Primis Financial Corp. Surveillance Report

Company Profile

Primis Financial Corp. (NASDAQ: FRST) (“Primis” or “the company”) is the BHC for Primis Bank (“the bank”), which operates 24 branches primarily along the I-95 corridor from Southern MD to Central VA. Bank divisions include the i) community bank, ii) residential mortgage warehouse, iii) Primis Mortgage Company, and iv) Panacea consumer and commercial doctor lending.
The total loan portfolio predominately consists of residential (23%), NOO CRE (15%), and C&I and OO CRE (32%). Digital and mobile deposits amounted to about $1 billion (or about 30% of total deposits), as of 3Q25.
During 1Q25, Primis determined that it had no longer had the power to direct the activities of Panacea Financial, Inc. (“PFH”) which owns the rights to the Panacea Financial brand and its intellectual property and partners with the bank to offer a suite of financial products and services for doctors. Its interest in the firm was deconsolidated for financial reporting…

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