Primis Financial Corp. · NASDAQ:FRST
Primis Financial — Q3 2025 Earnings Presentation
19 slides from Primis Financial's earnings presentation, Oct 24, 2025
Slide 1: Third Quarter 2025
Third Quarter 2025 NASDAQ: FRST
Slide 2: 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, and Section 21E of the Secur
Slide 3: Non-GAAP financial 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 expenses; pre-tax pre-provisio
Slide 4: Company Overview
Company Overview Corp. Headquarters: McLean, VA Bank Headquarters: Glen Allen, Branches: VA Ticker (NASDAQ): 24 FRST Valuation Market Capitalization ($MM): $242 Price / Book Value per Share 0.63x Price / Tangible Book Value(1): 0.84x Price / 2025 Estimated EPS(2): 9.72x Price / 2026 Estimated EPS(2)
Slide 5: Financial Highlights
Financial Highlights(1) Q3'25 Q2'25 Q3'24 QoQ YoY • Margin continues to move higher due to: • Rebuilding and repricing of earning assets Net Income $6.8 $2.4 $1.2 180% 456% • Favorable deposit pricing Diluted EPS $0.28 $0.10 $0.05 180% 464% • Increasing NIB deposits Tangible Book Value per Share $11
Slide 6: Core Bank Balance Sheet & Earnings
Core Bank Balance Sheet & Earnings(1) • Core Bank is 100% core funded with customers that Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 walk in our branches or use our technology Net Interest Income $20,181 $21,801 $23,105 $23,269 $22,667 Provision (recovery) $2,277 $5,504 -$562 $7,676 $189 • V1BE (proprietary bran
Slide 7: Highly Scalable Business at 7.56% Yield in Q3
Highly Scalable Business at 7.56% Yield in Q3 • September operating ratios on $240 million in average loans: Exponential Growth with Strong Risk-Adjusted Returns • AT ROAA: 3.05% • Yields: 7.40% $327 • Margin: 3.92% (with FTP funding): • Efficiency: 22% • Ending Q3 balance of $327 million with line
Slide 8: Growth Despite Rate Environment
Growth Despite Rate Environment • Growth in Q3’25 results from: $397 • 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. • $26 million of construction-to-perm loans funded in Q3’25 $278 • Limited p
Slide 9: Growth in Balance Sheet
Growth in Balance Sheet $548 • Deposits outstanding at Q3’25 $133 million up 19% from previous quarter $505 $474 $434 $392 • $53 million of commercial loans in held for sale at September 30, 2025 demonstrating demand for Panacea paper and providing additional balance sheet flexibility • Banking over
Slide 10: Our Margin Advantages
Our Margin Advantages Core Net Interest Margin(1) • Zero pressure across the Company to: 3.15% • Compete on rate on any loan offerings in any division 3.13% • Up-price any deposit relationship to preserve funding levels 3.12% • All lending and funding activities are accretive to our current margin •
Slide 11: Rebuilding Earning Assets with Quality and Yield
Rebuilding Earning Assets with Quality and Yield • Rebuilding earning assets back slowly with growth equally from the $3,762 core bank, mortgage warehouse and Panacea $3,710 $3,602 • Management expects this EA growth to carry the margin to 3.30% range. Then continued shifts in deposit mix and costs
Slide 12: Loans and Deposits by Division
Mortgage Warehouse $327 Core Bank 10% $2,133 64% Consumer Program $101 3% Life Premium Finance $140 4% Loans by Division Deposits by Division (Millions) Panacea (Millions) $133 Core Bank 4% $2,286 67% Mortgage Panacea Warehouse $548 $34 16% 1% Digital $1,036 31% Loans HFS for Panacea included in Pan
Slide 13: Bank Deposit Composition – Q3'25
Bank Deposit Composition – Q3’25 NIB Growth 16% YoY Time Deposits Demand Deposits $490 9% 15% $478 Savings Accounts NOW Accounts 29% $456 25% $439 $421 Money Market Accounts Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 22% • Approximately 15% of our commercial checking balances have our proprietary • Core Bank ben
Slide 14: Improving Operating Efficiency
Improving Operating Efficiency(1) Core Opex Burden – 5 Quarters(1) ($ in thousands) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Operating Efficiency Ratio 98.9% Reported Noninterest Expense $30,603 $37,841 $32,516 $31,927 $32,313 PFH Consolidated Expenses ($2,576) ($3,641) ($4,754) - - Noninterest Expense Excl. P
Slide 15: Criticized & Classified Loans / Core NCOs
Criticized & Classified Loans / Total Loans (Ex. PPP) Other Consumer 2% CRE - OO 10% 15% 5.34% CRE - NOO 4.68% 19% 3.20% 3.32% 3.09% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 C&I 29% Core NCOs / Average Loans (1) 0.15% C&D 3% 0.11% Residential 22% 0.06% 0.05% 0.03% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 (1) See reconcil
Slide 16: Consumer Program Loan Trends
• Promotional loans with full deferral have driven volatility • Higher defaults when exiting the promotional window have Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 weighed on credit costs Total Loans (1) $175,204 $172,634 $148,265 $123,892 $109,551 • Required GAAP interest recognition at promo expiration followe
Slide 17: Risk Based Capital, TCE / TA and Leverage Ratio
Risk Based Capital TCE / TA and Leverage Ratio(1) 12.96% 12.53% 12.43% 12.02% 11.68% 8.71% 8.20% 8.34% 8.32% 9.66% 7.76% 7.82% 7.29% 7.49% 7.48% 9.35% 9.22% 7.16% 9.05% 8.92% 8.91% 8.74% 8.62% 8.51% 8.23% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 CET1 Tier 1 Total TCE/TA Leverage R
Slide 18: Increasing Tangible Book Value Per Share
Increasing Tangible Book Value Per Share(1) • 2026 estimates are achievable and lead to attractive ROE $11.71 $11.48 $11.40 • 41% upside to the peer group average valuation of 1.24x $10.42 Significant Upside Just to Peer Group Average(3) Q4'24 Q1'25 Q2'25 Q3'25 2.91 Continued Momentum for Earnings G
Slide 19: Reconciliation of Non-GAAP items
Reconciliation of Non-GAAP items: Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Net income (loss) attributable to Primis' common shareholders $1,228 ($23,335) $22,636 $2,437 $6,830 Non-GAAP adjustments to Net Income: Branch Consolidation / Other restructuring $0 $0 $144 $0 $0 Professional fee expense related to acc