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Primis Financial Corp

Primis Financial Corp. Reports Earnings per Share for the Second Quarter of 2025

Declares Quarterly Cash Dividend of $0.10 Per Share

MCLEAN, Va. , July 24, 2025 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), and its wholly-owned subsidiary, Primis Bank (the "Bank"), today reported net income available to common shareholders of $8.4 million, or $0.34 per diluted share, for the quarter ended June 30, 2025, compared to $3.4 million, or $0.14 per diluted share, for the quarter ended June 30, 2024. 

For the six months ended June 30, 2025, the Company reported net income available to common shareholders of $31.1 million, or $1.26 per diluted share, compared to a net income available to common shareholders of $5.9 million or $0.24 per diluted share, for the six months ended June 30, 2024.

Operating Results

Operating results in the quarter clearly point to improved profitability and momentum on key areas but included positive and negative items that management expects to not reflect going forward.  Significant items occurring during the quarter were:

  • During the quarter, the Company completed the sale of a portion of its ownership in Panacea Financial Holdings, Inc. ("PFH") generating proceeds to the Company of $22.1 million and an additional pre-tax gain of $7.5 million.
  • Promotional loans driving volatility in the Company's results finished the quarter at only $9.6 million. The Company's credit quality results for the quarter warranted no additional provision for loan losses on this portfolio. Write-offs of accrued interest on promotional loans that rolled to amortization but subsequently defaulted was $2 million and expected to decline to less than $0.5 million in the third quarter of 2025 given the very low levels of promotional interest recognized in the second quarter.
  • Primis Mortgage closed $323 million in loans, up 52% from the same quarter in 2024. A substantial portion of the increase in closed volume was construction-to-permanent product related with revenue delayed until the end of the construction period. Additionally, pricing and draw support for the new production teams substantially ended during the quarter and totaled $1.2 million.
  • Several items have occurred that will impact the Company's operations going forward. Renegotiation of the Company's core contract with its provider as well as other items are expected to reduce expenses $0.9 million in the third quarter and then $1.5 million in the fourth quarter and beyond. Continued consolidation of the Company's cores and other vendor relationships will continue and provide more than adequate downward pressure on operating expenses to allow for substantial operating leverage through the end of 2026.

Commenting on the quarter, Dennis J. Zember, Jr., President and Chief Executive Officer, stated, "We are pleased with the progress we have made in rebuilding our balance sheet for higher sustained earnings as we enter the second half of 2025.  The core bank is maximizing profitability with its enviable core deposit base while pursuing moderate growth.  At the same time, mortgage warehouse and Panacea are executing on their tremendous growth potential while non-core portfolios run off.

As discussed below, the second quarter was impacted by the last sizable portion of Consumer Program interest reversals and higher expenses that aren't expected to continue.  Adjusting for those items and the PFH gain, our run-rate pre-tax pre-provision earnings were approximately $8.4 million in the second quarter.  Mortgage profitability was lower due to increasing construction to perm lending that is highly profitable but has a lag until revenue materializes.  In the second quarter, the value of that production was approximately $0.9 million pre-tax assuming conservative gain on sale margins.  Lastly, we are close to executing on our plan to reduce technology costs and anticipate the savings to begin late in the third quarter of 2025.  Along with the end of our core deposit amortization in June, our expected reduction in quarterly expenses is approximately $1.5 million.  In total, we believe we have visibility to pre-tax pre-provision earnings of $10.5 to $11 million before the benefits of the profitable growth and balance sheet repricing we have in front of us."

Significant Improvement in All Divisions

As discussed in previous quarters, the Company spent substantial time and energy in 2024 focusing the organization on its core bank and lines of business that drive premium operating results. The second quarter of 2025 demonstrated progress in key areas that are expected to continue and build through the rest of the year and into 2026. The following discussion highlights recent progress for each of these strategies:

Core Community Bank

The core bank has 24 banking offices in Virginia and Maryland and is approximately 70% of the Company's total balance sheet.  Management believes the core bank's value amongst its regional peers is undeniable given how well its balance sheet is positioned:

  • The Core bank has low concentrations of investor CRE (39% of loans and only 213% of regulatory capital)
  • A robust pipeline of mostly new customers to the bank with yields that are incremental to the Bank's margin
  • Cost of deposits of 1.79% in the second quarter of 2025 compared to 2.20% in the same quarter in 2024. The core bank's cost of deposits is up to 100 basis points lower than similar sized peers in the greater DC region.
  • Zero brokered deposits and no reliance on FHLB borrowings.
  • A proprietary banking app for commercial depositors that drives new sales independent of lending efforts in and around our region.

Approximately 19% of the core bank's deposit base are noninterest bearing deposits, supported with what management believes is the region's best and most unique technology including the Bank's proprietary V1BE service which directly supports more than $200 million of mostly commercial clients in the Bank's footprint.  Approximately $30 million of checking accounts are associated with customers that use V1BE every week. The Company is frequently approached by other community banks looking to use this technology with their own customers.  Primis is currently implementing enhancements to make V1BE easier to license to other banks and expects to have its first customer onboard before the end of 2025. 

Primis Mortgage

Primis Mortgage has closed mortgage volume of $323 million in the second quarter of 2025, up 52% compared to the same quarter in 2024.  Earnings for Primis mortgage were depressed by approximately $1.2 million related to the commitment of one quarter's support for the new production teams hired in the last week of the first quarter of 2025. 

National Strategies

Mortgage warehouse lending activity was significant in the first and second quarter of 2025 following the expansion of the team in the fall of 2024.  Outstanding loan balances at June 30, 2025 were $185 million, up 60% from $115 million at March 31, 2025 and up 189% from $64 million at December 31, 2024.  Committed facilities ended the second quarter of 2025 at $804 million versus $487 million at March 31, 2025 and $349 million at the end of 2024.  Mortgage warehouse also funded approximately 11% of its balance sheet with associated customer noninterest bearing deposit balances totaling $21 million at June 30, 2025 up 80% from March 31, 2025.  

Funding for the national strategies is provided exclusively by the Bank's digital platform powered by what the Bank believes is one the safest and most functional deposit account in the nation.  Because of the scalability of the platform, there is no pressure whatsoever on the core bank to provide funding and risk the profitable, decades old relationships with core customers.

The platform ended the second quarter of 2025 with almost $1.1 billion of deposits with a cost of deposits of 4.28% in the month of June 2025, compared to $0.9 billion at June 30, 2024 with a cost of 5.05%.  Over 1,000 of our digital accounts have come from referrals from another customer and approximately 61% of our consumer accounts have been with the bank for over two years.

Panacea Financial

Panacea's growth remained strong through the second quarter of 2025 with loans outstanding of $505 million, up 34% compared to the same quarter in 2024.  At the end of the current quarter, Panacea customer deposits totaled $107 million, up 58% from June 30, 2024.  Importantly, much of this growth was commercial in nature with a weighted average cost below 0.25% and has continued at a similar pace since quarter end.

Panacea is the number one ranked "Bank for doctors" on Google and banks over 7,000 professionals and practices nationwide with a goal of reaching 10,000 customers by the end of 2025.  Panacea is also developing the initial phase of what is expected to be a sophisticated suite of technology products and services targeting the medical, dental and veterinary space.    

Net Interest Income

Because of the final significant write-off of accrued interest on the consumer loan portfolio, net interest income decreased to $25.5 million during the second quarter of 2025 compared to $26.4 million in the first quarter of 2025 and $24.9 million in the second quarter of 2024.  The reported net interest margin was 2.89% in the second quarter of 2025 compared to 2.72% in the second quarter of 2024. 

Excluding the impacts of the Consumer Program portfolio, the Company's net interest margin was 3.15%(1) in the second quarter of 2025 compared to 2.80%(1)  in the same quarter in 2024.  Net interest income for the second quarter, excluding the impacts of the write-off of accrued interest, increased by 10.4% to $27.5 million compared to $24.9 million in the second quarter of 2024.

Normalizing the volatile income and write-off recognition in the consumer portfolio to illustrate the Company's net interest margin and forward momentum is seen below:

($ in thousands)


3Q24

4Q24

1Q25

2Q25

Int. Inc. Recog. – Consumer Prog.


$5,152

$ 5,831

$5,676

$2,077

Int. Inc. Reversals – Consumer Prog.


-

(2,512)

(2,832)

(2,037)

Int. Inc., Net – Consumer Prog,


5,152

3,319

2,844

40







Promo Interest Income Recognized


2,956

2,976

3,264

321

Promo Interest Reversals


-

(2,493)

(2,644)

(2,066)

Promo Interest Income, Net


$2,956

$483

$ 620

($1,745)

Under GAAP, the Company recognizes interest income when promotional features on the Consumer Program loans expire and which generally includes a substantial amount of deferred interest accumulated to that point.  If the loan subsequently defaults, that previously recognized interest is reversed against interest income.  As detailed in the table above, the Bank recognized substantial interest income on loans exiting their promotional periods beginning in the third quarter of 2024 with a roughly one quarter lag of subsequent reversals primarily due to high first payment defaults on full deferral promotional loans.  As seen in the table, interest recognized on promotional loan expirations was insignificant in the second quarter of 2025 which will lead to substantially lower interest income reversals going forward.  At June 30, 2025, the Company had $9.7 million of full deferral loans remaining, down from $77.2 million at June 30, 2024, with promotional period expirations spread over the next four quarters.  Net interest margin excluding the Consumer Program portfolio impact entirely, including balances, the net interest margin for the rest of the Bank was 3.15%(1)  in the second quarter of 2025, up two basis points from 3.13%(1)  in the first quarter of 2025.

Excluding the interest write-offs on the consumer loan book the yield on loans and yield on average earnings assets was 5.91% and 5.68% in the second quarter of 2025, respectively, compared to 5.91% and 5.72%, respectively, in the same quarter of 2024.  New and renewed loan production in the second quarter of 2025 across all divisions had a weighted average yield of 7.57% which compares favorably to 7.25% for the same quarter in 2024.  Total maturities of loans over the five quarters beginning with the fourth quarter of 2025 total $574 million with weighted average yields of 5.71%, indicating continued opportunity for management to move yields on loans and average earning assets higher.

Cost of deposits in the second quarter of 2025 was 2.52% compared to 2.98% in the same quarter in 2024.  The Company recently lowered digital platform rates and, combined with recent growth in lower cost deposit accounts, expects further improvement in cost of deposits in the third quarter of 2025.       

Noninterest Income

Noninterest income was $18.0 million in the second quarter of 2025 versus $32.3 million in the first quarter of 2025 and $10.7 million in the second quarter of 2024. The Company deconsolidated PFH as of March 31, 2025 and upon deconsolidation recognized a gain of $24.6 million within noninterest income in the first quarter of 2025. Noninterest income in the second quarter of 2025 included a $7.4 million gain from the sale of a portion of the Company's PFH shares and remeasurement of the remaining shares at fair market value at June 30, 2025.  Income from mortgage banking activity increased to $7.9 million in the second quarter of 2025 compared to $5.6 million in the first quarter of 2025.  Noninterest income from the Consumer Program increased to $0.6 million in the second quarter of 2025 from a loss of $0.3 million in the first quarter of 2025 largely due to prepayment activity offsetting the reduction in the associated derivative.  The Company also recorded losses on other investments of $0.3 million in the second quarter of 2025 versus gains of $0.1 million in the first quarter of 2025.  Lastly, gain on sale of SBA loans was $0.2 million in the second quarter of 2025 after no sales in the first quarter of 2025.

Noninterest Expense

Noninterest expense was $31.9 million for the second quarter of 2025, compared to $32.5 million for the first quarter of 2025. First quarter noninterest expense included consolidated expenses from PFH prior to deconsolidation as of March 31, 2025. Management considers the core expense burden of the Bank that adjusts for certain items that are volume dependent such as mortgage banking-related expenses or expense related to changes in the reserve for unfunded commitments.  The following table illustrates the Company's core operating expense burden during 2024 and the first two quarters of 2025:

($ in thousands)

2Q25

1Q25

4Q24

3Q24

2Q24







 Reported Noninterest Expense

$31,927

$32,516

$37,841

$30,603

$29,662

 PFH Consolidated Expenses

-

(4,754)

(3,641)

(2,576)

(2,347)

 Noninterest Expense Excl. PFH

31,927

27,762

34,200

28,027

27,315







 Nonrecurring

(232)

(1,144)

(3,686)

(1,000)

(1,329)

 Primis Mortgage Expenses

(8,514)

(5,569)

(6,354)

(6,436)

(6,084)

 Consumer Program Servicing Fee

(518)

(622)

(681)

(699)

(312)

 Reserve for Unfunded Commitment

(2)

(13)

6

(96)

546

 Total Adjustments

(9,266)

(7,348)

(10,715)

(8,231)

(7,179)







 Core Operating Expense Burden

$22,661

$20,414

$23,485

$19,796

$20,136

As noted above, the core expense burden increased $2.2 million in the second quarter of 2025 from the first quarter of 2025.  The second quarter included a number of items not expected to continue going forward including approximately $0.5 million of consulting expenses, $0.4 million related to additional FDIC insurance expense, $0.4 million of remaining audit expense for the 2024 audit and $0.2 million of legal expenses related to employee fraud recovery efforts.  Marketing expenses were also approximately $0.2 million higher in the second quarter of 2025 versus the first quarter of 2025 but are expected to moderate.  Adjusting for these items, core operating expense burden would have been less than $21 million and within the range of $20 million to $21 million of quarterly noninterest expense previously estimated for 2025.

Loan Portfolio and Asset Quality

Loans held for investment increased to $3.13 billion at June 30, 2025 compared to $3.04 billion at March 31, 2025 and declined from $3.30 billion at June 30, 2024 prior to the sale of the Life Premium Finance portfolio.  Important drivers in these levels are seen below:

  • Core Bank loans totaled $2.12 billion at June 30, 2025 compared to $2.22 billion at June 30, 2024.
  • Panacea Financial loans grew $129 million or 34% to $505 million over the past 12 months ending June 30, 2024. Doctors and practices in the division's network improved from approximately 5,000 at June 30, 2024 to over 7,000 at June 30, 2025.
  • Mortgage warehouse outstandings improved to $185 million at the end of the second quarter of 2025 compared to only $14 million at the same time in 2024. Approved lines grew substantially during the quarter to $804 million, up approximately 65% since March 31, 2025.
  • Loan balances associated with the consumer loan program declined to $113 million at June 30, 2025, net of the fair value discounts compared to $194 million at June 30, 2024. Importantly, loans in promotional periods with full deferral were only $9.6 million or 7.8% of gross loans at June 30, 2025 compared to $77.2 million or 40% of total loans a year ago.
  • Investor CRE as a percentage of regulatory capital was 213% at both June 30, 2025 and June 30, 2024.
  • Lastly, the Company measures "loans with minimal credit risk" quarterly to illustrate the power of its lending businesses and its overall portfolio quality. The table below is covered with additional detail in the Company's investor presentation but illustrates that the Company has nearly achieved the same level as before the sale of the life premium finance portfolio in the fourth quarter of 2024:

2Q25

1Q25

4Q24

3Q24

2Q24

1-4 Family Loans (1st Lien)

457

460

472

486

486

Panacea

505

474

434

392

376

Mortgage Warehouse

185

115

64

15

14

Life Premium Finance

144

150

175

518

465

Loans guaranteed by the SBA

23

21

22

23

26

Cash Secured Loans

12

13

12

13

12

Mortgage Loans Held For Sale

127

74

83

97

91

  Total

1,453

1,307

1,262

1,544

1,470

Total Loans (HFI and HFS)

3,257

3,118

3,135

3,432

3,395

% of loans with lower loss content

44.6 %

41.9 %

40.3 %

45.0 %

43.3 %

Nonaccrual loans, excluding portions guaranteed by the SBA, were 0.26% of total loans at June 30, 2025 compared to 0.24% of total loans at June 30, 2024. As in prior quarters, the Bank has no other real estate owned at the end of the second quarter of 2025.

The Company recorded a provision for loan losses of $1.2 million for the second quarter of 2025 compared to $1.6 million for the first quarter of 2025 and $3.1 million in the same quarter in 2024.  As previously stated, the Company moved the Consumer Program loan book into its held for investment loan portfolio in the first quarter of 2025 and evaluated the portfolio using its CECL model at that time.  Based on performance during the quarter, there was no required provision expense associated with the Consumer Program in the second quarter of 2025.  As a percentage of loans held for investment, the allowance for credit losses was 1.24% at the end of the second quarter of 2025 compared to 1.56% at the end of the second quarter of 2024. Total allowance and discounts on the Consumer Program loan portfolio totaled $13 million at June 30, 2025 which represents 11% of gross principal balance and 323% of loans more than one period delinquent as of that date.

Deposits and Funding

Total deposits at June 30, 2025 were essentially flat from June 30, 2024.  Deposits swept off balance sheet increased to $37 million at June 30, 2025 versus $4 million at the same time in 2024.  Importantly, noninterest bearing demand deposits were $478 million at June 30, 2025, an annualized growth rate of 18% compared to balances at December 31, 2024.  As stated earlier, the Company has no wholesale funding and is 100% funded with customer deposits at June 30, 2025.                                                                      

Shareholders' Equity

Book value per common share as of June 30, 2025 was $15.52, an increase of $0.30 or 2% from June 30, 2024.  Tangible book value per common share(1) at the end of the second quarter of 2025 was $11.72, an increase of $0.34 or 3% from June 30, 2024.  Common shareholders' equity was $382 million, or 9.86% of total assets, at June 30, 2025.  Tangible common equity(1) at June 30, 2025 was $289 million, or 7.63% of tangible assets(1).  During the quarter, the Company repurchased almost 80 thousand shares of its common stock at a weighted average price of $10.00 per share. 

The Board of Directors declared a dividend of $0.10 per share payable on August 22, 2025 to shareholders of record on August 8, 2025.  This is Primis' fifty-fifth consecutive quarterly dividend. 

About Primis Financial Corp.

As of June 30, 2025, Primis had $3.9 billion in total assets, $3.1 billion in total loans held for investment and $3.3 billion in total deposits. Primis Bank provides a range of financial services to individuals and small- and medium-sized businesses through twenty-four full-service branches in Virginia and Maryland and provides services to customers through certain online and mobile applications.

Contacts:                                                                                                         

Address:

Dennis J. Zember, Jr., President and CEO                                                   

Primis Financial Corp.

Matthew A. Switzer, EVP and CFO                                               

1676 International Drive, Suite 900

Phone: (703) 893-7400                                                                                 

McLean, VA 22102



Primis Financial Corp., NASDAQ Symbol FRST


Website: www.primisbank.com


Conference Call

The Company's management will host a conference call to discuss its second quarter results on Friday, July 25, 2025 at 10:00 a.m. (ET). A live Webcast of the conference call is available at the following website: https://events.q4inc.com/attendee/362488451.  Participants may also call 1-800-715-9871 and ask for the Primis Financial Corp. call.  A replay of the teleconference will be available for 7 days by calling 1-800-770-2030 and providing Replay Access Code 4554342.

Non-GAAP Measures

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables. Primis uses non-GAAP financial measures to analyze its performance. The measures entitled net income adjusted for nonrecurring income and expenses; pre-tax pre-provision operating earnings; operating return on average assets; pre-tax pre-provision operating return on average assets; operating return on average equity; operating return on average tangible equity; operating efficiency ratio; operating earnings per share – basic; operating earnings per share – diluted; tangible book value per share; tangible common equity; tangible common equity to tangible assets; and core net interest margin are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. We use the term "operating" to describe a financial measure that excludes income or expense considered to be non-recurring in nature.  Items identified as non-operating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward-looking trends in our business.  A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is provided in the Reconciliation of Non-GAAP Items table.

Management believes that these non-GAAP financial measures provide additional useful information about Primis that allows management and investors to evaluate the ongoing operating results, financial strength and performance of Primis and provide meaningful comparison to its peers. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider Primis' performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Primis.  Non-GAAP financial measures are not standardized and, therefore, it may not be possible to compare these measures with other companies that present measures having the same or similar names.

Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," and other similar words or expressions of the future or otherwise regarding the outlook for the Company's future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, but are not limited to, our expectations regarding our future operating and financial performance, including the preliminary estimated financial and operating information presented herein, which is subject to adjustment; our outlook and long-term goals for future growth and new offerings and services; our expectations regarding net interest margin; expectations on our growth strategy, expense management, capital management and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: instability in global economic conditions and geopolitical matters; the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within our primary market areas; changes in interest rates, inflation, loan demand, real estate values, or competition, as well as labor shortages and supply chain disruptions; the impact of tariffs, trade policies, and trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services); the Company's ability to implement its various strategic and growth initiatives, including its recently established Panacea Financial Division, digital banking platform, V1BE fulfillment service, Mortgage Warehouse division and Primis Mortgage Company; the risks associated with the Life Premium Finance sale, including failure to achieve the expected impact to our operating results; competitive pressures among financial institutions increasing significantly; changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices; changes in management's plans for the future; credit risk associated with our lending activities; changes in accounting principles, policies, or guidelines; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; potential increases in the provision for credit losses; our ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties; fraud or misconduct by internal or external actors, which we may not be able to prevent, detect or mitigate; acts of God or of war or other conflicts, including the current Ukraine/Russia conflict and Israel/Hamas conflict, acts of terrorism, pandemics or other catastrophic events that may affect general economic conditions; and other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services.

Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company's management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company's filings with the Securities and Exchange Commission, the Company's Annual Report on Form 10-K for the year ended December 31, 2024, under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors," and in the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.

(1) Non-GAAP financial measure.  Please see "Reconciliation of Non-GAAP Items" in the financial tables for more information and for a reconciliation to GAAP.

 

Primis Financial Corp.   









Financial Highlights (unaudited)









(Dollars in thousands, except per share data)

For Three Months Ended:


For Six Months Ended:

Selected Performance Ratios:

2Q 2025

1Q 2025

4Q 2024

3Q 2024

2Q 2024


2Q 2025

2Q 2024

Return on average assets

0.89 %

2.52 %

(2.43 %)

0.12 %

0.35 %


1.68 %

0.31 %

Operating return on average assets(1)

0.29 %

0.40 %

(2.51 %)

0.20 %

0.46 %


0.34 %

0.38 %

Pre-tax pre-provision return on average assets(1)

1.23 %

3.32 %

0.44 %

0.86 %

0.75 %


2.24 %

0.88 %

Pre-tax pre-provision operating return on average assets(1)

0.47 %

0.71 %

0.33 %

0.96 %

0.85 %


0.58 %

0.97 %

Return on average common equity 

8.89 %

26.66 %

(24.28 %)

1.31 %

3.69 %


17.29 %

3.16 %

Operating return on average common equity(1)

2.92 %

4.21 %

(25.13 %)

2.15 %

4.81 %


3.53 %

3.90 %

Operating return on average tangible common equity(1)

3.87 %

5.78 %

(33.33 %)

2.86 %

6.42 %


4.76 %

5.23 %

Cost of funds


2.67 %

2.67 %

2.97 %

3.25 %

3.16 %


2.67 %

3.06 %

Net interest margin

2.89 %

3.15 %

2.90 %

2.97 %

2.72 %


3.02 %

2.78 %

Core net interest margin(1)

3.15 %

3.13 %

2.91 %

2.80 %

2.85 %


3.14 %

2.92 %

Gross loans to deposits

93.65 %

96.04 %

91.06 %

89.94 %

98.95 %


93.65 %

98.95 %

Efficiency ratio 


73.37 %

55.39 %

96.41 %

82.82 %

83.36 %


63.05 %

80.42 %

Operating efficiency ratio(1)

87.88 %

91.97 %

98.92 %

79.92 %

79.56 %


89.85 %

77.94 %












Per Common Share Data:









Earnings per common share - Basic

$             0.34

$             0.92

$            (0.94)

$             0.05

$             0.14


$           1.26

$          0.24

Operating earnings per common share - Basic(1)

$             0.11

$             0.14

$            (0.98)

$             0.08

$             0.18


$           0.26

$          0.30

Earnings per common share - Diluted

$             0.34

$             0.92

$            (0.94)

$             0.05

$             0.14


$           1.26

$          0.24

Operating earnings per common share - Diluted(1)

$             0.11

$             0.14

$            (0.98)

$             0.08

$             0.18


$           0.26

$          0.29

Book value per common share

$           15.52

$           15.19

$           14.23

$           15.41

$           15.22


$         15.52

$         15.22

Tangible book value per common share(1)

$           11.72

$           11.40

$           10.42

$           11.59

$           11.38


$         11.72

$         11.38

Cash dividend per common share

$             0.10

$             0.10

$             0.10

$             0.10

$             0.10


$           0.20

$          0.20

Weighted average shares outstanding - Basic

24,701,319

24,706,593

24,701,260

24,695,685

24,683,734


24,703,942

24,677,425

Weighted average shares outstanding - Diluted

24,714,229

24,722,734

24,701,260

24,719,920

24,708,484


24,718,458

24,706,086

Shares outstanding at end of period

24,643,185

24,722,734

24,722,734

24,722,734

24,708,234


24,643,185

24,708,234












Asset Quality Ratios:









Non-performing assets as a percent of total assets, excluding SBA guarantees

0.86 %

0.28 %

0.29 %

0.25 %

0.25 %


0.86 %

0.25 %

Net charge-offs (recoveries) as a percent of average loans (annualized)


0.80 %

1.47 %

3.83 %

0.93 %

0.60 %


1.13 %

0.62 %

Core net charge-offs (recoveries) as a percent of average loans (annualized)(1)

0.15 %

0.06 %

0.05 %

0.11 %

(0.07 %)


0.11 %

0.02 %

Allowance for credit losses to total loans

1.24 %

1.45 %

1.86 %

1.72 %

1.56 %


1.24 %

1.56 %












Capital Ratios:










Common equity to assets

9.86 %

10.16 %

9.53 %

9.47 %

9.48 %




Tangible common equity to tangible assets(1)

7.63 %

7.82 %

7.16 %

7.29 %

7.27 %




Leverage ratio(2)


8.50 %

8.71 %

7.76 %

8.20 %

8.25 %




Common equity tier 1 capital ratio(2)

9.16 %

9.35 %

8.74 %

8.23 %

8.85 %




Tier 1 risk-based capital ratio(2)

9.46 %

9.66 %

9.05 %

8.51 %

9.14 %




Total risk-based capital ratio(2)

12.62 %

12.96 %

12.53 %

11.68 %

12.45 %




(1) See Reconciliation of Non-GAAP financial measures.


(2) Ratios are estimated and may be subject to change pending the final filing of the FR Y-9C.

 

Primis Financial Corp.   






(Dollars in thousands)

For Three Months Ended:









Condensed Consolidated Balance Sheets (unaudited)

2Q 2025

1Q 2025

4Q 2024

3Q 2024

2Q 2024

Assets 







Cash and cash equivalents

$          94,074

$          57,044

$          64,505

$          77,274

$          66,580

Investment securities-available for sale

242,073

241,638

235,903

242,543

232,867

Investment securities-held to maturity

8,850

9,153

9,448

9,766

10,649

Loans held for sale

126,869

74,439

247,108

458,722

94,644

Loans receivable, net of deferred fees

3,130,521

3,043,348

2,887,447

2,973,723

3,300,562

Allowance for credit losses

(38,841)

(44,021)

(53,724)

(51,132)

(51,574)


Net loans


3,091,680

2,999,327

2,833,723

2,922,591

3,248,988

Stock in Federal Reserve Bank and Federal Home Loan Bank

12,998

12,983

13,037

20,875

16,837

Bank premises and equipment, net

19,642

19,210

19,432

19,668

19,946

Operating lease right-of-use assets

9,927

10,352

10,279

10,465

10,293

Goodwill and other intangible assets

93,508

93,804

94,124

94,444

94,768

Assets held for sale, net

2,181

2,420

5,497

9,864

5,136

Bank-owned life insurance

68,048

67,609

67,184

66,750

66,319

Deferred tax assets, net

17,971

21,399

26,466

25,582

25,232

Consumer Program derivative asset

1,177

1,597

4,511

7,146

9,929

Investment in Panacea Financial Holdings, Inc. common stock

6,586

21,277

-

-

-

Other assets


82,117

65,058

58,898

58,657

63,830


Total assets

$     3,877,701

$     3,697,310

$     3,690,115

$     4,024,347

$     3,966,018









Liabilities and stockholders' equity






Demand deposits


$        477,705

$        455,768

$        438,917

$        421,231

$        420,241

NOW accounts


858,624

819,606

817,715

748,833

793,608

Money market accounts

744,321

785,552

798,506

835,099

831,834

Savings accounts


935,527

777,736

775,719

873,810

866,279

Time deposits


326,496

330,210

340,178

427,458

423,501

    Total deposits


3,342,673

3,168,872

3,171,035

3,306,431

3,335,463

Securities sold under agreements to repurchase - short term

4,370

4,019

3,918

3,677

3,273

Federal Home Loan Bank advances

-

-

-

165,000

80,000

Secured borrowings

16,449

16,729

17,195

17,495

21,069

Subordinated debt and notes

96,020

95,949

95,878

95,808

95,737

Operating lease liabilities

11,195

11,639

11,566

11,704

11,488

Other liabilities


24,589

24,539

25,541

27,169

24,777


Total liabilities

3,495,296

3,321,747

3,325,133

3,627,284

3,571,807

Total Primis common stockholders' equity

382,405

375,563

351,756

381,022

376,047

Noncontrolling interest

-

-

13,226

16,041

18,164


Total stockholders' equity

382,405

375,563

364,982

397,063

394,211


Total liabilities and stockholders' equity

$     3,877,701

$     3,697,310

$     3,690,115

$     4,024,347

$     3,966,018









Tangible common equity(1)

$        288,897

$        281,759

$        257,632

$        286,578

$        281,279

 

Primis Financial Corp.   









(Dollars in thousands)

For Three Months Ended:


For Six Months Ended:

Condensed Consolidated Statement of Operations (unaudited)

2Q 2025

1Q 2025

4Q 2024

3Q 2024

2Q 2024


2Q 2025

2Q 2024

Interest and dividend income

$          47,935

$          47,723

$          51,338

$          57,104

$          52,191


$       95,658

$     102,544

Interest expense


22,447

21,359

25,261

29,081

27,338


43,806

52,422


Net interest income

25,488

26,364

26,077

28,023

24,853


51,852

50,122

Provision for credit losses

1,159

1,596

33,483

7,511

3,119


2,755

9,627


Net interest income after provision for credit losses

24,329

24,768

(7,406)

20,512

21,734


49,097

40,495

Account maintenance and deposit service fees

1,675

1,339

1,276

1,398

1,780


3,014

3,254

Income from bank-owned life insurance

438

425

434

431

981


863

1,544

Mortgage banking income

7,893

5,615

5,140

6,803

6,402


13,508

11,976

Gain (loss) on sale of loans

210

-

(4)

-

(29)


210

307

Gains on Panacea Financial Holdings investment

7,450

24,578

-

-

-


32,028

-

Gain on sale of Life Premium Finance portfolio, net of broker fees

-

-

4,723

-

-


-

-

Consumer Program derivative

593

(292)

928

79

1,272


301

3,313

Gain (loss) on other investments

(308)

53

15

51

136


(255)

342

Other 



79

617

663

168

186


696

422


Noninterest income

18,030

32,335

13,175

8,930

10,728


50,365

21,158

Employee compensation and benefits

17,060

17,941

18,028

16,764

16,088


35,001

31,822

Occupancy and equipment expenses

3,127

3,285

3,466

3,071

3,099


6,412

6,205

Amortization of intangible assets

289

313

313

318

317


602

634

Virginia franchise tax expense

577

577

631

631

632


1,154

1,263

Data processing expense

3,037

2,849

3,434

2,552

2,347


5,886

4,578

Marketing expense

720

514

499

449

499


1,234

958

Telecommunication and communication expense

324

287

295

330

341


611

687

Professional fees


2,413

2,225

3,129

2,914

2,976


4,638

4,341

Miscellaneous lending expenses

885

834

1,446

1,098

285


1,719

737

Loss (gain) on bank premises and equipment

5

106

13

(352)

(124)


111

(124)

Other expenses


3,490

3,585

6,587

2,828

3,202


7,075

6,222


Noninterest expense

31,927

32,516

37,841

30,603

29,662


64,443

57,323

Income (loss) before income taxes

10,432

24,587

(32,072)

(1,161)

2,800


35,019

4,330

Income tax expense (benefit)

2,005

5,553

(5,917)

(304)

1,265


7,558

1,983


Net Income (loss)

8,427

19,034

(26,155)

(857)

1,535


27,461

2,347


Noncontrolling interest

-

3,602

2,820

2,085

1,901


3,602

3,555


Net income (loss) attributable to Primis' common shareholders

$           8,427

$          22,636

$        (23,335)

$           1,228

$           3,436


$       31,063

$         5,902

(1) See Reconciliation of Non-GAAP financial measures.

 

Primis Financial Corp.   






(Dollars in thousands)

For Three Months Ended:

Loan Portfolio Composition

2Q 2025

1Q 2025

4Q 2024

3Q 2024

2Q 2024

Loans held for sale

$        126,869

$          74,439

$        247,108

$        458,722

$          94,644

Loans secured by real estate:







Commercial real estate - owner occupied

480,981

477,233

475,898

463,848

463,328


Commercial real estate - non-owner occupied

590,848

600,872

610,482

609,743

612,428


Secured by farmland

3,696

3,742

3,711

4,356

4,758


Construction and land development

106,443

104,301

101,243

105,541

104,886


Residential 1-4 family

571,206

576,837

588,859

607,313

608,035


Multi-family residential

157,097

157,443

158,426

169,368

171,512


Home equity lines of credit

62,103

60,321

62,954

62,421

62,152


     Total real estate loans

1,972,374

1,980,749

2,001,573

2,022,590

2,027,099









Commercial loans


811,458

698,097

608,595

533,998

619,365

Paycheck Protection Program loans

1,729

1,738

1,927

1,941

1,969

Consumer loans


339,936

357,652

270,063

409,754

646,590


Total Non-PCD loans

3,125,497

3,038,236

2,882,158

2,968,283

3,295,023

PCD loans


5,024

5,112

5,289

5,440

5,539

Total loans receivable, net of deferred fees

$     3,130,521

$     3,043,348

$     2,887,447

$     2,973,723

$     3,300,562









Loans by Risk Grade:






  Pass Grade 1 - Highest Quality

667

880

872

820

692

  Pass Grade 2 - Good Quality

170,560

175,379

175,659

177,763

488,728

  Pass Grade 3 - Satisfactory Quality

1,737,153

1,643,957

1,567,228

1,509,405

1,503,918

  Pass Grade 4 - Pass

1,127,608

1,124,901

1,041,947

1,184,671

1,204,268

  Pass Grade 5 - Special Mention

25,459

28,498

30,111

53,473

87,471

  Grade 6 - Substandard

69,074

69,733

71,630

47,591

15,485

  Grade 7 - Doubtful

-

-

-

-

-

  Grade 8 - Loss


-

-

-

-

-

Total loans


$     3,130,521

$     3,043,348

$     2,887,447

$     2,973,723

$     3,300,562









(Dollars in thousands)

For Three Months Ended:

Asset Quality Information

2Q 2025

1Q 2025

4Q 2024

3Q 2024

2Q 2024

Allowance for Credit Losses: 



Balance at beginning of period

$        (44,021)

$        (53,724)

$        (51,132)

$        (51,574)

$        (53,456)

Provision for for credit losses

(1,159)

(1,596)

(33,483)

(7,511)

(3,119)

Net charge-offs


6,339

11,299

30,891

7,953

5,001

Ending balance


$        (38,841)

$        (44,021)

$        (53,724)

$        (51,132)

$        (51,574)









Reserve for Unfunded Commitments:



Balance at beginning of period

$          (1,134)

$          (1,121)

$          (1,127)

$          (1,031)

$          (1,577)

(Expense for) / recovery of unfunded loan commitment reserve

(2)

(13)

6

(96)

546

Total Reserve for Unfunded Commitments

$          (1,136)

$          (1,134)

$          (1,121)

$          (1,127)

$          (1,031)

















Non-Performing Assets:

2Q 2025

1Q 2025

4Q 2024

3Q 2024

2Q 2024

Nonaccrual loans


$          12,983

$          12,956

$          15,026

$          14,424

$          11,289

Accruing loans delinquent 90 days or more

25,188

1,713

1,713

1,714

1,897

Total non-performing assets

$          38,171

$          14,669

$          16,739

$          16,138

$          13,186

SBA guaranteed portion of non-performing loans

$           4,750

$           4,307

$           5,921

$           5,954

$           3,268

 

Primis Financial Corp.   








(Dollars in thousands)

For Three Months Ended:

For Six Months Ended:

Average Balance Sheet

2Q 2025

1Q 2025

4Q 2024

3Q 2024

2Q 2024

2Q 2025

2Q 2024

Assets









Loans held for sale

$        108,693

$        170,509

$        100,243

$          98,110

$          84,389

$     139,431

$       71,643

Loans, net of deferred fees 

3,074,993

2,897,481

3,127,249

3,324,157

3,266,651

2,986,727

3,236,769

Investment securities

249,485

245,216

253,120

242,631

244,308

247,362

242,743

Other earning assets

98,369

86,479

96,697

83,405

73,697

92,457

75,382

Total earning assets

3,531,540

3,399,685

3,577,309

3,748,303

3,669,045

3,465,977

3,626,537

Other assets


262,975

241,912

237,704

243,715

243,196

252,502

245,641

Total assets


$     3,794,515

$     3,641,597

$     3,815,013

$     3,992,018

$     3,912,241

$   3,718,479

$  3,872,178











Liabilities and equity








Demand deposits


$        467,493

$        446,404

$        437,388

$        421,908

$        433,315

$     457,007

$     446,905

Interest-bearing liabilities:








NOW and other demand accounts

821,893

805,522

787,884

748,202

778,458

813,752

776,201

Money market accounts

759,107

788,067

819,803

859,988

823,156

773,507

818,651

Savings accounts


882,227

754,304

767,342

866,375

866,652

818,619

833,490

Time deposits 


329,300

335,702

404,682

425,238

423,107

332,484

427,224

   Total Deposits


3,260,020

3,129,999

3,217,099

3,321,711

3,324,688

3,195,369

3,302,471

Borrowings


117,701

116,955

160,886

238,994

158,919

117,330

139,553

  Total Funding


3,377,721

3,246,954

3,377,985

3,560,705

3,483,607

3,312,699

3,442,024

Other Liabilities


36,649

38,280

39,566

36,527

34,494

37,461

34,708

Total liabilites


3,414,370

3,285,234

3,417,551

3,597,232

3,518,101

3,350,160

3,476,732

Primis common stockholders' equity

380,145

344,381

382,370

377,314

374,731

362,328

375,265

Noncontrolling interest

—

11,982

15,092

17,472

19,409

5,991

20,181

Total stockholders' equity

380,145

356,363

397,462

394,786

394,140

368,319

395,446

Total liabilities and stockholders' equity

$     3,794,515

$     3,641,597

$     3,815,013

$     3,992,018

$     3,912,241

$   3,718,479

$  3,872,178





















Net Interest Income








Loans held for sale

$           1,754

$           2,564

$           1,553

$           1,589

$           1,521

$         2,810

$         2,428

Loans



43,271

42,400

46,831

52,699

48,024

87,179

94,857

Investment securities

1,928

1,906

1,894

1,799

1,805

3,834

3,520

Other earning assets

982

853

1,060

1,017

841

1,835

1,739

   Total Earning Assets Income

47,935

47,723

51,338

57,104

52,191

95,658

102,544











Non-interest bearing DDA

-

-

-

-

-

-

-

NOW and other interest-bearing demand accounts

4,603

4,515

4,771

4,630

4,827

9,118

9,294

Money market accounts

5,271

5,420

6,190

7,432

6,788

10,691

13,300

Savings accounts


7,793

6,418

7,587

8,918

8,912

14,211

16,957

Time deposits 


2,830

3,039

4,127

4,371

4,095

5,869

8,085

  Total Deposit Costs

20,497

19,392

22,675

25,351

24,622

39,889

47,636











Borrowings


1,950

1,967

2,586

3,730

2,716

3,917

4,786

  Total Funding Costs

22,447

21,359

25,261

29,081

27,338

43,806

52,422











Net Interest Income

$          25,488

$          26,364

$          26,077

$          28,023

$          24,853

$       51,852

$       50,122





















Net Interest Margin








Loans held for sale

6.47 %

6.10 %

6.16 %

6.44 %

7.25 %

4.06 %

6.82 %

Loans



5.64 %

5.93 %

5.96 %

6.31 %

5.91 %

5.89 %

5.89 %

Investments


3.10 %

3.15 %

2.98 %

2.95 %

2.97 %

3.13 %

2.92 %

Other Earning Assets

4.00 %

4.00 %

4.36 %

4.85 %

4.59 %

4.00 %

4.64 %

  Total Earning Assets

5.44 %

5.69 %

5.71 %

6.06 %

5.72 %

5.57 %

5.69 %











NOW



2.25 %

2.27 %

2.41 %

2.46 %

2.49 %

2.26 %

2.41 %

MMDA


2.79 %

2.79 %

3.00 %

3.44 %

3.32 %

2.79 %

3.27 %

Savings


3.54 %

3.45 %

3.93 %

4.10 %

4.14 %

3.50 %

4.09 %

CDs 



3.45 %

3.67 %

4.06 %

4.09 %

3.89 %

3.56 %

3.81 %

  Cost of Interest Bearing Deposits

2.94 %

2.93 %

3.25 %

3.48 %

3.42 %

2.94 %

3.35 %

  Cost of Deposits

2.52 %

2.52 %

2.80 %

3.04 %

2.98 %

2.52 %

2.90 %











Other Funding


6.65 %

6.82 %

6.39 %

6.22 %

6.89 %

6.73 %

6.90 %

  Total Cost of Funds

2.67 %

2.67 %

2.97 %

3.25 %

3.16 %

2.67 %

3.06 %











Net Interest Margin

2.89 %

3.15 %

2.90 %

2.97 %

2.72 %

3.02 %

2.78 %

Net Interest Spread

2.35 %

2.60 %

2.30 %

2.37 %

2.11 %

2.47 %

2.17 %

 

Primis Financial Corp.   









(Dollars in thousands, except per share data)

For Three Months Ended:


For Six Months Ended:

Reconciliation of Non-GAAP items:

2Q 2025

1Q 2025

4Q 2024

3Q 2024

2Q 2024


2Q 2025

2Q 2024

Net income (loss) attributable to Primis' common shareholders

$              8,427

$            22,636

$           (23,335)

$              1,228

$              3,436


$         31,063

$           5,902

Non-GAAP adjustments to Net Income:










Branch Consolidation / Other restructuring

-

144

-

-

-


144

-


Professional fee expense related to accounting matters and LPF sale

232

893

1,782

1,352

1,453


1,125

1,891


Gains on Panacea Financial Holdings investment

(7,450)

(24,578)

-

-

-


(32,028)

-


Gains on sale of closed bank branch buildings

-

107

-

(352)

(124)


107

(124)


Gain on sale of Life Premium Finance portfolio, net of broker fees

-

-

(4,723)

-

-


-

-


Consumer program fraud losses 

-

-

1,904

-

-


-

-


Income tax effect

1,559

4,370

224

(216)

(287)


5,929

(382)

Net income (loss) attributable to Primis' common shareholders adjusted for nonrecurring income and expenses

$              2,768

$              3,572

$           (24,148)

$              2,012

$              4,478


$            6,340

$           7,287












Net income (loss) attributable to Primis' common shareholders

$              8,427

$            22,636

$           (23,335)

$              1,228

$              3,436


$         31,063

$           5,902


Income tax expense (benefit)

2,005

5,553

(5,917)

(304)

1,265


7,558

1,983


Provision for credit losses (incl. unfunded commitment expense)

1,161

1,609

33,477

7,607

2,573


2,770

9,079

Pre-tax pre-provision earnings

$            11,593

$            29,798

$              4,225

$              8,531

$              7,274


$         41,391

$         16,964


Effect of adjustment for nonrecurring income and expenses

(7,218)

(23,434)

(1,037)

1,000

1,329


(30,652)

1,767

Pre-tax pre-provision operating earnings

$              4,375

$              6,364

$              3,188

$              9,531

$              8,603


$         10,739

$         18,731












Return on average assets 

0.89 %

2.52 %

(2.43 %)

0.12 %

0.35 %


1.68 %

0.31 %


Effect of adjustment for nonrecurring income and expenses

(0.60 %)

(2.12 %)

(0.08 %)

0.08 %

0.11 %


(1.34 %)

0.07 %

Operating return on average assets 

0.29 %

0.40 %

(2.51 %)

0.20 %

0.46 %


0.34 %

0.38 %












Return on average assets 

0.89 %

2.52 %

(2.43 %)

0.12 %

0.35 %


1.68 %

0.31 %


Effect of tax expense

0.21 %

0.62 %

(0.62 %)

(0.03 %)

0.13 %


0.41 %

0.10 %


Effect of provision for credit losses  (incl. unfunded commitment expense)

0.13 %

0.18 %

3.49 %

0.77 %

0.27 %


0.15 %

0.47 %

Pre-tax pre-provision return on average assets 

1.23 %

3.32 %

0.44 %

0.86 %

0.75 %


2.24 %

0.88 %


Effect of adjustment for nonrecurring income and expenses and expenses

(0.76 %)

(2.61 %)

(0.11 %)

0.10 %

0.10 %


(1.66 %)

0.09 %

Pre-tax pre-provision operating return on average assets

0.47 %

0.71 %

0.33 %

0.96 %

0.85 %


0.58 %

0.97 %












Return on average common equity

8.89 %

26.66 %

(24.28 %)

1.31 %

3.69 %


17.29 %

3.16 %


Effect of adjustment for nonrecurring income and expenses

(5.97 %)

(22.45 %)

(0.85 %)

0.84 %

1.12 %


(13.76 %)

0.74 %

Operating return on average common equity

2.92 %

4.21 %

(25.13 %)

2.15 %

4.81 %


3.53 %

3.90 %


Effect of goodwill and other intangible assets

0.95 %

1.57 %

(8.20 %)

0.71 %

1.61 %


1.23 %

1.33 %

Operating return on average tangible common equity

3.87 %

5.78 %

(33.33 %)

2.86 %

6.42 %


4.76 %

5.23 %












Efficiency ratio


73.37 %

55.39 %

96.36 %

82.98 %

83.42 %


63.05 %

80.42 %


Effect of adjustment for nonrecurring income and expenses

14.51 %

36.58 %

2.54 %

(2.87 %)

(3.79 %)


26.80 %

(2.48 %)

Operating efficiency ratio 

87.88 %

91.97 %

98.90 %

80.11 %

79.63 %


89.85 %

77.94 %












Earnings per common share - Basic

$                 0.34

$                 0.92

$               (0.94)

$                 0.05

$                 0.14


$              1.26

$             0.24


Effect of adjustment for nonrecurring income and expenses

(0.23)

(0.78)

(0.04)

0.03

0.04


(1.00)

0.06

Operating earnings per common share - Basic

$                 0.11

$                 0.14

$               (0.98)

$                 0.08

$                 0.18


$              0.26

$             0.30












Earnings per common share - Diluted

$                 0.34

$                 0.92

$               (0.94)

$                 0.05

$                 0.14


$              1.26

$             0.24


Effect of adjustment for nonrecurring income and expenses

(0.23)

(0.78)

(0.04)

0.03

0.04


(1.00)

0.05

Operating earnings per common share - Diluted

$                 0.11

$                 0.14

$               (0.98)

$                 0.08

$                 0.18


$              0.26

$             0.29












Book value per common share

$              15.52

$              15.19

$              14.23

$              15.41

$              15.22


$            15.52

$           15.22


Effect of goodwill and other intangible assets

(3.80)

(3.79)

(3.81)

(3.82)

(3.84)


(3.80)

(3.84)

Tangible book value per common share

$              11.72

$              11.40

$              10.42

$              11.59

$              11.38


$            11.72

$           11.38












Net charge-offs (recoveries) as a percent of average loans (annualized)

0.80 %

1.47 %

3.83 %

0.93 %

0.60 %


1.13 %

0.62 %


Impact of third-party consumer portfolio

(0.65 %)

(1.41 %)

(3.78 %)

(0.82 %)

(0.67 %)


(1.02 %)

(0.60 %)

Core net charge-offs (recoveries) as a percent of average loans (annualized)

0.15 %

0.06 %

0.05 %

0.11 %

(0.07 %)


0.11 %

0.02 %












Total Primis common stockholders' equity

$          382,405

$          375,563

$          351,756

$          381,022

$          376,047


$       382,405

$       376,047


Less goodwill and other intangible assets

(93,508)

(93,804)

(94,124)

(94,444)

(94,768)


(93,508)

(94,768)

Tangible common equity

$          288,897

$          281,759

$          257,632

$          286,578

$          281,279


$       288,897

$       281,279












Common equity to assets

9.86 %

10.16 %

9.53 %

9.47 %

9.48 %


9.86 %

9.48 %


Effect of goodwill and other intangible assets

(2.23 %)

(2.34 %)

(2.37 %)

(2.18 %)

(2.21 %)


(2.23 %)

(2.21 %)

Tangible common equity to tangible assets

7.63 %

7.82 %

7.16 %

7.29 %

7.27 %


7.63 %

7.27 %












Net interest margin

2.89 %

3.15 %

2.90 %

2.97 %

2.72 %


3.02 %

2.78 %


Effect of adjustment for Consumer Portfolio

0.26 %

(0.02 %)

0.01 %

(0.17 %)

0.13 %


0.12 %

0.14 %

Core net interest margin

3.15 %

3.13 %

2.91 %

2.80 %

2.85 %


3.14 %

2.92 %

 

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SOURCE Primis Financial Corp.