Primis Financial Corp. · NASDAQ:FRST
Primis Financial — Q2 2026 Earnings Presentation
19 slides from Primis Financial's earnings presentation, Jul 24, 2026
Slide 1: Primis Financial Corp. Second Quarter 2026
Primis Financial Corp. NASDAQ: FRST Second 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): $397 Price / Book Value per Share: 0.92x Price / Tangible Book Value(1): 1.17x Price / 2026 Estimated EPS(2): 10.29x Price / 2027 Estimated EPS(
Slide 5: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights(1) As of or for the Three As of or for the Six Months Months Ended June 30 Ended June 30 • Margin continues to inch higher 2026 2025 2026 2025 (3.45% in Q2’26 vs. 3.43% in Q1’26) Net Income (Loss) $9.43 $2.44 $16.74 $25.07 Pre-Tax Pre-Provision Op. Net Income(1) $11.69 $
Slide 6: Core Bank—Steady & Profitable
Core Bank—Steady & Profitable Core Bank Balance Sheet & Earnings(1) • Core Bank is 100% core funded with customers that walk in our branches or use our technology Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Net Interest Income $23,269 $22,667 $22,696 $22,071 $21,482 Provision (recovery) $7,676 $189 $935 ($114) $3
Slide 7: Mortgage Warehouse Lending
Mortgage Warehouse Lending Highly Scalable Business at 6.76% Yield in Q2 195% Growth in Loan Balances YoY • Q2’26 YTD operating ratios on $384 million in average loans: $544 • PTPP ROAA: 2.02% • Yields: 6.78% $460 • Margin: 3.40% (with FTP funding) • Efficiency: 25% $327 $318 • Plan to augment growt
Slide 8: Primis Mortgage
Primis Mortgage Growth Despite Rate Environment 30% Growth YoY Funded • Continued recruiting success driving pipeline increases in the face of $421 seasonal/macro headwinds $378 • $34 million of construction-to-perm loans closed in Q2’26 $324 • Limited profitability at origination but attractive rat
Slide 9: Panacea Financial
Panacea Financial Growth in Balance Sheet • Growth in Q2’26: $617 • 22% Growth in Loans YoY $600 • 52% Growth in Deposits YoY $548 $544 $505 • $33 million of commercial loans moved to held for sale at June 30, 2026 • $51 million sold in Q2’26 $169 $153 $133 $128 • Banking over 7,500 doctors and thei
Slide 10: Net Interest Margin & Income
Net Interest Margin & Income Net Interest Margin Our Margin Advantages • Zero pressure across the Company to: 3.45% 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% • $359 million of loan portfolio with WAC of 4.
Slide 11: Balance Sheet – Loans and Deposits by Type and Division
Balance Sheet – Loans and Deposits by Type and Division Panacea $617 18% Digital $1,028 30% Life Premium Finance $128 4% Loans by Portfolio Type Consumer Deposits by Division Program (Millions) $75 (Millions) Core Bank 2% $2,136 Mortgage 61% Warehouse $44 Mortgage Core Bank 1% Warehouse $2,163 64% P
Slide 12: Deposits
Deposits Deposit Composition – Q2’26 Deposit and Cost Trends Time Deposits Demand 2.52% 9% Deposits $3,446 15% 2.46% $3,423 $3,396 Savings Accounts 28% NOW Accounts 2.26% 26% 2.25% 2.23% $3,343 $3,336 Money Market Accounts 23% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Total Deposits Cost of Deposits • Approxima
Slide 13: Efficiency and Operating Expense
Efficiency and Operating Expense Efficiency Ratio Core Opex Burden – 5 Quarters 78.81% ($ in thousands) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 73.92% 73.97% 68.48% Reported Noninterest Expense 31,942 32,313 42,164 33,754 38,207 52.14% Nonrecurring ($232) - ($1,126) - - Primis Mortgage Expenses ($8,514) ($8,2
Slide 14: Loan Portfolio
Loan Portfolio Non-Owner Occupied CRE Breakdown(1) All other Other $59 Consumer 2% CRE - OO Warehouse/Industrial 8% 16% $23 Hotel $155 Mixed Use $44 Assisted Living $37 Retail Office CRE - NOO $67 $138 15% C&I 34% • Hotel portfolio down to $155 million from approximately $300 million in early 2020 •
Slide 15: Asset Quality
Asset Quality Classified Loans / Total Loans (ex. PPP) 4.61% • Substandard and nonaccrual loans down 4.47% 4.46% 4.32% materially in Q2’26 • NPAs/Assets of 1.45% at June 30, 2026 versus 2.35% at March 31, 2026 2.72% • Provision of $5.5 million for Q2’26 • $5.3 million related to additional impairmen
Slide 16: Capital Ratios
Capital Ratios CET1 Ratio TCE / TA(1) 8.33% 9.48% 9.36% 9.18% 8.02% 7.99% 8.92% 8.62% 7.49% 7.48% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 (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) Price / Tangible Book(2) 2.99 $13.72 $13.47 $13.34 2.14 1.86 1.51 1.63 1.42 1.47 1.17 1.29 1.05 1.12 0.64 $11.71 BCBP BRBS CCNE CARE BWFG FRBA MCBS FCBC CBAN PFIS ACNB CCBG CHCO JMSB SFST O
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 Q2’25 Q3'25 Q4'25 Q1'26 Q2'26 Net income available to Primis' common shareholders $2,437 $6,830 $29,540 $7,312 $9,426 Non-GAAP adjustments to Net Income: Loss on sale of investment securities $14,777 Branch Consolidation / Other restructuring Professional fee expense