Core Viewpoint - Primis Financial Corp. has signed a non-binding term sheet to sell a portion of its ownership in Panacea Financial Holdings, expected to generate approximately $22 million in proceeds and an additional pre-tax gain of $6.5 to $7.0 million due to the sales price exceeding the carrying value as of March 31, 2025 [1][2]. Financial Performance - As of March 31, 2025, Primis Financial Corp. reported total assets of $3.7 billion, total loans held for investment of $2.9 billion, and total deposits of $3.2 billion [3]. Strategic Implications - The CEO emphasized that realizing the gain from the sale will enable the company to pursue more aggressive strategies, such as share repurchase programs and accelerating growth initiatives [2]. - The company believes that the incremental margins in its core banking operations are currently better than they have been in several years, with minimal operating expense increases [2]. Commitment to Panacea - Despite the sale, the company maintains its confidence in Panacea's long-term potential and continues to support its mission of providing tech-enabled financial solutions to healthcare professionals [2].

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].