FRST Bull Call Spread Strategy
FRST (Primis Financial Corp.), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
Primis Financial Corp. operates as the bank holding company for Primis Bank that provides a range of financial services to individuals and small and medium sized businesses in the United States. Its deposit products include checking, NOW, savings, and money market accounts, as well as certificates of deposits. The company also offers commercial business and real estate, construction, secured asset based, small business administration, mortgage warehouse lending products, as well as financing for medical, dental, and veterinary businesses; residential mortgage, trust mortgage, home equity lines of credit, secured and unsecured personal, and consumer loans, as well as life insurance premium financing and demand loans. It also offers cash management services comprising investment/sweep, zero balance, and controlled disbursement accounts; and wire transfer, employer/payroll processing, night depository, depository transfer, merchant, ACH origination, and remote deposit capture services. In addition, the company provides debit cards, ATM services, notary services, and mobile and online banking. As of December 31, 2021, it operated forty full-service branches in Virginia and Maryland.
FRST (Primis Financial Corp.) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $346.1M, a trailing P/E of 7.47, a beta of 0.76 versus the broader market, a 52-week range of 9.19-14.97, average daily share volume of 186K, a public-listing history dating back to 2006, approximately 592 full-time employees. These structural characteristics shape how FRST stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.76 places FRST roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 7.47 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. FRST pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a bull call spread on FRST?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
Current FRST snapshot
As of May 15, 2026, spot at $13.78, ATM IV 75.90%, IV rank 11.92%, expected move 21.76%. The bull call spread on FRST below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this bull call spread structure on FRST specifically: FRST IV at 75.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a FRST bull call spread, with a market-implied 1-standard-deviation move of approximately 21.76% (roughly $3.00 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FRST expiries trade a higher absolute premium for lower per-day decay. Position sizing on FRST should anchor to the underlying notional of $13.78 per share and to the trader's directional view on FRST stock.
FRST bull call spread setup
The FRST bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FRST near $13.78, the first option leg uses a $13.78 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FRST chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 FRST shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $13.78 | N/A |
| Sell 1 | Call | $14.47 | N/A |
FRST bull call spread risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
FRST bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on FRST. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use bull call spread on FRST
Bull call spreads on FRST reduce the cost of a bullish FRST stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
FRST thesis for this bull call spread
The market-implied 1-standard-deviation range for FRST extends from approximately $10.78 on the downside to $16.78 on the upside. A FRST bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on FRST, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current FRST IV rank near 11.92% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on FRST at 75.90%. As a Financial Services name, FRST options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FRST-specific events.
FRST bull call spread positions are structurally moderately bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. FRST positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FRST alongside the broader basket even when FRST-specific fundamentals are unchanged. Long-premium structures like a bull call spread on FRST are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current FRST chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on FRST?
- A bull call spread on FRST is the bull call spread strategy applied to FRST (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With FRST stock trading near $13.78, the strikes shown on this page are snapped to the nearest listed FRST chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FRST bull call spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the FRST bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 75.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FRST bull call spread?
- The breakeven for the FRST bull call spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current FRST market-implied 1-standard-deviation expected move is approximately 21.76%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on FRST?
- Bull call spreads on FRST reduce the cost of a bullish FRST stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current FRST implied volatility affect this bull call spread?
- FRST ATM IV is at 75.90% with IV rank near 11.92%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.