On this page of StockholderLetter.com we present the latest annual shareholder letter from Primis Financial Corp. — ticker symbol FRST. Reading current and past FRST letters to shareholders can bring important insights into the investment thesis.

 •  5/16/2025 Letter Continued (Full PDF)
 •  4/13/2023 FRST Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  FRST Benford's Law Stock Score = 92

FRST Shareholder/Stockholder Letter Transcript:

2024
ANNUAL REPORT


2024 ANNUAL REPORT:
SHAPING WHAT   S NEXT
Letter to Shareholders
3
Year In Review
5
Primis In-Market: Strengthening the Foundation
6
Powering Growth: The Digital Platform
10
Divisions: Scaling with Strategic Focus
13
Financial Highlights
16
Leadership Team
18
Form 10-K
21
Our Footprint
175

Primis Financial Corp. President & CEO Dennis J. Zember Jr.
Primis Financial Corp. Board Chairman John F. Biagas.
A NEW CHAPTER IN LEADERSHIP
In March 2025, Primis Financial Corp. Board Chairman Rand Cook transitioned to Vice Chairman, making
way for John Biagas to step into the role of Chairman.
John brings decades of leadership, business growth, and strategic insight to this role. As the Founder
of Bay Electric Co., he has developed a reputation for strong financial stewardship and forward-thinking
leadership.
John   s leadership philosophy aligns closely with Primis    mission   prioritizing innovation, customer-first
service, and long-term growth. His experience scaling businesses, identifying market opportunities, and
driving strategic expansion will be invaluable as we continue to build a stronger, smarter, and more dynamic
company.
2 | PRIMIS FINANCIAL CORP.

TO OUR SHAREHOLDERS
Being open to change (and sometimes causing the change) is part of our DNA. We do not want to just
keep up   we want to stay ahead and make bold moves that position us for long-term success. In 2024, we
sharpened our focus on the business lines that will drive the greatest profitability, optimized operations, invested
in high-growth areas, and made strategic decisions that set us up for sustainable expansion.
We believe we remain the best of both worlds   a very strong in-market bank with low-cost deposits and
conservative commercial real estate exposure, paired with a scalable, high-growth digital platform that
continues to expand nationwide. Our community bank is a competitive force, offering deep customer
relationships, local decision-making, and a cost-of-funds advantage that allows us to compete with banks
of all sizes.
This past year, we strengthened our foundation by refining our core bank operations, scaling Primis Mortgage,
and strategically growing our mortgage warehouse lending business. We made the decision to end new
originations in the third party consumer loan program which we expect will greatly reduce the volatility in
our earnings and ensure our focus is sharp for the future. With this transition behind us, we expect very few
lingering impacts from this portfolio in 2025. This was a necessary move to strengthen our balance sheet, and
now we   re fully focused on scaling what works.
The sale of our Life Premium Finance division was another step in ensuring our resources are allocated to
higher-value opportunities.
At the same time, Panacea Financial   the nation   s leading healthcare-focused banking partner   continues
to grow at an incredible pace, proving that niche, high-value banking solutions can be both impactful and
profitable. Looking ahead, affinity banking will play a major role in our strategy. Panacea proved the concept, and
now we   re scaling that success into a repeatable model that will drive long-term growth.
2024 was a year of bold moves and meaningful progress. In 2025, we   re doubling down   scaling our
successes, executing on our strategy, and continuing to build something truly different in banking.
I appreciate your trust in Primis and look forward to what   s ahead.
Dennis J. Zember Jr.
President and Chief Executive Officer
Primis Financial Corp.
ANNUAL REPORT | 3



 5/16/2025 Letter Continued (Full PDF)