FRST News & Events

Report Q1 net interest income of $32.1M vs. $26.4M y/y. Commenting on the results, Dennis J. Zember, Jr., President and Chief Executive Officer of the Company, stated, "We are excited to see the progress on our profitability initiatives in what is generally a seasonally slow quarter. We believe we are extremely well-positioned with a stronger balance sheet and demonstrated operating leverage versus a year ago. Our expectations for a robust level of profitability in 2026 are on track as we continue operating our plan to maximize results."

Tangible book value per share was $13.34 vs. $10.42 a year ago. Q4 net interest margin was 3.28% vs. 2.90% a year ago. Common equity tier 1 capital ratio was 9.53% vs. 8.62% a year ago. CEO Dennis Zember, Jr. stated, "We spent 2025 harvesting some of the embedded gains on our balance sheet and used those gains to reposition the company for 2026 and beyond. We rebuilt capital levels and tangible book value and eliminated the noise and excess exposure to the consumer loan portfolio. But the year was more about offense than defense, which is reflected in a substantial increase in earning assets and the portion funded with non-interest bearing demand deposits. The core bank along with all of our divisions had the best year in the last decade and are prepared to continue that momentum into 2026."

Primis Financial approved a stock repurchase program for up to 750,000 of the outstanding shares of the company's common stock. The stock repurchase program will begin on December 18, 2025 and conclude on December 18, 2026, subject to the earlier termination or extension of the repurchase program by the Board or the total shares designated for the stock repurchase program are depleted. The company purchased 79,549 shares at an average cost of $10.00 per share under the previous repurchase plan.