non - GAAP financial measures beginning on slide 20 13 • Q4’25 includes elevated expenses that are anticipated to decline in Q1’26 (except lease expense) • $4.5 million compensation expense, majority related to restricted stock expense driven by year - end
Slide 14: Loan Portfolio
Loan Portfolio (1) Dollars in millions 14 Non Owner Occupied CRE Breakdown (1) CRE - OO 15% CRE - NOO 17% C&D 4% Residential 22% C&I 30% Consumer 10% Other 2% • Hotel portfolio down to $163 million from almost $300 million in early 2020 • Occupancy, RevPAR, and ADR exceeding 2019 performance • Debt
Slide 15: Asset Quality
Asset Quality (1) See reconciliation of Non - GAAP financial measures beginning on slide 20 15 Classified Loans / Total Loans (ex. PPP) Core NCOs / Average Loans (1) 0.05% 0.06% 0.15% 0.03% 0.05% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2.28% 2.15% 4.32% 4.46% 4.33% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 • Substandard
Slide 16: Consumer Loan Book No Longer an Overhang
• Promotional loans with full deferral have driven volatility • Higher defaults when exiting the promotional window have weighed on credit costs • Required GAAP interest recognition at promo expiration followed by large reversals at default in subsequent periods exacerbated revenue noise • Full defe
Slide 17: Capital Ratios
Capital Ratios (1) See reconciliation of Non - GAAP financial measures on slide 20 17 CET1 Ratio TCE / TA (1) 9.53% 8.62% 8.92% 9.35% 8.74% Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 8.33% 7.48% 7.49% 7.82% 7.16% Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Slide 18: Per Share Results
Per Share Results (1) Core Bank results based on management reporting excluding business lines and with estimated corporate allocations and Income statement Items are stated in thousands (2) Data from Capital IQ with pricing as of January 27,2026 (3) Peers based on FRST proxy compensation peer group
Slide 19: Investment Summary
• Desirable and profitable core bank paired with attractive nationwide business lines • Profitability thesis intact – achievable 1.0% ROAA in 2026 • Attractive valuation relative to peers • Board and management team focused on driving shareholder value Investment Summary 19
Slide 20: Reconciliation of Terms
Reconciliation of Non - GAAP Terms 20 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Reconciliation of Non - GAAP items: $29,540 $6,830 $2,437 $22,636 ($23,335) Net income (loss) attributable to Primis' common shareholders Non - GAAP adjustments to Net Income: $14,777 Loss on sale of investment securities $0 $0 $0 $