Primis Financial Corp. (FRST): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le plan stratégique de Primis Financial Corp. (FRST), une institution bancaire régionale dynamique qui transforme les services financiers traditionnels à travers des approches innovantes. En tirant parti d'une toile complète du modèle commercial, FRST navigue stratégiquement dans le paysage bancaire compétitif, offrant des solutions personnalisées qui rejettent les besoins de la communauté locale avec des technologies bancaires numériques avancées. Leur modèle unique combine un service client axé sur les relations, des plateformes numériques robustes et des produits financiers ciblés qui les distinguent dans l'écosystème bancaire moyen-atlantique.

Primis Financial Corp. (FRST) - Modèle commercial: partenariats clés

Réseaux bancaires locaux et régionaux

Depuis 2024, Primis Financial Corp. maintient des partenariats stratégiques avec 37 réseaux bancaires locaux et régionaux à travers la Virginie et le Maryland.

Type de réseau	Nombre de partenariats	Couverture géographique
Réseaux bancaires communautaires	22	Virginie
Alliances bancaires régionales	15	Maryland

Institutions financières communautaires

Primis Financial Corp. collabore avec 43 institutions financières communautaires, en se concentrant sur les accords de services partagés et les programmes de prêt collaboratif.

• Partenariats totaux d'institutions communautaires: 43
• Durée du partenariat moyen: 5,2 ans
• Volume de prêt collaboratif: 127,3 millions de dollars

Fournisseurs de services technologiques

La société a établi des partenariats avec 8 fournisseurs de services technologiques spécialisés dans les solutions technologiques financières.

Catégorie de prestataires	Nombre de prestataires	Investissement technologique annuel
Systèmes bancaires de base	3	4,2 millions de dollars
Solutions de cybersécurité	2	1,7 million de dollars
Plateformes bancaires numériques	3	2,9 millions de dollars

Partenaires de création et de service de prêt

Primis Financial Corp. possède 12 partenaires de création et de service de prêt soutenant ses opérations de prêt.

• Partenaires totaux de création de prêt: 12
• Couverture de partenariat de service de prêt: 89,6% du portefeuille total des prêts
• Volume annuel de création de prêt: 342,6 millions de dollars

Sociétés d'assurance et de gestion de la patrimoine

La société maintient des partenariats avec 19 sociétés d'assurance et de gestion de la patrimoine pour fournir des services financiers complets.

Type de partenariat	Nombre d'entreprises	Actifs gérés totaux
Assureurs	11	276,4 millions de dollars
Sociétés de gestion de patrimoine	8	193,7 millions de dollars

Primis Financial Corp. (FRST) - Modèle d'entreprise: activités clés

Services bancaires commerciaux et grand public

En 2024, Primis Financial Corp. fournit des services bancaires avec un actif total de 2,36 milliards de dollars. La banque exploite 29 succursales à travers la Virginie et le Maryland.

Catégorie de service bancaire	Volume total (2024)
Prêts commerciaux	1,42 milliard de dollars
Prêts à la consommation	687 millions de dollars
Comptes de chèques d'entreprise	12 345 comptes actifs

Prêts hypothécaires et origine

Les prêts hypothécaires représentent une partie importante des activités clés de Primis Financial Corp.

• Volume total d'origine hypothécaire (2024): 456 millions de dollars
• Portefeuille hypothécaire résidentiel: 312 millions de dollars
• Taille moyenne du prêt hypothécaire: 342 000 $

Gestion des produits de dépôt et d'investissement

Type de produit	Solde total
Dépôts totaux	1,98 milliard de dollars
Comptes chèques	687 millions de dollars
Comptes d'épargne	542 millions de dollars
Produits d'investissement	218 millions de dollars

Développement de la plate-forme bancaire numérique

Primis Financial Corp. a investi dans les infrastructures bancaires numériques.

• Utilisateurs bancaires en ligne: 45 678
• Téléchargements d'applications bancaires mobiles: 32 456
• Investissement annuel de plate-forme numérique: 3,2 millions de dollars

Gestion des risques et surveillance de la conformité

Métrique de conformité	Statut
Ratio de capital réglementaire	12.4%
Ratio de prêts non performants	1.2%
Personnel du département de conformité	42 employés

Primis Financial Corp. (FRST) - Modèle d'entreprise: Ressources clés

Réseau succursale dans les régions de Virginie et du Maryland

Au quatrième trimestre 2023, Primis Financial Corp. exploite 26 succursales à service complet de Virginie et du Maryland.

État	Nombre de branches
Virginie	19
Maryland	7

Équipe de gestion financière expérimentée

Composition du leadership à partir de 2024:

• Membres totaux de l'équipe de direction: 7
• Expérience moyenne de l'industrie bancaire: 22 ans
• PDG: Dennis J. Zember Jr. (plus de 15 ans dans le leadership bancaire)

Infrastructure de technologie bancaire numérique avancée

Métriques d'investissement technologique:

• Budget technologique annuel: 3,2 millions de dollars
• Plateforme bancaire numérique: système bancaire de base basé sur le cloud
• Investissement en cybersécurité: 1,1 million de dollars par an

Portfolio de crédit solide et capacités de prêt

Catégorie de prêt	Valeur totale du portefeuille
Prêts commerciaux	592,4 millions de dollars
Prêts hypothécaires résidentiels	214,6 millions de dollars
Prêts à la consommation	87,3 millions de dollars

Conformité réglementaire et expertise financière

Ressources de conformité et de gestion des risques:

• Équipe de conformité dédiée: 12 professionnels
• Dépenses totales liées à la conformité: 2,5 millions de dollars par an
• Note d'examen réglementaire: Satisfaisant

Primis Financial Corp. (FRST) - Modèle d'entreprise: propositions de valeur

Solutions bancaires personnalisées pour les communautés locales

Depuis le quatrième trimestre 2023, Primis Financial Corp. sert 13 comtés à travers Virginie et Maryland, avec un actif total de 3,4 milliards de dollars. La banque maintient 36 branches à service complet ciblant les besoins bancaires communautaires locaux.

Couverture géographique	Total des succursales	Taille
Virginie et Maryland	36	3,4 milliards de dollars

Taux d'intérêt concurrentiels et produits financiers

Au 31 décembre 2023, Primis offre les tarifs compétitifs suivants:

Type de produit	Taux d'intérêt
Compte d'épargne personnelle	4.25%
Compte de marché monétaire	4.50%
CD de 12 mois	5.15%

Expériences de banque numérique et physique pratique

Les capacités bancaires numériques comprennent:

• Application bancaire mobile avec Cryptage 256 bits
• Services de paiement de factures en ligne
• Dépôt de chèque à distance
• Gestion de compte numérique 24/7

Approche de service client basé sur les relations

Métriques de la relation client pour 2023:

• Taux de rétention de clientèle moyen: 87.3%
• Durée moyenne de la relation client: 8,6 ans
• Score de satisfaction du client: 4.6/5

Offres de banque commerciale et de détail sur mesure

Répartition du portefeuille de prêts commerciaux:

Secteur	Volume total des prêts	Pourcentage de portefeuille
Immobilier	1,2 milliard de dollars	45%
Petite entreprise	650 millions de dollars	24%
Agriculture	350 millions de dollars	13%
Autres publicités	470 millions de dollars	18%

Primis Financial Corp. (FRST) - Modèle d'entreprise: relations clients

Gestion des relations pour les affaires et les services bancaires personnels

Au quatrième trimestre 2023, Primis Financial Corp. a servi 136 succursales à travers Virginia, Maryland, Washington D.C. et Pennsylvanie. Base de clientèle totale: 84 725 clients commerciaux et bancaires personnels.

Segment de clientèle	Nombre de clients	Valeur moyenne du compte
Banque d'affaires	42,362	$287,500
Banque personnelle	42,363	$76,250

Assistance client direct via plusieurs canaux

Primis Financial fournit un support client via:

• Prise en charge du téléphone: 7 h à 20 h HNE
• Chat en ligne: Disponibilité 24/7
• Assistance par e-mail: réponse dans les 24 heures
• Consultations en branche

Services de conseil financier personnalisés

Répartition des services de conseil pour 2023:

Type de service	Nombre de clients servis	Frais de service moyens
Gestion de la richesse	3,625	2 750 $ / par an
Planification de la retraite	2,987	1 850 $ / par an

Engagement communautaire et compréhension du marché local

Investissement local sur le marché en 2023: 1,2 million de dollars dans tous les programmes de développement communautaire.

Plates-formes bancaires numériques en libre-service

Métriques bancaires numériques pour 2023:

• Utilisateurs de la banque mobile: 62 500
• Utilisateurs bancaires en ligne: 73 225
• Taux de téléchargement des applications mobiles: 15 600 nouveaux utilisateurs
• Volume de transactions numériques: 4,2 millions de transactions mensuelles

Primis Financial Corp. (FRST) - Modèle commercial: canaux

Emplacements de branche physiques

Depuis le quatrième trimestre 2023, Primis Financial Corp. opère 36 emplacements de succursales totales à travers la Virginie et le Maryland. La distribution géographique se décompose comme suit:

État	Nombre de branches
Virginie	28
Maryland	8

Site Web de banque en ligne

Primis Financial fournit une plateforme bancaire en ligne complète avec les fonctionnalités suivantes:

• Gestion des comptes
• Services de paiement
• Déclarations électroniques
• Transferts de fonds

Application bancaire mobile

Statistiques des applications bancaires mobiles pour 2023:

• Téléchargements totaux d'applications mobiles: 45 672
• Utilisateurs actifs mensuels moyens: 22 340
• Volume de transactions mobiles: 187 456 transactions mensuelles

Services bancaires téléphoniques

Métriques du centre d'appel des banques téléphoniques:

Métrique	2023 données
Volume moyen d'appels quotidiens	412 appels
Temps de réponse moyen	2,7 minutes

Réseau ATM

Détails de la couverture du réseau ATM:

• Total des distributeurs automatiques de billets: 46
• Emplacements ATM gratuits dans le réseau: 38
• Partenariats ATM hors réseau: plus de 200 emplacements

Primis Financial Corp. (FRST) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises

Depuis le quatrième trimestre 2023, Primis Financial Corp. dessert environ 1 287 clients commerciaux de petite à moyenne taille dans les régions de Virginie et du Maryland.

Segment d'entreprise	Nombre de clients	Taille moyenne du prêt
Commerces de détail	412	$285,000
Services professionnels	356	$423,000
Fabrication	287	$612,000

Entreprises commerciales locales

Primis Financial Corp. possède un portefeuille concentré de 623 clients commerciaux locaux avec un portefeuille de prêts commerciaux total d'une valeur de 247,3 millions de dollars au 31 décembre 2023.

• Prêts immobiliers commerciaux: 178,2 millions de dollars
• Prêts de construction et de développement: 69,1 millions de dollars

Clients bancaires de détail individuels

La banque dessert 42 587 clients bancaires de détail individuels dans ses 64 succursales.

Type de client	Nombre de clients	Solde de dépôt moyen
Vérification personnelle	28,943	$8,750
Économies personnelles	13,644	$15,230

Fournisseurs de services professionnels

Primis Financial Corp. cible 876 fournisseurs de services professionnels avec des solutions bancaires spécialisées.

• Professionnels juridiques: 287 clients
• Fournisseurs de soins de santé: 342 clients
• Sociétés de conseil: 247 clients

Demandeurs de prêts hypothécaires résidentiels

En 2023, Primis Financial Corp. a créé 324,6 millions de dollars de prêts hypothécaires résidentiels.

Type hypothécaire	Volume total des prêts	Taille moyenne du prêt
Hypothèques conventionnelles	238,4 millions de dollars	$387,000
Prêts FHA	86,2 millions de dollars	$276,000

Primis Financial Corp. (FRST) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Au quatrième trimestre 2023, Primis Financial Corp. a déclaré des frais totaux de rémunération des employés de 33,4 millions de dollars.

Catégorie de dépenses	Montant ($)
Salaires de base	22,100,000
Bonus de performance	4,750,000
Assurance maladie	3,250,000
Prestations de retraite	3,300,000

Maintenance des infrastructures technologiques

Les coûts d'infrastructure technologique pour Primis Financial Corp. ont totalisé 7,2 millions de dollars en 2023.

• Maintenance du matériel informatique: 2,1 millions de dollars
• Licence de logiciel: 3,5 millions de dollars
• Systèmes de cybersécurité: 1,6 million de dollars

Succursale des dépenses opérationnelles

Les dépenses opérationnelles de la succursale totale pour 2023 étaient de 12,6 millions de dollars.

Type de dépenses	Montant ($)
Loyer et services publics	5,400,000
Équipement de succursale	2,800,000
Entretien et fournitures	4,400,000

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour Primis Financial Corp. s'élevaient à 4,8 millions de dollars en 2023.

• Frais juridiques et de consultation: 2,3 millions de dollars
• Logiciel de conformité: 1,2 million de dollars
• Formation et certification: 1,3 million de dollars

Frais de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 étaient de 5,6 millions de dollars.

Canal de marketing	Montant ($)
Publicité numérique	2,400,000
Médias traditionnels	1,500,000
Programmes d'acquisition de clients	1,700,000

Primis Financial Corp. (FRST) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des portefeuilles de prêts

Au quatrième trimestre 2023, Primis Financial Corp. a déclaré un revenu total d'intérêts de 80,4 millions de dollars. La répartition du portefeuille de prêts est la suivante:

Catégorie de prêt	Solde total	Revenu d'intérêt
Immobilier commercial	1,2 milliard de dollars	42,6 millions de dollars
Hypothèque résidentielle	385 millions de dollars	18,2 millions de dollars
Commercial & Prêts industriels	275 millions de dollars	15,6 millions de dollars

Frais de service bancaire

Les frais de service bancaire pour 2023 ont totalisé 12,7 millions de dollars, la distribution suivante:

• Frais de maintenance du compte: 4,3 millions de dollars
• Frais de transaction ATM: 2,1 millions de dollars
• Frais de découvert: 3,5 millions de dollars
• Frais de transfert de fil: 1,8 million de dollars
• Autres services bancaires: 1 million de dollars

Commissions d'origine hypothécaire

Les commissions d'origine hypothécaire pour 2023 ont atteint 6,9 millions de dollars, avec:

Type hypothécaire	Volume	Commission
Hypothèques résidentielles	245 millions de dollars	4,7 millions de dollars
Hypothèques commerciales	95 millions de dollars	2,2 millions de dollars

Ventes de produits d'investissement

Les ventes de produits d'investissement ont généré 5,4 millions de dollars de revenus pour 2023:

• Ventes de fonds communs de placement: 2,1 millions de dollars
• Services de gestion de patrimoine: 1,8 million de dollars
• Gestion des comptes de retraite: 1,5 million de dollars

Revenus des transactions bancaires numériques

Les revenus des transactions bancaires numériques pour 2023 s'élevaient à 3,2 millions de dollars:

Service numérique	Volume de transaction	Revenu
Transactions bancaires en ligne	1,2 million	1,5 million de dollars
Transactions bancaires mobiles	850,000	1,1 million de dollars
Services de paiement numérique	500,000	0,6 million de dollars

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.