Revenue growth remains inconsistent, with net interest income rising 21.7% in 2026Q1 while the net interest margin remains compressed at a narrow 0.8%.
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 | 125.71M | 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 % | 77.62% | 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 % | 2.89% | 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 | 214.94M | 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 | 89.23M | 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 | 9.39M | 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 | 97.57M | 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 % | 43.7% | 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 | 223.29M | 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 % | 30.93% | 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 | 146.44M | 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 | 65.58% | 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 | 67.46M | 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 % | 30.21% | 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 | 67.46M | 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 % | 30.21% | 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 | 14.35M | 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 % | 21.27% | 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 | 53.11M | 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 % | 23.78% | 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 % | 1690.56% | 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) | 53.11M | 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) | 2.15 | 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 % | 1583.55% | 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 | 24.72M | 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 19.7%.
Primis Financial Corp (FRST) reported an operating income of $72.6M, resulting in an operating profit margin of 23.2%. 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 67.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Mortgage warehouse volume volatility
Metrics are mathematically derived from official filings.
NII Growth Amidst Funding Pressures
According to reported financial statements, Primis Financial Corp. achieved a 21.7% year-over-year increase in net interest income as of 2026Q1, yet this growth appears heavily dependent on the bank's ability to manage rising deposit costs while scaling its specialized lending niches in a competitive rate environment.
The trajectory of net interest income suggests that the bank is successfully leveraging its specialized lending segments to drive volume, though the volatility in quarterly growth rates indicates sensitivity to broader market conditions. Investors should monitor whether the bank can sustain this expansion without further compressing its net interest margin through aggressive deposit pricing.
Persistent NIM Compression Challenges Profitability
Based on the provided quarterly data, the net interest margin has remained stagnant at approximately 0.7% to 0.8% throughout the recent period, suggesting that the bank's asset yields are struggling to outpace the rising cost of funds required to support its digital-first deposit gathering strategy.
The lack of meaningful NIM expansion implies that the bank's pivot toward specialized lending has not yet translated into superior pricing power relative to its funding costs. This margin profile warrants further investigation into whether the digital deposit platform is attracting sufficiently low-cost capital to support long-term profitability targets.
Efficiency Ratio Volatility Reflects Transformation
As reported in recent filings, the efficiency ratio has fluctuated significantly, reaching a high of 58.4% in 2024Q4 before moderating to 50.3% in 2026Q1, which highlights the ongoing operational challenges of maintaining a dual-channel delivery model while scaling a national digital lending platform.
The variability in the efficiency ratio suggests that management is still in the process of optimizing its cost structure following the rebranding and digital rollout. Sustained improvement in this metric appears necessary to demonstrate that the bank can achieve operating leverage as it scales its specialized lending divisions.
Provisioning Volatility Masks Credit Risk
Based on historical income statements, the provision for loan losses has exhibited extreme volatility, including a significant $33.5 million charge in 2024Q4, which suggests that the bank's specialized loan book may be subject to lumpy credit events that complicate earnings predictability for institutional investors.
The erratic nature of provision expenses may indicate that the bank's CECL modeling for niche assets like life insurance premium financing is sensitive to collateral valuation shifts. Analysts should scrutinize whether these provisions represent actual credit deterioration or merely conservative adjustments to the allowance for credit losses.
Fee Income Dependency on Volatility
Financial data indicates that non-interest income as a percentage of total revenue spiked to 48.4% in 2025Q4, revealing a high dependency on transactional fee-based activities that appear to be significantly more volatile than the bank's core interest-earning business lines over the observed ten-quarter period.
This reliance on non-interest income suggests that the bank's earnings quality is tied to the cyclicality of mortgage-related activities and other transactional services. Investors should monitor the sustainability of these fee streams, as they may not provide the same level of recurring stability as traditional banking revenue.