Reviewed by American Banker | April 7, 2023 |
Good luck deploying those high yield savings into profitable investments. It’s always a bad strategy … unbridled growth using volatile deposits forcing them to go out on the risk spectrum to make a decent yield. It will eventually impact their capital ratios and lead to Regulatory issues. Primis stock is trading at 80% of tangible book value which is one of the lowest in the country. Market cap has plummeted below $250 million making the stock ineligible for margin.
2024 Overview
General Bank Information
Primis Bank is an FDIC insured institution located in Tappahannock, VA. It was founded in 2005 and has approximately $3.99 billion in assets. Customers can open an account at one of its 50 branches.
| FDIC Insured | Yes |
| FDIC Certificate | # 57968 |
| Date Established | 2005 |
| Assets | $ 3.99 billion |
| Loans | $ 3.35 billion |
| Deposits | $ 3.37 billion |
| Capital | $ 476.89 million |
For a more detailed analysis of Primis Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.
Deposit Rates - November 21, 2024
Your Current Location: Ohio, OH 43085
Loan Rates - November 21, 2024
Your Current Location: Ohio, OH 43085
There are currently no loan rates available for Primis Bank
Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:
Featured - Ohio 30 Year Fixed Mortgage Rates 2024
| Lender | APR | Rate (%) | Monthly Payment |
Learn More |
|---|---|---|---|---|
NMLS ID: 2578474 |
6.494% |
6.375% 0.88 points $4,010 fees |
$1,997 | Learn More |
NMLS ID: 1025894 |
6.955% |
6.875% 0.63 points $2,594 fees |
$2,103 | Learn More |
NMLS ID: 3030 |
7.325% |
7.250% 0.75 points $2,400 fees |
$2,183 | Learn More |
NMLS ID: Not a Lender |
points fees |
Learn More |
Featured - Ohio Home Equity Line Of Credit Rates 2024
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Third Federal Savings and Loan See Table |
Intro APR
7.240 %
After Intro: 7.240 % |
$0 |
Learn More
More Info |
Note to Primis Bank
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Branches
Primis Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Primis Bank Locations around zip code 43085
| Branch | Distance | Map | View Lobby Hours |
|---|---|---|---|
| 224.18 | A | View Lobby Hours | |
| 246.62 | B | View Lobby Hours | |
| 264.68 | C | View Lobby Hours | |
| 272.95 | D | View Lobby Hours | |
| 287.25 | E | View Lobby Hours | |
| 288.23 | F | View Lobby Hours | |
| 288.95 | G | View Lobby Hours | |
| 293.89 | H | View Lobby Hours | |
| 294.79 | I | View Lobby Hours | |
| 298.55 | J | View Lobby Hours | |
| 299.63 | K | View Lobby Hours | |
| 307.71 | L | View Lobby Hours | |
| 310.60 | M | View Lobby Hours | |
| 313.30 | N | View Lobby Hours | |
| 316.47 | O | View Lobby Hours | |
| 318.08 | P | View Lobby Hours | |
| 319.97 | Q | View Lobby Hours | |
| 330.20 | R | View Lobby Hours | |
| 330.79 | S | View Lobby Hours | |
| 333.61 | T | View Lobby Hours | |
| 333.93 | U | View Lobby Hours | |
| 337.38 | V | View Lobby Hours | |
| 339.72 | W | View Lobby Hours | |
| 340.55 | X | View Lobby Hours | |
| 346.60 | Y | View Lobby Hours | |
| 349.45 | Z | View Lobby Hours |
Climate Policy and Initiatives
Primis Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.
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Financial Details
Primis Bank Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Primis Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
Texas Ratio
| Primis Bank | U.S. Bank Average |
|---|---|
| 2.54% | 4.48% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.
As of June 30, 2024, Primis Bank had $13,186,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $476,890,000 in equity and $41,519,000 in loans loss reserves. That gives it a Texas Ratio of 2.54%.
Return on Equity
| Primis Bank | U.S. Bank Average |
|---|---|
| 7.93% | 10.46% |
Primis Bank has a Return on Equity of 7.93% versus the BestCashCow average of 10.46%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.
Capitalization
| Primis Bank | U.S. Bank Average |
|---|---|
| 11.95% | 10.84% |
Primis Bank has a Capitalization of 11.95% versus the BestCashCow average of 10.84. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.
Primis Bank Balance Sheet Analysis
As of June 30, 2024, Primis Bank had assets of $3,990,583,000, loans of $3,352,437,000, and deposits of $3,369,002,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.
Summary Balance Sheet
June 30, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 66.87 million |
| Interest-bearing balances | $ 50.78 million |
| Total securities | $ 243.52 million |
| Federal funds sold and reverse repurchase | N.A. |
| Net loans and leases | $ 3.35 billion |
| Loan loss allowance | $ 41.52 million |
| Trading account assets | N.A. |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | N.A. |
| Goodwill and other intangibles | $ 94.77 million |
| All other assets | $ 132.18 million |
| Total Assets | $ 3.51 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $ 3.37 billion |
| Interest-bearing deposits | $ 2.99 billion |
| Deposits held in domestic offices | $ 3.37 billion |
| % insured (estimated) | 74.82% |
| Federal funds purchased and repurchase agreements | $ 3.27 million |
| Trading liabilities | N.A. |
| Other borrowed funds | $ 25.00 million |
| Subordinated debt | N.A. |
| All other liabilities | $ 23.72 million |
| Total Liabilities | $ 3.51 billion |
| Shareholders’ Equity | $ 476.89 million |
Summary Income Statement
June 30, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 108.26 million |
| Total Interest Expense | $ 48.94 million |
| Net interest income | $ 59.32 million |
| Provision for loan and lease losses | $ 11.67 million |
| Total non interest income | $ 28.96 million |
| Total non interest expense | $ 53.35 million |
| Pre-tax Net Operating Income | $ 15.39 million |
Bank Loan Profile?
The top three loan types in Primis Bank’s loan portfolio are Commercial Real Estate, 1-4 Family Residential Loans, and Commercial and Industrial Loans.
Compared to other banks, Primis Bank’s loan portfolio does not show any specific loan specialty.
Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.
| % Loans |
% Comparison to Other Banks |
|||
|---|---|---|---|---|
| Low | Med | High | ||
| 1-4 Family Residential Loans | 20.69 | ✓ | ||
| Multifamily Mortgages |
4.31 | ✓ | ||
| Credit Card Loans | 0.00 | ✓ | ||
| Consumer Auto Loans | 0.06 | ✓ | ||
| Small Business Loans | 4.57 | ✓ | ||
| Construction and Development Loans | 3.51 | ✓ | ||
| Commercial Real Estate | 30.85 | ✓ | ||
| Commercial and Industrial Loans | 10.86 | ✓ | ||
| Farm Loans | 0.11 | ✓ | ||
Customer Reviews for Primis Bank
American Banker
April 7, 2023 |
Good luck deploying those high yield savings into profitable investments. It’s always a bad strategy … unbridled growth using volatile deposits forcing them to go out on the risk spectrum to make a decent yield. It will eventually impact their capital ratios and lead to Regulatory issues. Primis stock is trading at 80% of tangible book value which is one of the lowest in the country. Market cap has plummeted below $250 million making the stock ineligible for margin.
Is this review helpful? Yes:11 / No: 0
WeltWon
March 21, 2023
Having had accounts at 68 DIFFERENT BANKS & CREDIT UNIONS in my life, I may have become an expert on good and bad services. Here is why I've given Primis 4 stars:
1. Interest rate. Like many who have recently complained about being able to reach someone by phone, when I found their offer of 5.03% APY, I tried to get an agent on the phone. Wait times were insane so I gave up.
2. Decided to see what Primis application process was like AND hoped it would reveal the answer to some of my questions. I was VERY pleasantly surprised at how easy & fast the process was. IMHO, Primis has THE BEST online application system I've ever used. The presented documents DID answer all my questions.
3. Funding. One of my biggest gripes with ALL previous banks has been their limits on ACH transfers in and out. Primis has NO LIMITS, meaning you can have as many linked banks as you want and transfer $millions if you want in or out.
4. Interest payments. This is one area I wish Primis would change. Instead of posting interest at the end of the month like EVERY other financial institution I've experienced, they do it on the 15th of each month. I've asked if this can be changed. As of today, NO RESPONSE.
5. The banks database being used by Primis for linked accounts is NOT the best. I linked another bank account using correct ABA 9 digit routing code but Primis shows a bank name that no longer exists due to mergers years ago.
BOTTOM LINE: Primis isn't perfect and neither are any of us. However, offering the best interest rate and best ACH system is why I rate Primis 4 out of 5 stars and will keep a sizeable amount in my Primis account unless these things change.
Is this review helpful? Yes:3 / No: 1
Suzanne g
March 11, 2023 |
Biggest mistake I ever made was to jump into this when they launched at 5%. A week later they dropped the rate and I've been trying to unwind out of this nonsense since then. I'll be more inclined to stick with the better known names, like Synchrony and Citizens, even it is means I am making 0.30% less on my cash.
Is this review helpful? Yes:1 / No: 1
Another unhappy camper
February 25, 2023 |
Applied last week. They made me provide ssn, dob, upload three forms of id, and link to another bank account, providing password and texted security code. All of that was concerning given identity theft. Then, after complying with all of these extreme requests, webpage says my application is under consideration. Have heard nothing back yet.
Is this review helpful? Yes:2 / No: 1
paramjit kaur
February 24, 2023
i am locked out this bank i will pull out all the money i am afraid to loose hard earn money. when i called the wait time was an hour then 6 hours . then i called the different no. the wait was 6 minutes then 30 minuted the 8 minutes looks like drama. and i was l\told call back in 45 minutes to an hour. now you can think how much longer i have to wait again
Is this review helpful? Yes:2 / No: 0
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