Primis Financial Corp. · NASDAQ:FRST
Primis Financial — Q3 2026 Earnings Presentation
19 slides from Primis Financial's earnings presentation, Oct 23, 2026
Slide 1: Primis Financial Corp. Third Quarter 2026
Primis Financial Corp. NASDAQ: FRST Third Quarter 2026
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 operating net income (loss) available to Primis' common shar
Slide 4: Company Overview
Company Overview Corp. Headquarters: McLean, VA Bank Headquarters: Glen Allen, VA Branches: 24 Ticker (NASDAQ): FRST Valuation Market Capitalization ($MM): $389 Price / Book Value per Share: 0.89x Price / Tangible Book Value(1): 1.13x Price / 2026 Estimated EPS(2): 10.18x Price / 2027 Estimated EPS(
Slide 5: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights(1) As of or for the Three Months As of or for the Nine Months • Margin expanded 21 bps vs Q2’26 Ended September 30 Ended September 30 (14 bps excluding interest recovery) 2026 2025 2026 2025 Net Income (Loss) $8.67 $6.83 $25.41 $31.90 Pre-Tax Pre-Provision Op. Net Income
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 use our technology Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net Interest Income $22,722 $22,696 $22,071 $21,482 $22,489 Provision (recovery) $189 $935 ($328) $3,147 $2
Slide 7: Mortgage Warehouse Lending
Mortgage Warehouse Lending Highly Scalable Business at 6.84% Yield in Q3 53% Growth in Loan Balances YoY • Q3’26 YTD operating ratios on $399 million in average loans: $544 • PTPP ROAA: 2.57% $501 • Yields: 6.80% $460 • Margin: 3.41% (with FTP funding) • Efficiency: 25% $327 $318 • Q3’26 average loa
Slide 8: Primis Mortgage
Primis Mortgage Managing Through Rate Environment • Attractive platform allows for selective recruiting to position for higher 13% Growth YoY Funded volumes • Aggressively eliminating costs for the $367 current environment $347 $308 • $40 million of construction-to-perm loans closed in Q3’26 $230 •
Slide 9: Panacea Financial
Panacea Financial Growth in Balance Sheet • Growth in Q3’26: $642 $617 • 17% Growth in Loans YoY $600 • 56% Growth in Deposits YoY $548 $544 • $39 million of commercial loans moved to held for sale at September 30, 2026 • $32 million sold in Q3’26 $207 $169 $153 $133 $128 • Banking over 7,500 doctor
Slide 10: Net Interest Margin & Income
Net Interest Margin & Income Net Interest Margin • $570 million of fixed rate loans with a 5.31% weighted average coupon reprice over the next 4 quarters 3.66% 3.45% • Additional $530 million of floating-rate 3.43% loans are indexed to Prime and SOFR 3.28% and reprice directly with Fed rate 3.18% mo
Slide 11: Balance Sheet – Loans and Deposits by Type and Division
Balance Sheet – Loans and Deposits by Type and Division Panacea $603 17% Digital $1,044 30% Life Premium Finance $122 4% Loans by Portfolio Type Consumer Program Deposits by Division (Millions) $69 (Millions) 2% Core Bank Mortgage $2,204 Warehouse 63% $39 Mortgage Core Bank 1% Warehouse $2,183 $501
Slide 12: Deposits
Deposits Deposit Composition – Q3’26 Deposit and Cost Trends Time Deposits Demand 9% Deposits 2.46% 14% $3,473 $3,446 $3,423 Savings Accounts $3,396 2.28% 28% NOW Accounts 2.26% 26% 2.25% 2.23% Money Market $3,336 Accounts 23% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Total Deposits Cost of Deposits • Approxima
Slide 13: Efficiency and Operating Expense
Efficiency and Operating Expense Operating Efficiency Ratio(1) Core Opex Burden – 5 Quarters 91.05% ($ in thousands) Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 78.81% 76.51% 75.47% 73.97% Reported Noninterest Expense 32,313 42,164 33,754 38,207 37,155 Nonrecurring - ($1,126) - - - Primis Mortgage Expenses ($8,21
Slide 14: Loan Portfolio
Loan Portfolio Non-Owner Occupied CRE Breakdown(1) All other Other $52 Consumer 2% CRE - OO Warehouse/Industrial 8% 16% $31 Hotel $156 Mixed Use $45 Assisted Living $37 Retail CRE - NOO $57 Office 15% $150 C&I 34% • Hotel down to $156 million from ~$300 million in early 2020 • Debt coverage over 1.5
Slide 15: Asset Quality
Asset Quality Classified Loans / Total Loans (ex. PPP)(2) 4.46% • Nonaccrual loans down $2.8 million to 4.33% 4.18% $59.0 million in Q3’26 • NPAs/Assets of 1.43% at September 30, 2026 versus 1.45% at June 30, 2026 2.60% 2.53% • Provision of $1.1 million for Q3’26 largely Q3'25 Q4'25 Q1'26 Q2'26 Q3'2
Slide 16: Capital Ratios
Capital Ratios CET1 Ratio TCE / TA(1) 8.33% 9.62% 8.14% 9.36% 9.33% 8.02% 7.99% 9.18% 8.62% 7.48% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 CET1 ratio estimated and subject to revision pending regulatory filings. (1) See reconciliation of Non-GAAP financial measures on slide 19. 16
Slide 17: 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) 3.06 $13.81 $13.72 2.50 $13.47 $13.34 1.91 1.74 1.61 1.38 1.45 1.24 1.29 1.32 1.10 1.13 0.56 $11.71 FRBA SFST FCBC BCBP JMSB CARE BRBS CBAN CCNE PFIS BWFG CCBG ACNB
Slide 18: Investment Summary
Investment Summary • Desirable and profitable Core Bank paired with attractive nationwide business lines • Profitability thesis intact – absent mortgage market disruption Q3’26 would have hit 1.00% ROAA • Attractive valuation relative to peers • Board and management team focused on driving sharehold
Slide 19: Reconciliation of Non-GAAP Terms
Reconciliation of Non-GAAP Terms Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net income available to Primis' common shareholders $6,830 $29,540 $7,312 $9,426 $8,672 Non-GAAP adjustments to Net Income: Loss on sale of investment securities $14,777 Gain on sale-leaseback ($50,573) Transaction costs related to sale-