PRIMIS

What PRIMIS does

Primis Financial Corp. (NASDAQ: FRST) is the bank holding company for Primis Bank, a $4.3 billion-asset institution headquartered in McLean, Virginia, with 24 full-service branches across Virginia and Maryland. The company serves three principal customer bases: (1) consumer and small/medium business (SMB) depositors via digital-first banking with fee-free personal and business checking, high-yield savings (3.85% APY personal, 4.00% APY business), and a proprietary V1BE bank-delivery service app; (2) mortgage lenders nationally through a warehouse lending platform providing short-term funding; and (3) healthcare professionals via the Panacea Financial subsidiary. Underwriting is supported by SBA Preferred Lender status, an in-house digital banking stack built on Apiture (business) and Finxact (personal) with Fiserv as the digital banking core, and mortgage origination through Primis Mortgage.

The company monetizes primarily through net interest income on a $3.4 billion loan portfolio (mortgages, CRE, warehouse lines, consumer lending) and transactional fee income from mortgage gain-on-sale and warehouse lending. Q1 2026 net interest margin reached 3.43%, up from 3.15% a year earlier, driven by securities restructuring and earning-asset mix changes. Mortgage volume surged 122% year-over-year to $367 million in Q1 2026, with full-year 2026 closings targeted at $1.6–2.0 billion. Distribution is hybrid: 24 physical branches in VA/MD, a 24/7 digital platform with mobile deposit up to $25,000/day, and a national direct-sales footprint for mortgage and warehouse lending. Targeted verticals include franchises (e.g., multi-unit McDonald's operators), sole proprietors, healthcare, and high-balance consumers served by an Extended FDIC Coverage program (up to $2M per tax ID via R&T Deposit Solutions).

Growth is being driven by operating leverage rather than top-line aggression: Q1 2026 core revenue grew 33.7% against only 4% operating expense growth, yielding 126% YoY growth in operating EPS to $0.33. The December 2025 sale-leaseback of 18 branch properties generated ~$58 million in proceeds and a $48–50 million pre-tax gain, restructuring the balance sheet to fund 2026–2027 expansion. Stock has appreciated approximately 61% over the trailing year to ~$15.79 per share, with ~75% institutional ownership and a ~$350 million market capitalization.

Name

PRIMIS

Legal name

Primis Financial Corp.

Website

https://primisbank.com

Company type

Public

Founded year

1900

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Primis Financial Corp. (NASDAQ: FRST) is a $4.3 billion-asset community bank holding company operating 24 branches in Virginia and Maryland, with national mortgage and warehouse lending platforms and a digital-first fee-free banking model.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Offices of Bank Holding Companies (551111)

SIC

National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

Keywords

• Community banking services
• Commercial lending
• Mortgage warehouse lending
• Small business banking
• SBA preferred lending

Headquarters

HQ city

Glen Allen

HQ country

United States

HQ region

North America

Offices25 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: Interest income from loan portfolio (residential mortgages, commercial real estate, warehouse lending, construction, HELOCs, auto, boat, and personal loans) minus interest paid on deposits. Net interest margin expanded to 3.43% in Q1 2026 from 3.15% a year earlier, driven by securities restructuring and earning asset mix changes.
2. Mortgage Banking Revenue: Fee and gain-on-sale income from mortgage originations through Primis Mortgage (retail mortgage and warehouse lending divisions). Mortgage volume surged 122% year-over-year to $367 million in Q1 2026. Mortgage loan closings reached $1.2 billion in 2025 with 2026 targets of $1.6-2 billion.
3. Warehouse Lending: Short-term funding for mortgage lenders to bridge the gap between mortgage issuance and secondary market sale. National platform positioned for scale with competitive pricing and consultative partnerships.
4. Deposit and Transaction Fees: Fee income from specific services including wire transfers (with fee refund policy), stop payments, and other banking services. The bank markets itself as fee-free with no monthly fees, overdraft fees, or ATM fees nationwide.
5. Dividend Income: Primis Financial Corp declared quarterly dividend of $0.10 per share. Stock repurchase program authorized for up to 750,000 shares starting December 18, 2025 through December 18, 2026.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Primis Bank is a community-oriented bank holding company (Primis Financial Corp., NASDAQ: FRST) that delivers consumer and small business banking products—including fee-free checking, high-yield savings, mortgage lending, SBA loans, and commercial real estate financing—through 24 branches in Virginia and Maryland and a national digital banking platform. It also operates specialized divisions in mortgage warehouse lending (national), retail mortgage origination (Primis Mortgage), and healthcare banking (Panacea Financial).

Product overview

Primis Bank operates a multi-product banking platform delivering consumer and business banking services through a network of 24 full-service branches in Virginia and Maryland, with $4.3 billion in total assets. The company's product portfolio centers on fee-free personal and business checking accounts (Primis Perks Checking with 1% cash back, Primis Premium Checking at 3.70% APY, Primis Unlimited Business Checking, Primis Pro Checking at 1.75% APY) and high-yield savings products (Primis Savings at 3.85% APY, Primis Business Savings at 4.00% APY). Core banking operations are powered by digital platforms from Apiture (business) and Finxact (personal), with Fiserv providing the underlying digital banking core infrastructure. The company drives profitability through three specialized divisions: Mortgage Warehouse Lending (national platform for mortgage lenders), Primis Mortgage (in-house mortgage lending subsidiary), and Panacea Financial (healthcare banking platform). Supplementary offerings include SBA loans through SBA Preferred Lender status, commercial and consumer lending products, V1BE (innovative bank delivery service app), Extended FDIC Coverage up to $2 million via R&T Deposit Solutions network, business cash management services (ACH, wire, Remote Deposit Capture, merchant services), and fraud prevention tools. Consumer credit cards are issued through TCM Bank N.A.

Differentiator

Problem solved

Functional benefit

Brands

• Primis Mortgage: Mortgage lending services including home purchase loans, refinancing, USDA loans, VA loans, and jumbo loans with in-house processing and underwriting.
• V1BE
• Primis Works
• Panacea Financial

Products and services

• Primis Perks Checking Fee-free personal checking account with 1.00% cash back on everyday debit card purchases, no overdraft fees, free ATM usage nationwide, early direct deposit up to 2 days early, and $1 minimum opening deposit. Bank On certified.
• Primis Premium Checking Interest-bearing personal checking account offering 3.70% APY (3.64% variable rate) with no monthly fees, no overdraft fees, free ATM usage nationwide, and $1 minimum opening deposit. WalletHub Best Overall Online Checking 2025 and Best High-Yield Checking 2026.
• Primis Savings High-yield personal savings account offering 3.85% APY (3.78% variable rate) with no minimum balance, no transaction limits, free incoming wires with fee refunds, and $1 minimum opening deposit. Open from anywhere in the US.
• Auto Loans Fixed-rate auto financing for new and used vehicles with customizable terms and pre-approval options that provide extra bargaining power at dealerships.
• Boat Loans Competitive-rate boat financing for various boat types with flexible payment terms designed to fit individual budgets.
• HELOC (Home Equity Line of Credit) Home equity line of credit allowing homeowners to access home equity for various financial needs with flexible drawing and repayment options.
• Mortgage (Primis Mortgage) National mortgage lending for primary residences, second homes, and refinances with in-house processing and underwriting. Includes USDA loans, VA loans, jumbo loans, and debt service coverage ratio loans. Q1 2026 volume $367 million, up 122% YoY; 2026 closings targeted at $1.6-2 billion.
• Personal Loans Unsecured personal loans with competitive rates and customized repayment plans tailored to individual budgets and lifestyles.
• Primis Rewards Platinum Visa Credit card offering 0% introductory APR for first 12 billing cycles on purchases and balance transfers, no annual fee, $0 fraud liability, and 1 point per dollar spent redeemable for rewards. Issued by TCM Bank N.A.
• Primis Cash Rewards Platinum Visa Credit card earning unlimited 1% cash back on purchases with rewards that never expire, issued by TCM Bank N.A.
• Primis Platinum Edition Visa Credit card with APR ranging from 9.24% to 19.24% based on creditworthiness, offering straightforward pricing for rate-conscious consumers.
• Primis Visa Signature Travel Travel rewards credit card earning 1.5 points per dollar on purchases with 30,000 bonus points on $2,500 spend in first 3 months, plus travel perks, concierge service, and travel insurance.
• Primis Unlimited Business Checking Business checking account earning 1.00% cash back on everyday debit card purchases with no monthly fees, unlimited transactions, no per-item fees, and free ATM usage nationwide.
• Primis Pro Checking Interest-earning business checking account with 1.75% APY (1.74% variable rate), no tiers or minimum requirements, offering competitive earnings for business deposits.
• Primis Business Savings Business savings account offering 4.00% APY (3.93% variable rate), no minimum balance requirements, unlimited transactions, and free incoming wires with fee refunds.
• Business Line of Credit Revolving credit facility providing financial flexibility for long-term or seasonal business needs with customized repayment and interest charged only on drawn amounts.
• Equipment & Vehicle Loans Business financing for new or used equipment and vehicles with competitive rates, customized terms, and secured financing requiring as little as 15% down.
• Commercial Real Estate Loans Competitive-rate financing for purchasing, refinancing, or building commercial real estate with local lender expertise tailored to loan size and property type.
• Construction Loans Business construction financing with competitive rates and terms featuring detailed, attentive decision-making and processing.
• Small Business Loans Low-interest financing for small and medium-sized businesses with in-house decision making making various programs accessible.
• SBA Loans SBA Preferred Lender offering government-assisted loans including Section 7(a), 504 Program, CAPLines, Export Working Capital, VSBFA, and B&I loans with faster processing, in-house decision making, and no points charged on 7(a) loans.
• Secured Asset-Based Lending (SABL) Proprietary simplified loan process using outstanding business receivables as collateral for immediate business funding with deposits in less than an hour.
• Business Credit Cards Business credit cards with comprehensive year-end reporting, fraud monitoring, $0 fraud liability, employee cards at no cost, and easy replacement if lost or stolen.
• Warehouse Lending National warehouse lending platform providing short-term funding for mortgage lenders to bridge the gap between issuing mortgages and selling on the secondary market. Led by President Drey Roberts with nationwide lending footprint.
• Sole Proprietors Banking Specialized banking solutions for sole proprietors and small business owners offering FDIC insurance, profit-centered accounts, one-on-one business advisors, and time-saving features.
• Franchise Banking Banking services designed for franchise owners featuring V1BE delivery service, SBA lending options, fraud prevention tools, and 24/7 support to address unique franchise challenges.
• V1BE Banking Delivery Service World's first bank delivery service app enabling cash delivery, deposit pickups, payment delivery, same-day service within two hours, and scheduled services 100% free of charges and delivery fees for personal and business deposit account holders.
• Panacea Financial Healthcare banking platform division providing specialized financial services to healthcare professionals and organizations. Identified in Q1 2026 results as driving profitability improvements alongside mortgage and warehouse lending.
• Perks Partners Program Employee benefits program offering organizations custom promo codes for Primis Perks Checking accounts with $100 bonus for employees completing qualifying direct deposit of $500+ within 60 days, plus 0.50% lender credit toward mortgage closing costs.

Quantifiable outcome

• Q1 2026 EPS of $0.33 (operating), up 126% year-over-year; revenue of $46 million, 4.86% above forecast
• +7 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• FiservcoreTechnology or Integration · 1 January 2023Primis Bank and Fiserv received the 2023 Real Results Award for digital banking core implementation. Fiserv provides the core banking infrastructure powering Primis's digital banking platform, enabling competitive digital products and services. The partnership has been instrumental in delivering measurable innovation in Primis's digital-first banking experience.
• R&T Deposit Solutions (Stable Custody Group II LLC)coreTechnology or IntegrationR&T Deposit Solutions administers Primis's Demand Deposit Marketplace (DDM) program, which automatically sweeps savings account deposits over $250,000 across a network of FDIC-insured banks. This enables Primis to offer extended FDIC coverage up to $2 million per tax ID. Participating banks include City National Bank, Metropolitan Commercial Bank, Citizens Bank N.A., Western Alliance Bank, Bell Bank, SoFi Bank N.A., Umpqua Bank, and Renasant Bank.
• Commonwealth Connect FundminorOthersPrimis donated $200,000 to the Commonwealth Connect Fund, which is expanding broadband access to underserved areas across the Commonwealth of Virginia. The donation supports bridging the digital divide for approximately 233,000 locations across Virginia that lack broadband access.
• Junior AchievementminorOthersPrimis partners with Junior Achievement to provide financial literacy education to people of all ages. Primis employees volunteer to teach financial basics including saving, spending, and investing through JA Finance Park and other programs.
• Forward FoundationminorOthersPrimis supports the Forward Foundation, which provides empowerment programs for women and girls throughout Virginia communities. Aligned with Primis's core value of leadership and community support.
• Human KindminorOthersPrimis partners with Human Kind, an organization supporting women and girls in Virginia communities. Part of Primis's broader commitment to community empowerment programs.
• Massey Cancer CenterminorOthersPrimis supports the Massey Cancer Center's Woman and Wellness Education Conference as part of its commitment to women's health and community well-being programs.
• Henrico County Commonwealth's Attorney OfficeminorOthersPrimis partners with the Commonwealth's Attorney of Henrico County to lead an Elder Financial Abuse Prevention campaign. Primis's Director of Corporate Social Responsibility and the Assistant Commonwealth's Attorney travel to lead seminars for local groups on protecting seniors from financial fraud.
• Sheflett Memorial STEM Challenge (Regional Universities and High Schools)minorOthersPrimis sponsors the Sheflett Memorial STEM Challenge named after George 'Cody' Sheflett Jr., former CIO of Primis. The program challenges teams of female students at regional universities and high schools to solve complex problems and present research to a panel of judges. Appomattox Regional Governor's School won the 5th annual challenge.

Scale indicators22 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Live Oak Bancorp: Similar-sized community bank holding company (~sub-$10B assets) with a strong SBA lending franchise and national digital deposit gathering. Highly comparable business model mix of community banking, SBA, and small-business lending.
• First Internet Bancorp: Digital-first community bank with comparable asset size (~$4–5B) and similar emphasis on fee-free online deposit products, mortgage, and small-business banking. Closest direct peer in digital consumer banking.
• Axos Financial: Digital-first bank holding company with comparable deposit gathering model (high-yield savings, business banking) and similar focus on operating leverage and technology-driven cost structure.
• Customers Bancorp: Community/commercial bank holding company with similar asset size, commercial real estate and specialty lending focus, and a digital banking division (BankMobile) comparable to Primis's digital deposit strategy.
• NewtekOne: Bank holding company of similar size with SBA Preferred Lender status and business lending focus; competes directly in SBA 7(a) and small business lending verticals.
• Tompkins Financial: Community bank holding company of similar asset scale with comparable fee-based and net interest income mix, regional branch footprint, and traditional community banking orientation.
• Seacoast Banking Corporation of Florida: Regional community bank holding company of comparable size with similar commercial and consumer banking product mix; differs mainly by geography (Florida vs. Mid-Atlantic).
• ConnectOne Bancorp: Community-focused bank holding company of similar scale with comparable consumer/SMB lending, deposit gathering, and mortgage origination profile.

Broad incumbents

• Ally Financial: Large digital-first bank with comparable high-yield savings and fee-free consumer banking model. Not a direct competitor by size but the standard-bearer Primis benchmarks against in the no-fee digital banking space.
• SoFi Technologies: National digital bank with similar fee-free checking, high-yield savings, and consumer lending products. Significantly larger asset base but competes for the same digitally-native customer Primis targets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/primisbank
• YouTubeyoutube.com/@primisbank
• Facebookfacebook.com/primisbank
• LinkedInlinkedin.com/company/primisbank
• Instagraminstagram.com/primisbank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PRIMIS