---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-119089"
form_type: "8-K"
ticker: "FRST"
cik: "0001325670"
company_name: "Primis Financial Corp."
filed_at: "2025-12-08T23:59:59+00:00"
generated_at: "2026-05-16T13:56:01.829798+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Primis Financial sale-leaseback of 18 branches expects $50M pre-tax gain, 13.2% TBV accretion

## Summary
- Sale of 18 branch properties for ~$58M; pre-tax gain of $50M ($38M after-tax, $1.54 per share).
- 20-year triple-net lease with 2% annual rent escalations; annual lease expense ~$5.4M (net of depreciation).
- Securities portfolio restructuring of $144M (yield 1.92%) with expected pre-tax loss of $14.8M; reinvested at ~4.50%.
- Subordinated debt reduced by ~$27M; remainder at ~9.50% expected to be refinanced; annual earnings improvement ~$3M.
- BOLI restructuring costs <$100K; annual earnings improvement ~$1.2M. Pro forma 3Q25 net income up 15%.

## SEC filing metadata
- accession: 0001104659-25-119089
- form_type: 8-K
- ticker: FRST
- cik: 0001325670
- company_name: Primis Financial Corp.
- filed_at: 2025-12-08T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1325670/000110465925119089/0001104659-25-119089-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1325670/000110465925119089/tm2532877d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-119089
- JSON: https://secwatch.observer/filing/0001104659-25-119089.json
- Plain text: https://secwatch.observer/filing/0001104659-25-119089.txt

## Source-grounded claims
- claim_id: cb1cee8b3627159d3d5c330ec9fc486e579df834
  claim: Primis Financial Corp. incurred lease obligation of $4.7 million per annum with FNLR Mud LLC maturing 20 years.
  evidence_excerpt: Concurrent with the closing, Seller and FNLR Mud LLC, a Delaware limited liability company ("Landlord"), entered into a master lease agreement (the "Lease Agreement") for the Properties under which Seller, as tenant, will lease each of the Properties from Landlord. The initial lease term shall be 20 years, which may be extended, at the Bank's option, for an additional 20 year term. The Lease Agreement shall constitute a triple net lease under which the Bank as tenant shall be responsible for base rent for each of the Properties, which during the initial term shall be, in the aggregate, $4.7 million per annum ("Base Rent") plus additional operational charges.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1325670/000110465925119089/0001104659-25-119089-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.