Primis Financial Corp. (FRST): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Primis Financial Corp. (FRST), uma instituição bancária regional dinâmica que transforma os serviços financeiros tradicionais por meio de abordagens inovadoras. Ao alavancar uma tela abrangente do modelo de negócios, o FRST navega estrategicamente no cenário bancário competitivo, oferecendo soluções personalizadas que a comunidade local precisa das necessidades da comunidade local com tecnologias avançadas de bancos digitais. Seu modelo exclusivo combina atendimento ao cliente orientado por relacionamento, plataformas digitais robustas e produtos financeiros direcionados que os distinguem no ecossistema bancário do meio do Atlântico.

Primis Financial Corp. (FRST) - Modelo de Negócios: Principais Parcerias

Redes bancárias locais e regionais

A partir de 2024, a Primis Financial Corp. mantém parcerias estratégicas com 37 redes bancárias locais e regionais em toda a Virgínia e Maryland.

Tipo de rede	Número de parcerias	Cobertura geográfica
Redes bancárias comunitárias	22	Virgínia
Alianças bancárias regionais	15	Maryland

Instituições Financeiras Comunitárias

A Primis Financial Corp. colabora com 43 instituições financeiras comunitárias, com foco em acordos de serviço compartilhados e programas de empréstimos colaborativos.

• Parcerias de instituições comunitárias totais: 43
• Duração média da parceria: 5,2 anos
• Volume de empréstimos colaborativos: US $ 127,3 milhões

Provedores de serviços de tecnologia

A corporação estabeleceu parcerias com 8 provedores de serviços de tecnologia especializados em soluções de tecnologia financeira.

Categoria de provedor	Número de provedores	Investimento de tecnologia anual
Sistemas bancários principais	3	US $ 4,2 milhões
Soluções de segurança cibernética	2	US $ 1,7 milhão
Plataformas bancárias digitais	3	US $ 2,9 milhões

Parceiros de origem e manutenção de empréstimos

A Primis Financial Corp. possui 12 parceiros de origem e manutenção de empréstimos que apoiam suas operações de empréstimos.

• Parceiros totais de originação de empréstimos: 12
• Cobertura de parceria de serviço de empréstimo: 89,6% da carteira total de empréstimos
• Volume anual de originação de empréstimos: US $ 342,6 milhões

Empresas de seguro e gestão de patrimônio

A corporação mantém parcerias com 19 empresas de gerenciamento de seguros e patrimônio para fornecer serviços financeiros abrangentes.

Tipo de parceria	Número de empresas	Total de ativos gerenciados
Provedores de seguros	11	US $ 276,4 milhões
Empresas de gerenciamento de patrimônio	8	US $ 193,7 milhões

Primis Financial Corp. (FRST) - Modelo de negócios: Atividades -chave

Serviços bancários comerciais e de consumo

A partir de 2024, a Primis Financial Corp. fornece serviços bancários com ativos totais de US $ 2,36 bilhões. O Banco opera 29 agências em toda a Virgínia e Maryland.

Categoria de serviço bancário	Volume total (2024)
Empréstimos comerciais	US $ 1,42 bilhão
Empréstimos ao consumidor	US $ 687 milhões
Contas de corrente de negócios	12.345 contas ativas

Empréstimos e originação hipotecária

Os empréstimos hipotecários representam uma parcela significativa das principais atividades da Primis Financial Corp..

• Volume total de originação hipotecária (2024): US $ 456 milhões
• Portfólio de hipoteca residencial: US $ 312 milhões
• Tamanho médio do empréstimo hipotecário: US $ 342.000

Gerenciamento de produtos de depósito e investimento

Tipo de produto	Balanço total
Total de depósitos	US $ 1,98 bilhão
Contas de verificação	US $ 687 milhões
Contas de poupança	US $ 542 milhões
Produtos de investimento	US $ 218 milhões

Desenvolvimento da plataforma bancária digital

A Primis Financial Corp. investiu em infraestrutura bancária digital.

• Usuários bancários online: 45.678
• Downloads de aplicativos bancários móveis: 32.456
• Investimento anual da plataforma digital: US $ 3,2 milhões

Gerenciamento de riscos e monitoramento de conformidade

Métrica de conformidade	Status
Índice de capital regulatório	12.4%
Razão de empréstimos não-desempenho	1.2%
Equipe do Departamento de Conformidade	42 funcionários

Primis Financial Corp. (FRST) - Modelo de negócios: Recursos -chave

Rede de filiais nas regiões de Virginia e Maryland

A partir do quarto trimestre 2023, a Primis Financial Corp. opera 26 localizações de filiais de serviço completo em toda a Virgínia e Maryland.

Estado	Número de ramificações
Virgínia	19
Maryland	7

Equipe de gestão financeira experiente

Composição de liderança em 2024:

• Total de membros da equipe executiva: 7
• Experiência média da indústria bancária: 22 anos
• CEO: Dennis J. Zember Jr. (mais de 15 anos em liderança bancária)

Infraestrutura de tecnologia bancária digital avançada

Métricas de investimento em tecnologia:

• Orçamento de tecnologia anual: US $ 3,2 milhões
• Plataforma bancária digital: sistema bancário de núcleo baseado em nuvem
• Investimento de segurança cibernética: US $ 1,1 milhão anualmente

Portfólio de crédito forte e recursos de empréstimo

Categoria de empréstimo	Valor total do portfólio
Empréstimos comerciais	US $ 592,4 milhões
Empréstimos hipotecários residenciais	US $ 214,6 milhões
Empréstimos ao consumidor	US $ 87,3 milhões

Conformidade regulatória e experiência financeira

Recursos de conformidade e gerenciamento de riscos:

• Equipe de conformidade dedicada: 12 profissionais
• Despesas totais relacionadas à conformidade: US $ 2,5 milhões anualmente
• Classificação de exame regulatório: Satisfatório

Primis Financial Corp. (FRST) - Modelo de Negócios: Proposições de Valor

Soluções bancárias personalizadas para comunidades locais

A partir do quarto trimestre 2023, a Primis Financial Corp. serve 13 municípios entre Virginia e Maryland, com ativos totais de US $ 3,4 bilhões. O banco mantém 36 ramos de serviço completo direcionando as necessidades bancárias da comunidade local.

Cobertura geográfica	Filiais totais	Tamanho do ativo
Virginia e Maryland	36	US $ 3,4 bilhões

Taxas de juros competitivas e produtos financeiros

Em 31 de dezembro de 2023, o Primis oferece as seguintes taxas competitivas:

Tipo de produto	Taxa de juro
Conta de poupança pessoal	4.25%
Conta do mercado monetário	4.50%
CD de 12 meses	5.15%

Experiências bancárias digitais e físicas convenientes

Os recursos bancários digitais incluem:

• Aplicativo bancário móvel com Criptografia de 256 bits
• Serviços de pagamento de conta on -line
• Depósito de cheque remoto
• Gerenciamento de contas digitais 24/7

Abordagem de atendimento ao cliente baseada em relacionamento

Métricas de relacionamento com o cliente para 2023:

• Taxa média de retenção de clientes: 87.3%
• Duração média do relacionamento do cliente: 8,6 anos
• Pontuação de satisfação do cliente: 4.6/5

Ofertas comerciais e de varejo personalizadas

Breakdown de portfólio de empréstimos comerciais:

Setor	Volume total de empréstimos	Porcentagem de portfólio
Imobiliária	US $ 1,2 bilhão	45%
Pequenas empresas	US $ 650 milhões	24%
Agricultura	US $ 350 milhões	13%
Outro comercial	US $ 470 milhões	18%

Primis Financial Corp. (FRST) - Modelo de Negócios: Relacionamentos do Cliente

Gerenciamento de relacionamento para negócios e bancos pessoais

A partir do quarto trimestre de 2023, a Primis Financial Corp. serviu 136 filiais em toda a Virgínia, Maryland, Washington DC e Pensilvânia. Base total de clientes: 84.725 clientes bancários comerciais e pessoais.

Segmento de clientes	Número de clientes	Valor médio da conta
Banking de negócios	42,362	$287,500
Bancos pessoais	42,363	$76,250

Suporte direto ao cliente através de vários canais

A Primis Financial fornece suporte ao cliente via:

• Suporte telefônico: 7h às 20h EST
• Chat online: disponibilidade 24/7
• Suporte por e -mail: resposta dentro de 24 horas
• Consultas no ramo

Serviços de Consultoria Financeira Personalizada

Aviso de Advisory Services Breakdown para 2023:

Tipo de serviço	Número de clientes atendidos	Taxa de serviço médio
Gestão de patrimônio	3,625	US $ 2.750/anualmente
Planejamento de aposentadoria	2,987	$ 1.850/anualmente

Engajamento da comunidade e entendimento do mercado local

Investimento de mercado local em 2023: US $ 1,2 milhão em programas de desenvolvimento comunitário.

Plataformas bancárias de autoatendimento digital

Métricas bancárias digitais para 2023:

• Usuários bancários móveis: 62.500
• Usuários bancários online: 73.225
• Taxa de download de aplicativos móveis: 15.600 novos usuários
• Volume de transação digital: 4,2 milhões de transações mensais

Primis Financial Corp. (FRST) - Modelo de Negócios: Canais

Locais de ramificação física

A partir do quarto trimestre 2023, a Primis Financial Corp. opera 36 locais totais de ramificação em toda a Virgínia e Maryland. A distribuição geográfica se decompõe da seguinte maneira:

Estado	Número de ramificações
Virgínia	28
Maryland	8

Site bancário online

A Primis Financial fornece uma plataforma bancária on -line abrangente com os seguintes recursos:

• Gerenciamento de contas
• Serviços de pagamento de contas
• Declarações eletrônicas
• Transferências de fundos

Aplicativo bancário móvel

Estatísticas de aplicativos bancários móveis para 2023:

• Downloads de aplicativos móveis totais: 45.672
• Usuários ativos mensais médios: 22.340
• Volume de transações móveis: 187.456 transações mensais

Serviços bancários telefônicos

Métricas de call center bancas telefônicas:

Métrica	2023 dados
Volume médio de chamada diária	412 chamadas
Tempo médio de resposta	2,7 minutos

Rede ATM

Detalhes da cobertura da rede ATM:

• ATMs totais: 46
• Locais gratuitos de atm dentro da rede: 38
• Parcerias ATMs fora da rede: 1.200 mais de locais

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

Pequenas e médias empresas

A partir do quarto trimestre de 2023, a Primis Financial Corp. atende aproximadamente 1.287 clientes comerciais pequenos e médios nas regiões da Virgínia e Maryland.

Segmento de negócios	Número de clientes	Tamanho médio do empréstimo
Negócios de varejo	412	$285,000
Serviços profissionais	356	$423,000
Fabricação	287	$612,000

Empresas comerciais locais

A Primis Financial Corp. possui um portfólio concentrado de 623 clientes comerciais locais com um portfólio total de empréstimos comerciais, avaliado em US $ 247,3 milhões em 31 de dezembro de 2023.

• Empréstimos imobiliários comerciais: US $ 178,2 milhões
• Empréstimos de construção e desenvolvimento: US $ 69,1 milhões

Clientes bancários de varejo individuais

O banco atende a 42.587 clientes de banco de varejo individuais em seus 64 locais de filiais.

Tipo de cliente	Número de clientes	Saldo médio de depósito
Verificação pessoal	28,943	$8,750
Economia pessoal	13,644	$15,230

Provedores de serviços profissionais

A Primis Financial Corp. tem como alvo 876 provedores de serviços profissionais com soluções bancárias especializadas.

• Profissionais jurídicos: 287 clientes
• Provedores de saúde: 342 clientes
• Empresas de consultoria: 247 clientes

Buscadores de hipotecas residenciais

Em 2023, a Primis Financial Corp. originou US $ 324,6 milhões em empréstimos hipotecários residenciais.

Tipo de hipoteca	Volume total de empréstimos	Tamanho médio do empréstimo
Hipotecas convencionais	US $ 238,4 milhões	$387,000
FHA empréstimos	US $ 86,2 milhões	$276,000

Primis Financial Corp. (FRST) - Modelo de negócios: estrutura de custos

Compensação e benefícios dos funcionários

A partir do quarto trimestre de 2023, a Primis Financial Corp. registrou despesas totais de remuneração de funcionários de US $ 33,4 milhões.

Categoria de despesa	Valor ($)
Salários da base	22,100,000
Bônus de desempenho	4,750,000
Seguro de saúde	3,250,000
Benefícios de aposentadoria	3,300,000

Manutenção de infraestrutura de tecnologia

Os custos de infraestrutura de tecnologia da Primis Financial Corp. totalizaram US $ 7,2 milhões em 2023.

• Manutenção de hardware de TI: US $ 2,1 milhões
• Licenciamento de software: US $ 3,5 milhões
• Sistemas de segurança cibernética: US $ 1,6 milhão

Despesas operacionais de ramificação

As despesas operacionais totais da filial para 2023 foram de US $ 12,6 milhões.

Tipo de despesa	Valor ($)
Aluguel e utilitários	5,400,000
Equipamento de ramificação	2,800,000
Manutenção e suprimentos	4,400,000

Custos de conformidade regulatória

As despesas de conformidade regulatória da Primis Financial Corp. totalizaram US $ 4,8 milhões em 2023.

• Taxas legais e de consultoria: US $ 2,3 milhões
• Software de conformidade: US $ 1,2 milhão
• Treinamento e certificação: US $ 1,3 milhão

Despesas de marketing e aquisição de clientes

As despesas de marketing para 2023 foram de US $ 5,6 milhões.

Canal de marketing	Valor ($)
Publicidade digital	2,400,000
Mídia tradicional	1,500,000
Programas de aquisição de clientes	1,700,000

Primis Financial Corp. (FRST) - Modelo de negócios: fluxos de receita

Receita de juros de carteiras de empréstimos

A partir do quarto trimestre de 2023, a Primis Financial Corp. registrou receita total de juros de US $ 80,4 milhões. A quebra da carteira de empréstimos é a seguinte:

Categoria de empréstimo	Balanço total	Receita de juros
Imóveis comerciais	US $ 1,2 bilhão	US $ 42,6 milhões
Hipoteca residencial	US $ 385 milhões	US $ 18,2 milhões
Comercial & Empréstimos industriais	US $ 275 milhões	US $ 15,6 milhões

Taxas de serviço bancário

As taxas de serviço bancário para 2023 totalizaram US $ 12,7 milhões, com a seguinte distribuição:

• Taxas de manutenção de conta: US $ 4,3 milhões
• Taxas de transação ATM: US $ 2,1 milhões
• Taxas de cheque especial: US $ 3,5 milhões
• Taxas de transferência de fio: US $ 1,8 milhão
• Outros serviços bancários: US $ 1 milhão

Comissões de originação hipotecária

As comissões de originação hipotecária para 2023 atingiram US $ 6,9 milhões, com:

Tipo de hipoteca	Volume	Comissão
Hipotecas residenciais	US $ 245 milhões	US $ 4,7 milhões
Hipotecas comerciais	US $ 95 milhões	US $ 2,2 milhões

Vendas de produtos de investimento

As vendas de produtos de investimento geraram US $ 5,4 milhões em receita para 2023:

• Vendas de fundos mútuos: US $ 2,1 milhões
• Serviços de gerenciamento de patrimônio: US $ 1,8 milhão
• Gerenciamento de contas de aposentadoria: US $ 1,5 milhão

Receita de transação bancária digital

As receitas de transações bancárias digitais para 2023 totalizaram US $ 3,2 milhões:

Serviço digital	Volume de transação	Receita
Transações bancárias online	1,2 milhão	US $ 1,5 milhão
Transações bancárias móveis	850,000	US $ 1,1 milhão
Serviços de pagamento digital	500,000	US $ 0,6 milhão

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.