Primis Financial Corp (OQ:FRST)
Business Focus: Commercial Banks
| Sector: Financials | Industry: Banks |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 1676 INTERNATIONAL DRIVE SUITE 900 MCLEAN VA 22102 |
| Tel: | N/A |
| Website: | https://investors.primisbank.com |
| IR: | See website |
| Key People | ||
| Dennis J. Zember President, Chief Executive Officer, Director of the Company and the Bank | Matthew A. Switzer Chief Financial Officer, Executive Vice President of the Company and the Bank | George Cody Sheflett Chief Operating Officer, Executive Vice President, Chief Information Officer of the Company and the Bank |
| Rick A. Fulk Executive Vice President of the Company and the Bank | Marie Taylor Leibson Executive Vice President and Chief Credit Officer of the Company and the Bank | |
| Business Overview |
| Primis Financial Corp. is a bank holding company for Primis Bank (the Bank). The Bank is a state-chartered bank. The Bank provides a range of financial services to individuals and small and medium-sized businesses through approximately 32 full-service branches in Virginia and Maryland. The Company operates through two segments: Primis Mortgage and Primis Bank. The Primis Bank segment specializes in providing financing services to businesses in various industries and deposit-related services to businesses, consumers and other customers. The Primis Mortgage segment specializes in originating mortgages in a majority of the United States. The Company earns non-interest income and the origination and sale of mortgage loans through the Primis Mortgage segment. The Company offers a range of deposit products, including checking, savings, and money market accounts and certificates of deposit, and others. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Primis Financial Corp interest income increased 63% to $205.9M. Net interest income after loan loss provision increased 5% to $97.7M. Net income decreased 44% to $9.9M. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities. Net income was offset by Salaries and benefits increase of 20% to $58.8M (expense). |
| Employees: | 565 as of Dec 31, 2022 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $296.38M as of Dec 31, 2023 |
| Annual revenue (TTM): | $205.89M as of Dec 31, 2023 |
| EBITDA (TTM): | $33.46M as of Dec 31, 2023 |
| Net annual income (TTM): | $9.94M as of Dec 31, 2023 |
| Free cash flow (TTM): | N/A |
| Net Debt Last Fiscal Year: | $41.42M as of Dec 31, 2023 |
| Shares outstanding: | 24,693,172 as of Dec 31, 2023 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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