Detailed financial statements for None (FRST): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Primis Financial Corp. operates as the bank holding company for Primis Bank that provides various financial services to individuals, and small and medium sized businesses in the United States. The company offers deposit products, including checking, NOW, savings, and money market accounts, as well as certificates of deposits; and commercial deposit products comprising investment/sweep accounts, wire transfer services, employer services/payroll processing services, zero balanc...
Analysis Summary
None reported revenue of $312.6M in the most recent fiscal year, growing at a 5-year CAGR of 18.9%. Net income reached $61.4M, with a 21.7% 5-year CAGR.
Balance sheet quality for FRST: current ratio of 0.1, net cash position of $41.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $9.0M represents 15% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $50.7M | $88.6M | $127.4M | $130.4M | $131.4M | $123.7M | $141.6M | $237.9M | $254.1M | $312.6M |
| Cost of Revenue | $13.5M | $23.5M | $29.4M | $35.7M | $45.6M | $13.2M | $32.9M | $126.4M | $157.4M | $101.3M |
| Gross Profit | $37.1M | $65.1M | $98.0M | $94.6M | $85.8M | $110.5M | $108.8M | $111.4M | $96.7M | $211.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $13.7M | $22.8M | $31.6M | $30.3M | $38.4M | $39.3M | $53.0M | $63.5M | $71.1M | $93.4M |
| Operating Expenses | $21.7M | $49.5M | $54.7M | $56.6M | $67.1M | $70.9M | $91.4M | $122.6M | $125.6M | $138.7M |
| Operating Income | $15.4M | $15.6M | $43.3M | $38.1M | $18.7M | $39.6M | $17.3M | -$11.2M | -$28.9M | $72.6M |
| EBITDA | $16.4M | $20.2M | $50.7M | $46.2M | $26.9M | $47.6M | $24.8M | -$2.1M | -$20.0M | $81.9M |
| Interest Expense | $8.6M | $15.7M | $27.8M | $36.9M | $26.1M | $19.0M | $21.6M | $93.9M | $106.7M | $89.0M |
| Pre-tax Income | $15.4M | $15.6M | $43.3M | $38.1M | $18.7M | $39.6M | $17.3M | -$11.2M | -$28.9M | $72.6M |
| Income Tax | $5.1M | $13.1M | $9.6M | $5.9M | $4.1M | $8.7M | $3.2M | -$1.1M | -$4.2M | $14.7M |
| Net Income | $10.3M | $2.4M | $33.7M | $33.2M | $23.0M | $31.1M | $14.1M | -$7.8M | -$16.2M | $61.4M |
| EPS | $0.84 | $0.13 | $1.40 | $1.38 | $0.96 | $1.28 | $0.58 | $-0.32 | $-0.66 | $2.49 |
| EPS (Diluted) | $0.83 | $0.13 | $1.39 | $1.36 | $0.96 | $1.26 | $0.57 | $-0.32 | $-0.66 | $2.49 |
| Shares Outstanding (Diluted) | $12.4M | $18.7M | $24.3M | $24.3M | $24.4M | $24.6M | $24.7M | $24.7M | $24.7M | $24.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $63.7M | $103.3M | $67.1M | $78.4M |
| Gross Profit | $41.0M | $78.4M | $44.1M | $50.3M |
| Operating Income | $8.7M | $36.3M | $10.3M | $12.1M |
| EBITDA | $10.8M | $39.1M | $13.7M | $15.4M |
| Net Income | $6.8M | $29.5M | $7.3M | $9.4M |
| EPS | $0.28 | $1.20 | $0.30 | $0.38 |
| EPS (Diluted) | $0.28 | $1.20 | $0.30 | $0.38 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $47.4M | $23.8M | $27.8M | $31.9M | $196.2M | $530.2M | $77.9M | $77.6M | $64.5M | $143.6M |
| Short-term Investments | $3.9M | $160.7M | $143.4M | $164.8M | $153.2M | $271.3M | $236.3M | $228.4M | $178.7M | $159.8M |
| Receivables | 0 | 0 | 0 | $8.2M | $20.0M | $11.9M | 0 | 0 | 0 | $18.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $51.3M | $184.4M | $171.2M | $205.0M | $369.4M | $813.4M | $314.2M | $306.0M | $243.2M | $143.6M |
| Property, Plant & Equipment | $8.2M | $35.8M | $32.4M | $39.2M | $37.8M | $36.3M | $30.6M | $31.3M | $29.7M | $71.7M |
| Goodwill | $10.5M | $100.7M | $102.0M | $102.0M | $102.0M | $102.0M | $104.6M | $93.5M | $93.5M | $93.5M |
| Intangible Assets | $874000 | $10.1M | $8.6M | $7.2M | $5.8M | $4.5M | $13.7M | $12.7M | $8.7M | $36000 |
| Total Assets | $1.14B | $2.61B | $2.70B | $2.72B | $3.09B | $3.41B | $3.57B | $3.86B | $3.69B | $4.05B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $95.0M | $351.1M | $182.1M | $134.5M | $16.1M | $10.0M | $6.4M | $3.0M | $3.9M | $43.3M |
| Total Current Liabilities | $1.01B | $2.22B | $2.28B | $2.26B | $2.45B | $2.77B | $2.73B | $3.27B | $3.17B | $2.20B |
| Long-term Debt | 0 | $56.7M | $56.7M | $56.7M | $215.3M | $195.0M | $420.3M | $146.0M | $113.1M | $157.5M |
| Total Liabilities | $1.02B | $2.29B | $2.35B | $2.34B | $2.70B | $3.00B | $3.18B | $3.46B | $3.33B | $3.62B |
| Retained Earnings | $22.1M | $18.8M | $45.0M | $69.5M | $78.0M | $97.6M | $101.8M | $84.1M | $58.0M | $109.6M |
| Total Equity | $126.3M | $322.8M | $348.3M | $377.2M | $390.6M | $411.9M | $389.0M | $376.2M | $351.8M | $422.9M |
| Total Debt | $95.0M | $407.7M | $238.7M | $199.7M | $239.6M | $211.5M | $432.5M | $160.7M | $128.6M | $262.2M |
| Net Debt | $43.7M | $223.3M | $67.5M | $2.9M | -$109.8M | -$590.0M | $118.3M | -$145.3M | -$114.7M | -$41.3M |
| Working Capital | -$956.7M | -$2.03B | -$2.11B | -$2.05B | -$2.08B | -$1.96B | -$2.41B | -$2.97B | -$2.93B | -$2.06B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $63.9M | $143.6M | $8.4M | $10.1M |
| Total Assets | $3.95B | $4.05B | $4.26B | $4.35B |
| Total Liabilities | $3.57B | $3.62B | $3.83B | $3.92B |
| Total Equity | $382.2M | $422.9M | $427.2M | $433.8M |
| Total Debt | $211.1M | $200.8M | $378.1M | $448.1M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $10.3M | $2.4M | $33.7M | $32.2M | $14.6M | $31.0M | $14.1M | -$10.1M | -$24.7M | $57.8M |
| Depreciation & Amortization | $981000 | $4.6M | $7.4M | $8.2M | $8.2M | $8.0M | $7.4M | $9.1M | $8.9M | $9.4M |
| Stock-based Compensation | $260000 | $251000 | $280000 | $432000 | $1.5M | $747000 | $395000 | $712000 | $940000 | $2.9M |
| Change in Working Capital | $4.2M | $2.4M | -$2.7M | -$645000 | -$9.2M | -$8.1M | $10.6M | -$577000 | -$4.1M | $9.9M |
| Operating Cash Flow | $18.0M | $24.6M | $41.4M | $36.8M | $26.2M | $27.3M | $12.4M | $28.8M | $19.5M | $10.8M |
| Capital Expenditure | -$143000 | -$1.4M | -$2.0M | -$1.1M | -$1.1M | -$2.5M | -$1.0M | -$1.9M | -$1.2M | -$1.7M |
| Acquisitions | 0 | $24.0M | 0 | 0 | 0 | 0 | -$4.6M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$135000 | -$14000 | -$11000 | -$31000 | -$4000 | -$807000 |
| Dividends Paid | -$3.9M | -$5.8M | -$7.7M | -$8.7M | -$9.7M | -$9.8M | -$9.9M | -$9.9M | -$9.9M | -$9.9M |
| Free Cash Flow | $17.9M | $23.2M | $39.5M | $35.7M | $25.1M | $24.9M | $11.4M | $26.9M | $18.3M | $9.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$11.4M | $28.7M | -$54.4M | -$5.7M |
| Capital Expenditure | 0 | -$1.7M | -$204000 | $204000 |
| Free Cash Flow | -$11.4M | $27.0M | -$54.4M | -$5.5M |
| Dividends Paid | -$2.5M | -$2.5M | -$2.6M | -$2.5M |
| Stock-based Compensation | $12000 | $2.8M | $113000 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +74.9% | +43.8% | +2.3% | +0.8% | -5.9% | +14.5% | +67.9% | +6.8% | +23.0% |
| Net Income Growth (YoY) | | -76.5% | +1289.3% | -1.6% | -30.7% | +35.4% | -54.5% | -155.4% | -106.9% | +479.2% |
| EPS Growth (YoY) | | -84.5% | +976.9% | -1.4% | -30.4% | +33.3% | -54.7% | -155.2% | -106.2% | +477.3% |
| Shares Change (YoY) | | +50.4% | +29.9% | +0.2% | +0.2% | +1.0% | +0.3% | +0.1% | +0.0% | -0.0% |
| FCF Growth (YoY) | | +29.5% | +70.4% | -9.6% | -29.6% | -1.0% | -54.1% | +135.5% | -31.8% | -50.7% |
| Gross Margin | 73.3% | 73.4% | 76.9% | 72.6% | 65.3% | 89.3% | 76.8% | 46.8% | 38.1% | 67.6% |
| Operating Margin | 30.4% | 17.6% | 34.0% | 29.2% | 14.2% | 32.0% | 12.2% | -4.7% | -11.4% | 23.2% |
| EBITDA Margin | 32.4% | 22.8% | 39.8% | 35.5% | 20.5% | 38.5% | 17.5% | -0.9% | -7.9% | 26.2% |
| Net Margin | 20.4% | 2.7% | 26.4% | 25.4% | 17.5% | 25.2% | 10.0% | -3.3% | -6.4% | 19.7% |
| FCF Margin | 35.3% | 26.1% | 31.0% | 27.4% | 19.1% | 20.1% | 8.1% | 11.3% | 7.2% | 2.9% |
| Effective Tax Rate | 33.1% | 84.4% | 22.2% | 15.5% | 22.1% | 21.9% | 18.4% | 9.5% | 14.7% | 20.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $1.44 | $1.24 | $1.63 | $1.47 | $1.03 | $1.01 | $0.46 | $1.09 | $0.74 | $0.37 |
| Dividends Per Share | $0.32 | $0.31 | $0.32 | $0.36 | $0.40 | $0.40 | $0.40 | $0.40 | $0.40 | $0.40 |
| Shares Outstanding (Basic) | $12.2M | $18.4M | $24.0M | $24.1M | $24.2M | $24.4M | $24.6M | $24.7M | $24.7M | $24.7M |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 19.45 | 123.31 | 9.44 | 11.85 | 12.61 | 11.75 | 20.43 | -39.56 | -17.67 | 5.59 |
| P/B | 1.58 | 0.91 | 0.91 | 1.04 | 0.75 | 0.89 | 0.75 | 0.83 | 0.82 | 0.81 |
| P/S | 3.95 | 3.33 | 2.49 | 3.02 | 2.23 | 2.97 | 2.05 | 1.31 | 1.13 | 1.10 |
| Gross Margin | 73.3% | 73.4% | 76.9% | 72.6% | 65.3% | 89.3% | 76.8% | 46.8% | 38.1% | 67.6% |
| Operating Margin | 30.4% | 17.6% | 34.0% | 29.2% | 14.2% | 32.0% | 12.2% | -4.7% | -11.4% | 23.2% |
| Net Margin | 20.4% | 2.7% | 26.4% | 25.4% | 17.5% | 25.2% | 10.0% | -3.3% | -6.4% | 19.7% |