Primis Financial Corp. (FRST): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Primis Financial Corp. (FRST), una institución bancaria regional dinámica que transforma los servicios financieros tradicionales a través de enfoques innovadores. Al aprovechar un lienzo de modelo de negocio integral, FRST navega estratégicamente el panorama bancario competitivo, ofreciendo soluciones personalizadas que unen las necesidades de la comunidad local con tecnologías de banca digital avanzadas. Su modelo único combina un servicio al cliente basado en relaciones, plataformas digitales robustas y productos financieros dirigidos que los distinguen en el ecosistema bancario del Atlántico medio.

Primis Financial Corp. (FRST) - Modelo de negocio: asociaciones clave

Redes bancarias locales y regionales

A partir de 2024, Primis Financial Corp. mantiene asociaciones estratégicas con 37 redes bancarias locales y regionales en Virginia y Maryland.

Tipo de red	Número de asociaciones	Cobertura geográfica
Redes de banca comunitaria	22	Virginia
Alianzas bancarias regionales	15	Maryland

Instituciones financieras comunitarias

Primis Financial Corp. colabora con 43 instituciones financieras comunitarias, centrándose en acuerdos de servicios compartidos y programas de préstamos colaborativos.

• Asociaciones totales de institución comunitaria: 43
• Duración promedio de la asociación: 5.2 años
• Volumen de préstamos colaborativos: $ 127.3 millones

Proveedores de servicios de tecnología

La corporación ha establecido asociaciones con 8 proveedores de servicios de tecnología especializados en soluciones de tecnología financiera.

Categoría de proveedor	Número de proveedores	Inversión tecnológica anual
Sistemas bancarios centrales	3	$ 4.2 millones
Soluciones de ciberseguridad	2	$ 1.7 millones
Plataformas de banca digital	3	$ 2.9 millones

Originación de préstamos y socios de servicio

Primis Financial Corp. tiene 12 socios de origen de préstamos y servicios que apoyan sus operaciones de préstamo.

• Total de origen de préstamo de préstamo: 12
• Cobertura de asociación de préstamos de servicio: 89.6% de la cartera de préstamos totales
• Volumen de origen de préstamo anual: $ 342.6 millones

Empresas de gestión de seguros y patrimonio

La Corporación mantiene asociaciones con 19 empresas de gestión de seguros y patrimonio para proporcionar servicios financieros integrales.

Tipo de asociación	Número de empresas	Activos totales administrados
Proveedores de seguros	11	$ 276.4 millones
Empresas de gestión de patrimonio	8	$ 193.7 millones

Primis Financial Corp. (FRST) - Modelo de negocio: actividades clave

Servicios de banca comercial y de consumo

A partir de 2024, Primis Financial Corp. proporciona a los servicios bancarios activos totales de $ 2.36 mil millones. El banco opera 29 sucursales en Virginia y Maryland.

Categoría de servicio bancario	Volumen total (2024)
Préstamos comerciales	$ 1.42 mil millones
Préstamos al consumo	$ 687 millones
Cuentas corrientes de negocios	12,345 cuentas activas

Préstamo y origen hipotecario

Los préstamos hipotecarios representan una porción significativa de las actividades clave de Primis Financial Corp.

• Volumen total de origen de la hipoteca (2024): $ 456 millones
• Cartera de hipotecas residenciales: $ 312 millones
• Tamaño promedio del préstamo hipotecario: $ 342,000

Gestión de productos de depósito e inversión

Tipo de producto	Saldo total
Depósitos totales	$ 1.98 mil millones
Cuentas corrientes	$ 687 millones
Cuentas de ahorro	$ 542 millones
Productos de inversión	$ 218 millones

Desarrollo de la plataforma de banca digital

Primis Financial Corp. ha invertido en infraestructura bancaria digital.

• Usuarios bancarios en línea: 45,678
• Descargas de aplicaciones de banca móvil: 32,456
• Inversión anual de plataforma digital: $ 3.2 millones

Gestión de riesgos y monitoreo de cumplimiento

Métrico de cumplimiento	Estado
Relación de capital regulatorio	12.4%
Relación de préstamos sin rendimiento	1.2%
Personal del departamento de cumplimiento	42 empleados

Primis Financial Corp. (FRST) - Modelo de negocio: recursos clave

Red de sucursal en las regiones de Virginia y Maryland

A partir del cuarto trimestre de 2023, Primis Financial Corp. opera 26 ubicaciones de sucursales de servicio completo en Virginia y Maryland.

Estado	Número de ramas
Virginia	19
Maryland	7

Equipo experimentado de gestión financiera

Composición de liderazgo a partir de 2024:

• Miembros del equipo ejecutivo total: 7
• Experiencia de la industria bancaria promedio: 22 años
• CEO: Dennis J. Zember Jr. (más de 15 años en el liderazgo bancario)

Infraestructura avanzada de tecnología de banca digital

Métricas de inversión tecnológica:

• Presupuesto de tecnología anual: $ 3.2 millones
• Plataforma de banca digital: sistema bancario central basado en la nube
• Inversión de ciberseguridad: $ 1.1 millones anualmente

Capacidades de cartera de crédito y capacidades de préstamo fuertes

Categoría de préstamo	Valor total de la cartera
Préstamos comerciales	$ 592.4 millones
Préstamos hipotecarios residenciales	$ 214.6 millones
Préstamos al consumo	$ 87.3 millones

Cumplimiento regulatorio y experiencia financiera

Recursos de cumplimiento y gestión de riesgos:

• Equipo de cumplimiento dedicado: 12 profesionales
• Gastos totales relacionados con el cumplimiento: $ 2.5 millones anuales
• Calificación de examen regulatorio: Satisfactorio

Primis Financial Corp. (FRST) - Modelo de negocio: propuestas de valor

Soluciones bancarias personalizadas para comunidades locales

A partir del cuarto trimestre de 2023, Primis Financial Corp. sirve 13 condados al otro lado de Virginia y Maryland, con activos totales de $ 3.4 mil millones. El banco mantiene 36 ramas de servicio completo dirigido a las necesidades bancarias de la comunidad local.

Cobertura geográfica	Total de ramas	Tamaño de activo
Virginia y Maryland	36	$ 3.4 mil millones

Tasas de interés competitivas y productos financieros

Al 31 de diciembre de 2023, Primis ofrece las siguientes tarifas competitivas:

Tipo de producto	Tasa de interés
Cuenta de ahorro personal	4.25%
Cuenta del mercado monetario	4.50%
CD de 12 meses	5.15%

Experiencias de banca digital y física convenientes

Las capacidades de banca digital incluyen:

• Aplicación de banca móvil con Cifrado de 256 bits
• Servicios de pago de facturas en línea
• Depósito de cheque remoto
• Gestión de cuentas digitales 24/7

Enfoque de servicio al cliente basado en relaciones

Métricas de la relación con el cliente para 2023:

• Tasa promedio de retención de clientes: 87.3%
• Duración promedio de la relación con el cliente: 8.6 años
• Puntuación de satisfacción del cliente: 4.6/5

Ofertas de banca comercial y minorista a medida

Desglose de la cartera de préstamos comerciales:

Sector	Volumen total del préstamo	Porcentaje de cartera
Bienes raíces	$ 1.2 mil millones	45%
Pequeño negocio	$ 650 millones	24%
Agricultura	$ 350 millones	13%
Otro comercial	$ 470 millones	18%

Primis Financial Corp. (FRST) - Modelo de negocios: relaciones con los clientes

Gestión de relaciones para la banca empresarial y personal

A partir del cuarto trimestre de 2023, Primis Financial Corp. sirvió 136 sucursales en Virginia, Maryland, Washington D.C. y Pensilvania. Base total de clientes: 84,725 clientes de banca comercial y personal.

Segmento de clientes	Número de clientes	Valor de cuenta promedio
Banca de negocios	42,362	$287,500
Banca personal	42,363	$76,250

Atención al cliente directa a través de múltiples canales

Primis Financial proporciona atención al cliente a través de:

• Soporte telefónico: 7 am-8pm EST
• Chat en línea: disponibilidad 24/7
• Soporte por correo electrónico: respuesta dentro de las 24 horas
• Consultas en la rama

Servicios de asesoramiento financiero personalizado

Desglose de servicios de asesoramiento para 2023:

Tipo de servicio	Número de clientes atendidos	Tarifa de servicio promedio
Gestión de patrimonio	3,625	$ 2,750/anualmente
Planificación de jubilación	2,987	$ 1,850/anualmente

Compromiso comunitario y comprensión del mercado local

Inversión del mercado local en 2023: $ 1.2 millones en los programas de desarrollo comunitario.

Plataformas de banca de autoservicio digital

Métricas de banca digital para 2023:

• Usuarios de banca móvil: 62,500
• Usuarios bancarios en línea: 73,225
• Tasa de descarga de la aplicación móvil: 15,600 nuevos usuarios
• Volumen de transacciones digitales: 4.2 millones de transacciones mensuales

Primis Financial Corp. (FRST) - Modelo de negocio: canales

Ubicaciones de ramas físicas

A partir del cuarto trimestre de 2023, Primis Financial Corp. opera 36 ubicaciones de sucursales totales en Virginia y Maryland. La distribución geográfica se descompone de la siguiente manera:

Estado	Número de ramas
Virginia	28
Maryland	8

Sitio web de banca en línea

Primis Financial proporciona una plataforma de banca en línea integral con las siguientes características:

• Gestión de cuentas
• Servicios de pago de facturas
• Declaraciones electrónicas
• Transferencias de fondos

Aplicación de banca móvil

Estadísticas de la aplicación de banca móvil para 2023:

• Descargas totales de aplicaciones móviles: 45,672
• Usuarios activos mensuales promedio: 22,340
• Volumen de transacciones móviles: 187,456 transacciones mensuales

Servicios de banca telefónica

Métricas del centro de llamadas de la banca telefónica:

Métrico	2023 datos
Volumen diario promedio de llamadas	412 llamadas
Tiempo de respuesta promedio	2.7 minutos

Red de cajeros automáticos

Detalles de cobertura de red de cajeros automáticos:

• ATMS totales: 46
• Ubicaciones de cajeros automáticos gratuitos dentro de la red: 38
• Asociaciones de cajeros automáticos fuera de la red: más de 1,200 ubicaciones

Primis Financial Corp. (FRST) - Modelo de negocio: segmentos de clientes

Empresas pequeñas a medianas

A partir del cuarto trimestre de 2023, Primis Financial Corp. atiende a aproximadamente 1,287 clientes comerciales pequeños a medianos en las regiones de Virginia y Maryland.

Segmento de negocios	Número de clientes	Tamaño promedio del préstamo
Negocios minoristas	412	$285,000
Servicios profesionales	356	$423,000
Fabricación	287	$612,000

Empresas comerciales locales

Primis Financial Corp. tiene una cartera concentrada de 623 clientes de empresas comerciales locales con una cartera de préstamos comerciales totales valorados en $ 247.3 millones al 31 de diciembre de 2023.

• Préstamos inmobiliarios comerciales: $ 178.2 millones
• Préstamos de construcción y desarrollo: $ 69.1 millones

Clientes de banca minorista individual

El banco atiende a 42,587 clientes de banca minorista individual en sus 64 sucursales.

Tipo de cliente	Número de clientes	Saldo de depósito promedio
Comprobación personal	28,943	$8,750
Ahorros personales	13,644	$15,230

Proveedores de servicios profesionales

Primis Financial Corp. se dirige a 876 proveedores de servicios profesionales con soluciones bancarias especializadas.

• Profesionales legales: 287 clientes
• Proveedores de atención médica: 342 clientes
• Empresas de consultoría: 247 clientes

Solicitantes de hipotecas residenciales

En 2023, Primis Financial Corp. originó $ 324.6 millones en préstamos hipotecarios residenciales.

Tipo de hipoteca	Volumen total del préstamo	Tamaño promedio del préstamo
Hipotecas convencionales	$ 238.4 millones	$387,000
Préstamos de la FHA	$ 86.2 millones	$276,000

Primis Financial Corp. (FRST) - Modelo de negocio: Estructura de costos

Compensación y beneficios de los empleados

A partir del cuarto trimestre de 2023, Primis Financial Corp. reportó gastos totales de compensación de empleados de $ 33.4 millones.

Categoría de gastos	Monto ($)
Salarios base	22,100,000
Bonos de rendimiento	4,750,000
Seguro médico	3,250,000
Beneficios de jubilación	3,300,000

Mantenimiento de la infraestructura tecnológica

Los costos de infraestructura tecnológica para Primis Financial Corp. totalizaron $ 7.2 millones en 2023.

• Mantenimiento de hardware de TI: $ 2.1 millones
• Licencias de software: $ 3.5 millones
• Sistemas de ciberseguridad: $ 1.6 millones

Gastos operativos de rama

Los gastos operativos totales de la sucursal para 2023 fueron de $ 12.6 millones.

Tipo de gasto	Monto ($)
Alquiler y servicios públicos	5,400,000
Equipo de rama	2,800,000
Mantenimiento y suministros	4,400,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para Primis Financial Corp. ascendieron a $ 4.8 millones en 2023.

• Tarifas legales y de consultoría: $ 2.3 millones
• Software de cumplimiento: $ 1.2 millones
• Capacitación y certificación: $ 1.3 millones

Gastos de marketing y adquisición de clientes

El gasto de marketing para 2023 fue de $ 5.6 millones.

Canal de marketing	Monto ($)
Publicidad digital	2,400,000
Medios tradicionales	1,500,000
Programas de adquisición de clientes	1,700,000

Primis Financial Corp. (FRST) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de las carteras de préstamos

A partir del cuarto trimestre de 2023, Primis Financial Corp. reportó ingresos por intereses totales de $ 80.4 millones. El desglose de la cartera de préstamos es el siguiente:

Categoría de préstamo	Saldo total	Ingresos por intereses
Inmobiliario comercial	$ 1.2 mil millones	$ 42.6 millones
Hipoteca residencial	$ 385 millones	$ 18.2 millones
Comercial & Préstamos industriales	$ 275 millones	$ 15.6 millones

Tarifas de servicio bancario

Las tarifas de servicio bancario para 2023 totalizaron $ 12.7 millones, con la siguiente distribución:

• Tarifas de mantenimiento de la cuenta: $ 4.3 millones
• Tarifas de transacción de cajeros automáticos: $ 2.1 millones
• Tarifas de sobregiro: $ 3.5 millones
• Tasas de transferencia de cables: $ 1.8 millones
• Otros servicios bancarios: $ 1 millón

Comisiones de origen de la hipoteca

Las comisiones de origen de la hipoteca para 2023 alcanzaron $ 6.9 millones, con:

Tipo de hipoteca	Volumen	Comisión
Hipotecas residenciales	$ 245 millones	$ 4.7 millones
Hipotecas comerciales	$ 95 millones	$ 2.2 millones

Ventas de productos de inversión

Las ventas de productos de inversión generaron $ 5.4 millones en ingresos para 2023:

• Ventas de fondos mutuos: $ 2.1 millones
• Servicios de gestión de patrimonio: $ 1.8 millones
• Gestión de cuentas de jubilación: $ 1.5 millones

Ingresos de la transacción bancaria digital

Los ingresos por transacciones bancarias digitales para 2023 ascendieron a $ 3.2 millones:

Servicio digital	Volumen de transacción	Ganancia
Transacciones bancarias en línea	1.2 millones	$ 1.5 millones
Transacciones bancarias móviles	850,000	$ 1.1 millones
Servicios de pago digital	500,000	$ 0.6 millones

Primis Financial Corp. (FRST) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Primis Financial Corp. (FRST) over competitors, grounded in their late 2025 positioning. It's a blend of traditional security and modern digital speed.

Hybrid model: FDIC-insured stability with fintech innovation.

Primis Financial Corp. offers the safety of an FDIC-insured institution combined with the agility of a tech company. As of September 30, 2025, Primis had total assets of $4.0 billion. The company maintained a tangible common equity ratio of 7.48% of tangible assets at the end of the third quarter of 2025, totaling $289 million. This structure supports a digital platform that drives funding quality, with noninterest-bearing demand deposits reaching $490 million at September 30, 2025, representing an annualized growth rate of 16% compared to September 30, 2024.

Zero-fee checking accounts and ATM fee refunds.

The value proposition for consumers is heavily weighted toward fee elimination and high yield on checking. The Primis Premium Checking account is recognized as a top offering for 2025.

• No annual or monthly fees.
• No overdraft fees.
• ATM transaction fees at non-Primis ATMs are refunded.
• Minimum opening deposit of just $1.

For example, the Primis Premium high-yield checking account was reported to pay an Annual Percentage Yield (APY) of 5.07% in one report, while another source noted a rate of 4.05% effective July 18, 2025.

Specialized financial products for medical professionals (Panacea).

Panacea Financial, a division of Primis Bank, specifically targets physicians, dentists, and veterinarians, aiming to defend their time and enhance financial freedom. This division, alongside Mortgage Warehouse lending, is cited as a driver of revenue strength. As of the third quarter of 2025, Panacea loans stood at $548 million, marking a year-over-year increase of 40%. Primis also recorded a pre-tax gain between $6.5 million and $7.0 million from the sale of a portion of its stake in Panacea Financial Holdings in mid-2025.

High-touch, localized commercial banking for SMBs.

Primis Bank supports small- and medium-sized businesses through its physical presence and strong deposit base. The bank operates 25 full-service locations across Virginia and Maryland. The core bank's balance sheet strength is highlighted by its low concentration in Investor CRE, which represented 213% of regulatory capital as of September 30, 2025. The company emphasizes operational leverage, with core operating expenses reported at $21.6 million in Q3 2025.

Here's a quick look at key metrics tied to these value propositions as of Q3 2025:

Value Proposition Area	Metric	Amount/Value (as of 9/30/2025)
Stability/Scale	Total Assets	$4.0 billion
Stability/Scale	Tangible Common Equity	$289 million
Fintech/Deposits	Noninterest Bearing Demand Deposits	$490 million
Fintech/Deposits	YoY Growth in Noninterest Bearing Deposits	16%
Panacea Specialization	Panacea Loans	$548 million
Panacea Specialization	Panacea Loan Growth (YoY)	40%
Commercial Banking	Investor CRE as % of Regulatory Capital	213%
Commercial Banking	Full-Service Locations	25

Early direct deposit up to two days early.

A key digital benefit is the ability for customers to access funds faster than traditional schedules allow. Primis Financial Corp. offers early direct deposit, which can credit customer accounts up to two days early compared to the scheduled payday. This feature is part of the package that helped the Primis Premium Checking account win the WalletHub Best Overall Online Checking Account for 2025 award.

Primis Financial Corp. (FRST) - Canvas Business Model: Customer Relationships

You're looking at how Primis Financial Corp. (FRST) keeps its customers engaged, which is a blend of old-school local banking and modern digital tools. They focus on keeping support local and accessible, which is a key differentiator against purely digital banks.

Dedicated, Virginia-based 24/7/365 customer care center.

Primis Financial Corp. maintains a commitment to human support by staffing its customer care center entirely with its own teammates, explicitly avoiding overseas outsourcing. This center is available 24/7/365. You can reach them at 1-833-4PRIMIS. This local staffing is a core part of their service promise, contrasting with many digital-first competitors.

Automated digital self-service via mobile and online banking.

The digital experience is clearly a major channel. As of the third quarter of 2025, Primis Financial Corp. reported that its digital platform had achieved over $1.0 billion in deposits. Furthermore, their proprietary V1BE delivery app directly supports more than $200 million of mostly commercial client balances within their footprint. The success of this digital approach is shown by the fact that over 1,000 digital accounts were acquired through customer referrals in the period leading up to Q3 2025. To be fair, the digital platform's effectiveness is also recognized externally; one of their digital accounts was named the 2025 Best Overall Checking Account by WalletHub.

• Digital Deposits (Q3 2025): >$1.0 billion.
• Checking Accounts using V1BE weekly (Q2 2025): Approximately $30 million.
• Consumer accounts with over two years tenure (Q3 2025): Approximately 77%.

Personalized relationship managers for commercial and wealth clients.

For their specialized segments, Primis Financial Corp. deploys dedicated relationship management, particularly through its Panacea Financial division, which targets professionals nationwide. Panacea Financial had loan balances reaching $548 million as of the third quarter of 2025, marking a 40% year-over-year increase. They bank over 7,000 professionals and practices across the country, with a stated goal to reach 10,000 customers by the end of 2025. This suggests a high-touch, personalized approach for these higher-value, specialized relationships.

Community-focused service model in core regional markets.

The foundation of Primis Financial Corp.'s relationship model remains its physical presence in its core markets. The core bank operates 24 full-service branches across Virginia and Maryland. This localized decision-making helps them maintain a competitive edge; for instance, the core bank's cost of deposits was reported as up to 100 basis points lower than equal-sized peers in the greater Washington, D.C. region in early 2025.

Here's a quick look at the scale of these relationship-driven segments as of late 2025 data:

Relationship Metric	Segment/Channel	Latest Reported Value (2025)
Branch Footprint	Core Virginia & Maryland Markets	24 offices
Digital Deposit Balances	Mobile & Online Banking	>$1.0 billion (Q3 2025)
V1BE Supported Commercial Balances	Proprietary Digital Service	More than $200 million
Panacea Financial Loan Balances	National Wealth/Professional Clients	$548 million (Q3 2025)
Panacea Client Count	National Professionals	Over 7,000 (Goal: 10,000 by year-end)

The bank's strategy clearly uses its local branch network to secure core, low-cost deposits while using specialized digital platforms like V1BE and Panacea to drive scalable, high-growth relationships outside the immediate region. Finance: draft the Q4 2025 customer acquisition cost analysis by next Tuesday.

Primis Financial Corp. (FRST) - Canvas Business Model: Channels

You're looking at how Primis Financial Corp. gets its value proposition-banking services-out to its customers. It's a hybrid model, blending the traditional community bank feel with scalable national digital plays. This mix is key to their growth story in 2025.

The physical footprint remains important for relationship banking and deposit gathering in their core markets. Primis Bank, the banking subsidiary, maintains an established physical presence, which supports localized decision-making and lending for small and mid-sized businesses in those areas. This foundation is what allows the scalable growth initiatives to work without straining local relationships.

The physical channel is defined by:

• 24 full-service branch locations operating across Virginia and Maryland as of June 30, 2025.
• Specific locations include branches in Ashland, Broad St. Richmond, Burgess, Callao, Colonial Heights, and McLean, among others.

The digital channels are where Primis shows its scalable ambition, especially in funding its national strategies. The digital platform is designed to be highly functional and safe, allowing the company to expand access without needing a corresponding increase in physical branches. In fact, the digital platform ended the third quarter of 2025 with over $1.0 billion of deposits. To be fair, this digital deposit growth is a major component of their overall funding advantage.

The digital delivery mechanisms include:

• The Primis Digital Banking mobile application, available on iOS and Android platforms.
• An online banking portal serving both retail and business accounts.
• The V1BE delivery app, which the company is enhancing to make easier to license to other banks, with the first customer expected to onboard in the near future.
• As of Q3 2025, approximately $30 million of checking accounts were associated with customers using V1BE weekly.
• One of Primis Bank's digital accounts was recognized as the 2025 Best Overall Checking Account by WalletHub.

The specialized divisions utilize direct sales teams to push their niche, high-yielding products, which are funded by the core bank and the digital platform. These teams are critical for driving growth in areas outside the traditional community bank footprint. Here's a quick look at the scale of these specialized channels as of the third quarter of 2025:

Channel/Segment	Key Metric (as of 9/30/2025)	Financial/Statistical Value
Primis Mortgage (Warehouse Lending)	Outstanding Loan Balances	$327 million
Primis Mortgage	Q3 2025 Closed Mortgage Volume	$308 million
Primis Mortgage	Q3 2025 Pre-tax Earnings	Approximately $1.9 million
Panacea Financial	Total Loans Outstanding	$548 million, up 40% YoY
Panacea Financial	Customer Deposits	$133 million, up 47% YoY

The direct sales efforts for Panacea Financial are supported by recruiting healthcare bankers, using brand recognition, social media, and endorsements from industry associations to drive loan growth. The mortgage warehouse lending activity saw significant growth, with balances up 411% from December 31, 2024, to September 30, 2025. This growth in specialized lending, supported by direct sales engagement, is a core part of Primis Financial Corp.'s strategy to enhance profitability.

Primis Financial Corp. (FRST) - Canvas Business Model: Customer Segments

Primis Financial Corp. serves distinct customer groups through its core bank operations and specialized national divisions.

Individuals seeking digitally-enabled, no-fee retail banking.

• Digital deposits on the platform exceeded $1.0 billion as of September 30, 2025.
• The platform ended the third quarter of 2025 with over $1.0 billion of deposits.
• Approximately 77% of these consumer accounts have been with Primis Financial Corp. for over two years (as of 3Q25).
• The cost of deposits on the digital platform decreased by 58 basis points in the first quarter of 2025 versus the fourth quarter of 2024.

Small- and medium-sized businesses (SMBs) in the Mid-Atlantic region.

This segment is primarily served by the Core Bank, which maintains a physical presence across the region.

Metric	Value as of September 30, 2025
Full-Service Branches (VA/MD)	24
Core Bank Loans Held for Investment	$2.1 billion
Noninterest Bearing Demand Deposits (Core Bank)	$490 million
Investor CRE as Percentage of Total Loans (Core Bank)	26%

The core bank's cost of deposits was reported at 1.83% in the first quarter of 2025.

Medical professionals nationwide (via Panacea Financial).

Panacea Financial operates as a national brand targeting this specialized professional group.

• Panacea Financial loans outstanding reached $548 million at September 30, 2025.
• This represents growth of 40% over the twelve months ending September 30, 2025.
• Customer deposits attributable to Panacea totaled $133 million at the end of the third quarter of 2025.
• This deposit figure was up 47% from September 30, 2024.
• As of June 30, 2025, Panacea Financial was banking over 7,000 professionals and practices nationwide.
• The stated goal for this segment was reaching 10,000 customers by the end of 2025.

Real estate developers and investors (Commercial Real Estate).

This focus is heavily supported by the Mortgage Warehouse lending activity.

Metric	Value as of September 30, 2025
Mortgage Warehouse Outstandings	$327 million
Mortgage Warehouse Committed Facilities	$1 billion
Investor CRE as Percentage of Regulatory Capital (Core Bank)	213%

Mortgage warehouse outstandings grew 411% from December 31, 2024, when the balance was $64 million.

Primis Financial Corp. (FRST) - Canvas Business Model: Cost Structure

You're looking at the expense side of Primis Financial Corp.'s (FRST) operations as of late 2025, which is heavily influenced by interest rates and strategic investments in scalable platforms. The cost structure is a mix of traditional banking interest costs and operating expenses tied to their hybrid growth strategy.

The most direct cost tied to funding is the Interest expense on deposits. For the third quarter of 2025, the cost of interest-bearing deposits settled at 2.88%. This is an improvement, down from 3.48% reported in the same quarter of 2024, reflecting successful management of deposit pricing, especially following the late September Federal Reserve rate reduction. Also, note that the digital platform's cost of deposits specifically was 4.07% in September 2025, down from 4.91% the prior year, showing the stickiness and relative cost advantage of those digital relationships.

Total Noninterest expense for the third quarter of 2025 was reported at $32 million. That's a slight increase from the $31 million reported in the third quarter of 2024. Honestly, a good chunk of that increase is tied to specific, non-recurring items that management expects to normalize. For instance, expenses in Q3 2025 included $1.1 million in legal fees related to mortgage recruiting, which they anticipate will decline in the fourth quarter of 2025 and the first quarter of 2026.

When you strip out those temporary items, you get a clearer picture of the run-rate operating costs. Management estimated the core operating expense burden for Q3 2025 was around $21.6 million. This figure is key because it relates directly to the scalability of their technology and personnel structure.

Here's a breakdown of the key cost elements we see in the Q3 2025 reporting:

• Cost of Interest-Bearing Deposits: 2.88%
• Total Noninterest Expense: $32 million
• Legal Fees (Non-recurring component): $1.1 million
• Core Operating Expense Burden (Adjusted): ~$21.6 million
• Noninterest-Bearing Deposits Growth: 16% year-over-year

The focus on Technology and core processing costs is part of driving that core expense burden down. Primis Financial is leveraging its scalable strategies, like the V1BE service, to grow revenue without a proportional increase in operating expenses, which is the definition of operating leverage. This means the cost to service new customers through digital channels should be lower than the cost associated with maintaining legacy infrastructure or expanding physical footprints.

Regarding Personnel costs for branch staff and specialized lending teams, these are embedded within the noninterest expense. The bank maintains an established footprint of 24 branches across Virginia and Maryland, which necessitates staffing costs for branch personnel. However, the growth in specialized divisions like Panacea Financial and Primis Mortgage Company means personnel costs are also shifting toward specialized lending teams, which are expected to drive higher, more profitable revenues. The fact that revenue increased by about $5 million quarter-over-quarter while expenses only rose by about $0.4 million points to this operating leverage working, meaning personnel and tech costs aren't scaling as fast as the revenue they support.

To put the main components side-by-side, here's a look at the reported figures:

Cost Category	Q3 2025 Metric	Comparison/Detail
Cost of Interest-Bearing Deposits	2.88%	Down from 3.48% in Q3 2024
Total Noninterest Expense	$32 million	Up from $31 million in Q3 2024
Core Operating Expense Burden (Adjusted)	~$21.6 million	Expected to abate in Q4 2025/Q1 2026
Digital Platform Deposit Cost (Sep 2025)	4.07%	Down from 4.91% in Sep 2024

The management's goal is clearly to keep the cost of funding low while ensuring that the operating expenses, which include technology and personnel, are generating outsized revenue growth. Finance: draft 13-week cash view by Friday.

Primis Financial Corp. (FRST) - Canvas Business Model: Revenue Streams

You're looking at how Primis Financial Corp. actually brings in the money, focusing on the hard numbers from their latest reported quarter, Q3 2025. It's a mix of traditional banking spread and growth from specialized, scalable platforms. Here's the quick math on the main drivers.

The primary engine remains the spread between what Primis earns on its assets and what it pays for its liabilities. The Net Interest Income (NII) generation showed significant improvement, with the Net Interest Margin (NIM) hitting 3.18% for Q3 2025. This NIM compares favorably to the 2.97% reported in the same quarter of 2024.

The reported NII for the third quarter of 2025 was $29 million. To be fair, this figure was impacted by about $0.7 million in interest reversals on loans that moved to nonaccrual status; without those reversals, the NII would have been closer to $30 million.

Beyond the core lending spread, Noninterest Income from fees and service charges provided a solid contribution, totaling $12 million in Q3 2025. This was an increase from $10.6 million in the linked second quarter.

Here is a breakdown of the key revenue components for Primis Financial Corp. based on Q3 2025 performance:

Revenue Component	Q3 2025 Financial Metric	Amount/Rate
Net Interest Margin (NIM)	Net Interest Margin	3.18%
Net Interest Income (NII)	Reported NII	$29 million
Noninterest Income	Total Noninterest Income	$12 million
Mortgage Banking Activity	Pre-tax Earnings	$1.9 million
Mortgage Banking Activity	Total Mortgage Banking Income	$8.89 million

The Mortgage banking activity income, driven by Primis Mortgage Company, showed strong recovery, posting pre-tax earnings of approximately $1.9 million in Q3 2025. This was a substantial jump from the $0.1 million in pre-tax earnings reported in Q2 2025. The company funded 59% more loans in September 2025 than in September 2024, showing scale in that area.

The growth in specialized lending and deposit services is clearly visible in the scaling of the Panacea Financial division and the mortgage warehouse business. These are designed to be scalable, nationwide revenue generators that complement the core bank footprint. The revenue streams here are tied to the asset balances on their books:

• Panacea Financial loans balance reached $548 million as of September 30, 2025, marking a 40% growth year-over-year.
• Mortgage warehouse outstandings stood at $327 million at the end of Q3 2025.
• This warehouse balance represents a 411% increase from the $64 million reported at December 31, 2024.
• Income from the Consumer Program, which is becoming immaterial, contributed $0.3 million to Noninterest Income in Q3 2025.

The strategy here is clear: use the stable, low-cost deposit base from the 24 Virginia and Maryland branches-where noninterest-bearing deposits grew 16% year-over-year to $490 million-to fund these higher-yielding, scalable niche businesses. Finance: draft Q4 2025 revenue projection based on current loan pipeline growth by Monday.