Primis Financial Corp. reported significant financial performance improvements in its latest quarterly filing, with net income available to common shareholders reaching $9.4 million, or $0.38 per share, for the three months ended June 30, 2026. This marks a substantial increase from the $2.4 million, or $0.10 per share, reported in the same period last year. For the six months ending June 30, 2026, net income totaled $16.7 million, down from $25.1 million in the prior year, largely due to one-time gains from the sale of Panacea Financial Holdings (PFH) shares in 2025. Excluding these gains, the company noted an increase in income before taxes of $18 million year-over-year.
The company’s total assets increased by 8% to $4.35 billion as of June 30, 2026, driven by growth in loans held for investment (LHFI) and loans held for sale (LHFS). LHFI rose to $3.5 billion, a 6% increase from the previous period, while LHFS grew by 40% to $231.99 million. The increase in loans was attributed to a 71% rise in mortgage warehouse loans and a 13% increase in loans from the Panacea division. Total deposits also saw a modest increase of $51 million, reaching $3.45 billion, with notable growth in non-interest-bearing deposits.
Operationally, Primis Financial has made strides in its strategic initiatives, particularly in its mortgage and digital banking segments. The Primis Mortgage Company reported a 61% increase in closed loan volume, totaling $788 million in the first half of 2026. The Panacea Financial division also experienced a 32% growth in deposits, reaching $169 million. The company’s digital banking platform has been a significant contributor to deposit growth, with approximately $1 billion in deposits as of June 30, 2026.
The company’s allowance for credit losses remained stable at $46 million, reflecting a slight decrease in the allowance to total loans ratio to 1.33% from 1.40% at the end of 2025. This stability is attributed to improved asset quality, with nonperforming assets as a percentage of total assets decreasing to 1.45% from 2.03%. The company continues to focus on managing credit risk, particularly in its commercial real estate portfolio, which constitutes a significant portion of its loan book.
Looking ahead, Primis Financial Corp. remains optimistic about its growth trajectory, emphasizing its commitment to expanding its core banking services, mortgage warehouse lending, and digital banking initiatives. The company is also focused on enhancing its operational efficiency and maintaining strong asset quality as it navigates the evolving economic landscape.
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.
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