Primis Financial Corp. (FRST): History, Ownership, Mission, How It Works & Makes Money

Ever wondered how community-focused banks operate and generate revenue? Let's delve into Primis Financial Corp. (FRST), the bank holding company for Primis Bank, which operates with 24 full-service branches across Virginia and Maryland, boasting a market cap of $216.57 million. This exploration will uncover its history, ownership structure, operational mechanisms, and revenue streams, offering a comprehensive understanding of FRST's role in the financial landscape.

Primis Financial Corp. (FRST) History

The history of Primis Financial Corporation reflects a journey of strategic growth and adaptation within the financial services industry. Understanding its origins and key milestones provides context for its current position in the market.

Founding Timeline

Year established

The company was established in 1998.

Original location

The original location was in Richmond, Virginia.

Founding team members

While specific names of all founding team members are not readily available in the provided search results, the establishment and growth can be attributed to visionaries who saw the potential for community banking in the region.

Initial capital/funding

Information regarding the precise initial capital or funding during the founding year is not available in the search results. However, like many financial institutions, it would have involved raising capital through private investors and potentially initial public offerings or private placements later in its history to fuel expansion.

Evolution Milestones

Transformative Moments

Throughout its history, Primis Financial Corporation has undergone several transformative moments that have shaped its trajectory:

• Strategic Acquisitions: The acquisition of Southern Community Financial Corporation in 2020 significantly expanded Primis's market presence and asset base, marking a pivotal moment in its growth strategy.
• Focus on Core Banking: The divestiture of the insurance business in 2021 demonstrated a commitment to focusing on core banking operations, streamlining the company's business model and improving efficiency.
• Leadership Transition: The appointment of Dennis J. Zember III as CEO in 2022 signaled a new chapter for Primis, with a focus on strategic leadership and driving future growth initiatives.
• Digital Transformation: Investments in digital banking technologies and platforms have allowed Primis to enhance customer experience, expand its reach, and compete effectively in the evolving financial landscape.

These transformative moments reflect Primis Financial Corporation's adaptability and strategic decision-making, positioning it for continued success in the competitive financial services industry.

Read more about Primis Financial Corp. here: Exploring Primis Financial Corp. (FRST) Investor Profile: Who’s Buying and Why?

Primis Financial Corp. (FRST) Ownership Structure

Understanding Primis Financial Corp.'s ownership structure provides valuable insights into the company's control and governance. The following sections detail the company's current status, ownership breakdown, and key leadership figures, offering a comprehensive view of the stakeholders driving its strategic direction. For an analysis of the company's financial health, see: Breaking Down Primis Financial Corp. (FRST) Financial Health: Key Insights for Investors

Primis Financial Corp.'s Current Status

Primis Financial Corp. is a publicly traded company, meaning its shares are available for purchase by the general public on a stock exchange. As of April 2025, it operates under the ticker symbol FRST. This status allows for a diverse range of investors, from individuals to institutional entities, to hold ownership in the company.

Primis Financial Corp.'s Ownership Breakdown

The ownership of Primis Financial Corp. is distributed among various types of shareholders, each holding a certain percentage of the company's outstanding shares. Here's a breakdown of the ownership structure:

Primis Financial Corp.'s Leadership

The leadership team of Primis Financial Corp. is responsible for the strategic direction and day-to-day operations of the company. Here are some of the key figures:

• Dennis J. Zember III: President and Chief Executive Officer
• Anthony J. Rossi: Executive Vice President and Chief Financial Officer

Primis Financial Corp. (FRST) Mission and Values

Primis Financial Corp. aims to deliver comprehensive financial solutions while upholding strong community values and fostering lasting relationships. The company's core values emphasize integrity, customer focus, and commitment to the communities it serves.

Primis Financial Corp.'s Core Purpose

Official mission statement

While a specific, formally published mission statement for Primis Financial Corp. isn't readily available in recent search results, we can infer their core mission from their operational focus and stated values. Their mission is likely centered around:

• Providing a comprehensive suite of financial services including banking, lending, and wealth management solutions tailored to meet the diverse needs of their customers.
• Building strong, lasting relationships with customers by offering personalized service and financial advice.
• Supporting the economic growth and well-being of the communities they serve through local investment, community involvement, and responsible corporate citizenship.

Vision statement

Similarly, a specific vision statement is not found in the search results. However, based on available information, a likely vision for Primis Financial Corp. includes:

• Becoming a leading financial institution recognized for its commitment to customer satisfaction, innovation, and community development.
• Expanding its reach and service offerings while maintaining a strong focus on personalized banking and local decision-making.
• Fostering a culture of excellence, integrity, and collaboration among its employees to deliver exceptional value to its stakeholders.

Company slogan/tagline

Information on a specific, official slogan or tagline for Primis Financial Corp. is not available in the search results. Without a confirmed tagline, it's challenging to provide an accurate representation of their public-facing motto. For more insights into the company's investor profile, check out: Exploring Primis Financial Corp. (FRST) Investor Profile: Who’s Buying and Why?

Primis Financial Corp. (FRST) How It Works

Primis Financial Corp. operates as the bank holding company for Primis Bank, delivering financial services to individuals and small to medium-sized businesses. As of December 31, 2024, Primis had $3.7 billion in total assets, $2.9 billion in total loans held for investment and $3.2 billion in total deposits.

Primis Financial Corp.'s Product/Service Portfolio

Primis Financial Corp.'s Operational Framework

Primis Financial Corp. focuses on combining traditional community banking with digital technology to meet evolving customer needs. Key aspects of their operational framework include:

• Digital Platform Growth: In the fourth quarter of 2024, the Bank opened approximately $32.5 million in new deposit accounts on the digital platform. At the end of the quarter, there were approximately 18,000 digital accounts with $981 million in total deposits and average balances of approximately $55,000.
• Strategic Repositioning: The company focuses on business lines that can drive long-term profitability and growth. This includes enhancing operating leverage in the core bank, lender recruitment and scaling in mortgage, and expanding the mortgage warehouse lending division.
• Lending Team Reorganization: The Bank has reorganized its lending team and added selective hires in key markets, resulting in a loan pipeline of approximately $119 million at the end of 2024, with 88% representing new customers.
• Mortgage Division Expansion: Primis Mortgage had approximately $800 million of production in 2024, compared to approximately $600 million the prior year. The company anticipates production of $1.25 billion in the current rate environment.
• Panacea Financial: Panacea's growth accelerated to end 2024 with loans outstanding up 11% from the third quarter of 2024 to $434 million funded by $92 million of deposits attributable to the division.
• Community Involvement: Prioritizes community support through empowering women and girls, advancing STEM opportunities for women and minorities, and sharpening minds for all generations.

Primis Financial Corp.'s Strategic Advantages

Primis Financial Corp. differentiates itself through a combination of community banking, customer service, and technological innovation. The company's strategic advantages include:

• Digital Banking Solutions: Leveraging technology through online and mobile applications to enhance customer accessibility and operational efficiency.
• Diversified Financial Services: Providing a broad range of financial services, including commercial and consumer lending, deposit products, and cash management services.
• Mortgage Division Growth: The mortgage division has seen remarkable growth, with production increasing significantly year-over-year.
• Community Focus: Commitment to community banking and customer service excellence, building long-term trust among stakeholders.
• Strategic Investments: The Company owns approximately 19% of Panacea Financial Holdings, with the value of ownership almost $20 million at the time of capital raise in late 2023.

For more information, see Mission Statement, Vision, & Core Values of Primis Financial Corp. (FRST).

Primis Financial Corp. (FRST) How It Makes Money

Primis Financial Corp. primarily makes money through traditional banking activities, such as generating revenue from interest-earning assets like loans, as well as non-interest income sources including service charges and fees.

Primis Financial Corp.'s Revenue Breakdown

Primis Financial Corp.'s Business Economics

• Interest Rate Spreads: The company's profitability is significantly influenced by the spread between the interest it earns on loans and the interest it pays on deposits. Wider spreads typically lead to higher profitability.
• Operating Efficiency: Primis focuses on maintaining a cost-effective operation. A lower efficiency ratio (costs as a percentage of revenue) indicates better performance.
• Loan Portfolio Composition: The types of loans Primis issues (e.g., commercial, residential) affect its risk profile and potential returns. Diversification helps mitigate risks.
• Market Conditions: Economic factors such as local market growth, employment rates, and real estate values in the Virginia, Maryland, and West Virginia regions significantly impact loan demand and credit quality.

Primis Financial Corp.'s Financial Performance

• Net Interest Margin (NIM): A key metric, NIM reflects the difference between interest income and interest expenses, relative to interest-earning assets. A higher NIM indicates better profitability from lending activities. As of December 31, 2023, the net interest margin was 3.11%.
• Earnings Per Share (EPS): EPS indicates the company's profitability on a per-share basis. Monitoring EPS trends helps assess the financial health and growth trajectory.
• Asset Quality: Key indicators include non-performing loans as a percentage of total loans. Lower percentages indicate better asset quality and reduced credit risk.
• Capital Adequacy Ratios: These ratios measure the bank's ability to absorb losses. Maintaining healthy capital ratios is crucial for regulatory compliance and stability. As of December 31, 2023, the Common Equity Tier 1 ratio was 11.48%, the Tier 1 risk-based capital ratio was 12.38%, and the total risk-based capital ratio was 13.63%.

To gain more insights into the investors and ownership structure, check out: Exploring Primis Financial Corp. (FRST) Investor Profile: Who’s Buying and Why?

Primis Financial Corp. (FRST) Market Position & Future Outlook

As of April 2025, Primis Financial Corp. is strategically navigating a dynamic market, focusing on sustainable growth and enhanced shareholder value. The company's future outlook hinges on capitalizing on emerging opportunities while effectively mitigating potential risks within the financial sector. For more in-depth insights into FRST's investor base, check out: Exploring Primis Financial Corp. (FRST) Investor Profile: Who’s Buying and Why?

Competitive Landscape

Opportunities & Challenges

Industry Position

Primis Financial Corp. operates as a community-focused financial institution, primarily serving the Southeast region. Its industry position can be further described by:

• Focusing on building strong customer relationships through personalized service.
• Investing in digital banking solutions to meet evolving customer needs.
• Maintaining a strong capital base to support growth and manage risk effectively.