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Primis Financial
(NASDAQ:FRST)
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Rating:66Neutral
Price Target:
$17.00
â–²(25.74% Upside)
Action:Reiterated
Date:07/24/26
The score is driven primarily by mixed financial performance: a strong profitability recovery is tempered by a notable swing to negative TTM operating/free cash flow and rising leverage. Valuation is supportive (low P/E and a mid-single-digit dividend yield), while technicals show a constructive longer-term trend but neutral near-term momentum. The earnings call adds upside via clear, quantified 2027 efficiency/revenue tailwinds, partially offset by credit risk concentration and margin competition.
Positive Factors
NIM & Earning-Asset Growth
Sustained NIM expansion alongside double-digit earning-asset growth supports durable net interest income. Higher-yielding asset growth funded at attractive incremental margins should underpin recurring NII over the next several quarters, reducing reliance on one-time items for profitability.
Negative Factors
Cash Flow Weakness
Negative trailing‑twelve‑month operating and free cash flow signals weakening earnings-to-cash conversion, which can constrain internal funding for loan growth, dividends, or capital investments. Persistent cash generation shortfalls would increase reliance on external funding.
Read all positive and negative factors
Positive Factors
Negative Factors
NIM & Earning-Asset Growth
Sustained NIM expansion alongside double-digit earning-asset growth supports durable net interest income. Higher-yielding asset growth funded at attractive incremental margins should underpin recurring NII over the next several quarters, reducing reliance on one-time items for profitability.
Read all positive factors
Primis Financial (FRST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$398.56M
Dividend Yield2.5%
Average Volume (3M)78.85K
Price to Earnings (P/E)7.4
Beta (1Y)0.89
Revenue Growth13.04%
EPS Growth1682.10%
CountryUS
Employees593
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.16
Shares Outstanding24,878,620
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$18.50Price Target Upside36.83% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.5
Revenue Forecast (FY)$195.94M
Primis Financial Business Overview & Revenue Model
Company Description
Primis Financial Corp. operates as the bank holding company for Primis Bank that provides various financial services to individuals, and small and medium sized businesses in the United States. The company offers deposit products, including checkin...
How the Company Makes Money
Primis Financial primarily makes money through its banking subsidiary by (1) earning net interest income and (2) generating noninterest income. Net interest income is the largest driver for most community banks and comes from the spread between in...
Primis Financial Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call presented a predominately positive operational and financial picture: strong YoY earnings and margin expansion, robust earning-asset and deposit growth, improving asset quality, and clear, quantified expected benefits from a core consolidation project that should materially improve 2027 results. Offsetting these positives were several one-time items (a reported gain and legal/lease-related costs), a sizable specific reserve on a large office CRE loan that temporarily raised provisions and charge-offs, and competitive pressures on loan pricing that could temper future margin upside. On balance, the company demonstrated improving recurring profitability and identified credible near-term operational levers to drive further expense and revenue improvements.Positive Updates
Strong Net Earnings and EPS Growth
Reported net earnings of $9.4 million, or $0.38 diluted EPS in Q2 2026, up from $2.4 million or $0.10 a year ago (EPS +280% YoY). Quarter-over-quarter EPS improved from $0.30 in Q1 2026 to $0.38.
Negative Updates
One-Time Items and Nonrecurring Income/Expense Volatility
Q2 noninterest income included a $5.9 million pre-tax gain from liquidation of an insurance agency investment (one-time). The quarter also included discrete expenses (e.g., $1.1M mortgage settlement recognition, ~$900K of shelf/core-conversion-related small expenses) and a full quarter of lease expense (~$1.4M) from a sale-leaseback, creating volatility in reported operating results.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Net Earnings and EPS Growth
Reported net earnings of $9.4 million, or $0.38 diluted EPS in Q2 2026, up from $2.4 million or $0.10 a year ago (EPS +280% YoY). Quarter-over-quarter EPS improved from $0.30 in Q1 2026 to $0.38.
Read all positive updates
Company Guidance
Management guided that the core conversion and consolidation should drive roughly $6.1–$7.0 million of incremental pre‑tax earnings (CFO $6.1M; CEO cited ~$7M), roughly 13–14 basis points of ROA and about $0.22 of diluted EPS, largely in place in early 2027; those gains reflect ~$3.0M of revenue upsides and ~$3.1M of expense/vendor savings, and do not include the ~$800K per quarter of capitalized platform amortization that will end in Q3 2027. They expect core noninterest expense (ex‑Mortgage/Panacea) to normalize to about $22.0–$22.5M in Q3, see net interest margin roughly stable around the current ~3.45% (±1–2 bps), plan a subordinated‑debt refinance in the next 1–2 quarters that should cut that debt’s cost by ~200–250 bps, and noted ongoing AI and product/fee rationalization to preserve operating leverage—building on Q2 results (EPS $0.38, ROA 90 bps, NII ~$33.8M, average earning assets ~$3.9B up ~11% YoY, average deposits up ~12% annualized, noninterest‑bearing deposits 16.3% of total).Primis Financial Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
63
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 301.24M | 312.60M | 254.11M | 237.87M | 141.64M | 123.71M |
| Gross Profit | 207.64M | 211.30M | 96.74M | 111.42M | 108.78M | 110.47M |
| EBITDA | 77.29M | 81.91M | -19.98M | -2.09M | 24.77M | 47.61M |
| Net Income | 50.99M | 61.44M | -16.20M | -7.83M | 14.15M | 31.11M |
Balance Sheet | ||||||
| Total Assets | 4.35B | 4.05B | 3.69B | 3.86B | 3.57B | 3.41B |
| Cash, Cash Equivalents and Short-Term Investments | 176.82M | 303.42M | 243.22M | 305.97M | 314.17M | 801.50M |
| Total Debt | 448.07M | 262.17M | 128.56M | 160.72M | 432.52M | 211.49M |
| Total Liabilities | 3.92B | 3.62B | 3.33B | 3.46B | 3.18B | 3.00B |
| Stockholders Equity | 433.83M | 422.90M | 351.76M | 376.16M | 388.97M | 411.88M |
Cash Flow | ||||||
| Free Cash Flow | -38.74M | 9.03M | 18.34M | 26.89M | 11.42M | 24.86M |
| Operating Cash Flow | -37.01M | 10.77M | 19.53M | 28.82M | 12.43M | 27.32M |
| Investing Cash Flow | -170.37M | -158.22M | 108.30M | -312.76M | -616.86M | 10.53M |
| Financing Cash Flow | 273.19M | 226.55M | -140.88M | 283.63M | 152.10M | 296.21M |
Primis Financial Technical Analysis
Positive
13.52
Price Trends
15.56
Positive
14.64
Positive
13.47
Positive
Market Momentum
0.16
Negative
60.76
Neutral
94.41
Negative
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 below the 20-day moving average (MA) of 15.89, below the 50-day MA of 15.56, and above the 200-day MA of 13.47, indicating a bullish trend. The MACD of 0.16 indicates Negative momentum. The RSI at 60.76 is Neutral, neither overbought nor oversold. The STOCH value of 94.41 is Negative, 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 39 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $392.77M | 11.74 | 12.98% | 1.68% | 18.42% | 191.19% | |
78 Outperform | $350.93M | 11.18 | 11.72% | 2.55% | 6.43% | 17.50% | |
77 Outperform | $305.35M | 9.96 | 12.67% | 3.28% | 8.65% | 28.00% | |
76 Outperform | $400.61M | 8.78 | 13.87% | 2.23% | 10.63% | 49.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $398.56M | 7.42 | 12.24% | 3.06% | 13.04% | 1682.10% | |
64 Neutral | $291.18M | 14.60 | 8.48% | 2.86% | 11.11% | 24.27% |
* Financial Sector Average
FRST
Primis Financial
16.43
5.73
53.61%
PKBK
Parke Bancorp
34.20
14.07
69.92%
TSBK
Timberland Bancorp
44.75
14.38
47.36%
CHMG
Chemung Financial
82.70
34.11
70.19%
FDBC
Fidelity D & D Bancorp
53.89
15.59
40.69%
ISBA
Isabella Bank
40.83
8.89
27.84%
Primis Financial Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Primis Financial posts strong quarter and declares dividend
Positive
Jul 23, 2026
Primis Financial Corp., based in McLean, Virginia, operates Primis Bank’s 24 community branches in Virginia and Maryland alongside Primis Mortgage, mortgage warehouse lending and Panacea Financial, creating a diversified, technology-forward ...
Business Operations and StrategyExecutive/Board Changes
Primis Financial Adds Independent Director to Board
Positive
Jun 30, 2026
Primis Financial Corp. is a NASDAQ-listed financial services company that operates Primis Bank, a wholly owned subsidiary serving individuals and small- and medium-sized businesses in Virginia and Maryland. As of March 31, 2026, the company report...
Executive/Board ChangesShareholder Meetings
Primis Financial refreshes board and confirms shareholder approvals
Positive
May 27, 2026
On May 21, 2026, Primis Financial Corp. held its annual meeting of stockholders, completing a planned refresh of its board of directors as veteran members Robert Y. Clagett and Charles A. Kabbash stepped down at the end of their terms. The two dir...
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.