Primis Bank

Headquarters

307 N Church Ln
Tappahannock, VA 22560
See all branch locations →

Notable Rates APY Vs.Others
Savings 5.07% 5.55% →
1-Year CD N.A. 5.41% →
2-Year CD N.A. 5.00% →
5-Year CD N.A. 4.55% →
30-Year Mortgage N.A. 4.91% →
15-Year Mortgage N.A. 4.39% →
HELOC N.A. 0.99% →

2024 Overview

General Bank Information

Primis Bank is an FDIC insured institution located in Tappahannock, VA. It was founded in 2005 and has approximately $3.87 billion in assets. Customers can open an account at one of its 50 branches.

FDIC Insured Yes
FDIC Certificate # 57968
Date Established 2005
Assets $ 3.87 billion
Loans $ 3.24 billion
Deposits $ 3.32 billion
Capital $ 459.68 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 - April 17, 2024

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
Online Savings Account
5.07% $1 - Learn More



Loan Rates - April 17, 2024

Your Current Location: Virginia, VA 20146

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 - Virginia 30 Year Fixed Mortgage Rates 2024

Lender APR Rate (%) Monthly
Payment
Learn More
Northpointe Bank
NMLS ID: 447490
6.844% 6.750%
1.00 points
$3,078 fees
$2,076 Learn More
PenFed Credit Union
NMLS ID: 401822
6.932% 6.750%
0.88 points
$6,000 fees
$2,076 Learn More
CrossCountry Mortgage
NMLS ID: 3029
7.129% 6.990%
0.88 points
$4,672 fees
$2,127 Learn More
Rocket Mortgage
NMLS ID: 3030
7.463% 7.375%
0.88 points
$2,800 fees
$2,211 Learn More

Featured - Virginia Home Equity Line Of Credit Rates 2024

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
7.490 %
$0 Learn More
More Info

Note to Primis Bank
To upload and update your bank's rates please register. It is free to register and add rates.

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:
Ashburn,Virginia


Primis Bank Locations



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.


Add Your Review


or use your BestCashCow account

or

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
2.19% 3.96%

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 December 31, 2024, Primis Bank had $10,809,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $459,683,000 in equity and $34,040,000 in loans loss reserves. That gives it a Texas Ratio of 2.19%.

Return on Equity
Primis Bank U.S. Bank Average
3.66% 12.20%

Primis Bank has a Return on Equity of 3.66% versus the BestCashCow average of 12.20%. 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
11.87% 10.76%

Primis Bank has a Capitalization of 11.87% versus the BestCashCow average of 10.76. 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 December 31, 2023, Primis Bank had assets of $3,873,505,000, loans of $3,235,956,000, and deposits of $3,322,479,000. 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

December 31, 2024
ASSETS
Cash & Balances due from depository institutions $ 82.32 million
Interest-bearing balances $ 65.11 million
Total securities $ 240.07 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 3.24 billion
Loan loss allowance $ 34.04 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 95.42 million
All other assets $ 132.18 million
     Total Assets $ 3.41 billion
LIABILITIES
Total deposits $ 3.32 billion
      Interest-bearing deposits $ 2.93 billion
      Deposits held in domestic offices $ 3.32 billion
      % insured (estimated) 65.51%
Federal funds purchased and repurchase agreements $ 3.04 million
Trading liabilities N.A.
Other borrowed funds $ 25.00 million
Subordinated debt N.A.
All other liabilities $ 23.72 million
      Total Liabilities $ 3.41 billion
      Shareholders’ Equity $ 459.68 million

Summary Income Statement

December 31, 2024
INCOME AND EXPENSES
Total Interest Income $ 205.65 million
Total Interest Expense $ 86.90 million
Net interest income $ 118.76 million
Provision for loan and lease losses $ 14.37 million
Total non interest income $ 38.07 million
Total non interest expense $ 120.46 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 21.43
Multifamily
Mortgages
4.46
Credit Card Loans 0.00
Consumer Auto Loans 0.06
Small Business Loans 4.57
Construction and Development Loans 3.63
Commercial Real Estate 31.96
Commercial and Industrial Loans 11.25
Farm Loans 0.11

Customer Reviews for Primis Bank


  • 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.

  • 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.

  • March 11, 2023 |

    Online Savings Rates

    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.

  • 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.

  • 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


Add Your Review


or use your BestCashCow account

or