Primis Financial (FRST)
NASDAQ:FRST
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Primis Financial
(NASDAQ:FRST)
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Rating:62Neutral
Price Target:
$13.50
▼(-0.15% Downside)
Action:ReiteratedDate:03/17/26
The score is driven primarily by mixed fundamentals: a strong 2025 profitability rebound is offset by weak and worsening cash flow and rising debt. Valuation is a clear positive (low P/E and solid yield), while technical indicators remain soft. The latest earnings call was constructive with clear margin/ROA and growth targets, but credit and one-time-item noise temper confidence.
Positive Factors
Net interest margin expansion
Sustained NIM improvement reflects completed securities repositioning, planned subordinated debt redemption (~11 bps upside) and large loan repricings and deposit mix shifts. Higher, structurally improved margins support recurring net interest income and underpin management's 1.0% ROA target into 2026.
Negative Factors
Weak cash generation
Cash conversion lagging reported earnings signals lower quality of earnings and limits internal funding for loan growth, buybacks, or buffers against credit stress. Persistent weak operating and free cash flow increases reliance on external funding or asset transactions, raising structural risk over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Net interest margin expansion
Sustained NIM improvement reflects completed securities repositioning, planned subordinated debt redemption (~11 bps upside) and large loan repricings and deposit mix shifts. Higher, structurally improved margins support recurring net interest income and underpin management's 1.0% ROA target into 2026.
Read all positive factors
Primis Financial (FRST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$342.58M
Dividend Yield3.06%
Average Volume (3M)78.85K
Price to Earnings (P/E)5.6
Beta (1Y)0.88
Revenue Growth9.90%
EPS GrowthN/A
CountryUS
Employees592
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.10
Shares Outstanding24,699,184
10 Day Avg. Volume73,083
30 Day Avg. Volume78,846
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.81
Price to Sales (P/S)1.10
P/FCF Ratio37.99
Enterprise Value/Market Cap1.34
Enterprise Value/Revenue1.51
Enterprise Value/Gross Profit2.26
Enterprise Value/Ebitda5.82
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.58
Revenue Forecast (FY)$189.22M
Primis Financial Business Overview & Revenue Model
Company Description
Primis Financial Corp. operates as the bank holding company for Primis Bank that provides a range of financial services to individuals and small and medium sized businesses in the United States. Its deposit products include checking, NOW, savings,...
How the Company Makes Money
Primis Financial primarily generates revenue through its banking subsidiary by (1) earning net interest income—the spread between interest earned on loans and other interest-earning assets and interest paid on deposits and other funding sources—an...
Primis Financial Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call presents a fundamentally positive trajectory: margin expansion, strong deposit acquisition (including a meaningful increase in noninterest-bearing deposits), accelerating mortgage and warehouse businesses, and disciplined expense guidance underpin management's 1% ROA target for 2026. However, Q4 included one-time gains and restructure noise that inflate the quarter-over-quarter picture, provisions and special-mention loans warrant monitoring, and Q1 seasonality presents near-term risk. Overall, the positives around recurring margin improvement, deposit franchise strengthening, and scalable mortgage/warehouse growth outweigh the near-term noise and watch-list items.Positive Updates
Strong Quarterly Earnings
Reported Q4 earnings of $29.5 million, or $1.20 per share, implying roughly a 3.0% ROA for the quarter.
Negative Updates
One-Time Items and Quarter Noise
Q4 results included a notable gain from a sale-leaseback and other restructure-related noise; management cautioned the quarter contained nonrecurring items that affect comparability.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Quarterly Earnings
Reported Q4 earnings of $29.5 million, or $1.20 per share, implying roughly a 3.0% ROA for the quarter.
Read all positive updates
Company Guidance
Management guided to a full-year 2026 target of a 1.0% ROA (they noted run‑rate earnings today of about $8.0M, roughly an 80 bps ROA on ~$4.0B of average assets) driven by margin expansion and disciplined expenses: Q4 NIM was 3.28% (up from 2.90% a year ago) and management expects mid‑3% to ~3.5% margins as they complete the securities restructuring and redeem $27M of subordinated debt (which would've added ~11 bps to Q4 NIM), while ~331M of loans repricing in 2026 at just under 5% and $40M of high‑cost deposits (≈80 bps above wholesale) rolling off should further help yields. They expect mortgage warehouse to average ~ $500M in 2026 (Q1 ~ $400M, peak > $600M), mortgage closed loans were ~$1.2B in 2025 (up 50% YoY) with retail production +84% YoY and management expects 40–50% higher closings next year with pretax contribution of roughly 50–60 bps on production. On funding and expense levers, deposits were up 10% annualized in Q4, noninterest‑bearing deposits ended the year at $554M (16% of total), core bank cost of deposits was 159 bps (total deposits 226 bps), provision was $2.4M in Q4, normalized core noninterest expense was roughly $21M and management is guiding quarterly core expenses of $23–24M in 2026 (inclusive of ~$1.5M quarterly lease expense) while aiming to be at or below the low end.Primis Financial Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
63
Positive
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 312.60M | 254.11M | 237.87M | 141.64M | 123.71M |
| Gross Profit | 211.30M | 96.74M | 111.42M | 108.78M | 110.47M |
| EBITDA | 72.55M | -19.98M | -2.09M | 24.77M | 47.61M |
| Net Income | 61.44M | -16.20M | -7.83M | 14.15M | 31.11M |
Balance Sheet | |||||
| Total Assets | 4.05B | 3.69B | 3.86B | 3.57B | 3.41B |
| Cash, Cash Equivalents and Short-Term Investments | 181.07M | 243.22M | 305.97M | 314.17M | 801.50M |
| Total Debt | 262.17M | 128.56M | 160.72M | 432.52M | 211.49M |
| Total Liabilities | 3.62B | 3.33B | 3.46B | 3.18B | 3.00B |
| Stockholders Equity | 422.90M | 351.76M | 376.16M | 388.97M | 411.88M |
Cash Flow | |||||
| Free Cash Flow | 9.03M | 18.34M | 26.89M | 11.42M | 24.86M |
| Operating Cash Flow | 10.77M | 19.53M | 28.82M | 12.43M | 27.32M |
| Investing Cash Flow | -158.22M | 108.30M | -312.76M | -616.86M | 10.53M |
| Financing Cash Flow | 226.55M | -140.88M | 283.63M | 152.10M | 296.21M |
Primis Financial Technical Analysis
Positive
13.52
Price Trends
13.43
Positive
12.98
Positive
11.85
Positive
Market Momentum
0.17
Negative
64.63
Neutral
69.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FRST, the sentiment is Positive. The current price of 13.52 is above the 20-day moving average (MA) of 13.22, above the 50-day MA of 13.43, and above the 200-day MA of 11.85, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 64.63 is Neutral, neither overbought nor oversold. The STOCH value of 69.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FRST.
Primis Financial Risk Analysis
Primis Financial disclosed 38 risk factors in its most recent earnings report. Primis Financial reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Primis Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $326.96M | 8.59 | 11.73% | 2.91% | 8.17% | 21.95% | |
74 Outperform | $348.41M | 7.77 | 12.02% | 2.84% | 12.91% | 21.72% | |
73 Outperform | $270.36M | 8.93 | 12.56% | 3.61% | 17.97% | 68.34% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $342.58M | 5.58 | 15.78% | 3.06% | 9.90% | ― | |
58 Neutral | $282.65M | 8.67 | 6.27% | 2.40% | -6.25% | -38.79% | |
57 Neutral | $356.97M | 19.51 | 8.45% | 2.13% | 7.29% | 33.75% |
* Financial Sector Average
FRST
Primis Financial
13.87
6.10
78.46%
PKBK
Parke Bancorp
29.70
12.90
76.81%
TSBK
Timberland Bancorp
41.47
13.81
49.94%
CHMG
Chemung Financial
58.66
18.41
45.74%
FDBC
Fidelity D & D Bancorp
45.99
8.33
22.11%
ISBA
Isabella Bank
48.70
25.62
110.97%
Primis Financial Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Primis Financial Delivers Strong Q4 Turnaround and Dividend
Positive
Jan 29, 2026
On January 29, 2026, Primis Financial Corp. reported a sharp turnaround in profitability for the fourth quarter and full year 2025, posting net income available to common shareholders of $30 million, or $1.20 per diluted share, for the quarter end...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.