FRST

EX-99.1

2 tm2628091d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Primis Financial Corp. Reports Strong Results for the Third Quarter of 2026

Declares Quarterly Cash Dividend of $0.10 Per Share

For immediate release

Thursday, October 22, 2026

McLean, Virginia, October 22, 2026 – Primis Financial Corp. (NASDAQ: FRST) (“Primis” or the “Company”), and its wholly-owned subsidiary, Primis Bank (the “Bank”), today reported net income available to common shareholders of $8.7 million, or $0.35 per diluted share, for the three months ended September 30, 2026, compared to net income available to common shareholders of $6.8 million, or $0.28 per diluted share, for the three months ended September 30, 2025. For the nine months ended September 30, 2026, the Company reported net income available to common shareholders of $25.4 million, or $1.03 per diluted share, compared to net income available to common shareholders of $31.9 million, or $1.29 per diluted share, for the nine months ended September 30, 2025.

Operating net income available to common shareholders(1) was $8.7 million, or $0.35 per diluted share, for the three months ended September 30, 2026, up 27% from operating net income available to common shareholders(1) of $6.8 million, or $0.28 per diluted share, for the three months ended September 30, 2025. Year-to-date results in 2026 and 2025 benefited from investment gains of $5.9 million in the second quarter of 2026 and $32.0 million in the second quarter of 2025. Excluding these gains and other nonrecurring items, operating net income available to common shareholders(1) for the nine months ended September 30, 2026, was $22.3 million, or $0.90 per diluted share, up 211% from operating net income available to common shareholders(1) of $7.2 million, or $0.29 per diluted share, for the nine months ended September 30, 2025.

Commenting on the results, Dennis J. Zember, Jr., President and Chief Executive Officer of the Company, stated, “The progress we have made over the past year is substantial. A core margin of 3.59% with expansion of 14 basis points linked-quarter is a testament to the value of our Core Bank franchise which continues to drive slow and steady growth at attractive margins. Our core earnings engine delivered a solid quarter in the face of unprecedented headwinds that reduced our retail mortgage pipeline 37% and reduced revenue by $2.3 million versus the second quarter. In a steady environment for retail mortgage, we would have been at our 1.00% ROAA target this quarter as expected. We are already making changes to close the gap during this period of lower volumes while preserving our ability to benefit when volumes eventually recover.”

Third Quarter And Year-to-Date 2026 Highlights

The Company demonstrated strong profitability in the third quarter and year-to-date in 2026. Significant areas of improvement year-over-year are detailed in the chart below:

As of or for the Three Months Ended September 30 As of or for the Nine Months Ended September 30

($ in millions except per share) 2026 2025 2026 2025

Net Income $8.7 $6.8 $25.4 $31.9

Pre-Tax Pre-Provision Op. Net Income(1)

12.0 8.7 35.4 19.1

ROAA

0.80% 0.70% 0.82% 1.13%

Pre-Tax Pre-Provision Op. ROAA(1)

1.11 0.89 1.14 0.67

Net Interest Income $36.3 $29.0 $102.1 $80.6

Net Interest Margin 3.66% 3.18% 3.51% 3.06%

Total Assets $4,300 $3,955 $4,300 $3,955

Gross Loans HFI 3,500 3,200 3,500 3,200

Total Deposits 3,473 3,336 3,473 3,336

Average Earning Assets $3,936 $3,622 $3,887 $3,518

Avg. NIB Deposits 542 482 547 465

Avg. NIB / Avg. Total Deposits 15.4% 14.5% 15.9% 14.4%

TCE / TA(1)

8.14% 7.48% 8.14% 7.48%

Tangible Book Value per Share(1) $13.81 $11.71 $13.81 $11.71

1

Division Updates

The third quarter of 2026 demonstrated continued progress across the Company’s strategies to meet its growth and profitability goals in 2026. The following discussion highlights recent progress for each of these strategies:

Core Community Bank

The Core Bank’s 24 banking offices in Virginia and Maryland represent almost two-thirds of the Company’s total balance sheet and are a vital source of attractive lending and core funding. Recent activity in the Core Bank includes the following:

·The Core Bank has low concentrations of investor CRE (24% of total loans and only 188% of regulatory capital).

·Core Bank loan growth of 11% annualized in the third quarter of 2026 with a pipeline of $160 million as of September 30, 2026.

·Cost of deposits of 1.63% in the third quarter of 2026 compared to 1.73% in the same quarter in 2025.

·Approximately 21% of the Core Bank’s deposits are noninterest bearing.

·Zero brokered deposits.

The Core Bank’s deposit base is supported by what management believes is the region’s best and most unique technology including the Bank’s proprietary and recently rebranded Banking Valet service. Over 87% of Banking Valet users are commercial customers and clients who actively use the service have average relationship balances of almos

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