Slide 1: Second Quarter 2021
Second Quarter 2021 NASDAQ: FRST Exhibit 99.2
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 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 pre-tax pre-provision operating earnings; pre-tax pre-provision operating retu
Slide 4: Company Snapshot
Company Snapshot 4 Corp. Headquarters: McLean, VA Bank Headquarters: Glen Allen, VA Branches: 41 Ticker (NASDAQ): FRST Balance Sheet Assets: $3.4 billion Loans: $2.3 billion Deposits: $2.8 billion TCE/TA(1): 9.12% TBV/Share(1): $12.22 Profitability ROAA: 1.23% ROAE: 10.28% ROATCE(1): 14.03% Net Inte
Slide 5: Investment Highlights
Talented management team and board committed to building long-term shareholder value Footprint in attractive banking markets Aggressive and early use of technology positioning the bank for superior performance as the industry evolves Significant operating leverage as loan demand recovers Investment
Slide 6: Management Team
Management Team 6 Insiders have purchased over 1% of the Company’s shares in the last 12 months Name Years at Primis Years in Industry Title
Slide 7: Meaningful Opportunities in Attractive Markets
Deposit data as of June 30, 2020. Dollars in millions. Source: S&P Global. Meaningful Opportunities in Attractive Markets 7 Virginia Washington D.C. Richmond Projected Population Growth 2021-2026 Total Population 2021 States MSAs
Slide 8: Strategic Update
Strategic Update 8 Maximize core funding Embrace technology for competitive advantage Partner with FinTech entrepreneurs to drive above-average growth Core deposits now over 85% of total deposits with almost 20% non-interest bearing On-track for Q4 launch of digital offering built on modern technolo
Slide 9: Balance Sheet Trends
Dollars in millions. (1) See reconciliation of Non-GAAP financial measures on slide 20. Balance Sheet Trends 9
Slide 10: Deposit Trends
Deposit Trends Dollars in millions. (1) Core deposits exclude time deposits. CAGR ’17-2Q21: 122% ’19-2Q21: 146% Deposit Composition Core Deposit Growth (1) Aggressively growing core deposits to reposition our funding base for the future No brokered deposits and only $24.8 million of listing service
Slide 11: Loan Composition and Trends
Loan Composition and Trends Dollars in millions. Loan Trends and Yields Loan Composition Loans (excluding PPP) declined 0.21% linked-quarter Pipelines, both core bank and Panacea, are beginning to build 11
Slide 12: Asset Quality
Asset Quality 12 Classified loans and NPAs exclude guaranteed portion of SBA loans. NPAs / Loans (ex. PPP) + OREO NCOs / Average Loans Criticized & Classified Loans / Total Loans (ex. PPP) Asset quality remains solid with no significant migration in Q2 Deferred loans declined to $26MM in Q2, down fr
Slide 13: Allowance for Credit Losses
Allowance for Credit Losses 13 Classified loans exclude guaranteed portion of SBA loans. ACL / Gross Loans (ex. PPP) ACL / Classified Loans Reserve release of $4.2 million in Q2 as deferrals declined and economic impacts of COVID-19 receded ACL coverage of both gross loans and classified loans remai
Slide 14: Profitability
Profitability 14 Dollars in millions. (1) See reconciliation of Non-GAAP financial measures on slide 20. Return on Average Assets Pre-Tax Pre-Provision Earnings Profitability in Q2 benefited from mortgage activity and negative provisioning Pre-tax pre-provision earnings continue to be impacted by ma
Slide 15: Cash and Equivalents; Net Interest Margin
Cash and Equivalents Net Interest Margin 15 Dollars in millions. (1) See reconciliation of Non-GAAP financial measures on slide 20. Net Interest Margin Reported net interest margin negatively impacted by reduced PPP fee income recognized in Q2 ($1.8 million Q2 versus $4.9 million Q1) Cash and equiva
Slide 16: Non-Interest Expense and Efficiency Ratio
Non-Interest Expense and Efficiency Ratio 16 Dollars in thousands. (1) See reconciliation of Non-GAAP financial measures on slide 20. Non-Interest Expense (Excluding Reserve for Unfunded Commitments Expense) Efficiency Ratio Continued focus on managing expenses in a difficult operating environment w
Slide 17: Per Share Results
Per Share Results 17 (1) See reconciliation of Non-GAAP financial measures on slide 20. Diluted Earnings Per Share Tangible Book Value Per Share (1)
Slide 18: Summary
Talented management team and board committed to building long-term shareholder value Footprint in attractive banking markets Aggressive and early use of technology positioning the bank for superior performance as the industry evolves Significant operating leverage as loan demand recovers Summary 18
Slide 19: Appendix
Appendix of PRIMIS
Slide 20: Non-GAAP Reconciliation
*Net interest margin excluding the effect of SBA PPP loans assumes a funding cost of 35bps on average PPP balances in all applicable periods Non-GAAP Reconciliation 20 *Net interest margin excluding the effect of PPP loans assumes a funding cost of 35 bps on average PPP balances in all applicable pe