Slide 1: Primis Financial Corp. First Quarter 2026
Primis Financial Corp. NASDAQ: FRST First Quarter 2026
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 27A of the Securities Act of 1933, as amended, a
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 operating net income (loss) available to Primis' common shar
Slide 4: Company Overview
Company Overview Corp. Headquarters: McLean, VA Bank Headquarters: Glen Allen, VA Branches: 24 Ticker (NASDAQ): FRST Valuation Market Capitalization ($MM): $347 Price / Book Value per Share: 0.81x Price / Tangible Book Value(1): 1.04x Price / 2026 Estimated EPS(2): 9.03x Price / 2027 Estimated EPS(2
Slide 5: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights(1) • Margin continues to move higher Q1'25 Q4'25 Q1'26 QoQ YoY due to: Operating Net Income $3.6 $2.4 $8.1 242% 126% Operating ROAA 0.40% 0.23% 0.84% 61 bps 44 bps • Favorable deposit pricing/Increased NIB • Strong earning asset yields Operating ROTCE 5.78% 3.07% 10.19%
Slide 6: Core Bank—Steady & Profitable
Core Bank—Steady & Profitable Core Bank Balance Sheet & Earnings(1) • Core Bank is 100% core funded with Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 customers that walk in our branches Net Interest Income $23,105 $23,269 $22,667 $22,696 $22,071 or use our technology Provision (recovery) ($562) $7,676 $189 $935 ($
Slide 7: Mortgage Warehouse Lending
Mortgage Warehouse Lending Highly Scalable Business at 6.80% Yield in Q1 300% Growth in Loan Balances YoY • Q1’26 operating ratios on $342 million in average loans: $460 • PTPP ROAA: 2.54% • Yields: 6.80% • Margin: 3.48% (with FTP funding) • Efficiency: 27% $327 $318 • Plan to augment growth with la
Slide 8: Primis Mortgage
Primis Mortgage Growth Despite Rate Environment • Continued recruiting success driving 97% Growth YoY Locks pipeline increases in the face of seasonal/macro headwinds $501 • $26 million of construction-to-perm loans closed in Q1’26 $392 • Limited profitability at origination but attractive rates dur
Slide 9: Panacea Financial
Panacea Financial Growth in Balance Sheet • Growth in Q1’26: $600 • 27% Growth in Loans YoY • 63% Growth in Deposits YoY $548 $544 $505 • $41 million of commercial loans $474 moved to held for sale at March 31, 2026 • Sale closing expected early Q2’26 • Regular flow sales planned to start soon there
Slide 10: Net Interest Margin & Income
Net Interest Margin & Income Net Interest Margin Our Margin Advantages • Zero pressure across the Company to: 3.43% • Compete on rate on any loan offerings in any division • Up-price any deposit relationship to 3.28% preserve funding levels 3.18% 3.15% • $27MM debt retired 1/31/26 • $402 million of
Slide 11: Balance Sheet – Loans and Deposits by Type and Division
Balance Sheet – Loans and Deposits by Type and Division Panacea $153 Panacea 5% $600 Mortgage Warehouse 18% $43 1% Core Bank $2,030 Life Premium Finance 59% $136 4% Loans by Portfolio Type Consumer Program $82 Digital $999 Deposits by Division (Millions) 2% 29% (Millions) Mortgage Core Bank Warehous
Slide 12: Deposits
Deposits Deposit Composition – Q1’26 Deposit and Cost Trends Time Deposits 9% Demand Deposits 16% 2.52% 2.52% 2.46% 2.26% 2.23% Savings Accounts 28% NOW $3,423 Accounts $3,396 25% $3,343 $3,336 Money Market Accounts 23% $3,169 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Total Deposits Cost of Deposits • Approxima
Slide 13: Operating Expense
Operating Expense Operating Efficiency Ratio(1) Core Opex Burden – 5 Quarters ($ in thousands) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 92.0% 91.1% Reported Noninterest Expense 32,516 31,942 32,313 42,164 33,754 88.7% 78.8% 74.0% PFH Consolidated Expenses (4,754) - - - - Noninterest Expense Excl. PFH 27,762 31
Slide 14: Loan Portfolio
Loan Portfolio Non-Owner Occupied CRE Breakdown(1) Other Consumer 2% CRE - OO All Other 8% 16% $59 Warehouse/Industrial $23 Hotel $156 Mixed Use $44 CRE - NOO 16% Assisted Living $41 Retail Office C&I $83 $134 33% • Hotel portfolio down to $156 million from almost $300 million in early 2020 C&D • Oc
Slide 15: Asset Quality
Asset Quality Classified Loans / Total Loans (ex. PPP) • Substandard and nonaccrual loans essentially flat for last three quarters 4.47% 4.61% 4.46% 4.32% • Provision of $1.5 million for Q1’26 • $0.1 million related to growth 2.29% • $0.4 million for consumer program • $0.6 million for impaired loan
Slide 16: Capital Ratios
Capital Ratios CET1 Ratio TCE / TA(1) 8.33% 9.35% 9.36% 9.35% 8.02% 7.82% 8.92% 7.49% 7.48% 8.62% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 (1) See reconciliation of Non-GAAP financial measures on slide 19 16
Slide 17: Per Share Results
Per Share Results Increasing Tangible book Value Per Share(1) Significant Upside Just to Peer Group Average(3) 2.78 Price / Tangible Book(2) $13.47 2.29 $13.34 1.70 1.56 1.48 1.32 1.38 1.28 1.20 1.04 1.07 0.98 $11.71 0.59 $11.40 $11.48 MVBF CCNE SMBK CHCO FRST FRBA JMSB PFIS FCBC CFFI CARE ACNB CCBG
Slide 18: Investment Summary
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 18
Slide 19: Reconciliation of Non-GAAP Terms
Reconciliation of Non-GAAP Terms Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Net income attributable to Primis' common shareholders $22,636 $2,437 $6,830 $29,540 $7,312 Non-GAAP adjustments to Net Income: Loss on sale of investment securities $14,777 Branch Consolidation / Other restructuring $144 Professional fe