Primis Financial Corp. reported significant financial improvements in its latest quarterly results, with net income for the three months ending September 30, 2025, reaching $6.8 million, or $0.28 per share, compared to a net loss of $857,000, or $0.05 per share, for the same period in 2024. For the nine months ended September 30, 2025, net income totaled $31.9 million, or $1.29 per share, up from $7.1 million, or $0.29 per share, in the prior year. The increase in profitability was attributed to a reduction in provisions for credit losses, which fell to $49,000 from $7.5 million year-over-year, and a rise in noninterest income, particularly from mortgage banking activities.
Total assets increased by 7% to $3.95 billion as of September 30, 2025, compared to $3.69 billion at the end of 2024. This growth was primarily driven by an increase in loans held for investment, which rose to $3.2 billion, up 11% from $2.9 billion at year-end 2024. The company also reported a 5% increase in total deposits, which reached $3.34 billion, supported by growth in noninterest-bearing demand deposits. The allowance for credit losses decreased to $44.8 million, representing 1.40% of total loans, down from 1.86% at the end of 2024.
Strategically, Primis Financial has made notable changes, including the deconsolidation of Panacea Financial Holdings (PFH) as of March 31, 2025, which resulted in a $25 million gain recognized in the first quarter of 2025. The company continues to work with PFH to originate loans, retaining some and selling others. Additionally, Primis has focused on expanding its mortgage warehouse lending, with outstanding loan balances increasing significantly to $327 million, a 411% rise from the previous year.
Operationally, Primis has seen growth in its customer base and engagement metrics. The number of loans held for sale increased to $202.4 million, up from $247.1 million at the end of 2024, while the company’s mortgage banking income rose to $22.4 million for the nine months ended September 30, 2025, compared to $18.8 million in the same period last year. The company has also expanded its geographic footprint, maintaining 24 full-service branches across Virginia and Maryland.
Looking ahead, Primis Financial aims to continue its growth trajectory by focusing on enhancing its retail mortgage business and managing its loan portfolio effectively. The company anticipates that the strategic initiatives implemented in 2025 will yield further improvements in profitability and operational efficiency, despite the challenges posed by market conditions and economic uncertainties.
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.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.