401k Record

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Primis Financial 401(k)

Administrative expenses excluding investment management, per participant · SBA Defined Contribution Plan for Primis Bank · plan year 2024

$241.12

Higher than 80% of the 24,371 plans $10 to 50M that report it.

Source

= $166,612 / 691
derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20250731090127NAL0002939539001, received 2025-07-31
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250731090127NAL0002939539001, received 2025-07-31

10th: $15.36median $118.8890th: $340.63

Percentiles compare this plan with the Schedule H plans $10 to 50M in assets of the same plan year, excluding final filings; shown only where at least 50 comparable plans report the figure. Plan year 2024-01-01 to 2024-12-31, filing received 2025-07-31.

Cost and contributions

Recordkeeping fees per participant

not reported

Not reported on this filing.

Administrative expenses per participant

$381.91

10th: $26.86median $197.2590th: $456.10

Higher than 83% of the 25,098 plans $10 to 50M that report it.

Source

= $263,900 / 691
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250731090127NAL0002939539001, received 2025-07-31
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250731090127NAL0002939539001, received 2025-07-31

Administrative expenses as a share of assets

0.594%

10th: 0.035%median 0.289%90th: 0.599%

Higher than 90% of the 25,132 plans $10 to 50M that report it.

Source

= $263,900 / $44,410,279
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250731090127NAL0002939539001, received 2025-07-31
assets_eoy: Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20250731090127NAL0002939539001, received 2025-07-31

Employer contributions per participant

$2,637

10th: $664median $2,07490th: $4,751

Higher than 65% of the 24,050 plans $10 to 50M that report it.

Source

= $1,821,857 / 691
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250731090127NAL0002939539001, received 2025-07-31
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250731090127NAL0002939539001, received 2025-07-31

Employer share of total contributions

30.4%

10th: 13.1%median 27.9%90th: 45.2%

Higher than 59% of the 24,084 plans $10 to 50M that report it.

Source

= $1,821,857 / $5,985,140
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250731090127NAL0002939539001, received 2025-07-31
total_contrib: Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20250731090127NAL0002939539001, received 2025-07-31

Plan terms, as stated in Primis Financial Corp.'s SEC filings

Employer match

“Primis matches 100% of the first 3% of the employee contribution, and 50% of the next 3% (maximum of 4.5% match).”

Form 10-K filed 2026-03-16, for the year ended 2025-12-31 · benefits note, 10-K benefits note · source document

Vesting

“Vesting in the Company’s contributions is based on years of service, as defined in the Plan.”

Form 11-K filed 2026-06-26, for the year ended 2025-12-31 · plan description note, vesting · source document

Automatic enrollment

“Upon satisfying the Plan’s eligibility criteria, a participant will be automatically enrolled in the Plan to defer 3% of annual compensation on a pre-tax basis unless the participant (i) elects not to defer any annual compensation, or (ii) elects to defer a different percentage of annual compensation.”

Form 11-K filed 2026-06-26, for the year ended 2025-12-31 · plan description note, contributions · source document

Terms quoted from the filing for the year ended 2025-12-31. Figures cover plan year 2024. The plan document governs.

Plan features

2E profit-sharing · 2F ERISA 404(c) plan · 2G fully participant-directed · 2J 401(k) feature · 2K 401(m) arrangement · 2S pre-approved plan document · 2T default investment (QDIA) · 3D IRS pre-approved plan · 3H controlled-group sponsor · Form 5500, line 8a; TYPE_PENSION_BNFT_CODE pos 81; filing 20250731090127NAL0002939539001, received 2025-07-31

Full record, SBA Defined Contribution Plan for Primis Bank

FieldValueSource
Plan sponsorPRIMIS BANKForm 5500, Part II line 2a; SPONSOR_DFE_NAME pos 19; filing 20250731090127NAL0002939539001, received 2025-07-31
Plan nameSBA DEFINED CONTRIBUTION PLAN FOR PRIMIS BANKForm 5500, line 1a; PLAN_NAME pos 16; filing 20250731090127NAL0002939539001, received 2025-07-31
Sponsor EIN / plan number20-2453966 / 002Form 5500, line 2b; SPONS_DFE_EIN pos 44; filing 20250731090127NAL0002939539001, received 2025-07-31
Plan typesingle-employerForm 5500, Part I line A; TYPE_PLAN_ENTITY_CD pos 4; filing 20250731090127NAL0002939539001, received 2025-07-31
Sponsor locationGLEN ALLEN, VAForm 5500, line 2a; SPONS_DFE_MAIL_US_STATE pos 25; filing 20250731090127NAL0002939539001, received 2025-07-31
Industry (business code)551111, Management of companies and enterprisesForm 5500, line 2d; BUSINESS_CODE pos 46; filing 20250731090127NAL0002939539001, received 2025-07-31
Plan year2024-01-01 to 2024-12-31Form 5500, Part I plan year; FORM_PLAN_YEAR_BEGIN_DATE pos 2; filing 20250731090127NAL0002939539001, received 2025-07-31
Filing received2025-07-31Form 5500, EFAST2 receipt date; DATE_RECEIVED pos 102; filing 20250731090127NAL0002939539001, received 2025-07-31
Final filingnoForm 5500, Part I line B; FINAL_FILING_IND pos 8; filing 20250731090127NAL0002939539001, received 2025-07-31
Amended filingnoForm 5500, Part I line B; AMENDED_IND pos 7; filing 20250731090127NAL0002939539001, received 2025-07-31
Participants, beginning of year689Form 5500, line 5; TOT_PARTCP_BOY_CNT pos 71; filing 20250731090127NAL0002939539001, received 2025-07-31
Active participants593Form 5500, line 6a(2); TOT_ACTIVE_PARTCP_CNT pos 72; filing 20250731090127NAL0002939539001, received 2025-07-31
Participants, end of year728Form 5500, line 6f; TOT_ACT_RTD_SEP_BENEF_CNT pos 77; filing 20250731090127NAL0002939539001, received 2025-07-31
Participants with an account balance691Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250731090127NAL0002939539001, received 2025-07-31
Total assets, beginning of year$36,298,762Schedule H, Part I line 1f col (a); TOT_ASSETS_BOY_AMT pos 30; filing 20250731090127NAL0002939539001, received 2025-07-31
Total assets, end of year$44,410,279Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20250731090127NAL0002939539001, received 2025-07-31
Net assets, end of year$44,410,279Schedule H, line 1l col (b); NET_ASSETS_EOY_AMT pos 67; filing 20250731090127NAL0002939539001, received 2025-07-31
Total income$10,826,086Schedule H, Part II line 2d; TOT_INCOME_AMT pos 97; filing 20250731090127NAL0002939539001, received 2025-07-31
Net income$8,111,517Schedule H, line 2k; NET_INCOME_AMT pos 111; filing 20250731090127NAL0002939539001, received 2025-07-31
Employer contributions$1,821,857Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250731090127NAL0002939539001, received 2025-07-31
Participant contributions$3,378,313Schedule H, line 2a(1)(B); PARTICIPANT_CONTRIB_AMT pos 69; filing 20250731090127NAL0002939539001, received 2025-07-31
Other contributions (incl. rollovers)$784,970Schedule H, line 2a(1)(C); OTH_CONTRIB_RCVD_AMT pos 70; filing 20250731090127NAL0002939539001, received 2025-07-31
Total contributions$5,985,140Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20250731090127NAL0002939539001, received 2025-07-31
Benefit payments$2,447,344Schedule H, line 2e(4); TOT_DISTRIB_BNFT_AMT pos 101; filing 20250731090127NAL0002939539001, received 2025-07-31
Total expenses (incl. benefit payments)$2,714,569Schedule H, line 2j; TOT_EXPENSES_AMT pos 110; filing 20250731090127NAL0002939539001, received 2025-07-31
Total administrative expenses$263,900Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250731090127NAL0002939539001, received 2025-07-31
Contract administrator fees$164,394Schedule H, line 2i(2); CONTRACT_ADMIN_FEES_AMT pos 106; filing 20250731090127NAL0002939539001, received 2025-07-31
Investment advisory and management fees$97,288Schedule H, line 2i(5); INVST_MGMT_FEES_AMT pos 107; filing 20250731090127NAL0002939539001, received 2025-07-31
Administrative expenses excluding investment management$166,612derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20250731090127NAL0002939539001, received 2025-07-31
Held in common/collective trusts$33,511,512Schedule H, line 1c(9) col (b); INT_COMMON_TR_EOY_AMT pos 51; filing 20250731090127NAL0002939539001, received 2025-07-31
Held in mutual funds$9,061,594Schedule H, line 1c(13) col (b); INT_REG_INVST_CO_EOY_AMT pos 55; filing 20250731090127NAL0002939539001, received 2025-07-31
Independent auditorWOLF & COMPANY, P.C.Schedule H, Part III line 3a; ACCOUNTANT_FIRM_NAME pos 116; filing 20250731090127NAL0002939539001, received 2025-07-31

Position = column in the DOL layout for form year 2024. Filing 20250731090127NAL0002939539001, received 2025-07-31.

Service providers paid directly by the plan

ProviderRelationshipService codesDirect compensationIndirect
VOYA RETIREMENT INSURANCE & ANNUITYrecordkeeperSERVICE PROVIDER 26 Investment advisory (participants); 64 Recordkeeping fees $167,166yes
VBA BENEFITS CORPORTATIONSERVICE PROVIDER 99 Other fees $95,193no

Schedule C Part I line 2: name (a), service codes (b), relationship (c), direct compensation paid by the plan (d), indirect compensation received (e). Filing 20250731090127NAL0002939539001, received 2025-07-31.

What changed since the 2023 plan year

Figure20232024Change
Total assets$36,298,762$44,410,27922.3%
Participants with a balance6346919.0%
Administrative expenses$211,253$263,90024.9%
Recordkeeping fees per participantnot reportednot reported
Employer contributions$1,648,946$1,821,85710.5%

Prior filing 20240723150651NAL0011527153001, received 2024-07-23; the plan years are contiguous.

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Sponsor name as filed: PRIMIS BANK; SEC registrant: Primis Financial Corp. (CIK 1325670, matched by 11-K plan title; display name from the Form 11-K cover).