Primis Financial Corp. Reports Deconsolidation of Panacea

Core Viewpoint - Primis Financial Corp. has deconsolidated Panacea Financial Holdings, resulting in a pre-tax gain of approximately $24.6 million and an expected after-tax gain of about $20.0 million, or $0.81 per share [1][2]. Financial Impact - The fair market value of the Company's investment in PFH was evaluated at $21.2 million as of March 31, 2025 [2]. - The Company anticipates recouping consolidated operating losses totaling $3.4 million, with portions being non-taxable [2]. - Following the deconsolidation, the Company's return on assets (ROA) is expected to improve by ten basis points, and the operating efficiency ratio will decrease by approximately 14 points [3]. Company Overview - As of March 31, 2025, Primis Financial Corp. reported total assets of $3.7 billion, total loans held for investment of $3.0 billion, and total deposits of $3.2 billion [4]. - Primis Bank offers a variety of financial services to individuals and small- to medium-sized businesses through 24 full-service branches in Virginia and Maryland, as well as online and mobile applications [4].