Primis Financial Corp (FRST) Cash Flow Statement

Because net income swings this sharply, the capacity to build regulatory capital organically appears inconsistent rather than steady. The 2024Q4 loss and the 2025Q4 spike suggest that capital accretion may depend on a small number of quarters rather than a repeatable earnings run-rate. Investors should monitor whether the reported capital ratios hold up through a quarter of normalized provisioning.

The pattern of large net sales in 2025Q3 through 2025Q4 suggests management may have been reducing securities exposure, possibly to fund loan growth or liquidity needs, though the data alone cannot confirm the motive. The zero entries in 2026Q1 through 2026Q3 may reflect missing disclosure rather than inactivity, so the analysis treats that period as data unavailable. Reinvestment behavior therefore warrants further investigation once full filings are reviewed.

A flat dividend of about $2.5M per quarter against net income that fell below that level in several quarters suggests payout coverage has at times been thin. The near absence of buybacks may reflect a deliberate choice to conserve capital, though the reported data does not establish intent. Dividend sustainability depends on whether earnings recover to a consistent level above the quarterly payout.

The 2024Q4 provision of $33.5M against a net loss of $23.3M is the defining event in this series and implies that credit deterioration, rather than net interest income, drove the earnings trough. Provisions that fall to near zero in 2025Q3 may reflect reserve releases that flatter recent earnings. Investors should monitor charge-offs against reserve levels to assess whether the recent improvement is durable.