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 27 A of the Securities Act of 1933 , as amen
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' com
Slide 4: Company Overview
Company Overview Corp. Headquarters: Bank Headquarters: Branches: Ticker (NASDAQ): Pricing as of October 20, 2026. Financial data as of or for the three months ended September 30, 2026. (1) See reconciliation of Non - GAAP financial measures beginning on slide 19. (2) Mean analyst estimates per Capi
Slide 5: Q3 2026 Financial Highlights
• Margin expanded 21 bps vs Q2’26 (14 bps excluding interest recovery) • Demonstrated core earnings power that continues to build • If mortgage net overhead was just breakeven in Q3’26, consolidated ROAA would have been approx. 1.00% • Material operating leverage expected to continue • Diversified b
Slide 6: Core Bank — Steady & Profitable
• Core Bank is 100% core funded with customers that walk in our branches or use our technology • Banking Valet service (proprietary branch delivery app) used extensively: • Over 87 % are commercial customers • Directly generated over $75MM of deposits • Focus on NIB driving results with NIB 21 % of
Slide 7: Mortgage Warehouse Lending
Highly Scalable Business at 6.84 % Yield in Q3 • Q3’26 YTD operating ratios on $399 million in average loans: • PTPP ROAA: 2.57% • Yields: 6.80% • Margin: 3.41% (with FTP funding) • Efficiency: 25% • Q3’26 average loans of $427 million up slightly from Q2’26 in the face of substantial industry headw
Slide 8: Primis Mortgage
• Attractive platform allows for selective recruiting to position for higher volumes • Aggressively eliminating costs for the current environment • $40 million of construction - to - perm loans closed in Q3’26 • Attractive fee income and rates during construction with wider than average GOS margin a
Slide 9: Panacea Financial
• Growth in Q3’26: • 23% Growth in Loans YoY • 56% Growth in Deposits YoY • $39 million of commercial loans moved to held for sale at September 30, 2026 • $32 million sold in Q3’26 • Banking over 7,500 doctors and their practices • #1 Ranked "Bank for Doctors" on Google Panacea Financial Dollars in
Slide 10: Net Interest Margin & Income
Net Interest Margin & Income 10 Net Interest Margin • $570 million of fixed rate loans with a 5.31% weighted average coupon reprice over the next 4 quarters • Additional $530 million of floating - rate loans are indexed to Prime and SOFR and reprice directly with Fed rate moves • Bank’s focus is squ
Slide 11: Balance Sheet – Loans and Deposits by Type and Division
Balance Sheet – Loans and Deposits by Type and Division 11 Panacea $635 18% Life Premium Finance $122 4% Consumer Program $69 2% Mortgage Warehouse $501 14% Core Bank $2,173 62% Loans by Portfolio Type (Millions) Digital $1,044 30% Mortgage Warehouse $39 1% Panacea $207 6% Core Bank $2,183 63% Depos
Slide 12: Deposit Composition – Q3'26
Deposit Composition – Q3’26 Deposits Dollars in Millions 12 • Approximately 80% of our commercial checking balances have Banking Valet • Even with vastly scalable lending strategies, we can grow deposits faster with zero pressure on the core bank’s relationship pricing or profitability • NIB average
Slide 13: Efficiency and Operating Expense
75.47% 76.51% 73.97% 91.05% 78.81% Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Efficiency and Operating Expense (1) See reconciliation of Non - GAAP financial measures on slide 19 . 13 • Core operating expense burden of $24.2 million in Q3’26 versus $24.9 million in Q2’26 and $ 21.6 million in Q3’25 • All 2026 qu
Slide 14: Loan Portfolio
Loan Portfolio (1) Dollars in millions 14 Non - Owner Occupied CRE Breakdown (1) • Hotel down to $156 million from ~$300 million in early 2020 • Debt coverage over 1.50x • C&I largest asset class and growing • Concentrated in Mortgage Warehouse and Panacea • Room to grow C&D with recent success with
Slide 15: Asset Quality
Asset Quality (1) See reconciliation of Non - GAAP financial measures beginning on slide 19. (2) Excludes SBA guaranteed portion of loans. 15 Classified Loans / Total Loans (ex. PPP) (2) Core NCOs / Average Loans (1) • Nonaccrual loans down $2.8 million to $59.0 million in Q3’26 • NPAs/Assets of 1.4
Slide 16: Capital Ratios
Capital Ratios CET1 ratio estimated and subject to revision pending regulatory filings. (1) See reconciliation of Non - GAAP financial measures on slide 19. 16 CET1 Ratio TCE / TA (1) 9.62% 9.33% 9.18% 9.36% 8.62% Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 8.14% 7.99% 8.02% 8.33% 7.48% Q3'26 Q2'26 Q1'26 Q4'25 Q3
Slide 17: Per Share Results
Per Share Results (1) See reconciliation of Non - GAAP financial measures on slide 19 (2) Data from Capital IQ with pricing as of October 20, 2026 (3) Peers based on FRST proxy compensation peer group 17 Increasing Tangible Book Value Per Share (1) Significant Upside Just to Peer Group Average (3) •
Slide 18: 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 shareholder value Investment
Slide 19: Reconciliation of Terms
Reconciliation of Non - GAAP Terms 19 Dollars in Thousands, except per share Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 $8,672 $9,426 $7,312 $29,540 $6,830 Net income available to Primis' common shareholders Non - GAAP adjustments to Net Income: $14,777 Loss on sale of investment securities ($50,573) Gain on sal