Net interest income has risen steadily to $36.3M in 2026Q3 with an NIM stuck near 0.8%, but lumpy provisions and fee swings from $9.3M to $50.0M make quarterly revenue and margin performance hard to rely on.
Primis Financial Corp (FRST) annual income statement — 22-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 132.99M | 111.43M | 104.22M | 98.71M | 101.7M | 94.1M | 91.56M | 83.6M | 91.07M | 67.92M | 40.31M | 36.62M | 33.42M | 30.45M | 31.73M | 27.34M | 27.78M | 15.83M | 12.09M | 10.66M | 5.92M | 770K | 2.69M |
| NII Growth % | 99.09% | 6.91% | 5.58% | -2.94% | 8.07% | 2.78% | 9.52% | -8.2% | 34.08% | 68.47% | 10.08% | 9.59% | 9.75% | -4.05% | 16.09% | -1.59% | 75.48% | 30.97% | 13.35% | 80% | 669.35% | -71.39% | - |
| Net Interest Margin % | 3.09% | 2.75% | 2.82% | 2.56% | 2.85% | 2.76% | 2.96% | 3.07% | 3.37% | 2.6% | 3.53% | 3.53% | 3.65% | 4.25% | 4.39% | 4.47% | 4.7% | 2.59% | 2.8% | 2.83% | 2.04% | 0.63% | 2.75% |
| Interest Income | 222.41M | 200.44M | 210.97M | 192.62M | 123.29M | 113.14M | 117.69M | 120.52M | 118.91M | 83.57M | 48.95M | 43.7M | 38.09M | 35.12M | 37.56M | 33.42M | 36.29M | 23.91M | 24.07M | 21.75M | 10.78M | 2.4M | 4.31M |
| Interest Expense | 89.42M | 89.01M | 106.75M | 93.91M | 21.59M | 19.04M | 26.14M | 36.92M | 27.84M | 15.65M | 8.63M | 7.08M | 4.67M | 4.67M | 5.83M | 6.09M | 8.51M | 8.08M | 11.98M | 11.09M | 4.86M | 1.63M | 1.62M |
| Loan Loss Provision | 10.59M | 12.29M | 50.62M | 32.54M | 11.27M | -5.8M | 19.45M | -1.19M | 1.59M | 7.87M | 4.91M | 3.17M | 3.44M | 3.62M | 6.2M | 8.49M | 9.03M | 6.54M | 1.66M | 1.29M | 546K | 227.77K | 254.87K |
| Non-Interest Income | 98.53M | 112.16M | 43.14M | 45.25M | 18.35M | 10.56M | 13.7M | 9.86M | 8.48M | 5.02M | 1.71M | 2.32M | 1.81M | 1.75M | 2.11M | 2.44M | 1.38M | -6.01M | 1.74M | 357K | 249K | -719K | -2.33M |
| Non-Interest Income % | 42.56% | 50.16% | 29.27% | 31.43% | 15.29% | 10.09% | 13.02% | 10.55% | 8.52% | 6.88% | 4.07% | 5.96% | 5.13% | 5.44% | 6.24% | 8.2% | 4.72% | -61.21% | 12.58% | 3.24% | 4.03% | -1409.8% | -643.15% |
| Total Net Revenue | 231.52M | 223.59M | 147.36M | 143.96M | 120.05M | 104.67M | 105.26M | 93.46M | 99.55M | 72.93M | 42.02M | 38.95M | 35.22M | 32.2M | 33.84M | 29.78M | 29.15M | 9.82M | 13.82M | 11.02M | 6.17M | 51K | 362.12K |
| Revenue Growth % | 32.88% | 51.73% | 2.36% | 19.92% | 14.7% | -0.56% | 12.62% | -6.12% | 36.49% | 73.55% | 7.91% | 10.57% | 9.39% | -4.85% | 13.65% | 2.15% | 196.89% | -28.98% | 25.45% | 78.52% | 12003.92% | -85.92% | - |
| Non-Interest Expense | 151.28M | 138.74M | 125.64M | 122.6M | 91.45M | 70.9M | 67.09M | 56.59M | 54.65M | 49.49M | 21.71M | 21.82M | 20.54M | 19.29M | 17.96M | 15.19M | 14.2M | 10.64M | 10.64M | 7.89M | 5.63M | 2.08M | -164.59K |
| Efficiency Ratio | 65.34% | 62.05% | 85.26% | 85.16% | 76.17% | 67.74% | 63.74% | 60.55% | 54.9% | 67.86% | 51.65% | 56.02% | 58.32% | 59.91% | 53.08% | 51.02% | 48.7% | 108.34% | 77% | 71.56% | 91.16% | 4076.92% | -45.45% |
| Operating Income | 69.65M | 72.55M | -28.9M | -11.18M | 17.33M | 39.57M | 18.72M | 38.05M | 43.3M | 15.57M | 15.41M | 13.96M | 11.24M | 9.29M | 9.68M | 6.09M | 5.93M | -7.36M | 1.52M | 1.84M | 0 | -2.26M | 271.83K |
| Operating Margin % | 30.08% | 32.45% | -19.61% | -7.77% | 14.44% | 37.8% | 17.78% | 40.72% | 43.5% | 21.35% | 36.66% | 35.83% | 31.9% | 28.86% | 28.61% | 20.46% | 20.34% | -74.93% | 11.02% | 16.73% | 0% | -4423.53% | 75.07% |
| Operating Income Growth % | - | 351.03% | -158.55% | -164.5% | -56.19% | 111.4% | -50.82% | -12.13% | 178.1% | 1.07% | 10.4% | 24.2% | 20.91% | -4.03% | 58.94% | 2.75% | 180.6% | -583.06% | -17.41% | - | 100% | -929.92% | - |
| Pretax Income | 69.65M | 72.55M | -28.9M | -11.18M | 17.33M | 39.57M | 18.72M | 38.05M | 43.3M | 15.57M | 15.41M | 13.96M | 11.24M | 9.29M | 9.68M | 6.09M | 5.93M | -7.36M | 1.52M | 1.84M | 0 | -2.26M | 271.83K |
| Pretax Margin % | 30.08% | 32.45% | -19.61% | -7.77% | 14.44% | 37.8% | 17.78% | 40.72% | 43.5% | 21.35% | 36.66% | 35.83% | 31.9% | 28.86% | 28.61% | 20.46% | 20.34% | -74.93% | 11.02% | 16.73% | 0% | -4423.53% | 75.07% |
| Income Tax | 14.7M | 14.71M | -4.24M | -1.07M | 3.19M | 8.68M | 4.14M | 5.89M | 9.61M | 13.15M | 5.09M | 4.67M | 3.75M | 3.04M | 3.12M | 1.69M | 1.88M | -2.68M | 315K | 108K | 0 | 0 | 0 |
| Effective Tax Rate % | 21.1% | 20.28% | 14.66% | 9.54% | 18.38% | 21.95% | 22.12% | 15.48% | 22.2% | 84.43% | 33.07% | 33.44% | 33.41% | 32.67% | 32.17% | 27.77% | 31.64% | 36.39% | 20.68% | 5.86% | - | 0% | 0% |
| Net Income | 54.95M | 61.44M | -16.2M | -7.83M | 14.15M | 31.11M | 22.98M | 33.17M | 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 | -2.26M | 373.78K |
| Net Margin % | 23.73% | 27.48% | -11% | -5.44% | 11.78% | 29.73% | 21.83% | 35.49% | 33.84% | 3.32% | 24.54% | 23.85% | 21.24% | 19.43% | 19.41% | 14.78% | 13.91% | -47.66% | 8.74% | 15.75% | 16.35% | -4423.53% | 103.22% |
| Net Income Growth % | 541.34% | 479.16% | -106.91% | -155.36% | -54.53% | 35.4% | -30.72% | -1.56% | 1289.32% | -76.48% | 11.01% | 24.13% | 19.57% | -4.73% | 49.26% | 8.56% | 186.62% | -487.42% | -30.41% | 72.05% | 144.73% | -703.57% | - |
| Net Income (Continuing) | 54.95M | 57.84M | -24.66M | -10.11M | 14.15M | 30.88M | 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 | -2.26M | 271.83K |
| EPS (Diluted) | 2.22 | 2.49 | -0.66 | -0.32 | 0.57 | 1.26 | 0.96 | 1.36 | 1.39 | 0.13 | 0.83 | 0.75 | 0.63 | 0.54 | 0.57 | 0.38 | 0.35 | -0.62 | 0.18 | 0.25 | 0.21 | -0.54 | 0.40 |
| EPS Growth % | 521.86% | 477.27% | -106.25% | -156.14% | -54.76% | 31.25% | -29.41% | -2.16% | 969.23% | -84.34% | 10.67% | 19.05% | 16.67% | -5.26% | 50% | 8.57% | 156.45% | -444.44% | -28% | 19.05% | 138.89% | -235% | - |
| EPS (Basic) | - | 2.49 | -0.66 | -0.32 | 0.58 | 1.28 | 0.96 | 1.38 | 1.40 | 0.13 | 0.84 | 0.76 | 0.63 | 0.54 | 0.57 | 0.38 | 0.35 | -0.62 | 0.18 | 0.26 | 0.22 | -0.54 | 0.40 |
| Diluted Shares Outstanding | 24.8M | 24.68M | 24.69M | 24.69M | 24.67M | 24.6M | 24.36M | 24.32M | 24.27M | 18.68M | 12.42M | 12.33M | 11.93M | 11.63M | 11.6M | 11.59M | 11.59M | 7.56M | 6.8M | 6.88M | 4.83M | 4.21M | 943.21K |
Quick answers to the most common questions about buying FRST stock.
For fiscal year 2025, Primis Financial Corp (FRST) reported total revenue of $223.6M. This represents a 61644.7% increase compared to $0.4M in 2004.
Primis Financial Corp (FRST) is profitable, generating $61.4M in net income for the fiscal year ending 2025 with a net profit margin of 27.5%.
Primis Financial Corp (FRST) reported an operating income of $72.6M, resulting in an operating profit margin of 32.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Primis Financial Corp (FRST) generated $211.3M in gross profit for the year, representing a gross profit margin of 94.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile provisions and earnings
Metrics are mathematically derived from official filings.
Net Interest Income Recovering Steadily
Based on Primis Financial's reported figures, net interest income rose from $24.9M in 2024Q2 to $36.3M in 2026Q3, with the latest quarter showing 25.1% year-over-year growth that suggests loan volume and repricing are contributing to the recovery.
The climb in NII over the ten-quarter window points to a bank rebuilding its core earning base after a period of compression. Whether this reflects loan growth, improved asset yields, or favorable deposit repricing cannot be separated from the reported figures alone, and investors should monitor deposit betas to see whether funding costs are keeping pace. Sustained expansion would indicate durable franchise earnings rather than a temporary rate-cycle tailwind.
Net Interest Margin Stuck Near 0.8%
As reported in financial statements, Primis Financial's net interest margin has hovered between 0.6% and 0.8% across the period, a level that appears thin relative to the peer set and may limit earnings leverage to asset growth.
A margin in this range leaves little cushion between asset yields and funding costs, and the modest improvement from 0.6% toward 0.8% suggests some repricing benefit but not yet a structural shift. Compared with peers such as NBTB and NKSH, whose profitability metrics are materially stronger, Primis appears to rely more heavily on balance sheet growth than on spread expansion. Investors should monitor whether the margin can hold as rate cuts flow through the loan book.
Efficiency Ratio Swings Driven by Income Volatility
According to recent SEC filings, Primis's efficiency ratio ranged from 52.1% to 96.4% over the period, with the 2024Q4 peak reflecting a sharp earnings reversal rather than a clear trend in expense discipline.
Efficiency swings of this magnitude are more consistent with volatility in non-interest income and provisioning than with steady cost control, since the non-interest expense base is embedded in each ratio. The most recent quarters near 75% to 76% remain elevated relative to a well-run regional bank, which suggests limited operating leverage at current revenue levels. Warrants further investigation into the expense run-rate once fee income normalizes.
Provision Expense Remains Lumpy
Based on reported figures, Primis recorded provision expense ranging from negative $49K to $33.5M across the period, with the 2024Q4 charge of $33.5M standing out as the dominant credit cost event in the series.
The erratic provision pattern makes it difficult to assess a stable credit cost baseline, and the outsized 2024Q4 charge is consistent with a discrete reserve build or credit event rather than routine loss absorption. Recent quarters at $1.1M to $5.5M appear more manageable, but the swings imply a portfolio whose loss experience may be concentrated or cyclical. Investors should monitor reserve coverage and charge-off trends before extrapolating recent calm.
Fee Income Dependence Creates Earnings Swings
As reported in financial statements, Primis's non-interest income swung from $9.3M to $50.0M, with fee share of total revenue peaking at 61.8% in 2025Q4, indicating a heavy reliance on episodic rather than recurring fee sources.
Non-interest income at Primis appears driven by lumpy items such as gains or one-time transactions, as evidenced by the 2025Q4 spike against a typical base near $10M to $13M per quarter. The composition of these fees is not provided in the supplied data, so recurring wealth or deposit-service income cannot be verified. Earnings quality may therefore depend on the durability of these irregular inflows, which warrants further investigation.
Earnings Quality Challenged by Volatility
Based on Primis's reported EPS, earnings moved from a loss of $0.94 in 2024Q4 to $1.20 in 2025Q4, a pattern that suggests reported profitability may be sensitive to one-off items and warrants skepticism toward the recent run-rate.
The pronounced swing in net income, including a negative quarter and a single $29.5M profit quarter, challenges the notion that the current earnings level is a stable base for valuation. A net margin that trails peers such as NKSH and NBTB further suggests that Primis may not yet have demonstrated consistent earnings power. Investors should weigh whether the recent improvement reflects structural change or a concentration of favorable items.