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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2025

Commission File No. 001-33037

PRIMIS FINANCIAL CORP.

(Exact name of registrant as specified in its charter)


Virginia	20-1417448
(State or other jurisdiction	(I.R.S. Employer Identification No.)
of incorporation or organization)

1676 International Drive, Suite 900

McLean, Virginia 22102

(Address of principal executive offices) (zip code)

(703) 893-7400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class:	Trading symbol	Name of each exchange on which registered:
Common Stock, par value $0.01 per share	FRST	NASDAQ Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b–2 of the Exchange Act:


Large accelerated filer ☐	Accelerated filer ☒	Smaller reporting company ☐

Non-accelerated filer ☐	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of October 31, 2025, there were 24,644,385 shares of common stock, $0.01 par value, outstanding.

Table of Contents

PRIMIS FINANCIAL CORP.

FORM 10-Q

September 30, 2025

TABLE OF CONTENTS		PAGE
PART I - FINANCIAL INFORMATION

Item 1 - Financial Statements		4

Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024		4
Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2025 and 2024		5
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024		6
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024		7
Notes to Unaudited Condensed Consolidated Financial Statements		8

Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations		46

Item 3 – Quantitative and Qualitative Disclosures about Market Risk		77

Item 4 – Controls and Procedures		79

PART II - OTHER INFORMATION

Item 1 – Legal Proceedings		80

Item 1A – Risk Factors		80

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds		80

Item 3 – Defaults Upon Senior Securities		80

Item 4 – Mine Safety Disclosures		81

Item 5 – Other Information		81

Item 6 - Exhibits		82

Signatures		84

Table of Contents

GLOSSARY OF ACRONYMS AND DEFINED TERMS

In this Quarterly Report on Form 10-Q, except as otherwise indicated or the context suggests otherwise, references to the “Company” refers to Primis Financial Corp., and the terms “Primis”, “we”, “us” and “our” refer to the Company and its subsidiaries, including Primis Bank, which we refer to as “Primis Bank” or the “Bank.”

“PMC” refers to Primis Mortgage Company, a residential mortgage lender headquartered in Wilmington, North Carolina, a consolidated subsidiary of Primis Bank.

“PFH” refers to Panacea Financial Holdings, Inc., headquartered in Little Rock, Arkansas, which owns the rights to the Panacea Financial brand and its intellectual property and partners with the Bank to offer a suite of financial products and services for doctors, their practices, and the broader healthcare industry.



ACL	Allowance for credit losses
AFS	Available-for-sale
ALCO	Asset-Liability Committee
ASC	Accounting Standards Codification
ASU	Accounting Standards Update
Basel III	Basel Committee's 2010 Regulatory Capital Framework
CECL	Current expected credit losses
CEO	Chief Executive Officer
CFO	Chief Financial Officer
DEI	Diversity, equity and inclusion
Dodd-Frank Act	Dodd-Frank Wall Street Reform and Consumer Protection Act
EPS	Earnings per share
ESG	Environmental, social and governance
EVE	Economic value of equity
FASB	Financial Accounting Standards Board
FDIC	Federal Deposit Insurance Corporation
FHLB	Federal Home Loan Bank of Atlanta
FRB	Federal Reserve Bank
FOMC	Federal Open Market Committee
FVO	Fair value option
GAAP	U.S. generally accepted accounting principles
HTM	Held-to-maturity
IRLC	Interest rate lock commitments
LHFI	Loans held for investment
LHFS	Loans held for sale
NII	Net interest income
NASDAQ	National Association of Securities Dealers Automated Quotations
PCA	Prompt corrective action
PCD	Purchased credit deteriorated
PPP	Paycheck Protection Program
SEC	Securities and Exchange Commission
SOFR	Secured Overnight Financing Rate
VIE	Variable interest entity

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PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

PRIMIS FINANCIAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share amounts)


	September 30,		December 31,
	2025		2024
	(unaudited)
ASSETS
Cash and cash equivalents:
Cash and due from financial institutions	$	7,692	$	8,059
Interest-bearing deposits in other financial institutions		56,189		56,446
Total cash and cash equivalents		63,881		64,505
Securities available-for-sale, at fair value (amortized cost of $252,991 and $262,632, respectively)		234,660		235,903
Securities held-to-maturity, at amortized cost (fair value of $8,037 and $8,602, respectively)		8,550		9,448
Loans held for sale, at fair value		148,781		83,276
Loans held for sale, at lower of cost or market		53,591		163,832
Total loans held for sale		202,372		247,108
Loans held for investment, collateralizing secured borrowings		15,476		17,287
Loans held for investment		3,184,758		2,870,160
Less: allowance for credit losses		(44,766)		(53,724)
Net loans		3,155,468		2,833,723
Stock in Federal Reserve Bank and Federal Home Loan Bank		17,035		13,037
Bank premises and equipment, net		19,380		19,432
Assets held for sale		775		5,497
Operating lease right-of-use assets		9,427		10,279
Cloud computing arrangement assets, net		6,017		8,065
Goodwill		93,459		93,459
Intangible assets, net		43		665
Bank-owned life insurance		68,504		67,184
Deferred tax assets, net		17,328		26,466
Consumer Program derivative asset		409		4,511
Investment in Panacea Financial Holdings, Inc. common stock		6,880		—
Other assets		50,661		50,833
Total assets	$	3,954,849	$	3,690,115

LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing demand deposits	$	489,728	$	438,917
Interest-bearing deposits:
NOW accounts		831,709		817,715
Money market accounts		737,634		798,506
Savings accounts		958,416		775,719
Time deposits		318,865		340,178
Total interest-bearing deposits		2,846,624		2,732,118
Total deposits		3,336,352		3,171,035
Securities sold under agreements to repurchase		3,954		3,918
Secured borrowings		15,403		17,195
FHLB advances		85,000		—
Junior subordinated debt		9,917		9,880
Senior subordinated notes		86,174		85,998
Operating lease liabilities		10,682		11,566
Other liabilities		25,214		25,541
Total liabilities		3,572,696		3,325,133
Commitments and contingencies (See Note 9)
Stockholders' equity:
Preferred stock, $0.01 par value. Authorized 5,000,000 shares; no shares issued and outstanding		—		—
Common stock, $0.01 par value. Authorized 45,000,000 shares; 24,723,934 shares issued and 24,644,385 shares outstanding at September 30, 2025, and 24,722,734 shares issued and outstanding at December 31, 2024		247		247
Additional paid in capital		314,770		314,694
Retained earnings		82,541		58,047
Treasury stock, at cost. 79,549 shares at September 30, 2025		(807)		—
Accumulated other comprehensive loss		(14,598)		(21,232)
Total Primis stockholders' equity		382,153		351,756
Noncontrolling interests		—		13,226
Total stockholders' equity		382,153		364,982
Total liabilities and stockholders' equity	$	3,954,849	$	3,690,115

See accompanying notes to unaudited condensed consolidated financial statements.

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PRIMIS FINANCIAL CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(dollars in thousands, except per share amounts) (Unaudited)



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Interest and dividend income:
Interest and fees on loans	$	48,857	$	54,296	$	138,538	$	151,581
Interest and dividends on taxable securities		1,808		1,702		5,450		5,022
Interest and dividends on tax exempt securities		86		97		278		297
Interest and dividends on other earning assets		1,015		1,017		2,850		2,756
Total interest and dividend income		51,766		57,112		147,116		159,656
Interest expense:
Interest on deposits		20,571		25,351		60,460		72,987
Interest on other borrowings		2,163		3,738		6,080		8,524
Total interest expense		22,734		29,089		66,540		81,511
Net interest income		29,032		28,023		80,576		78,145
Provision for (recovery of) credit losses		(49)		7,511		9,850		17,138
Net interest income after provision for (recovery of) credit losses		29,081		20,512		70,726		61,007

Noninterest income:
Account maintenance and deposit service fees		1,358		1,468		4,372		4,722
Income from bank-owned life insurance		456		431		1,319		1,975
Gains on Panacea Financial Holdings investment		294		—		32,322		—
Mortgage banking income		8,887		6,803		22,395		18,779
Gains on sale of loans		249		—		459		307
Gains on other investments		381		51		126		393
Consumer Program derivative income		264		79		565		3,392
Other noninterest income		80		450		776		873
Total noninterest income		11,969		9,282		62,334		30,441

Noninterest expenses:
Salaries and benefits		18,523		16,764		53,524		48,587
Occupancy expenses		1,575		1,248		4,321		3,988
Furniture and equipment expenses		1,906		1,823		5,572		5,288
Amortization of intangible assets		—		318		602		952
Virginia franchise tax expense		576		631		1,730		1,894
FDIC insurance assessment		999		545		2,813		1,744
Data processing expense		2,369		2,552		8,255		7,130
Marketing expense		450		449		1,684		1,407
Telephone and communication expense		309		330		920		1,017
Professional fees		2,509		2,914		7,147		7,255
Miscellaneous lending expenses		231		1,098		1,965		1,835
Other operating expenses		2,866		2,283		8,238		7,182
Total noninterest expenses		32,313		30,955		96,771		88,279
Income (loss) before income taxes		8,737		(1,161)		36,289		3,169
Income tax expense (benefit)		1,907		(304)		7,988		1,679
Net income (loss)		6,830		(857)		28,301		1,490
Net loss attributable to noncontrolling interests		—		2,085		3,602		5,640
Net income attributable to Primis' common stockholders	$	6,830	$	1,228	$	31,903	$	7,130

Other comprehensive income:
Unrealized gains on available-for-sale securities	$	1,703	$	7,601	$	8,398	$	5,863
Tax expense		358		1,595		1,764		1,231
Other comprehensive income		1,345		6,006		6,634		4,632
Comprehensive income	$	8,175	$	7,234	$	38,537	$	11,762
Earnings per share, basic	$	0.28	$	0.05	$	1.29	$	0.29
Earnings per share, diluted	$	0.28	$	0.05	$	1.29	$	0.29

See accompanying notes to unaudited condensed consolidated financial statements.

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PRIMIS FINANCIAL CORP.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
(dollars in thousands, except per share amounts) (Unaudited)


	For the Three Months Ended September 30, 2025
											Accumulated
					Additional						Other
	Common Stock				Paid in		Retained		Treasury		Comprehensive		Noncontrolling
	Shares		Amount		Capital		Earnings		Stock		Income (Loss)		Interests		Total
Balance - June 30, 2025		24,643,185	$	247	$	314,743	$	78,175	$	(807)	$	(15,943)	$	—	$	376,415
Net income		—		—		—		6,830		—		—		—		6,830
Other comprehensive income		—		—		—		—		—		1,345		—		1,345
Dividends on common stock ($0.10 per share)		—		—		—		(2,464)		—		—		—		(2,464)
Stock option exercises		1,200		—		15		—		—		—		—		15
Stock-based compensation expense		—		—		12		—		—		—		—		12
Balance - September 30, 2025		24,644,385	$	247	$	314,770	$	82,541	$	(807)	$	(14,598)	$	—	$	382,153

		For the Three Months Ended September 30, 2024
											Accumulated
					Additional						Other
	Common Stock				Paid in		Retained		Treasury		Comprehensive		Noncontrolling
	Shares		Amount		Capital		Earnings		Stock		Income (Loss)		Interests		Total
Balance - June 30, 2024		24,708,234	$	247	$	313,852	$	85,099	$	—	$	(23,151)	$	18,164	$	394,211
Issuance of Panacea Financial Holdings stock, net of costs		—		—		—		—		—		—		(38)		(38)
Net income (loss)		—		—		—		1,228		—		—		(2,085)		(857)
Other comprehensive income		—		—		—		—		—		6,006		—		6,006
Dividends on common stock ($0.10 per share)		—		—		—		(2,473)		—		—		—		(2,473)
Stock option exercises		15,500		—		173		—		—		—		—		173
Restricted stock forfeited		(1,000)		—		—		—		—		—		—		—
Stock-based compensation expense		—		—		41		—		—		—		—		41
Balance - September 30, 2024		24,722,734	$	247	$	314,066	$	83,854	$	—	$	(17,145)	$	16,041	$	397,063


		For the Nine Months Ended September 30, 2025
											Accumulated
					Additional						Other
	Common Stock				Paid in		Retained		Treasury		Comprehensive		Noncontrolling
	Shares		Amount		Capital		Earnings		Stock		Income (Loss)		Interests		Total
Balance - December 31, 2024		24,722,734	$	247	$	314,694	$	58,047	$	—	$	(21,232)	$	13,226	$	364,982
Net income (loss)		—		—		—		31,903		—		—		(3,602)		28,301
Other comprehensive income		—		—		—		—		—		6,634		—		6,634
Panacea Financial Holdings, Inc. deconsolidation		—		—		—		—		—		—		(9,624)		(9,624)
Dividends on common stock ($0.30 per share)		—		—		—		(7,409)		—		—		—		(7,409)
Stock option exercises		1,200		—		15		—		—		—		—		15
Repurchase of common stock		(79,549)		—		—		—		(807)		—		—		(807)
Stock-based compensation expense		—		—		61		—		—		—		—		61
Balance - September 30, 2025		24,644,385	$	247	$	314,770	$	82,541	$	(807)	$	(14,598)	$	—	$	382,153

		For the Nine Months Ended September 30, 2024
											Accumulated
					Additional						Other
	Common Stock				Paid in		Retained		Treasury		Comprehensive		Noncontrolling
	Shares		Amount		Capital		Earnings		Stock		Income (Loss)		Interests		Total
Balance - December 31, 2023		24,693,172	$	247	$	313,548	$	84,143	$	—	$	(21,777)	$	21,432	$	397,593
Issuance of Panacea Financial Holdings stock, net of costs		—		—		—		—		—		—		249		249
Net income (loss)		—		—		—		7,130		—		—		(5,640)		1,490
Other comprehensive income		—		—		—		—		—		4,632		—		4,632
Dividends on common stock ($0.30 per share)		—		—		—		(7,419)		—		—		—		(7,419)
Stock option exercises		30,916		—		210		—		—		—		—		210
Restricted stock forfeited		(1,000)		—		—		—		—		—		—		—
Repurchase of restricted stock		(354)		—		(4)		—		—		—		—		(4)
Stock-based compensation expense		—		—		312		—		—		—		—		312
Balance - September 30, 2024		24,722,734	$	247	$	314,066	$	83,854	$	—	$	(17,145)	$	16,041	$	397,063

See accompanying notes to unaudited condensed consolidated financial statements.

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PRIMIS FINANCIAL CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands, except per share amounts) (Unaudited)


	For the Nine Months Ended September 30,
	2025		2024
Operating activities:
Net income	$	28,301	$	1,490
Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities:
Depreciation and amortization		6,535		6,723
Net amortization of premiums and (accretion of discounts)		285		(11)
Provision for credit losses		9,850		17,138
Proceeds from sales of loans originated to sell		12,224		76,194
Net change in mortgage loans held for sale		(34,436)		(42,783)
Net gains on mortgage banking		(22,395)		(18,779)
Net gains on sale of loans		(459)		(307)
Proceeds from sales of assets held for sale		2,308		3,319
Loss on bank premises and equipment and assets held for sale		191		—
Earnings on bank-owned life insurance		(1,319)		(1,272)
Gain on bank-owned life insurance death benefit		—		(703)
Stock-based compensation expense		61		312
Gains on Panacea Financial Holdings investment		(32,322)		—
Gains on other investments		(126)		(393)
Deferred income tax expense (benefit)		7,374		(4,418)
Net change in fair value of loan derivative		4,102		3,660
Net (increase) decrease in other assets		(546)		18,549
Net increase (decrease) in other liabilities		2,404		(1,368)
Net cash and cash equivalents (used in) provided by operating activities		(17,968)		57,351
Investing activities:
Purchases of securities available-for-sale		(18,460)		(34,170)
Proceeds from paydowns, maturities and calls of securities available-for-sale		27,615		25,380
Proceeds from paydowns, maturities and calls of securities held-to-maturity		879		1,863
Net increase in FRB and FHLB stock		(3,998)		(6,629)
Net change in loans held for investment		(299,072)		(209,673)
Proceeds from sales of loans initially originated to be held for investment		57,093		—
Proceeds from sale of Panacea Financial Holdings investment		22,091		—
Proceeds from sale of other investment		432		—
Net (increase) decrease in other investments		(49)		288
Net cash and cash equivalents used in investing activities		(213,469)		(219,677)
Financing activities:
Net increase in deposits		155,770		36,276
Increase in securities sold under agreements to repurchase		36		633
Repayments of secured borrowings, net		(1,792)		(2,898)
Repayment of short-term FHLB advances		—		135,000
Cash dividends paid on common stock		(7,409)		(7,419)
Repurchase of common stock		(807)		—
Proceeds from exercised stock options		15		210
Repurchase of restricted stock		—		(4)
Increase in short-term FHLB advances		85,000		—
Issuance of Panacea Financial Holdings stock, net of costs		—		249
Net cash and cash equivalents provided by financing activities		230,813		162,047
Net change in cash and cash equivalents		(624)		(279)
Cash and cash equivalents at beginning of period		64,505		77,553
Cash and cash equivalents at end of period	$	63,881	$	77,274
Supplemental disclosure of cash flow information
Cash payments for:
Interest	$	67,194	$	80,491
Income taxes	$	496	$	42
Supplemental schedule of noncash activities:
Loans held for sale transferred to held for investment	$	101,568	$	—
Loans held for investment transferred to loans held for sale, at lower of cost or market	$	53,591	$	361,825
Assets held for sale transferred to other assets	$	2,221	$	—
Deconsolidation of Panacea Financial Holdings, Inc.	$	9,624	$	—

See accompanying notes to unaudited condensed consolidated financial statements.

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PRIMIS FINANCIAL CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

1. ACCOUNTING POLICIES

The Company

Primis Financial Corp. (NASDAQ: FRST) is the bank holding company for Primis Bank, a Virginia state-chartered bank, that commenced operations on April 14, 2005. Primis Bank provides a range of financial services to individuals and small and medium-sized businesses. As of September 30, 2025, Primis Bank had 24 full-service branches in Virginia and Maryland and also provides services to customers through certain online and mobile applications. Headquartered in McLean, Virginia, the Company has an administrative office in Glen Allen, Virginia and an operations center in Atlee, Virginia. PMC, a residential mortgage lender headquartered in Wilmington, North Carolina, is a consolidated subsidiary of Primis Bank. PFH owns the rights to the Panacea Financial brand and its intellectual property and partners with the Bank to offer a suite of financial products and services for doctors, their practices, and ultimately the broader healthcare industry. PFH was deconsolidated from the Company on March 31, 2025, as further discussed below in “PFH Deconsolidation and Sale of Shares”. The operating results of PFH were included in the Company’s consolidated operating results through March 31, 2025.

Basis of Financial Information

The accounting policies and practices of Primis and its subsidiaries conform to GAAP and follow general practices within the banking industry. A discussion of the Company’s material accounting policies is located in our 2024 Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).

These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the 2024 Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation. None of these reclassifications had a material effect on the Company’s financial statements. See Note 1 “Summary of Significant Accounting Policies” in the “Notes to the Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” in the Company’s 2024 Form 10-K for additional information on the Company’s accounting policies. There have not been any significant changes to the Company’s accounting policies from those disclosed in the Company’s 2024 Form 10-K that could have a material effect on the Company’s financial statements.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Primis and its subsidiaries, Primis Bank and PMC. The results of operations for PFH are included in the Company’s results of operations until its deconsolidation as of March 31, 2025, as further described below. Significant inter-company accounts and transactions have been eliminated in consolidation. Primis consolidates subsidiaries in which it holds, directly or indirectly, more than 50 percent of the voting rights or where it exercises control. Entities where Primis holds 20 to 50 percent of the voting rights, or has the ability to exercise significant influence, or both, are accounted for under the equity method. Primis owns EVB Statutory Trust I (the “Trust”), which is an unconsolidated subsidiary and the junior subordinated debt owed to the Trust is reported as a liability of Primis.

We determine whether we have a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a VIE under GAAP. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. We consolidate voting interest entities in which we have all, or at least a majority of, the voting interest. As defined in GAAP, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s

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economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. The Company has investments in VIE’s for which we are not the primary beneficiary and, as such, are not included in our consolidated financial statements.

PFH Deconsolidation and Sale of Shares

On December 21, 2023, PFH completed a $25 million Series B financing round led by a global venture capital firm. As part of the financing round, Primis acquired approximately 19% of PFH’s common stock for an immaterial purchase price due to previous operating losses in the Bank’s Panacea Financial Division. The Company performed an analysis and determined that PFH is a VIE because it lacks one or more of the characteristics of a voting interest entity. The Company’s analysis further determined that it has a controlling financial interest in PFH due to the substantial historical activities between PFH and the Bank’s Panacea Financial Division combined with the limited activities of PFH outside of its relationship with Primis. Further, there are employees of Primis that have historically carried out substantially all of the activities of PFH. Accordingly, the Company determined it is the primary beneficiary of PFH and consolidated it as of December 31, 2023.

As of March 31, 2025, the three primary executives of PFH resigned from their positions as management-level employees of Primis’ Panacea Financial Division of the Bank. Additionally, Primis and PFH amended their partnership agreement as of March 31, 2025 to allow PFH more control over the type and amount of lending it can perform through the Bank. As a result of these changes in the relationship between the Company and PFH, a re-assessment of PFH under the VIE accounting guidance was performed. The Company determined that PFH continues to be a VIE because it lacks one or more of the characteristics of a voting interest entity. However, as of March 31, 2025, the Company has determined, based on the relationship changes described above, that it was no longer the primary beneficiary of the VIE because it no longer has the power to direct the activities that most significantly impact the VIE’s economic performance. Accordingly, the Company deconsolidated PFH as of March 31, 2025.

Upon deconsolidation, the Company performed an analysis of its 2 million common share investment in PFH. The Company determined that based on a combination of its level of voting share ownership (19% of total outstanding voting shares), along with meaningful continued involvement in PFH’s lending and operating activities, the investment met the requirements to be accounted for in accordance with ASC 323, Investments - Equity Method and Joint Ventures. As of the time of deconsolidation and initial application of ASC 323, the Company decided to elect the FVO allowed under ASC 323 and accounted for its investment in PFH common stock as of March 31, 2025 at fair value under ASC 825, Financial Instruments. The FVO is irrevocable and must be used in all future periods following election.

For the three months ended March 31, 2025, the Company recognized a gain from deconsolidation of PFH of $25 million, which is recorded in the income statement in “Gain on Panacea Financial Holdings investment” within noninterest income. The gain resulted from recognition, as of the deconsolidation date of March 31, 2025, of the Company’s retained interest in PFH common stock of $21 million, at fair value, and the deconsolidation as of the same date of noncontrolling interest in PFH of $10 million and PFH’s net assets of $6 million. The Company engaged a third-party valuation specialist to perform a valuation of the Company’s PFH common shares as of March 31, 2025. The valuation included an assessment of the value of PFH primarily using an income approach leveraging a discounted cash flow technique. Key inputs and assumptions in the valuation included projected financial growth of PFH driven by future loan growth assumptions, growth in new services offerings of PFH, and cost savings from fundings provided by customer growth. Following deconsolidation, the Company continues to originate loans for PFH through its Panacea Division of the Bank, retaining some of the originated loans and selling the remaining. Any loans retained by the Company will be included within net loans in the balance sheet and will be included in the Company’s determination of future expected credit losses, which is the Company’s primary exposure to losses as a result of its continued involvement with PFH. For any originated loans that are intended to be sold, the Company will also include these on its balance sheet until the time of sale but through an agreement with PFH, any exposure to a decline in value prior to sale will be reimbursed to the Company by PFH. The

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Company will also continue, through the Division, to provide loan origination support to PFH and the servicing of loans retained by the Division.

On June 12, 2025, the Company signed a non-binding term sheet to sell a portion of its retained ownership in PFH common shares after the deconsolidation that generated proceeds to the Company of $22 million. Following the sale of these shares, the Company continued to hold approximately 467 thousand shares in PFH. The Company utilizes a third-party valuation specialist to value these shares at each quarter end to support the Company’s recording of its investment at fair value as previously discussed. For the nine months ended September 30, 2025, the Company recorded a gain of $8 million in the income statement in “Gain on Panacea Financial Holdings investment” within noninterest income related to the sale of PFH common shares and fair value adjustments on its remaining investment.

Following deconsolidation, the Company determined that any transactions between the Company and PFH would be related party transactions under relevant accounting guidance. The primary transactions between the Company and PFH relate to quarterly payments between the parties driven by financial performance of loans PFH originates in the Division of the Bank. As of September 30, 2025, the Company had a payable of $200 thousand included within other liabilities on the balance sheet related to this payment due to PFH. As of September 30, 2025, the Company did not hold any assets on its balance sheet related to PFH that could be used by PFH to settle their obligations. The Company does not have an obligation to provide any future monetary support to PFH. The maximum exposure to loss as of September 30, 2025 as a result of continued involvement with PFH is the common stock investment of $7 million and any potential credit losses on loans originated in the division of the Bank as discussed above.

Disposition of the Life Premium Finance Division

On October 24, 2024, the Company entered into a purchase and assumption agreement with EverBank, N.A. (“EverBank”) for the sale of the Company’s Life Premium Finance division (“LPF”). EverBank acquired LPF from the Company, except for a subset of mostly fixed rate and rate-capped loans that were retained by the Bank. All of the LPF operations, including its employees, were assumed by EverBank following the close of the transaction, which took place in two parts. EverBank acquired approximately $370 million of loans from the division at a $6 million premium at the first close on October 31, 2024. Between the first and second closing on January 31, 2025, EverBank purchased loans generated by the division in ordinary course at par. The Bank provided interim servicing from the first closing until the transition of the business at the final closing, when EverBank began servicing the purchased loans and serviced the Bank’s retained portfolio for the duration of the portfolio. From the first closing through December 31, 2024, the Bank sold approximately $400 million of loans and related accrued interest and recorded a pre-tax gain of $5 million, net of advisory and legal fees. As of December 31, 2024, the Bank had an additional $51 million of loans to be sold to EverBank which were recorded in loans held for sale at the lower of cost or market. The Bank subsequently sold approximately $64 million of additional loans at par to EverBank (inclusive of the loans in held for sale at year end) from January 1, 2025 through the second closing on January 31, 2025.

Operating Segments

The Company, through its Bank subsidiary, provides a broad range of financial services. While the Company’s chief operating decision maker monitors the revenue streams of the various financial products and services, operations are managed and financial performance is evaluated on an organization-wide basis. Management has determined that the Company has two reportable operating segments: Primis Mortgage and Primis Bank, as discussed in Note 11 – Segment Information.

Basis of Presentation

The unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with GAAP for interim financial information and instructions for Form 10-Q and follow general practice within the banking industry. Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim

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periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the consolidated financial statements and footnotes thereto included in the 2024 Form 10-K.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Estimates that are particularly susceptible to change in the near term include: the determination of the allowance for credit losses, the fair value of investment securities, the credit impairment of investment securities, the mortgage banking derivatives, interest rate swap derivatives, Consumer Program derivatives, the valuation of goodwill, and deferred tax assets. Management monitors and continually reassess these at each reporting period.

Interest Rate Swaps

The Company is subject to interest rate risk exposure in the normal course of business through its core lending operations. Primarily to help mitigate interest rate risk associated with its loan portfolio, the Company entered into interest rate swaps in May and August of 2023 with a large U.S. financial institution as the counterparty. Interest rate swaps are contractual agreements whereby one party pays a floating interest rate on a notional principal amount and receives a fixed-rate payment on the same notional principal, or vice versa, for a fixed period of time. Interest rate swaps change in value with movements in benchmark interest rates, such as Prime or SOFR. Interest rate swaps subject the Company to market risk associated with changes in interest rates, changes in interest rate volatility, as well as the credit risk that the counterparty will fail to perform. The Company’s interest rate swaps are pay-fixed and receive-floating whereby the Company receives a variable rate of interest based on SOFR.

As of September 30, 2025, the gross amounts of interest rate swap derivative assets and liabilities were $196 thousand and $333 thousand, respectively, and are recorded net in other assets on the consolidated balance sheets. As of December 31, 2024, the gross amounts of interest rate swap derivative assets and liabilities were $1 million and $248 thousand, respectively, and are recorded net in other assets on the consolidated balance sheets. One of the Company’s three interest rate swaps matured in May of 2025 and the remaining two swaps mature in May and August of 2026.

The following table represents the carrying value of the portfolio layer method hedged assets and the cumulative fair value hedging adjustments included in the carrying value of the hedged assets as of September 30, 2025 and December 31, 2024:


	September 30, 2025						December 31, 2024
(dollars in thousands)	Amortized Cost Basis		Hedged Asset		Basis Adjustment		Amortized Cost Basis		Hedged Asset		Basis Adjustment
Fixed rate assets	$	727,236	$	150,103	$	103	$	818,375	$	249,190	$	(810)

Treasury Stock

On December 19, 2024, the Board of Directors of the Company authorized a stock repurchase program (the “Stock Repurchase Program”) under which the Company may repurchase up to 740,600 shares of its outstanding common stock. The Stock Repurchase Program began on December 19, 2024, near the end of the previously authorized repurchase plan, and will end on December 19, 2025. The Stock Repurchase Program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares that will be repurchased by the Company. The Stock Repurchase Program may be suspended, modified or terminated by the Company at any time and for any reason, without prior notice.

In June 2025, the Company repurchased a total of 79,549 shares of its common stock under the Stock Repurchase Program at an average cost of $10.00 per share and recorded the stock in Treasury Stock in Stockholders’ Equity at its repurchase cost of $807 thousand. At the date of repurchase, Stockholders' Equity was reduced by the repurchase price. If

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the Company subsequently reissues treasury shares, Treasury Stock is reduced by the cost of such stock with differences recorded in additional paid-in capital or retained earnings, as applicable. The remaining buyback authority under the Stock Repurchase Program was 661,051 shares as of September 30, 2025.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires annual disclosure of certain information relating to the rate reconciliation, income taxes paid by jurisdiction, income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. The ASU also eliminates certain requirements relating to unrecognized tax benefits and certain deferred tax disclosure relating to subsidiaries and corporate joint ventures. This ASU is effective for the Company’s annual disclosures beginning for the year ended December 31, 2025. The Company is currently evaluating the impact of this ASU to the annual financial statement disclosures in its Form 10-K for the year ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires more disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses but does not change the requirements for the presentation of expenses on the face of the income statement. In January 2025, FASB issued an update ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), clarifying the effective date. The amendments in this standard will be effective for the Company’s annual disclosures beginning for the year ended December 31, 2027, and interim periods within fiscal years beginning on January 1, 2028, and is required to be applied prospectively, with early adoption permitted. The Company does not believe this standard will have a material impact on its consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810) – Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. This ASU modifies the Topic 805 framework for identifying the accounting acquirer in certain business combinations when the legal acquiree is a VIE. Existing guidance states the primary beneficiary is the accounting acquirer of a VIE in a business combination even if Topic 805’s general factors used to identify the accounting acquirer (which apply to other business combinations) suggest that the transaction would otherwise be a reverse acquisition. This ASU modifies existing guidance by limiting situations in which entities must identify the primary beneficiary as the accounting acquirer in certain business combinations and requiring entities to consider the general factors in Topic 805 when a business combination involving a VIE is primarily effected through exchanging equity interests. The ASU is to be applied prospectively to annual and interim reporting periods beginning after December 15, 2026 for all entities, with early adoption permitted. The Company does not believe this standard will have a material impact on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) – Targeted Improvements to the Accounting for Internal-use Software. This ASU is intended to modernize old internal-use software guidance that is twenty years old to adapt to the agile (i.e., iterative and flexible) basis predominantly used to develop software today. The key changes to the guidance include (i) eliminating accounting consideration of software project development stages, (ii) enhancing the guidance around the ‘probable-to-complete’ threshold, (iii) modifying the website development costs guidance by eliminating Subtopic 350-50 and relocating any remaining relevant guidance into Subtopic 350-40, and (iv) providing new examples to illustrate the applications of the updated guidance. The ASU allows entities to adopt the guidance either (1) retrospectively, (2) prospectively to software costs incurred after the adoption date (i.e. on existing, in-process software projects or new projects) or (3) on a modified prospective basis. The ASU is effective for the Company starting in annual and interim periods beginning after December 31, 2027, with early adoption permitted. The Company is currently assessing the potential impact of adoption of this ASU on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) - Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. This ASU expands the population of contracts that are excluded from the scope of derivative accounting. It also clarifies that the revenue guidance in ASC 606 initially applies to share-

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based noncash consideration received from a customer for the transfer of goods or services. The ASU adds a scope exception from derivative accounting for nonexchange traded contracts with underlyings based on operations or activities specific to one of the parties to the contract. The ASU also clarifies that the revenue guidance in ASC 606 applies initially to share-based noncash consideration (e.g., shares, share options or other equity instruments) received from a customer for the transfer of goods or services. The guidance in other ASCs, including derivatives (ASC 815) and equity securities (ASC 321), is not applied unless and until the entity’s right to receive or retain the share-based noncash consideration is unconditional under ASC 606. The ASU allows entities to adopt the guidance either prospectively or on a modified retrospective basis. The ASU is effective for the Company starting in annual and interim periods beginning after December 31, 2026, with early adoption permitted. The Company is currently assessing the potential impact of adoption of this ASU on its consolidated financial statements.

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2. INVESTMENT SECURITIES

The amortized cost and fair value of AFS investment securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows ($ in thousands):


	Amortized		Gross Unrealized				Fair
	Cost		Gains		Losses		Value
September 30, 2025
Residential government-sponsored mortgage-backed securities	$	102,557	$	250	$	(10,154)	$	92,653
Obligations of states and political subdivisions		31,753		3		(2,779)		28,977
Corporate securities		10,000		—		(780)		9,220
Residential government-sponsored collateralized mortgage obligations		61,260		523		(964)		60,819
Government-sponsored agency securities		16,351		—		(1,821)		14,530
Agency commercial mortgage-backed securities		24,483		—		(2,541)		21,942
SBA pool securities		6,587		6		(74)		6,519
Total	$	252,991	$	782	$	(19,113)	$	234,660


	Amortized		Gross Unrealized				Fair
	Cost		Gains		Losses		Value
December 31, 2024
Residential government-sponsored mortgage-backed securities	$	105,655	$	5	$	(14,253)	$	91,407
Obligations of states and political subdivisions		33,500		3		(3,798)		29,705
Corporate securities		16,000		—		(920)		15,080
Residential government-sponsored collateralized mortgage obligations		57,908		223		(1,741)		56,390
Government-sponsored agency securities		16,315		—		(2,479)		13,836
Agency commercial mortgage-backed securities		25,750		—		(3,572)		22,178
SBA pool securities		7,504		6		(203)		7,307
Total	$	262,632	$	237	$	(26,966)	$	235,903

The amortized cost, gross unrecognized gains and losses, allowance for credit losses and fair value of investment securities HTM were as follows ($ in thousands):


	Amortized		Gross Unrecognized				Allowance for		Fair
	Cost		Gains		Losses		Credit Losses		Value
September 30, 2025
Residential government-sponsored mortgage-backed securities	$	6,893	$	2	$	(485)	$	—	$	6,410
Obligations of states and political subdivisions		1,519		—		(26)		—		1,493
Residential government-sponsored collateralized mortgage obligations		138		—		(4)		—		134
Total	$	8,550	$	2	$	(515)	$	—	$	8,037


	Amortized		Gross Unrecognized				Allowance for		Fair
	Cost		Gains		Losses		Credit Losses		Value
December 31, 2024
Residential government-sponsored mortgage-backed securities	$	7,760	$	2	$	(764)	$	—	$	6,998
Obligations of states and political subdivisions		1,519		—		(75)		—		1,444
Residential government-sponsored collateralized mortgage obligations		169		—		(9)		—		160
Total	$	9,448	$	2	$	(848)	$	—	$	8,602

No AFS investment securities were purchased during the three months ended September 30, 2025. AFS investment securities of $18 million were purchased during the nine months ended September 30, 2025 and $16 million and $34 million were purchased during the three and nine months ended September 30, 2024, respectively. No HTM investments were purchased during the three and nine months ended September 30, 2025 and 2024. No investment securities were sold during the three and nine months ended September 30, 2025 and 2024.

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The amortized cost and fair value of AFS and HTM investment securities as of September 30, 2025, by contractual maturity, were as follows ($ in thousands). Investment securities not due at a single maturity date are shown separately.


	Available-for-Sale				Held-to-Maturity
	Amortized				Amortized
	Cost		Fair Value		Cost		Fair Value
Due within one year	$	1,797	$	1,789	$	—	$	—
Due in one to five years		12,827		12,413		1,014		994
Due in five to ten years		32,637		28,745		505		499
Due after ten years		10,843		9,780		—		—
Residential government-sponsored mortgage-backed securities		102,557		92,653		6,893		6,410
Residential government-sponsored collateralized mortgage obligations		61,260		60,819		138		134
Agency commercial mortgage-backed securities		24,483		21,942		—		—
SBA pool securities		6,587		6,519		—		—
Total	$	252,991	$	234,660	$	8,550	$	8,037

Investment securities with a carrying amount of approximately $134 million and $141 million at September 30, 2025 and December 31, 2024, respectively, were pledged to secure public deposits, certain other deposits, a line of credit for advances from the FHLB of Atlanta, and repurchase agreements.

Management measures expected credit losses on HTM securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Regarding U.S. Treasury and residential mortgage-backed securities issued by the U.S. government, or agencies thereof, it is expected that the securities will not be settled at prices less than the amortized cost basis of the securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. government. Accordingly, no allowance for credit losses has been recorded for these securities. Regarding securities issued by states and political subdivisions and other HTM securities, management considers (i) issuer bond ratings, (ii) historical loss rates for given bond ratings, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities and (iv) internal forecasts. As of September 30, 2025, Primis did not have a material allowance for credit losses on HTM securities.

As of September 30, 2025 and December 31, 2024, there were 148 and 155, respectively, of investment securities AFS that were in an unrealized loss position. The unrealized losses related to investment securities AFS as of September 30, 2025 and December 31, 2024, relate to changes in interest rates relative to when the investment securities were purchased, and do not indicate credit-related impairment. Primis performs quantitative analysis and if needed, a qualitative analysis in this determination. As a result of the Company’s analysis, none of the securities were deemed to require an allowance for credit loss. Primis has the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses.

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The following tables present information regarding investment securities AFS and HTM in a continuous unrealized loss position as of September 30, 2025 and December 31, 2024 by duration of time in a loss position ($ in thousands):


	Less than 12 months				12 Months or More				Total
September 30, 2025	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Available-for-Sale	value		Losses		value		Losses		value		Losses
Residential government-sponsored mortgage-backed securities	$	—	$	—	$	75,563	$	(10,154)	$	75,563	$	(10,154)
Obligations of states and political subdivisions		—		—		26,224		(2,779)		26,224		(2,779)
Corporate securities		—		—		9,221		(780)		9,221		(780)
Residential government-sponsored collateralized mortgage obligations		—		—		17,493		(964)		17,493		(964)
Government-sponsored agency securities		—		—		14,530		(1,821)		14,530		(1,821)
Agency commercial mortgage-backed securities		—		—		21,942		(2,541)		21,942		(2,541)
SBA pool securities		349		(2)		5,710		(72)		6,059		(74)
Total	$	349	$	(2)	$	170,683	$	(19,111)	$	171,032	$	(19,113)


	Less than 12 months				12 Months or More				Total
September 30, 2025	Fair		Unrecognized		Fair		Unrecognized		Fair		Unrecognized
Held-to-Maturity	value		Losses		value		Losses		value		Losses
Residential government-sponsored mortgage-backed securities	$	—	$	—	$	6,343	$	(485)	$	6,343	$	(485)
Obligations of states and political subdivisions		—		—		913		(26)		913		(26)
Residential government-sponsored collateralized mortgage obligations		—		—		134		(4)		134		(4)
Total	$	—	$	—	$	7,390	$	(515)	$	7,390	$	(515)


	Less than 12 months				12 Months or More				Total
December 31, 2024	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Available-for-Sale	value		Losses		value		Losses		value		Losses
Residential government-sponsored mortgage-backed securities	$	10,233	$	(102)	$	80,700	$	(14,151)	$	90,933	$	(14,253)
Obligations of states and political subdivisions		2,060		(21)		26,642		(3,777)		28,702

Primis Financial Corp. 10-Q