FRST · CIK 0001325670
What Primis Financial Corp. told the SEC could break it.
Primis Financial's disclosures center on concentration in its loan book. More than 50% of the bank's loans are to customers in Virginia and Maryland, tying its credit exposure to those two regional economies, and commercial real estate makes up about 37% of the portfolio — some $1.2 billion — concentrating risk further in CRE and construction. Separately, it flags dependence on a third party for its Consumer Program; that origination relationship ended in January 2025 and contributed to a roughly $5 million year-over-year decline in related income.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Virginia and Maryland loan footprintmedium
Over 50% of Primis Bank's loans are to customers located in Virginia and Maryland, concentrating credit exposure in those regional economies.
“As of December 31, 2025 and 2024, over 50% of our loans were to customers located in Virginia and Maryland.”
SEC filing →As of 2026
Liquidity & debt
- commercial real estate & construction loan concentration (37%)medium
The bank has $1.2 billion of commercial real estate loans, about 37% of its loan portfolio, concentrating credit risk in the CRE and construction/land-development sectors.
“As of December 31, 2025, we had $1.2 billion of commercial real estate loans outstanding, or 37% of our loan”
SEC filing →As of 2026
Other disclosures
- third-party consumer-lending program (TPOS) dependencelow
Primis depends on a third party for its Consumer Program (loan origination and credit enhancement); that origination relationship ended in January 2025, contributing to a ~$5 million year-over-year income decline.
“The decline in Consumer Program related income was a combination of less income earned from the third-party on origination of loans, which ended in January of 2025, and less reimbursement due to us when borrowers paid off their promotional loans before the end of the promotional period. These two items resulted in a combined decline of $5 million in income when comparing the year ended December 31, 2025 to the same period in 2024.”
SEC filing →As of 2026
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