Primis Financial (FRST)
NASDAQ:FRST
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Primis Financial
(NASDAQ:FRST)
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Rating:66Neutral
Price Target:
$15.50
â–²(14.64% Upside)
Action:Reiterated
Date:05/28/26
The score is driven by mixed fundamentals: profitability has recovered, but the swing to negative TTM operating/free cash flow and rising leverage meaningfully temper the outlook. Offsetting this, technicals are favorable with the price above key moving averages, and valuation is reasonable with a ~11x P/E and a ~2.8% dividend yield. Earnings-call commentary and guidance were broadly positive, pointing to further margin and profitability improvement, with credit and funding costs as the main watch items.
Positive Factors
Margin expansion & profitability
Sustained improvement in NIM and ROA reflects structurally healthier core banking economics driven by loan repricing and higher earning asset yields. Higher and more stable net interest income supports durable profitability, underwriting capacity, and the bank’s ability to meet its 2026 ROA target.
Negative Factors
Weak cash generation
A reversal to negative operating and free cash flow in the trailing twelve months signals weakening earnings-to-cash conversion. Persistent negative cash generation constrains reinvestment, dividend sustainability, and balance-sheet flexibility, raising funding and liquidity risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin expansion & profitability
Sustained improvement in NIM and ROA reflects structurally healthier core banking economics driven by loan repricing and higher earning asset yields. Higher and more stable net interest income supports durable profitability, underwriting capacity, and the bank’s ability to meet its 2026 ROA target.
Read all positive factors
Primis Financial (FRST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$357.46M
Dividend Yield3.06%
Average Volume (3M)78.85K
Price to Earnings (P/E)7.7
Beta (1Y)0.90
Revenue Growth9.62%
EPS Growth1059.18%
CountryUS
Employees592
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.88
Shares Outstanding24,772,072
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 Cap2.03
Enterprise Value/Revenue2.49
Enterprise Value/Gross Profit3.81
Enterprise Value/Ebitda11.62
Forecast
1Y Price Target
$17.00Price Target Upside25.74% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.53
Revenue Forecast (FY)$188.87M
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:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
Positive overall: the company reported meaningful operating improvements including higher operating EPS (up ~126% vs prior-year adjusted), stronger ROA (84 bps), margin expansion (NIM to 3.43%), double-digit loan growth (11.7% YoY), robust mortgage and warehouse momentum (mortgage production +122% YoY; warehouse ~$460M), and demonstrated operating leverage (core revenue growth ~34% vs OpEx +4%). Notable negatives include a large GAAP earnings decline versus a prior-year one-time gain, modest provisioning and remaining CRE NPAs, mortgage fair value/market volatility impacts, and ongoing deposit-cost considerations. On balance the operational and growth positives and the forward-looking margin and efficiency catalysts (repricing tailwinds, AI initiatives, reduced subordinated debt) outweigh the lowlights.Positive Updates
Operating Earnings Improvement
Operating EPS of $0.33 in Q1 '26 versus $0.14 in Q1 '25, an increase of ~126% on an operating basis (GAAP EPS was $0.30 vs $0.92 in prior year; decline driven by a prior-year Panacea deconsolidation gain).
Negative Updates
GAAP Earnings Decline vs Prior Year
Reported net income of $7.3 million ($0.30 per share) in Q1 '26 versus $22.6 million ($0.92 per share) in Q1 '25 — a sizeable YoY decline on a GAAP basis driven by a substantial gain in Q1 '25 related to the deconsolidation of Panacea (company emphasizes operating results exclude that item).
Read all updates
Q1-2026 Updates
Positive
Negative
Operating Earnings Improvement
Operating EPS of $0.33 in Q1 '26 versus $0.14 in Q1 '25, an increase of ~126% on an operating basis (GAAP EPS was $0.30 vs $0.92 in prior year; decline driven by a prior-year Panacea deconsolidation gain).
Read all positive updates
Company Guidance
Management said Primis remains on track to hit its 2026 profitability goal—targeting roughly 1.0% ROA by year-end—and expects further NIM expansion into the high‑3.4% range (around 3.5%, not 3.6%) driven by a $27M subordinated‑debt payoff and roughly $400M of loans repricing in H2 2026/early‑2027 at a weighted average yield of 4.81%. In Q1 the company reported operating EPS $0.33 (GAAP $0.30), ROA 84 bps (vs 40 bps a year ago), NIM 3.43%, net interest income ≈$32M (vs $26M), loans $3.4B (up 11.7% YoY; gross loans +14% annualized QoQ), average earning assets +6% annualized, average deposits +4% annualized (average noninterest‑bearing deposits +7% YTD), cost of total deposits 223 bps, core expenses targeted at ~$22–23M for 2026, provision $1.5M in Q1 with core net charge‑offs 6 bps, and mortgage momentum expected to produce roughly $1.8B of closes in 2026 (retail production +122% YoY) with closed‑volume profitability ~57 bps (trending modestly higher) while warehouse exposure (~$460M, peaked ~$500M) could double in 12–18 months and meaningfully boost ROA.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 | 292.37M | 312.60M | 254.11M | 237.87M | 141.64M | 123.71M |
| Gross Profit | 191.02M | 211.30M | 96.74M | 111.42M | 108.78M | 110.47M |
| EBITDA | 62.60M | 72.55M | -19.98M | -2.09M | 24.77M | 47.61M |
| Net Income | 46.12M | 61.44M | -16.20M | -7.83M | 14.15M | 31.11M |
Balance Sheet | ||||||
| Total Assets | 4.26B | 4.05B | 3.69B | 3.86B | 3.57B | 3.41B |
| Cash, Cash Equivalents and Short-Term Investments | 8.36M | 303.42M | 243.22M | 305.97M | 314.17M | 801.50M |
| Total Debt | 378.12M | 262.17M | 128.56M | 160.72M | 432.52M | 211.49M |
| Total Liabilities | 3.83B | 3.62B | 3.33B | 3.46B | 3.18B | 3.00B |
| Stockholders Equity | 427.20M | 422.90M | 351.76M | 376.16M | 388.97M | 411.88M |
Cash Flow | ||||||
| Free Cash Flow | -79.72M | 9.03M | 18.34M | 26.89M | 11.42M | 24.86M |
| Operating Cash Flow | -77.99M | 10.77M | 19.53M | 28.82M | 12.43M | 27.32M |
| Investing Cash Flow | -262.96M | -158.22M | 108.30M | -312.76M | -616.86M | 10.53M |
| Financing Cash Flow | 443.78M | 226.55M | -140.88M | 283.63M | 152.10M | 296.21M |
Primis Financial Technical Analysis
Positive
13.52
Price Trends
13.90
Positive
13.63
Positive
12.32
Positive
Market Momentum
0.12
Negative
56.71
Neutral
83.45
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 14.28, below the 50-day MA of 13.90, and above the 200-day MA of 12.32, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 56.71 is Neutral, neither overbought nor oversold. The STOCH value of 83.45 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $360.49M | 8.60 | 13.00% | 2.84% | 11.79% | 45.64% | |
78 Outperform | $317.66M | 10.34 | 11.67% | 2.91% | 6.73% | 20.50% | |
78 Outperform | $331.03M | 18.13 | 7.33% | 2.40% | -5.59% | -20.56% | |
77 Outperform | $271.16M | 9.11 | 12.75% | 3.61% | 10.79% | 35.78% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $357.46M | 7.72 | 11.47% | 3.06% | 9.62% | 1059.18% | |
64 Neutral | $299.02M | 15.00 | 8.74% | 2.13% | 8.94% | 37.42% |
* Financial Sector Average
FRST
Primis Financial
14.43
5.44
60.46%
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30.73
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TSBK
Timberland Bancorp
40.58
11.09
37.63%
CHMG
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68.68
23.36
51.55%
FDBC
Fidelity D & D Bancorp
46.71
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22.07%
ISBA
Isabella Bank
40.78
14.53
55.33%
Primis Financial Corporate Events
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...
Business Operations and StrategyDividendsFinancial Disclosures
Primis Financial Reports Q1 2026 Results and Dividend
Positive
Apr 23, 2026
On April 23, 2026, Primis Financial reported first-quarter 2026 net income to common shareholders of $7.3 million, or $0.30 per diluted share, down from $22.6 million a year earlier, while operating net income rose to $8.1 million, or $0.33 per di...
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.