Liquidity management appears highly tactical, evidenced by a $139.1 million securities sale in 2025Q4 and a significant divergence in cash flow, resulting in a -7.43 OCF/NI ratio in 2026Q1.
Primis Financial Corp (FRST) cash flow statement — 22-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | -42.71M | 10.77M | 19.53M | 28.82M | 12.43M | 27.32M | 26.2M | 36.76M | 41.44M | 24.59M | 18.02M | 12.22M | 11.48M | 5.85M | 10.84M | 13.15M | 2.84M | 5.54M | 4.54M | 3.47M | 703K | 1.59M | -1.44M |
| Operating CF Growth % | -343.99% | -44.87% | -32.23% | 131.77% | -54.48% | 4.27% | -28.74% | -11.28% | 68.54% | 36.42% | 47.5% | 6.39% | 96.46% | -46.06% | -17.61% | 363.5% | -48.8% | 22.15% | 30.78% | 393.6% | -55.71% | 210.48% | - |
| Net Income | 53.11M | 57.84M | -24.66M | -10.11M | 14.15M | 31.02M | 14.58M | 32.16M | 33.69M | 2.42M | 10.31M | 9.29M | 7.48M | 6.26M | 6.57M | 4.4M | 4.05M | -4.68M | 1.21M | 1.74M | 1.01M | 197.25K | 373.78K |
| Depreciation & Amortization | 8.24M | 9.36M | 8.93M | 9.09M | 7.43M | 8.04M | 8.19M | 8.18M | 7.4M | 4.63M | 981K | 1.29M | 1.17M | 1.48M | 1.8M | 1.49M | 1.59M | 1.29M | 1.1M | 1.01M | 767K | 129.66K | 104.63K |
| Deferred Taxes | 1.17M | 6.47M | -4.27M | -3.7M | -3.3M | 6.05M | -1.41M | 1.48M | 3.12M | 9.69M | 29K | 2.13M | -418K | 102K | -2.02M | -400K | -1.72M | -2.43M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -118.32M | -75.69M | 42.7M | 33.4M | -16.82M | -10.48M | 12.53M | -4.84M | -359K | 5.22M | 2.2M | -1.03M | 491K | -328K | 856K | 4.82M | 3.05M | 12.38M | 2.37M | 1.37M | -1.07M | 2.04M | -1.73M |
| Working Capital Changes | 10.12M | 9.89M | -4.1M | -577K | 10.58M | -8.06M | -9.24M | -645K | -2.7M | 2.38M | 4.25M | 214K | 2.44M | -1.95M | 3.44M | 2.68M | -4.21M | -1.08M | -167K | -649K | 0 | -780.25K | -181.95K |
| Cash from Investing | -238.75M | -158.22M | 108.3M | -312.76M | -616.86M | 10.53M | -200.81M | -5.02M | -93.7M | -62.01M | -95.59M | -127.04M | -89.75M | -11.81M | 77.58M | 5.7M | 16.81M | 44.26M | -45.46M | -95.42M | -39.22M | -30.97M | -28.7M |
| Purchase of Investments | -81.94M | -92.08M | -43.07M | -15.88M | -39.44M | -160.53M | -54.13M | -60.4M | 0 | -13.2M | -46.05M | -18.27M | -23.16M | -14.77M | -40.13M | 0 | 0 | -30.23M | -40.36M | -37.07M | -10.48M | -923.7K | -260K |
| Sale/Maturity of Investments | 177.76M | 190.16M | 38.15M | 29.4M | 50.47M | 57.54M | 98.38M | 61.29M | 20.32M | 23.84M | 58.56M | 17.57M | 6.57M | 16.44M | 36.86M | 11.13M | 20.48M | 48.47M | 36.6M | 15.93M | 10.02M | 0 | 0 |
| Net Investment Activity | 95.82M | 98.07M | -4.91M | 13.52M | 11.03M | -102.99M | 44.24M | 894K | 20.32M | 10.64M | 12.51M | -698K | -16.59M | 1.67M | -3.27M | 11.13M | 20.48M | 18.23M | -3.76M | -21.14M | -463K | -923.7K | -260K |
| Acquisitions | 2.31M | 0 | 0 | 0 | -4.55M | 0 | 0 | 0 | 0 | 24.02M | 0 | 0 | 22.43M | 0 | 47.26M | 40.4M | 0 | 53.33M | 0 | 0 | -863K | 0 | 0 |
| Other Investing | -334.94M | -254.55M | 114.4M | -324.35M | -622.32M | 115.97M | -243.97M | -4.81M | -112.04M | -95.24M | -107.95M | -126.03M | -94.7M | -13.04M | 34.39M | -45.3M | -1.69M | -27.21M | -41.58M | -73.83M | -37.76M | -30.05M | -28.44M |
| Cash from Financing | 364.1M | 226.55M | -140.88M | 283.63M | 152.1M | 296.21M | 338.87M | -28.43M | 55.4M | 15.49M | 94.62M | 106.83M | 95.73M | -12.38M | -54.26M | -23.56M | -17.98M | -56.49M | 54.38M | 85.13M | 44.98M | 29.97M | 30.12M |
| Dividends Paid | -9.97M | -9.87M | -9.89M | -9.88M | -9.85M | -9.81M | -9.74M | -8.69M | -7.69M | -5.8M | -3.92M | -6.36M | -7.24M | -2.9M | -2.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -807K | -4K | -31K | -11K | -14K | -135K | 0 | 0 | 0 | 0 | -721K | 0 | 0 | 0 | 0 | -48K | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 15K | 15K | 0 | 0 | 0 | 0 | 709K | 0 | 0 | 0 | 135K | 707K | 886K | 3K | 0 | 0 | 0 | 26.92M | 0 | 0 | 26.42M | 0 | 0 |
| Net Stock Activity | 15K | -792K | -4K | -31K | -11K | -14K | 574K | 0 | 0 | 0 | 135K | -14K | 886K | 3K | 0 | 0 | -48K | 26.92M | 0 | 0 | 26.42M | 0 | 0 |
| Debt Issuance (Net) | 2M | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 0 | 0 | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K |
| Other Financing | 103.36M | 214.64M | -97.78M | 568.14M | -43.78M | 332.14M | 307.89M | 27.8M | 232.11M | -195.8M | 77.54M | 83.58M | 102.97M | -9.48M | -34.93M | -18.56M | -22.93M | -58.06M | 43.99M | 49.66M | 59.62M | 0 | 0 |
| Net Change in Cash | 82.64M | 79.1M | -13.05M | -306K | -452.31M | 333.98M | 164.26M | 3.32M | 3.15M | -21.93M | 17.06M | -7.98M | 17.46M | -18.34M | 34.16M | -4.71M | 1.68M | -6.69M | 13.45M | -6.82M | 6.46M | 588.08K | -16.24K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 159.88M | 64.5M | 77.55M | 77.86M | 530.17M | 196.19M | 31.93M | 28.61M | 25.46M | 47.39M | 30.34M | 38.32M | 20.86M | 39.2M | 5.04M | 9.74M | 8.07M | 14.76M | 1.31M | 8.13M | 1.66M | 2.28M | 2.29M |
| Cash at End | 176.71M | 143.61M | 64.5M | 77.55M | 77.86M | 530.17M | 196.19M | 31.93M | 28.61M | 25.46M | 47.39M | 30.34M | 38.32M | 20.86M | 39.2M | 5.04M | 9.74M | 8.07M | 14.76M | 1.31M | 8.13M | 2.86M | 2.28M |
| Interest Paid | 89.61M | 89.58M | 107.2M | 91.82M | 20.19M | 20.23M | 27.99M | 36M | 26.13M | 14.57M | 8.29M | 6.79M | 4.45M | 4.59M | 5.93M | 6.14M | 8.85M | 8.75M | 11.81M | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 3.09M | 483K | 2.34M | 5.75M | 3.05M | 6.15M | 7.69M | 4.9M | 6.67M | 3.67M | 4.6M | 2.99M | 3.28M | 4.6M | 2.71M | 1.44M | 1.56M | 380K | 1.12M | 0 | 0 | 0 | 0 |
| Free Cash Flow | -44.24M | 9.03M | 18.34M | 26.89M | 11.42M | 24.86M | 25.11M | 35.66M | 39.47M | 23.16M | 17.88M | 11.91M | 10.59M | 5.41M | 10.04M | 12.63M | 867K | 5.44M | 4.41M | 3.02M | 571K | 1.59M | -1.44M |
| FCF Growth % | -16.96% | -50.74% | -31.82% | 135.46% | -54.05% | -1.02% | -29.58% | -9.64% | 70.4% | 29.54% | 50.1% | 12.5% | 95.75% | -46.15% | -20.49% | 1356.98% | -84.07% | 23.48% | 46.11% | 428.37% | -64.03% | 210.48% | - |
Quick answers to the most common questions about buying FRST stock.
Primis Financial Corp (FRST) generated $10.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Primis Financial Corp (FRST) generated $9.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Primis Financial Corp (FRST) spent $1.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Primis Financial Corp (FRST) returned $9.9M to shareholders via cash dividends and spent $0.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Mortgage warehouse volume volatility
Metrics are mathematically derived from official filings.
Securities Portfolio Liquidity Management Trends
As reported in recent financial filings, Primis Financial Corp. demonstrated significant variability in its investment portfolio, highlighted by a $139.1 million sale of securities in 2025Q4, which suggests a tactical approach to liquidity management rather than a static hold-to-maturity strategy for its investment assets.
The bank's investment activity appears to be highly reactive to liquidity needs, with large swings between purchases and sales across the observed quarters. This behavior may indicate that the securities portfolio is being utilized as a primary shock absorber for the bank's volatile mortgage warehouse lending operations.
Dividend Sustainability Amidst Earnings Volatility
Based on the provided quarterly data, Primis Financial Corp. has maintained a consistent dividend payout of approximately $2.5 million per quarter, even during periods of negative net income, which warrants further investigation into the long-term sustainability of this capital return policy given the bank's earnings instability.
The decision to maintain dividends despite significant quarterly losses suggests a management priority on shareholder signaling. However, investors should monitor whether this commitment to dividends constrains the capital available for necessary investments in the bank's digital transformation and specialized lending infrastructure.
Provisioning Volatility Reflects Credit Uncertainty
According to historical cash flow data, the bank's provision for loan losses reached a peak of $33.5 million in 2024Q4, indicating that the institution's specialized lending book is subject to lumpy, unpredictable credit events that significantly impact the bank's overall cash flow generation capacity.
The extreme variance in provisioning suggests that the bank's credit risk models may be struggling to account for the unique collateral profiles of its life insurance premium finance and mortgage warehouse segments. This volatility complicates the assessment of core earnings power and suggests that credit costs remain a primary risk factor.
Hidden Cash Flow Operational Realities
Based on reported figures, the wide divergence between net income and operating cash flow, such as the -7.43 OCF/NI ratio in 2026Q1, suggests that the cash flow statement is heavily distorted by non-cash adjustments and working capital swings inherent in the bank's specialized lending model.
The cash flow statement appears to be a poor proxy for the bank's true economic performance, as it is dominated by the timing of loan originations and deposit fluctuations. Analysts should look past these headline cash flow figures to focus on the underlying net interest margin and the quality of the loan book collateral.