Primis Financial Corp. reported its financial results for the first quarter of 2026, revealing a net income of $7.3 million, or $0.30 per share, a significant decrease from $22.6 million, or $0.92 per share, in the same period last year. The previous year's results included a one-time gain of $25 million from the deconsolidation of Panacea Financial Holdings, which skews the year-over-year comparison. Excluding this gain, net income attributable to common shareholders increased by $9 million, driven by higher net interest income and improved mortgage banking income.

Total revenue for the quarter was $53.5 million, up from $47.7 million in the prior year, primarily due to a $5.7 million increase in net interest income, which reached $32.1 million. This growth was attributed to a $400 million increase in average loans held for investment, while interest expense remained stable. The net interest margin improved to 3.43%, compared to 3.15% in the previous year, reflecting effective management of earning assets and deposit pricing.

In terms of operational developments, Primis Financial's total assets grew to $4.3 billion, a 5% increase from the end of 2025, largely due to growth in loans held for investment and loans held for sale. The company reported total loans of $3.4 billion, up from $3.3 billion, with notable increases in the mortgage warehouse and Panacea Financial divisions. Deposits also saw a slight increase to $3.4 billion, with a mix shift towards higher-cost money market and savings accounts.

The company’s allowance for credit losses stood at $46.4 million, representing 1.37% of total loans, a slight decrease from 1.40% at the end of 2025. Nonperforming assets increased to $105.2 million, or 2.35% of total assets, primarily due to one commercial relationship that became 90 days past due. However, the company noted that subsequent payments were made to bring these loans back under 40 days past due.

Looking ahead, Primis Financial Corp. aims to continue its growth strategy by focusing on its core community banking services, expanding its mortgage warehouse lending, and enhancing its digital banking platform. The company remains well-capitalized, with capital ratios exceeding regulatory requirements, and is optimistic about its ability to navigate the current economic landscape while pursuing strategic initiatives.

About Primis Financial Corp.

Primis Financial Corp. is a bank holding company for Primis Bank, a Virginia-chartered bank offering retail and commercial banking services. It provides deposit products, commercial and consumer loans, and mortgage services. The company focuses on small- and medium-sized businesses, healthcare professionals, and digital banking. Its core strengths include community presence, digital innovation, asset quality, and strategic growth through organic expansion and acquisitions.

This description was generated via AI from an annual report. Updated 8 months ago.

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