Primis Financial Corp. Reports Earnings per Share for the Second Quarter of 2025

Declares Quarterly Cash Dividend of $0.10 Per Share , /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), and its wholly-owned subsidiary, Primis Bank (the "Bank"), today reported net income available to common shareholders of $8.4 million, or $0.34 per diluted share, for the quarter ended June 30, 2025, compared to $3.4 million, or $0.14 per diluted share, for the quarter ended June 30, 2024. For the six months ended June 30, 2025, the Company reported net income available to common shareholders of $31.1 million, or $1.26 per diluted share, compared to a net income available to common shareholders of $5.9 million or $0.24 per diluted share, for the six months ended June 30, 2024. Operating Results Operating results in the quarter clearly point to improved profitability and momentum on key areas but included positive and negative items that management expects to not reflect going forward. Significant items occurring during the quarter were: During the quarter, the Company completed the sale of a portion of its ownership in Panacea Financial Holdings, Inc. ("PFH") generating proceeds to the Company of $22.1 million and an additional pre-tax gain of $7.5 million. Promotional loans driving volatility in the Company's results finished the quarter at only $9.6 million. The Company's credit quality results for the quarter warranted no additional provision for loan losses on this portfolio. Write-offs of accrued interest on promotional loans that rolled to amortization but subsequently defaulted was $2 million and expected to decline to less than $0.5 million in the third quarter of 2025 given the very low levels of promotional interest recognized in the second quarter. Primis Mortgage closed $323 million in loans, up 52% from the same quarter in 2024. A substantial portion of the increase in closed volume was construction-to-permanent product related with revenue delayed until the end of the construction period. Additionally, pricing and draw support for the new production teams substantially ended during the quarter and totaled $1.2 million. Several items have occurred that will impact the Company's operations going forward. Renegotiation of the Company's core contract with its provider as well as other items are expected to reduce expenses $0.9 million in the third quarter and then $1.5 million in the fourth quarter and beyond. Continued consolidation of the Company's cores and other vendor relationships will continue and provide more than adequate downward pressure on operating expenses to allow for substantial operating leverage through the end of 2026. Commenting on the quarter, Dennis J. Zember, Jr., President and Chief Executive Officer, stated, "We are pleased with the progress we have made in rebuilding our balance sheet for higher sustained earnings as we enter the second half of 2025. The core bank is maximizing profitability with its enviable core deposit base while pursuing moderate growth. At the same time, mortgage warehouse and Panacea are executing on their tremendous growth potential while non-core portfolios run off. As discussed below, the second quarter was impacted by the last sizable portion of Consumer Program interest reversals and higher expenses that aren't expected to continue. Adjusting for those items and the PFH gain, our run-rate pre-tax pre-provision earnings were approximately $8.4 million in the second quarter. Mortgage profitability was lower due to increasing construction to perm lending that is highly profitable but has a lag until revenue materializes. In the second quarter, the value of that production was approximately $0.9 million pre-tax assuming conservative gain on sale margins. Lastly, we are close to executing on our plan to reduce technology costs and anticipate the savings to begin late in the third quarter of 2025. Along with the end of our core deposit amortization in June, our expected reduction in quarterly expenses is approximately $1.5 million. In total, we believe we have visibility to pre-tax pre-provision earnings of $10.5 to $11 million before the benefits of the profitable growth and balance sheet repricing we have in front of us." Significant Improvement in All Divisions As discussed in previous quarters, the Company spent substantial time and energy in 2024 focusing the organization on its core bank and lines of business that drive premium operating results. The second quarter of 2025 demonstrated progress in key areas that are expected to continue and build through the rest of the year and into 2026. The following discussion highlights recent progress for each of these strategies: Core Community Bank The core bank has 24 banking offices in Virginia and Maryland and is approximately 70% of the Company's total balance sheet. Management believes the core bank's value amongst its regional peers is undeniable given how well its balance sheet is positioned: The Core bank has low concentrations of investor CRE (39% of loans and only 213% of regulatory capital) A robust pipeline of mostly new customers to the bank with yields that are incremental to the Bank's margin Cost of deposits of 1.79% in the second quarter of 2025 compared to 2.20% in the same quarter in 2024. The core bank's cost of deposits is up to 100 basis points lower than similar sized peers in the greater DC region. Zero brokered deposits and no reliance on FHLB borrowings. A proprietary banking app for commercial depositors that drives new sales independent of lending efforts in and around our region. Approximately 19% of the core bank's deposit base are noninterest bearing deposits, supported with what management believes is the region's best and most unique technology including the Bank's proprietary V1BE service which directly supports more than $200 million of mostly commercial clients in the Bank's footprint. Approximately $30 million of checking accounts are associated with customers that use V1BE every week. The Company is frequently approached by other community banks looking to use this technology with their own customers. Primis is currently implementing enhancements to make V1BE easier to license to other banks and expects to have its first customer onboard before the end of 2025. Primis Mortgage Primis Mortgage has closed mortgage volume of $323 million in the second quarter of 2025, up 52% compared to the same quarter in 2024. Earnings for Primis mortgage were depressed by approximately $1.2 million related to the commitment of one quarter's support for the new production teams hired in the last week of the first quarter of 2025. National Strategies Mortgage warehouse lending activity was significant in the first and second quarter of 2025 following the expansion of the team in the fall of 2024. Outstanding loan balances at June 30, 2025 were $185 million, up 60% from $115 million at March 31, 2025 and up 189% from $64 million at December 31, 2024. Committed facilities ended the second quarter of 2025 at $804 million versus $487 million at March 31, 2025 and $349 million at the end of 2024. Mortgage warehouse also funded approximately 11% of its balance sheet with associated customer noninterest bearing deposit balances totaling $21 million at June 30, 2025 up 80% from March 31, 2025. Funding for the national strategies is provided exclusively by the Bank's digital platform powered by what the Bank believes is one the safest and most functional deposit account in the nation. Because of the scalability of the platform, there is no pressure whatsoever on the core bank to provide funding and risk the profitable, decades old relationships with core customers. The platform ended the second quarter of 2025 with almost $1.1 billion of deposits with a cost of deposits of 4.28% in the month of June 2025, compared to $0.9 billion at June 30, 2024 with a cost of 5.05%. Over 1,000 of our digital accounts have come from referrals from another customer and approximately 61% of our consumer accounts have been with the bank for over two years. Panacea Financial Panacea's growth remained strong through the second quarter of 2025 with loans outstanding of $505 million, up 34% compared to the same quarter in 2024. At the end of the current quarter, Panacea customer deposits totaled $107 million, up 58% from June 30, 2024. Importantly, much of this growth was commercial in nature with a weighted average cost below 0.25% and has continued at a similar pace since quarter end. Panacea is the number one ranked "Bank for doctors" on Google and banks over 7,000 professionals and practices nationwide with a goal of reaching 10,000 customers by the end of 2025. Panacea is also developing the initial phase of what is expected to be a sophisticated suite of technology products and services targeting the medical, dental and veterinary space. Net Interest Income Because of the final significant write-off of accrued interest on the consumer loan portfolio, net interest income decreased to $25.5 million during the second quarter of 2025 compared to $26.4 million in the first quarter of 2025 and $24.9 million in the second quarter of 2024. The reported net interest margin was 2.89% in the second quarter of 2025 compared to 2.72% in the second quarter of 2024. Excluding the impacts of the Consumer Program portfolio, the Company's net interest margin was 3.15%(1) in the second quarter of 2025 compared to 2.80%(1) in the same quarter in 2024. Net interest income for the second quarter, excluding the impacts of the write-off of accrued interest, increased by 10.4% to $27.5 million compared to $24.9 million in the second quarter of 2024. Normalizing the volatile income and write-off recognition in the consumer portfolio to illustrate the Company's net interest margin and forward momentum is seen below: ($ in thousands) 3Q24 4Q24 1Q25 2Q25 Int. Inc. Recog. – Consumer Prog. $5,152 $ 5,831 $5,676 $2,077 Int. Inc. Reversals – Consumer Prog. - (2,512) (2,832) (2,037) Int. Inc., Net – Consumer Prog, 5,152 3,319 2,844 40 Promo Interest Income Recognized 2,956 2,976 3,264 321 Promo Interest Reversals - (2,493) (2,644) (2,066) Promo Interest Income, Net $2,956 $483 $ 620 ($1,745) Under GAAP, the Company recognizes interest income when promotional features on the Consumer Program loans expire and which generally includes a substantial amount of deferred interest accumulated to that point. If the loan subsequently defaults, that previously recognized interest is reversed against interest income. As detailed in the table above, the Bank recognized substantial interest income on loans exiting their promotional periods beginning in the third quarter of 2024 with a roughly one quarter lag of subsequent reversals primarily due to high first payment defaults on full deferral promotional loans. As seen in the table, interest recognized on promotional loan expirations was insignificant in the second quarter of 2025 which will lead to substantially lower interest income reversals going forward. At June 30, 2025, the Company had $9.7 million of full deferral loans remaining, down from $77.2 million at June 30, 2024, with promotional period expirations spread over the next four quarters. Net interest margin excluding the Consumer Program portfolio impact entirely, including balances, the net interest margin for the rest of the Bank was 3.15%(1) in the second quarter of 2025, up two basis points from 3.13%(1) in the first quarter of 2025. Excluding the interest write-offs on the consumer loan book the yield on loans and yield on average earnings assets was 5.91% and 5.68% in the second quarter of 2025, respectively, compared to 5.91% and 5.72%, respectively, in the same quarter of 2024. New and renewed loan production in the second quarter of 2025 across all divisions had a weighted average yield of 7.57% which compares favorably to 7.25% for the same quarter in 2024. Total maturities of loans over the five quarters beginning with the fourth quarter of 2025 total $574 million with weighted average yields of 5.71%, indicating continued opportunity for management to move yields on loans and average earning assets higher. Cost of deposits in the second quarter of 2025 was 2.52% compared to 2.98% in the same quarter in 2024. The Company recently lowered digital platform rates and, combined with recent growth in lower cost deposit accounts, expects further improvement in cost of deposits in the third quarter of 2025. Noninterest Income Noninterest income was $18.0 million in the second quarter of 2025 versus $32.3 million in the first quarter of 2025 and $10.7 million in the second quarter of 2024. The Company deconsolidated PFH as of March 31, 2025 and upon deconsolidation recognized a gain of $24.6 million within noninterest income in the first quarter of 2025. Noninterest income in the second quarter of 2025 included a $7.4 million gain from the sale of a portion of the Company's PFH shares and remeasurement of the remaining shares at fair market value at June 30, 2025. Income from mortgage banking activity increased to $7.9 million in the second quarter of 2025 compared to $5.6 million in the first quarter of 2025. Noninterest income from the Consumer Program increased to $0.6 million in the second quarter of 2025 from a loss of $0.3 million in the first quarter of 2025 largely due to prepayment activity offsetting the reduction in the associated derivative. The Company also recorded losses on other investments of $0.3 million in the second quarter of 2025 versus gains of $0.1 million in the first quarter of 2025. Lastly, gain on sale of SBA loans was $0.2 million in the second quarter of 2025 after no sales in the first quarter of 2025. Noninterest Expense Noninterest expense was $31.9 million for the second quarter of 2025, compared to $32.5 million for the first quarter of 2025. First quarter noninterest expense included consolidated expenses from PFH prior to deconsolidation as of March 31, 2025. Management considers the core expense burden of the Bank that adjusts for certain items that are volume dependent such as mortgage banking-related expenses or expense related to changes in the reserve for unfunded commitments. The following table illustrates the Company's core operating expense burden during 2024 and the first two quarters of 2025: ($ in thousands) 2Q25 1Q25 4Q24 3Q24 2Q24 Reported Noninterest Expense $31,927 $32,516 $37,841 $30,603 $29,662 PFH Consolidated Expenses - (4,754) (3,641) (2,576) (2,347) Noninterest Expense Excl. PFH 31,927 27,762 34,200 28,027 27,315 Nonrecurring (232) (1,144) (3,686) (1,000) (1,329) Primis Mortgage Expenses (8,514) (5,569) (6,354) (6,436) (6,084) Consumer Program Servicing Fee (518) (622) (681) (699) (312) Reserve for Unfunded Commitment (2) (13) 6 (96) 546 Total Adjustments (9,266) (7,348) (10,715) (8,231) (7,179) Core Operating Expense Burden $22,661 $20,414 $23,485 $19,796 $20,136 As noted above, the core expense burden increased $2.2 million in the second quarter of 2025 from the first quarter of 2025. The second quarter included a number of items not expected to continue going forward including approximately $0.5 million of consulting expenses, $0.4 million related to additional FDIC insurance expense, $0.4 million of remaining audit expense for the 2024 audit and $0.2 million of legal expenses related to employee fraud recovery efforts. Marketing expenses were also approximately $0.2 million higher in the second quarter of 2025 versus the first quarter of 2025 but are expected to moderate. Adjusting for these items, core operating expense burden would have been less than $21 million and within the range of $20 million to $21 million of quarterly noninterest expense previously estimated for 2025. Loan Portfolio and Asset Quality Loans held for investment increased to $3.13 billion at June 30, 2025 compared to $3.04 billion at March 31, 2025 and declined from $3.30 billion at June 30, 2024 prior to the sale of the Life Premium Finance portfolio. Important drivers in these levels are seen below: Core Bank loans totaled $2.12 billion at June 30, 2025 compared to $2.22 billion at June 30, 2024. Panacea Financial loans grew $129 million or 34% to $505 million over the past 12 months ending June 30, 2024. Doctors and practices in the division's network improved from approximately 5,000 at June 30, 2024 to over 7,000 at June 30, 2025. Mortgage warehouse outstandings improved to $185 million at the end of the second quarter of 2025 compared to only $14 million at the same time in 2024. Approved lines grew substantially during the quarter to $804 million, up approximately 65% since March 31, 2025. Loan balances associated with the consumer loan program declined to $113 million at June 30, 2025, net of the fair value discounts compared to $194 million at June 30, 2024. Importantly, loans in promotional periods with full deferral were only $9.6 million or 7.8% of gross loans at June 30, 2025 compared to $77.2 million or 40% of total loans a year ago. Investor CRE as a percentage of regulatory capital was 213% at both June 30, 2025 and June 30, 2024. Lastly, the Company measures "loans with minimal credit risk" quarterly to illustrate the power of its lending businesses and its overall portfolio quality. The table below is covered with additional detail in the Company's investor presentation but illustrates that the Company has nearly achieved the same level as before the sale of the life premium finance portfolio in the fourth quarter of 2024: 2Q25 1Q25 4Q24 3Q24 2Q24 1-4 Family Loans (1st Lien) 457 460 472 486 486 Panacea 505 474 434 392 376 Mortgage Warehouse 185 115 64 15 14 Life Premium Finance 144 150 175 518 465 Loans guaranteed by the SBA 23 21 22 23 26 Cash Secured Loans 12 13 12 13 12 Mortgage Loans Held For Sale 127 74 83 97 91 Total 1,453 1,307 1,262 1,544 1,470 Total Loans (HFI and HFS) 3,257 3,118 3,135 3,432 3,395 % of loans with lower loss content 44.6 % 41.9 % 40.3 % 45.0 % 43.3 % Nonaccrual loans, excluding portions guaranteed by the SBA, were 0.26% of total loans at June 30, 2025 compared to 0.24% of total loans at June 30, 2024. As in prior quarters, the Bank has no other real estate owned at the end of the second quarter of 2025. The Company recorded a provision for loan losses of $1.2 million for the second quarter of 2025 compared to $1.6 million for the first quarter of 2025 and $3.1 million in the same quarter in 2024. As previously stated, the Company moved the Consumer Program loan book into its held for investment loan portfolio in the first quarter of 2025 and evaluated the portfolio using its CECL model at that time. Based on performance during the quarter, there was no required provision expense associated with the Consumer Program in the second quarter of 2025. As a percentage of loans held for investment, the allowance for credit losses was 1.24% at the end of the second quarter of 2025 compared to 1.56% at the end of the second quarter of 2024. Total allowance and discounts on the Consumer Program loan portfolio totaled $13 million at June 30, 2025 which represents 11% of gross principal balance and 323% of loans more than one period delinquent as of that date. Deposits and Funding Total deposits at June 30, 2025 were essentially flat from June 30, 2024. Deposits swept off balance sheet increased to $37 million at June 30, 2025 versus $4 million at the same time in 2024. Importantly, noninterest bearing demand deposits were $478 million at June 30, 2025, an annualized growth rate of 18% compared to balances at December 31, 2024. As stated earlier, the Company has no wholesale funding and is 100% funded with customer deposits at June 30, 2025. Shareholders' Equity Book value per common share as of June 30, 2025 was $15.52, an increase of $0.30 or 2% from June 30, 2024. Tangible book value per common share(1) at the end of the second quarter of 2025 was $11.72, an increase of $0.34 or 3% from June 30, 2024. Common shareholders' equity was $382 million, or 9.86% of total assets, at June 30, 2025. Tangible common equity(1) at June 30, 2025 was $289 million, or 7.63% of tangible assets(1). During the quarter, the Company repurchased almost 80 thousand shares of its common stock at a weighted average price of $10.00 per share. The Board of Directors declared a dividend of $0.10 per share payable on August 22, 2025 to shareholders of record on August 8, 2025. This is Primis' fifty-fifth consecutive quarterly dividend. About Primis Financial Corp. As of June 30, 2025, Primis had $3.9 billion in total assets, $3.1 billion in total loans held for investment and $3.3 billion in total deposits. Primis Bank provides a range of financial services to individuals and small- and medium-sized businesses through twenty-four full-service branches in Virginia and Maryland and provides services to customers through certain online and mobile applications. Contacts: Address: Dennis J. Zember, Jr., President and CEO Primis Financial Corp. Matthew A. Switzer, EVP and CFO 1676 International Drive, Suite 900 Phone: (703) 893-7400 McLean, VA 22102 Primis Financial Corp., NASDAQ Symbol FRST Website: www.primisbank.com Conference Call The Company's management will host a conference call to discuss its second quarter results on Friday, July 25, 2025 at 10:00 a.m. (ET). A live Webcast of the conference call is available at the following website: https://events.q4inc.com/attendee/362488451. Participants may also call 1-800-715-9871 and ask for the Primis Financial Corp. call. A replay of the teleconference will be available for 7 days by calling 1-800-770-2030 and providing Replay Access Code 4554342. Non-GAAP Measures Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables. Primis uses non-GAAP financial measures to analyze its performance. The measures entitled net income adjusted for nonrecurring income and expenses; pre-tax pre-provision operating earnings; operating return on average assets; pre-tax pre-provision operating return on average assets; operating return on average equity; operating return on average tangible equity; operating efficiency ratio; operating earnings per share – basic; operating earnings per share – diluted; tangible book value per share; tangible common equity; tangible common equity to tangible assets; and core net interest margin are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. We use the term "operating" to describe a financial measure that excludes income or expense considered to be non-recurring in nature. Items identified as non-operating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward-looking trends in our business. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is provided in the Reconciliation of Non-GAAP Items table. Management believes that these non-GAAP financial measures provide additional useful information about Primis that allows management and investors to evaluate the ongoing operating results, financial strength and performance of Primis and provide meaningful comparison to its peers. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider Primis' performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Primis. Non-GAAP financial measures are not standardized and, therefore, it may not be possible to compare these measures with other companies that present measures having the same or similar names. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP. Forward-Looking Statements This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," and other similar words or expressions of the future or otherwise regarding the outlook for the Company's future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, but are not limited to, our expectations regarding our future operating and financial performance, including the preliminary estimated financial and operating information presented herein, which is subject to adjustment; our outlook and long-term goals for future growth and new offerings and services; our expectations regarding net interest margin; expectations on our growth strategy, expense management, capital management and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: instability in global economic conditions and geopolitical matters; the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within our primary market areas; changes in interest rates, inflation, loan demand, real estate values, or competition, as well as labor shortages and supply chain disruptions; the impact of tariffs, trade policies, and trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services); the Company's ability to implement its various strategic and growth initiatives, including its recently established Panacea Financial Division, digital banking platform, V1BE fulfillment service, Mortgage Warehouse division and Primis Mortgage Company; the risks associated with the Life Premium Finance sale, including failure to achieve the expected impact to our operating results; competitive pressures among financial institutions increasing significantly; changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices; changes in management's plans for the future; credit risk associated with our lending activities; changes in accounting principles, policies, or guidelines; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; potential increases in the provision for credit losses; our ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties; fraud or misconduct by internal or external actors, which we may not be able to prevent, detect or mitigate; acts of God or of war or other conflicts, including the current Ukraine/Russia conflict and Israel/Hamas conflict, acts of terrorism, pandemics or other catastrophic events that may affect general economic conditions; and other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services. Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company's management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company's filings with the Securities and Exchange Commission, the Company's Annual Report on Form 10-K for the year ended December 31, 2024, under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors," and in the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements. (1) Non-GAAP financial measure. Please see "Reconciliation of Non-GAAP Items" in the financial tables for more information and for a reconciliation to GAAP. Primis Financial Corp. Financial Highlights (unaudited) (Dollars in thousands, except per share data) For Three Months Ended: For Six Months Ended: Selected Performance Ratios: 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 2Q 2025 2Q 2024 Return on average assets 0.89 % 2.52 % (2.43 %) 0.12 % 0.35 % 1.68 % 0.31 % Operating return on average assets(1) 0.29 % 0.40 % (2.51 %) 0.20 % 0.46 % 0.34 % 0.38 % Pre-tax pre-provision return on average assets(1) 1.23 % 3.32 % 0.44 % 0.86 % 0.75 % 2.24 % 0.88 % Pre-tax pre-provision operating return on average assets(1) 0.47 % 0.71 % 0.33 % 0.96 % 0.85 % 0.58 % 0.97 % Return on average common equity 8.89 % 26.66 % (24.28 %) 1.31 % 3.69 % 17.29 % 3.16 % Operating return on average common equity(1) 2.92 % 4.21 % (25.13 %) 2.15 % 4.81 % 3.53 % 3.90 % Operating return on average tangible common equity(1) 3.87 % 5.78 % (33.33 %) 2.86 % 6.42 % 4.76 % 5.23 % Cost of funds 2.67 % 2.67 % 2.97 % 3.25 % 3.16 % 2.67 % 3.06 % Net interest margin 2.89 % 3.15 % 2.90 % 2.97 % 2.72 % 3.02 % 2.78 % Core net interest margin(1) 3.15 % 3.13 % 2.91 % 2.80 % 2.85 % 3.14 % 2.92 % Gross loans to deposits 93.65 % 96.04 % 91.06 % 89.94 % 98.95 % 93.65 % 98.95 % Efficiency ratio 73.37 % 55.39 % 96.41 % 82.82 % 83.36 % 63.05 % 80.42 % Operating efficiency ratio(1) 87.88 % 91.97 % 98.92 % 79.92 % 79.56 % 89.85 % 77.94 % Per Common Share Data: Earnings per common share - Basic $ 0.34 $ 0.92 $ (0.94) $ 0.05 $ 0.14 $ 1.26 $ 0.24 Operating earnings per common share - Basic(1) $ 0.11 $ 0.14 $ (0.98) $ 0.08 $ 0.18 $ 0.26 $ 0.30 Earnings per common share - Diluted $ 0.34 $ 0.92 $ (0.94) $ 0.05 $ 0.14 $ 1.26 $ 0.24 Operating earnings per common share - Diluted(1) $ 0.11 $ 0.14 $ (0.98) $ 0.08 $ 0.18 $ 0.26 $ 0.29 Book value per common share $ 15.52 $ 15.19 $ 14.23 $ 15.41 $ 15.22 $ 15.52 $ 15.22 Tangible book value per common share(1) $ 11.72 $ 11.40 $ 10.42 $ 11.59 $ 11.38 $ 11.72 $ 11.38 Cash dividend per common share $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.20 $ 0.20 Weighted average shares outstanding - Basic 24,701,319 24,706,593 24,701,260 24,695,685 24,683,734 24,703,942 24,677,425 Weighted average shares outstanding - Diluted 24,714,229 24,722,734 24,701,260 24,719,920 24,708,484 24,718,458 24,706,086 Shares outstanding at end of period 24,643,185 24,722,734 24,722,734 24,722,734 24,708,234 24,643,185 24,708,234 Asset Quality Ratios: Non-performing assets as a percent of total assets, excluding SBA guarantees 0.86 % 0.28 % 0.29 % 0.25 % 0.25 % 0.86 % 0.25 % Net charge-offs (recoveries) as a percent of average loans (annualized) 0.80 % 1.47 % 3.83 % 0.93 % 0.60 % 1.13 % 0.62 % Core net charge-offs (recoveries) as a percent of average loans (annualized)(1) 0.15 % 0.06 % 0.05 % 0.11 % (0.07 %) 0.11 % 0.02 % Allowance for credit losses to total loans 1.24 % 1.45 % 1.86 % 1.72 % 1.56 % 1.24 % 1.56 % Capital Ratios: Common equity to assets 9.86 % 10.16 % 9.53 % 9.47 % 9.48 % Tangible common equity to tangible assets(1) 7.63 % 7.82 % 7.16 % 7.29 % 7.27 % Leverage ratio(2) 8.50 % 8.71 % 7.76 % 8.20 % 8.25 % Common equity tier 1 capital ratio(2) 9.16 % 9.35 % 8.74 % 8.23 % 8.85 % Tier 1 risk-based capital ratio(2) 9.46 % 9.66 % 9.05 % 8.51 % 9.14 % Total risk-based capital ratio(2) 12.62 % 12.96 % 12.53 % 11.68 % 12.45 % (1) See Reconciliation of Non-GAAP financial measures. (2) Ratios are estimated and may be subject to change pending the final filing of the FR Y-9C. Primis Financial Corp. (Dollars in thousands) For Three Months Ended: Condensed Consolidated Balance Sheets (unaudited) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Assets Cash and cash equivalents $ 94,074 $ 57,044 $ 64,505 $ 77,274 $ 66,580 Investment securities-available for sale 242,073 241,638 235,903 242,543 232,867 Investment securities-held to maturity 8,850 9,153 9,448 9,766 10,649 Loans held for sale 126,869 74,439 247,108 458,722 94,644 Loans receivable, net of deferred fees 3,130,521 3,043,348 2,887,447 2,973,723 3,300,562 Allowance for credit losses (38,841) (44,021) (53,724) (51,132) (51,574) Net loans 3,091,680 2,999,327 2,833,723 2,922,591 3,248,988 Stock in Federal Reserve Bank and Federal Home Loan Bank 12,998 12,983 13,037 20,875 16,837 Bank premises and equipment, net 19,642 19,210 19,432 19,668 19,946 Operating lease right-of-use assets 9,927 10,352 10,279 10,465 10,293 Goodwill and other intangible assets 93,508 93,804 94,124 94,444 94,768 Assets held for sale, net 2,181 2,420 5,497 9,864 5,136 Bank-owned life insurance 68,048 67,609 67,184 66,750 66,319 Deferred tax assets, net 17,971 21,399 26,466 25,582 25,232 Consumer Program derivative asset 1,177 1,597 4,511 7,146 9,929 Investment in Panacea Financial Holdings, Inc. common stock 6,586 21,277 - - - Other assets 82,117 65,058 58,898 58,657 63,830 Total assets $ 3,877,701 $ 3,697,310 $ 3,690,115 $ 4,024,347 $ 3,966,018 Liabilities and stockholders' equity Demand deposits $ 477,705 $ 455,768 $ 438,917 $ 421,231 $ 420,241 NOW accounts 858,624 819,606 817,715 748,833 793,608 Money market accounts 744,321 785,552 798,506 835,099 831,834 Savings accounts 935,527 777,736 775,719 873,810 866,279 Time deposits 326,496 330,210 340,178 427,458 423,501 Total deposits 3,342,673 3,168,872 3,171,035 3,306,431 3,335,463 Securities sold under agreements to repurchase - short term 4,370 4,019 3,918 3,677 3,273 Federal Home Loan Bank advances - - - 165,000 80,000 Secured borrowings 16,449 16,729 17,195 17,495 21,069 Subordinated debt and notes 96,020 95,949 95,878 95,808 95,737 Operating lease liabilities 11,195 11,639 11,566 11,704 11,488 Other liabilities 24,589 24,539 25,541 27,169 24,777 Total liabilities 3,495,296 3,321,747 3,325,133 3,627,284 3,571,807 Total Primis common stockholders' equity 382,405 375,563 351,756 381,022 376,047 Noncontrolling interest - - 13,226 16,041 18,164 Total stockholders' equity 382,405 375,563 364,982 397,063 394,211 Total liabilities and stockholders' equity $ 3,877,701 $ 3,697,310 $ 3,690,115 $ 4,024,347 $ 3,966,018 Tangible common equity(1) $ 288,897 $ 281,759 $ 257,632 $ 286,578 $ 281,279 Primis Financial Corp. (Dollars in thousands) For Three Months Ended: For Six Months Ended: Condensed Consolidated Statement of Operations (unaudited) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 2Q 2025 2Q 2024 Interest and dividend income $ 47,935 $ 47,723 $ 51,338 $ 57,104 $ 52,191 $ 95,658 $ 102,544 Interest expense 22,447 21,359 25,261 29,081 27,338 43,806 52,422 Net interest income 25,488 26,364 26,077 28,023 24,853 51,852 50,122 Provision for credit losses 1,159 1,596 33,483 7,511 3,119 2,755 9,627 Net interest income after provision for credit losses 24,329 24,768 (7,406) 20,512 21,734 49,097 40,495 Account maintenance and deposit service fees 1,675 1,339 1,276 1,398 1,780 3,014 3,254 Income from bank-owned life insurance 438 425 434 431 981 863 1,544 Mortgage banking income 7,893 5,615 5,140 6,803 6,402 13,508 11,976 Gain (loss) on sale of loans 210 - (4) - (29) 210 307 Gains on Panacea Financial Holdings investment 7,450 24,578 - - - 32,028 - Gain on sale of Life Premium Finance portfolio, net of broker fees - - 4,723 - - - - Consumer Program derivative 593 (292) 928 79 1,272 301 3,313 Gain (loss) on other investments (308) 53 15 51 136 (255) 342 Other 79 617 663 168 186 696 422 Noninterest income 18,030 32,335 13,175 8,930 10,728 50,365 21,158 Employee compensation and benefits 17,060 17,941 18,028 16,764 16,088 35,001 31,822 Occupancy and equipment expenses 3,127 3,285 3,466 3,071 3,099 6,412 6,205 Amortization of intangible assets 289 313 313 318 317 602 634 Virginia franchise tax expense 577 577 631 631 632 1,154 1,263 Data processing expense 3,037 2,849 3,434 2,552 2,347 5,886 4,578 Marketing expense 720 514 499 449 499 1,234 958 Telecommunication and communication expense 324 287 295 330 341 611 687 Professional fees 2,413 2,225 3,129 2,914 2,976 4,638 4,341 Miscellaneous lending expenses 885 834 1,446 1,098 285 1,719 737 Loss (gain) on bank premises and equipment 5 106 13 (352) (124) 111 (124) Other expenses 3,490 3,585 6,587 2,828 3,202 7,075 6,222 Noninterest expense 31,927 32,516 37,841 30,603 29,662 64,443 57,323 Income (loss) before income taxes 10,432 24,587 (32,072) (1,161) 2,800 35,019 4,330 Income tax expense (benefit) 2,005 5,553 (5,917) (304) 1,265 7,558 1,983 Net Income (loss) 8,427 19,034 (26,155) (857) 1,535 27,461 2,347 Noncontrolling interest - 3,602 2,820 2,085 1,901 3,602 3,555 Net income (loss) attributable to Primis' common shareholders $ 8,427 $ 22,636 $ (23,335) $ 1,228 $ 3,436 $ 31,063 $ 5,902 (1) See Reconciliation of Non-GAAP financial measures. Primis Financial Corp. (Dollars in thousands) For Three Months Ended: Loan Portfolio Composition 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Loans held for sale $ 126,869 $ 74,439 $ 247,108 $ 458,722 $ 94,644 Loans secured by real estate: Commercial real estate - owner occupied 480,981 477,233 475,898 463,848 463,328 Commercial real estate - non-owner occupied 590,848 600,872 610,482 609,743 612,428 Secured by farmland 3,696 3,742 3,711 4,356 4,758 Construction and land development 106,443 104,301 101,243 105,541 104,886 Residential 1-4 family 571,206 576,837 588,859 607,313 608,035 Multi-family residential 157,097 157,443 158,426 169,368 171,512 Home equity lines of credit 62,103 60,321 62,954 62,421 62,152 Total real estate loans 1,972,374 1,980,749 2,001,573 2,022,590 2,027,099 Commercial loans 811,458 698,097 608,595 533,998 619,365 Paycheck Protection Program loans 1,729 1,738 1,927 1,941 1,969 Consumer loans 339,936 357,652 270,063 409,754 646,590 Total Non-PCD loans 3,125,497 3,038,236 2,882,158 2,968,283 3,295,023 PCD loans 5,024 5,112 5,289 5,440 5,539 Total loans receivable, net of deferred fees $ 3,130,521 $ 3,043,348 $ 2,887,447 $ 2,973,723 $ 3,300,562 Loans by Risk Grade: Pass Grade 1 - Highest Quality 667 880 872 820 692 Pass Grade 2 - Good Quality 170,560 175,379 175,659 177,763 488,728 Pass Grade 3 - Satisfactory Quality 1,737,153 1,643,957 1,567,228 1,509,405 1,503,918 Pass Grade 4 - Pass 1,127,608 1,124,901 1,041,947 1,184,671 1,204,268 Pass Grade 5 - Special Mention 25,459 28,498 30,111 53,473 87,471 Grade 6 - Substandard 69,074 69,733 71,630 47,591 15,485 Grade 7 - Doubtful - - - - - Grade 8 - Loss - - - - - Total loans $ 3,130,521 $ 3,043,348 $ 2,887,447 $ 2,973,723 $ 3,300,562 (Dollars in thousands) For Three Months Ended: Asset Quality Information 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Allowance for Credit Losses: Balance at beginning of period $ (44,021) $ (53,724) $ (51,132) $ (51,574) $ (53,456) Provision for for credit losses (1,159) (1,596) (33,483) (7,511) (3,119) Net charge-offs 6,339 11,299 30,891 7,953 5,001 Ending balance $ (38,841) $ (44,021) $ (53,724) $ (51,132) $ (51,574) Reserve for Unfunded Commitments: Balance at beginning of period $ (1,134) $ (1,121) $ (1,127) $ (1,031) $ (1,577) (Expense for) / recovery of unfunded loan commitment reserve (2) (13) 6 (96) 546 Total Reserve for Unfunded Commitments $ (1,136) $ (1,134) $ (1,121) $ (1,127) $ (1,031) Non-Performing Assets: 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Nonaccrual loans $ 12,983 $ 12,956 $ 15,026 $ 14,424 $ 11,289 Accruing loans delinquent 90 days or more 25,188 1,713 1,713 1,714 1,897 Total non-performing assets $ 38,171 $ 14,669 $ 16,739 $ 16,138 $ 13,186 SBA guaranteed portion of non-performing loans $ 4,750 $ 4,307 $ 5,921 $ 5,954 $ 3,268 Primis Financial Corp. (Dollars in thousands) For Three Months Ended: For Six Months Ended: Average Balance Sheet 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 2Q 2025 2Q 2024 Assets Loans held for sale $ 108,693 $ 170,509 $ 100,243 $ 98,110 $ 84,389 $ 139,431 $ 71,643 Loans, net of deferred fees 3,074,993 2,897,481 3,127,249 3,324,157 3,266,651 2,986,727 3,236,769 Investment securities 249,485 245,216 253,120 242,631 244,308 247,362 242,743 Other earning assets 98,369 86,479 96,697 83,405 73,697 92,457 75,382 Total earning assets 3,531,540 3,399,685 3,577,309 3,748,303 3,669,045 3,465,977 3,626,537 Other assets 262,975 241,912 237,704 243,715 243,196 252,502 245,641 Total assets $ 3,794,515 $ 3,641,597 $ 3,815,013 $ 3,992,018 $ 3,912,241 $ 3,718,479 $ 3,872,178 Liabilities and equity Demand deposits $ 467,493 $ 446,404 $ 437,388 $ 421,908 $ 433,315 $ 457,007 $ 446,905 Interest-bearing liabilities: NOW and other demand accounts 821,893 805,522 787,884 748,202 778,458 813,752 776,201 Money market accounts 759,107 788,067 819,803 859,988 823,156 773,507 818,651 Savings accounts 882,227 754,304 767,342 866,375 866,652 818,619 833,490 Time deposits 329,300 335,702 404,682 425,238 423,107 332,484 427,224 Total Deposits 3,260,020 3,129,999 3,217,099 3,321,711 3,324,688 3,195,369 3,302,471 Borrowings 117,701 116,955 160,886 238,994 158,919 117,330 139,553 Total Funding 3,377,721 3,246,954 3,377,985 3,560,705 3,483,607 3,312,699 3,442,024 Other Liabilities 36,649 38,280 39,566 36,527 34,494 37,461 34,708 Total liabilites 3,414,370 3,285,234 3,417,551 3,597,232 3,518,101 3,350,160 3,476,732 Primis common stockholders' equity 380,145 344,381 382,370 377,314 374,731 362,328 375,265 Noncontrolling interest — 11,982 15,092 17,472 19,409 5,991 20,181 Total stockholders' equity 380,145 356,363 397,462 394,786 394,140 368,319 395,446 Total liabilities and stockholders' equity $ 3,794,515 $ 3,641,597 $ 3,815,013 $ 3,992,018 $ 3,912,241 $ 3,718,479 $ 3,872,178 Net Interest Income Loans held for sale $ 1,754 $ 2,564 $ 1,553 $ 1,589 $ 1,521 $ 2,810 $ 2,428 Loans 43,271 42,400 46,831 52,699 48,024 87,179 94,857 Investment securities 1,928 1,906 1,894 1,799 1,805 3,834 3,520 Other earning assets 982 853 1,060 1,017 841 1,835 1,739 Total Earning Assets Income 47,935 47,723 51,338 57,104 52,191 95,658 102,544 Non-interest bearing DDA - - - - - - - NOW and other interest-bearing demand accounts 4,603 4,515 4,771 4,630 4,827 9,118 9,294 Money market accounts 5,271 5,420 6,190 7,432 6,788 10,691 13,300 Savings accounts 7,793 6,418 7,587 8,918 8,912 14,211 16,957 Time deposits 2,830 3,039 4,127 4,371 4,095 5,869 8,085 Total Deposit Costs 20,497 19,392 22,675 25,351 24,622 39,889 47,636 Borrowings 1,950 1,967 2,586 3,730 2,716 3,917 4,786 Total Funding Costs 22,447 21,359 25,261 29,081 27,338 43,806 52,422 Net Interest Income $ 25,488 $ 26,364 $ 26,077 $ 28,023 $ 24,853 $ 51,852 $ 50,122 Net Interest Margin Loans held for sale 6.47 % 6.10 % 6.16 % 6.44 % 7.25 % 4.06 % 6.82 % Loans 5.64 % 5.93 % 5.96 % 6.31 % 5.91 % 5.89 % 5.89 % Investments 3.10 % 3.15 % 2.98 % 2.95 % 2.97 % 3.13 % 2.92 % Other Earning Assets 4.00 % 4.00 % 4.36 % 4.85 % 4.59 % 4.00 % 4.64 % Total Earning Assets 5.44 % 5.69 % 5.71 % 6.06 % 5.72 % 5.57 % 5.69 % NOW 2.25 % 2.27 % 2.41 % 2.46 % 2.49 % 2.26 % 2.41 % MMDA 2.79 % 2.79 % 3.00 % 3.44 % 3.32 % 2.79 % 3.27 % Savings 3.54 % 3.45 % 3.93 % 4.10 % 4.14 % 3.50 % 4.09 % CDs 3.45 % 3.67 % 4.06 % 4.09 % 3.89 % 3.56 % 3.81 % Cost of Interest Bearing Deposits 2.94 % 2.93 % 3.25 % 3.48 % 3.42 % 2.94 % 3.35 % Cost of Deposits 2.52 % 2.52 % 2.80 % 3.04 % 2.98 % 2.52 % 2.90 % Other Funding 6.65 % 6.82 % 6.39 % 6.22 % 6.89 % 6.73 % 6.90 % Total Cost of Funds 2.67 % 2.67 % 2.97 % 3.25 % 3.16 % 2.67 % 3.06 % Net Interest Margin 2.89 % 3.15 % 2.90 % 2.97 % 2.72 % 3.02 % 2.78 % Net Interest Spread 2.35 % 2.60 % 2.30 % 2.37 % 2.11 % 2.47 % 2.17 % Primis Financial Corp. (Dollars in thousands, except per share data) For Three Months Ended: For Six Months Ended: Reconciliation of Non-GAAP items: 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 2Q 2025 2Q 2024 Net income (loss) attributable to Primis' common shareholders $ 8,427 $ 22,636 $ (23,335) $ 1,228 $ 3,436 $ 31,063 $ 5,902 Non-GAAP adjustments to Net Income: Branch Consolidation / Other restructuring - 144 - - - 144 - Professional fee expense related to accounting matters and LPF sale 232 893 1,782 1,352 1,453 1,125 1,891 Gains on Panacea Financial Holdings investment (7,450) (24,578) - - - (32,028) - Gains on sale of closed bank branch buildings - 107 - (352) (124) 107 (124) Gain on sale of Life Premium Finance portfolio, net of broker fees - - (4,723) - - - - Consumer program fraud losses - - 1,904 - - - - Income tax effect 1,559 4,370 224 (216) (287) 5,929 (382) Net income (loss) attributable to Primis' common shareholders adjusted for nonrecurring income and expenses $ 2,768 $ 3,572 $ (24,148) $ 2,012 $ 4,478 $ 6,340 $ 7,287 Net income (loss) attributable to Primis' common shareholders $ 8,427 $ 22,636 $ (23,335) $ 1,228 $ 3,436 $ 31,063 $ 5,902 Income tax expense (benefit) 2,005 5,553 (5,917) (304) 1,265 7,558 1,983 Provision for credit losses (incl. unfunded commitment expense) 1,161 1,609 33,477 7,607 2,573 2,770 9,079 Pre-tax pre-provision earnings $ 11,593 $ 29,798 $ 4,225 $ 8,531 $ 7,274 $ 41,391 $ 16,964 Effect of adjustment for nonrecurring income and expenses (7,218) (23,434) (1,037) 1,000 1,329 (30,652) 1,767 Pre-tax pre-provision operating earnings $ 4,375 $ 6,364 $ 3,188 $ 9,531 $ 8,603 $ 10,739 $ 18,731 Return on average assets 0.89 % 2.52 % (2.43 %) 0.12 % 0.35 % 1.68 % 0.31 % Effect of adjustment for nonrecurring income and expenses (0.60 %) (2.12 %) (0.08 %) 0.08 % 0.11 % (1.34 %) 0.07 % Operating return on average assets 0.29 % 0.40 % (2.51 %) 0.20 % 0.46 % 0.34 % 0.38 % Return on average assets 0.89 % 2.52 % (2.43 %) 0.12 % 0.35 % 1.68 % 0.31 % Effect of tax expense 0.21 % 0.62 % (0.62 %) (0.03 %) 0.13 % 0.41 % 0.10 % Effect of provision for credit losses (incl. unfunded commitment expense) 0.13 % 0.18 % 3.49 % 0.77 % 0.27 % 0.15 % 0.47 % Pre-tax pre-provision return on average assets 1.23 % 3.32 % 0.44 % 0.86 % 0.75 % 2.24 % 0.88 % Effect of adjustment for nonrecurring income and expenses and expenses (0.76 %) (2.61 %) (0.11 %) 0.10 % 0.10 % (1.66 %) 0.09 % Pre-tax pre-provision operating return on average assets 0.47 % 0.71 % 0.33 % 0.96 % 0.85 % 0.58 % 0.97 % Return on average common equity 8.89 % 26.66 % (24.28 %) 1.31 % 3.69 % 17.29 % 3.16 % Effect of adjustment for nonrecurring income and expenses (5.97 %) (22.45 %) (0.85 %) 0.84 % 1.12 % (13.76 %) 0.74 % Operating return on average common equity 2.92 % 4.21 % (25.13 %) 2.15 % 4.81 % 3.53 % 3.90 % Effect of goodwill and other intangible assets 0.95 % 1.57 % (8.20 %) 0.71 % 1.61 % 1.23 % 1.33 % Operating return on average tangible common equity 3.87 % 5.78 % (33.33 %) 2.86 % 6.42 % 4.76 % 5.23 % Efficiency ratio 73.37 % 55.39 % 96.36 % 82.98 % 83.42 % 63.05 % 80.42 % Effect of adjustment for nonrecurring income and expenses 14.51 % 36.58 % 2.54 % (2.87 %) (3.79 %) 26.80 % (2.48 %) Operating efficiency ratio 87.88 % 91.97 % 98.90 % 80.11 % 79.63 % 89.85 % 77.94 % Earnings per common share - Basic $ 0.34 $ 0.92 $ (0.94) $ 0.05 $ 0.14 $ 1.26 $ 0.24 Effect of adjustment for nonrecurring income and expenses (0.23) (0.78) (0.04) 0.03 0.04 (1.00) 0.06 Operating earnings per common share - Basic $ 0.11 $ 0.14 $ (0.98) $ 0.08 $ 0.18 $ 0.26 $ 0.30 Earnings per common share - Diluted $ 0.34 $ 0.92 $ (0.94) $ 0.05 $ 0.14 $ 1.26 $ 0.24 Effect of adjustment for nonrecurring income and expenses (0.23) (0.78) (0.04) 0.03 0.04 (1.00) 0.05 Operating earnings per common share - Diluted $ 0.11 $ 0.14 $ (0.98) $ 0.08 $ 0.18 $ 0.26 $ 0.29 Book value per common share $ 15.52 $ 15.19 $ 14.23 $ 15.41 $ 15.22 $ 15.52 $ 15.22 Effect of goodwill and other intangible assets (3.80) (3.79) (3.81) (3.82) (3.84) (3.80) (3.84) Tangible book value per common share $ 11.72 $ 11.40 $ 10.42 $ 11.59 $ 11.38 $ 11.72 $ 11.38 Net charge-offs (recoveries) as a percent of average loans (annualized) 0.80 % 1.47 % 3.83 % 0.93 % 0.60 % 1.13 % 0.62 % Impact of third-party consumer portfolio (0.65 %) (1.41 %) (3.78 %) (0.82 %) (0.67 %) (1.02 %) (0.60 %) Core net charge-offs (recoveries) as a percent of average loans (annualized) 0.15 % 0.06 % 0.05 % 0.11 % (0.07 %) 0.11 % 0.02 % Total Primis common stockholders' equity $ 382,405 $ 375,563 $ 351,756 $ 381,022 $ 376,047 $ 382,405 $ 376,047 Less goodwill and other intangible assets (93,508) (93,804) (94,124) (94,444) (94,768) (93,508) (94,768) Tangible common equity $ 288,897 $ 281,759 $ 257,632 $ 286,578 $ 281,279 $ 288,897 $ 281,279 Common equity to assets 9.86 % 10.16 % 9.53 % 9.47 % 9.48 % 9.86 % 9.48 % Effect of goodwill and other intangible assets (2.23 %) (2.34 %) (2.37 %) (2.18 %) (2.21 %) (2.23 %) (2.21 %) Tangible common equity to tangible assets 7.63 % 7.82 % 7.16 % 7.29 % 7.27 % 7.63 % 7.27 % Net interest margin 2.89 % 3.15 % 2.90 % 2.97 % 2.72 % 3.02 % 2.78 % Effect of adjustment for Consumer Portfolio 0.26 % (0.02 %) 0.01 % (0.17 %) 0.13 % 0.12 % 0.14 % Core net interest margin 3.15 % 3.13 % 2.91 % 2.80 % 2.85 % 3.14 % 2.92 % SOURCE Primis Financial Corp. 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Primis Financial Corp. Reports Earnings per Share for the Second Quarter of 2025

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