FRST
Primis Financial Corp.13.30
-0.04-0.3%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
327.77MP/E (TTM)
39.12Basic EPS (TTM)
0.34Dividend Yield
0.03%Recent Filings
8-K
10-Q
Q3 FY2025 results
Primis Financial Corp. posted solid Q3 FY2025 results, with net income attributable to common stockholders hitting $6.8M, or $0.28 diluted EPS—up sharply from $1.2M, or $0.05, a year ago. Net interest income edged up 4% y/y to $29.0M (derived), thanks to a 60 bps drop in deposit costs to 2.9%, while the net interest margin expanded 21 bps to 3.18% amid lower funding expenses; yet, a $1.0M interest reversal hit from new nonaccruals. Mortgage banking income climbed 31% y/y to $8.9M on 27% higher loan sales, and noninterest income rose 29% overall. Provision flipped to a $49K recovery from $7.5M y/y, reflecting a lighter reserve need on consumer loans and $53M commercial loans shifted to held-for-sale. Total deposits grew 5% q/q to $3.3B, with noninterest-bearing up 12%, funding 11% LHFI expansion to $3.2B led by mortgage warehouse and Panacea growth; FCF not disclosed in the 10-Q. Liquidity stays strong at $64M cash, $85M FHLB advances, and $537M borrowing capacity. Still, rising nonperformers to 2.07% of assets signal credit pressures from office and commercial shifts.
8-K
Primis Q3 earnings soar 464%
Primis Financial Corp. reported Q3 2025 net income of $7 million, or $0.28 per diluted share, surging from $1 million a year ago, fueled by a net interest margin climbing to 3.18% from 2.97%. Divisions shone: mortgage volume hit $308 million, up 34% year-over-year, while warehouse loans ballooned 77% sequentially to $327 million. Momentum builds. The board declared a $0.10 quarterly dividend, payable November 21. Yet nonperforming assets ticked to 2.07% amid one key downgrade.
10-Q
Q2 FY2025 results
Primis Financial Corp. posted solid Q2 FY2025 results, with net income of $2.4M ($0.10 diluted EPS), down from $3.4M ($0.14) a year earlier, yet YTD earnings hit $25.1M ($1.01 EPS) versus $5.9M ($0.24) in 2024—boosted by a $24.6M gain from deconsolidating Panacea Financial Holdings in Q1 and a $7.5M Q2 gain on selling part of its stake. Net interest income edged up 1% q/q to $25.2M (margin 2.86%, up 14bps y/y), while core margin excluding Consumer Program impacts held at 3.12%—driven by deposit costs dropping to 2.94% from 3.42% y/y amid Fed rate cuts. Loans grew 8% q/q to $3.1B, fueled by 189% expansion in mortgage warehouse ($184.5M) and 16% in Panacea ($505.3M), with deposits up 5% to $3.3B (93.7% loan-to-deposit ratio). Provision for credit losses jumped to $8.3M (from $3.1M y/y) due to a $7.1M reserve on a $40.1M nonaccrual CRE loan, though Consumer Program charge-offs eased; non-GAAP core net interest margin stayed steady at 3.12%. Cash swelled 46% to $94.1M, total debt steady at $122.5M (junior subordinated at 7.52%, senior notes at SOFR+0.26%), with $938.3M in FHLB/FRB availability. Deconsolidation sharpened focus on core banking, but CRE concentration (39% of loans) heightens sensitivity to office market pressures.
8-K
Primis Q2 earnings rise sharply
Primis Financial Corp. reported Q2 2025 net income of $8.4 million, or $0.34 per diluted share, up from $3.4 million last year, boosted by a $7.5 million gain from selling part of its Panacea stake yet hampered by $2 million in consumer loan interest reversals. Core net interest margin expanded to 3.15%, while mortgage closings surged 52% to $323 million; the board declared a $0.10 quarterly dividend. Volatility fades as promotional loans dwindle to $9.6 million. Management eyes $10.5–$11 million in pre-tax pre-provision earnings amid expense cuts.
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