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SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2026
SEGMENT INFORMATION |
SEGMENT INFORMATION | 11. SEGMENT INFORMATION The Company’s reportable operating segments are determined based on its internal organizational structure, which is overseen by the CEO, the Company’s designated Chief Operating Decision Maker. While the CEO consults with key members of his leadership team, the ultimate responsibility for making operational decisions and resource allocations resides with the CEO. For the three months ended March 31, 2026 and 2025, the Company’s internal organizational structure and resulting management reporting was concentrated around the Bank and Primis Mortgage, which resulted in the Company determining these to be its two reportable segments. Primis’ organizational structure and its operational segments are determined by attributes such as products, services, and customer base, which are then aggregated based on similarities around these attributes. The operating results for each segment are regularly reviewed by the CEO using a broad set of financial and operational data. Key financial data utilized by the CEO to assess financial performance and allocate resources includes loan and deposit growth, certain direct expenses, net interest income and mortgage banking income, along with overall net income attributable to Primis’ common shareholders. The CEO also considers actual results compared to budgeted results in these metrics when assessing performance and making determinations related to resource allocations. The following is a description of the Company’s reportable segments. Primis Bank. This segment specializes in providing financing services to businesses in various industries along with consumer and residential loans to individuals. The segment also provides deposit-related services to businesses, non-profits, municipalities, and individual consumers. The primary source of revenue for this segment is interest income from the origination of loans, while the primary expenses are interest expenses on deposits, provisions for credit losses, personnel costs, and data processing expenses. Primis Mortgage. This segment specializes in originating mortgages in a majority of the U.S. The primary source of revenue for this segment is noninterest income generated from the origination and sale of mortgage loans, while the primary expense of the segment is personnel costs. The following table provides financial information for the Company's reportable segments. In addition to the Company’s two reportable segments as described above, the caption “Other” has been included to provide reconciliation of the Company’s consolidated results and includes operational costs that are not a part of the two reportable segments but don’t qualify to be considered a separate reportable segment. “Other” primarily includes the Primis Bank Holding Company and PFH (for the three months ended March 31, 2025), which are generally cost centers to the consolidated entity, along with elimination adjustments to reconcile the results of the reportable segments to the consolidated financial statements prepared in conformity with GAAP. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | As of and for the three months ended March 31, 2026
($ in thousands) | ​ ​ ​ | ​ ​ ​ | Primis Mortgage | ​ ​ ​ | Primis Bank | ​ ​ ​ | Other (1) | ​ ​ ​ | Consolidated Company
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income | ​ | ​ | $ | 2,376 | ​ | $ | 51,105 | ​ | $ | 45 | ​ | $ | 53,526
Interest expense | ​ | ​ | ​ | — | ​ | ​ | 19,584 | ​ | ​ | 1,868 | ​ | ​ | 21,452
Net interest income (loss) | ​ | ​ | ​ | 2,376 | ​ | ​ | 31,521 | ​ | ​ | (1,823) | ​ | ​ | 32,074
Provision for credit losses | ​ | ​ | ​ | 16 | ​ | ​ | 1,533 | ​ | ​ | — | ​ | ​ | 1,549
Net interest income (loss) after provision for credit losses | ​ | ​ | ​ | 2,360 | ​ | ​ | 29,988 | ​ | ​ | (1,823) | ​ | ​ | 30,525
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage banking income | ​ | ​ | ​ | 10,760 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,760
Other noninterest income | ​ | ​ | ​ | — | ​ | ​ | 2,795 | ​ | ​ | — | ​ | ​ | 2,795
Total noninterest income | ​ | ​ | ​ | 10,760 | ​ | ​ | 2,795 | ​ | ​ | — | ​ | ​ | 13,555
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and benefits | ​ | ​ | ​ | 8,712 | ​ | ​ | 10,601 | ​ | ​ | 243 | ​ | ​ | 19,556
Data processing expense | ​ | ​ | ​ | 266 | ​ | ​ | 1,922 | ​ | ​ | — | ​ | ​ | 2,188
Other operating expenses | ​ | ​ | ​ | 1,506 | ​ | ​ | 10,401 | ​ | ​ | 103 | ​ | ​ | 12,010
Total noninterest expenses | ​ | ​ | ​ | 10,484 | ​ | ​ | 22,924 | ​ | ​ | 346 | ​ | ​ | 33,754
Income before income taxes | ​ | ​ |  | 2,636 | ​ |  | 9,859 | ​ |  | (2,169) | ​ |  | 10,326
Income tax expense | ​ | ​ |  | 617 | ​ | ​ | 2,091 | ​ | ​ | 306 | ​ | ​ | 3,014
Net income attributable to Primis' common stockholders | ​ | ​ | $ | 2,019 | ​ | $ | 7,768 | ​ | $ | (2,475) | ​ | $ | 7,312
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | ​ | ​ | $ | 209,722 | ​ | $ | 4,231,148 | ​ | $ | (184,202) | ​ | $ | 4,256,668
| (1) | Other includes Primis Bank Holding Company and intercompany eliminations.
​ ​ ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | As of and for the three months ended March 31, 2025
($ in thousands) | ​ ​ ​ | ​ ​ ​ | Primis Mortgage | ​ ​ ​ | Primis Bank | ​ ​ ​ | Other (1) | ​ ​ ​ | Consolidated Company
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income | ​ | ​ | $ | 1,056 | ​ | $ | 46,617 | ​ | $ | 50 | ​ | $ | 47,723
Interest expense | ​ | ​ | ​ | — | ​ | ​ | 19,691 | ​ | ​ | 1,668 | ​ | ​ | 21,359
Net interest income | ​ | ​ | ​ | 1,056 | ​ | ​ | 26,926 | ​ | ​ | (1,618) | ​ | ​ | 26,364
Provision for credit losses | ​ | ​ | ​ | — | ​ | ​ | 1,596 | ​ | ​ | — | ​ | ​ | 1,596
Net interest income (loss) after provision for credit losses | ​ | ​ | ​ | 1,056 | ​ | ​ | 25,330 | ​ | ​ | (1,618) | ​ | ​ | 24,768
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage banking income | ​ | ​ | ​ | 5,722 | ​ | ​ | (107) | ​ | ​ | — | ​ | ​ | 5,615
Other noninterest income | ​ | ​ | ​ | — | ​ | ​ | 1,831 | ​ | ​ | 24,889 | ​ | ​ | 26,720
Total noninterest income | ​ | ​ | ​ | 5,722 | ​ | ​ | 1,724 | ​ | ​ | 24,889 | ​ | ​ | 32,335
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and benefits | ​ | ​ | ​ | 4,680 | ​ | ​ | 9,686 | ​ | ​ | 3,575 | ​ | ​ | 17,941
Data processing expense | ​ | ​ | ​ | 131 | ​ | ​ | 2,718 | ​ | ​ | — | ​ | ​ | 2,849
Other operating expenses | ​ | ​ | ​ | 970 | ​ | ​ | 9,267 | ​ | ​ | 1,489 | ​ | ​ | 11,726
Total noninterest expenses | ​ | ​ | ​ | 5,781 | ​ | ​ | 21,671 | ​ | ​ | 5,064 | ​ | ​ | 32,516
Income before income taxes | ​ | ​ |  | 997 | ​ |  | 5,383 | ​ |  | 18,207 | ​ |  | 24,587
Income tax expense | ​ | ​ |  | 225 | ​ | ​ | 1,116 | ​ | ​ | 4,212 | ​ | ​ | 5,553
Net income | ​ | ​ | ​ | 772 | ​ | ​ | 4,267 | ​ | ​ | 13,995 | ​ | ​ | 19,034
Net loss attributable to noncontrolling interests | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,602 | ​ | ​ | 3,602
Net income attributable to Primis' common stockholders | ​ | ​ | $ | 772 | ​ | $ | 4,267 | ​ | $ | 17,597 | ​ | $ | 22,636
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | ​ | ​ | $ | 89,531 | ​ | $ | 3,665,760 | ​ | $ | (57,981) | ​ | $ | 3,697,310
| (1) | Other includes Primis Bank Holding Company, PFH, and intercompany eliminations.

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- Definition The entire disclosure for reporting segments including data and tables. 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