Primis Financial Corp.
Primis Financial Corp. is the bank holding company for Primis Bank, a Virginia state-chartered commercial bank serving individuals and small to medium-sized businesses. Through its branch network in Virginia and Maryland, online and mobile channels, and specialized mortgage and healthcare-related banking activities, the company provides deposit, lending, and related financial services.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueLoans secured by commercial real estate and other commercial credits to businesses.
Loans and banking services for individual customers and households.
Checking, savings, money market accounts, and certificates of deposit.
Mortgage origination and related lending services through Primis Mortgage Company.
Financial products and services for doctors, veterinarians, dentists, and practices.
Customers
Primis serves individuals, small and medium-sized businesses, and borrowers seeking commercial real estate, operating, or consumer credit. It also targets healthcare professionals and their practices through the Panacea Financial brand, alongside residential mortgage borrowers through its mortgage subsidiary. Funding comes primarily from deposit customers, while lending relationships are built through local market contacts and branch-based relationship banking.
They use checking, savings, CDs, and consumer loans for everyday banking and borrowing.
They borrow for working capital, equipment, and commercial real estate and maintain operating deposits.
They seek secured property-backed loans for acquisition, development, or refinancing.
Doctors, dentists, veterinarians, and related practices use specialty banking and lending products.
Homebuyers and refinancers use Primis Mortgage Company for mortgage origination.
Strategy
Primis’ strategy centers on maintaining strong capital, funding loans with core deposits, and using relationship banking to originate secured commercial and consumer credits. It also uses specialty verticals such as Panacea Financial and mortgage lending to broaden its customer base beyond traditional community banking. The branch network and digital channels support local deposit gathering while extending service access to customers outside the branch footprint.
Capital strength supports lending capacity and regulatory flexibility in a bank model.
Local relationships help source deposits and originate secured loans with better customer retention.
Niche verticals can create differentiated products and cross-sell opportunities.
Geography
Primis is concentrated in the Mid-Atlantic, with 24 full-service branches in Virginia and Maryland and headquarters in McLean, Virginia. Its operations also include an administrative office in Glen Allen, an operations center in Atlee, and a mortgage subsidiary in Wilmington, North Carolina. The company’s geography matters because its lending, deposit gathering, and relationship banking are tied to local market knowledge and branch presence.
Risks
Primis faces the usual risks of a regional bank: credit losses, interest-rate sensitivity, deposit competition, and regulatory capital constraints. Its concentration in commercial real estate, small business lending, and a limited geographic footprint increases exposure to local economic conditions and borrower-specific stress. Specialty lending and mortgage activity add execution and underwriting risk, while goodwill and intangible assets create additional impairment sensitivity.
A meaningful share of lending is secured by commercial property, which can weaken in downturns.
Exposure: Commercial real estate and secured commercial loans
Banks rely on deposits as primary funding, so pricing pressure can raise funding costs or reduce balances.
Asset yields and deposit costs reprice at different speeds, affecting net interest income.
Exposure: Loan and deposit portfolio
Operations are concentrated in Virginia and Maryland, so local economic weakness can affect credit and deposits.
Exposure: Mid-Atlantic branch footprint
Acquisitions and brand/intellectual property assets require periodic impairment testing.
Exposure: Goodwill and intangible assets
Accounting
Judgemental itemsLoan loss estimates depend on borrower quality, collateral values, and macro assumptions.
Impact: Provision expense and reserve levels
The company reports goodwill and intangible assets that require periodic impairment testing.
Impact: Equity and non-cash impairment charges
Real estate-related securities and mortgage-backed securities are sensitive to market rates and spreads.
Impact: OCI and valuation changes
Bank capital ratios are calculated under regulatory rules that differ from GAAP book value.
Impact: Dividend capacity and supervisory status
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Last updated: 24/09/2026