Primis Financial Corp. (NASDAQ: FRST) reauthorized a share repurchase program on December 18, 2025, authorizing the board to buy back up to 750,000 shares at an average price of $10.00 per share. The program will remain in effect until December 18, 2026, unless the board extends or terminates it earlier, and is structured to comply with SEC Rule 10b‑18 and Rule 10b‑5‑1.
The buyback is part of a broader capital‑efficiency strategy that follows a recent sale‑leaseback of 18 branch properties, which generated approximately $58 million in proceeds. Management has highlighted the program as a way to return excess cash to shareholders while maintaining a strong balance sheet.
Primis’s third‑quarter 2025 results showed a sharp improvement in profitability, with net income rising to $7 million (or $0.28 per diluted share) from $1 million (or $0.05 per diluted share) in the same quarter of 2024. The net interest margin expanded to 3.18% from 2.97% year‑over‑year, driven by higher loan growth and a favorable mix of interest‑earning assets.
The company’s management emphasized that the buyback reflects confidence in the bank’s financial position. President and CEO Dennis J. Zember Jr. said, “We are excited to see the profitability improvement we have been driving toward finally bear fruit this quarter. The tremendous momentum in all of our business lines combined with strong operating leverage will drive this profitability higher into 2026.”
By reducing the number of shares outstanding, the program is expected to lift earnings per share and support the share price. The program’s flexibility allows Primis to execute purchases in a market‑conducive environment, ensuring that the buyback aligns with the company’s liquidity and capital‑allocation priorities.
The announcement aligns with the bank’s ongoing focus on capital structure optimization, complementing its efforts to strengthen the balance sheet and enhance shareholder returns. The program signals that Primis believes its shares are undervalued and that it has sufficient cash to pursue value‑accretive initiatives.
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