Primis Financial Corp. · NASDAQ:FRST
Primis Financial — Q4 2025 Earnings Presentation
20 slides from Primis Financial's earnings presentation, Jan 30, 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 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 net income adjusted for nonrecurring income and expenses; pr
Slide 4: Company Overview
Company Overview Corp. Headquarters: McLean, VA Bank Headquarters: Glen Allen, VA Branches: 24 Ticker (NASDAQ): FRST Valuation Market Capitalization ($MM): $332 Price / Book Value per Share: 0.79x Price / Tangible Book Value(1): 1.01x Price / 2025 Estimated EPS(2): 11.64x Price / 2026 Estimated EPS(
Slide 5: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights(1) Q4'25 Q3'25 Q4'24 QoQ YoY • Margin continues to move higher due to: Net Income $29.50 $6.80 ($23.30) 334% N/A • Rebuilding and repricing of earning assets Diluted EPS $1.20 $0.28 ($0.98) 329% N/A • Favorable deposit pricing • Increasing NIB deposits Tangible Book Valu
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 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 use our technology Net Interest Income $21,801 $23,105 $23,269 $22,667 $21,698 Provision (recovery) $5,504 ($562) $7,676 $189
Slide 7: Mortgage Warehouse Lending
Mortgage Warehouse Lending Highly Scalable Business at 6.92% Yield in Q4 • Q4’25 operating ratios on $300 million in average loans: 502% Annual Growth in Average Loan Balances • AT ROAA: 2.26% • Yields: 6.92% $300 • Margin: 3.49% (with FTP funding) • Efficiency: 35% • Ending Q4 balance of $318 milli
Slide 8: Primis Mortgage
Primis Mortgage Growth Despite Rate Environment • Growth in Q4’25 results from: Growth in Lock Volume Despite Low Volume Season • Recruitment of #4 Nationwide VA lender in late Q1 $402 • Recruitment of #1 originator team in Nashville, TN in late Q1 $368 • Top 7 originators up 55% over Q2’24. • Recen
Slide 9: Panacea Financial
Panacea Financial Growth in Balance Sheet • Growth in Q4’25 : • 25% Growth in Loans YoY $548 $544 • 39% Growth in Deposits YoY $505 $481 • $54 million of commercial loans sold $454 in December 2025 demonstrating demand for Panacea loans and providing additional balance sheet flexibility • Flow loan
Slide 10: Net Interest Margin & Income
Net Interest Margin & Income Core Net Interest Margin(1) Our Margin Advantages • Zero pressure across the Company to: • Compete on rate on any loan offerings in 3.29% any division • Up-price any deposit relationship to preserve funding levels 3.15% 3.13% 3.12% • Margin would have been 11 bps higher
Slide 11: Balance Sheet – Earning Assets
Balance Sheet – Earning Assets Consumer Program PM Portfolio $90 $119 3% Life Premium 4% $141 Core Bank 4% $2,207 66% Warehouse $318 10% Loans by Divisions Deposits by Divisions Panacea (Millions) (Millions) $128 4% Core Bank Panacea $2,072 Mortgage $544 63% Warehouse 16% $29 1% Digital $992 29% Dol
Slide 12: Deposits
Deposits Deposit Composition – Q4’25 NIB Growth 26% YoY Time Deposits 9.3% Demand Deposits $554 16.3% Savings Accounts $490 27.2% $478 NOW Accounts 25.4% $456 Money Market Accounts $439 21.8% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 • Approximately 15% of our commercial checking balances have our proprietary •
Slide 13: Operating Expense
Operating Expense Operating Efficiency Ratio(1) Core Opex Burden – 5 Quarters ($ in thousands) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Reported Noninterest Expense $37,841 $32,516 $31,927 $32,313 $42,164 98.9% 92.0% 88.7% 91.1% PFH Consolidated Expenses ($3,641) ($4,754) - - - 78.8% Noninterest Expense Excl.
Slide 14: Loan Portfolio
Loan Portfolio Non Owner Occupied CRE Breakdown(1) Other 2% CRE - OO Consumer All other 15% 10% $71 Warehouse/Industrial Hotel $21 $163 Mixed Use $45 CRE - NOO 17% Assisted Living $54 C&I Office 30% Retail $81 $132 • Hotel portfolio down to $163 million from almost $300 million in early 2020 • Occup
Slide 15: Asset Quality
Asset Quality Classified Loans / Total Loans (ex. PPP) • Substandard and nonaccrual loans flat linked-quarter 4.32% 4.46% 4.33% • Provision of $2.4 million for Q4’25 • $0.6 million related to growth 2.28% 2.15% • $0.6 million for consumer program • $1.0 million for impaired loans Q4'24 Q1'25 Q2'25 Q
Slide 16: Consumer Loan Book No Longer an Overhang
Consumer Loan Book No Longer an Overhang • Promotional loans with full deferral Q4'24 Q1'25 Q2’25 Q3’25 Q4’25 have driven volatility Gross Loans (Incl. Discount) $172,634 $148,265 $123,892 $109,551 $96,652 • Higher defaults when exiting the Full Deferral Promo Loans $39,129 $17,530 $9,662 $4,849 $1,
Slide 17: Capital Ratios
Capital Ratios CET1 Ratio TCE / TA(1) 8.33% 9.53% 9.35% 7.82% 8.92% 7.49% 7.48% 8.74% 8.62% 7.16% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 (1) See reconciliation of Non-GAAP financial measures on slide 20 17
Slide 18: 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) 2.67 $13.34 1.75 1.51 1.56 1.26 1.28 1.31 1.20 1.06 1.08 1.09 1.01 0.46 $11.71 $11.40 $11.48 MPB CCNE ORRF CHCO MNSB MVBF PFIS SMBK MCBS BWFG BCBP FRST CFFI SFST FR
Slide 19: 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 19
Slide 20: Reconciliation of Non-GAAP Terms
Reconciliation of Non-GAAP Terms Reconciliation of Non-GAAP items: Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net income (loss) attributable to Primis' common shareholders ($23,335) $22,636 $2,437 $6,830 $29,540 Non-GAAP adjustments to Net Income: Loss on sale of investment securities $14,777 Branch Consolidatio