Declares Quarterly Cash Dividend of $0.10 Per Share
MCLEAN, Va., July 23, 2026 /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 $9.4 million, or $0.38 per diluted share, for the three months ended June 30, 2026, compared to net income available to common shareholders of $2.4 million, or $0.10 per diluted share, for the three months ended June 30, 2025. For the six months ended June 30, 2026, the Company reported net income available to common shareholders of $16.7 million, or $0.68 per diluted share, compared to a net income available to common shareholders of $25.1 million, or $1.01 per diluted share, for the six months ended June 30, 2025.
Q2 And Year-to-Date 2026 Accomplishments
The Company demonstrated strong profitability in the second quarter and first half of 2026. Significant areas of improvement year-over-year are detailed in the chart below:
As of or for the Three As of or for the Six
Months Ended June 30 Months Ended June 30
------------------------
($ in millions
except per
share) 2026 2025 2026 2025
-------- ---- -------- -------- ---- ---------
Net Income $9.4 $2.4 $16.7 $25.1
Pre-Tax
Pre-Provision
Op. Net
Income(1) 11.7 4.1 23.4 10.4
ROAA 0.90% 0.26% 0.83% 1.36%
Pre-Tax
Pre-Provision
Op. ROAA(1) 1.12 0.44 1.15 0.57
Net Interest
Income $33.8 $25.2 $65.8 $51.5
Net Interest
Margin 3.45% 2.86% 3.44% 3.00%
Total Assets $4,353 $3,872 $4,353 $3,872
Gross Loans HFI 3,466 3,131 3,466 3,131
Total Deposits 3,446 3,343 3,446 3,343
Average Earning
Assets $ 3,929 $3,532 $ 3,862 $3,466
Avg. NIB
Deposits 566 467 550 457
Avg. NIB /Avg.
Total
Deposits 16.3% 14.3% 16.1% 14.3%
TCE /TA(1) 7.99% 7.49% 7.99% 7.49%
Tangible Book
Value per
Share(1) $13.72 $11.48 $13.72 $11.48
Commenting on the results, Dennis J. Zember, Jr., President and Chief Executive Officer of the Company, stated, "We delivered another quarter of improving results and continued momentum. Our ROA climbed to 0.90% in the second quarter, more than three times where it was a year ago. Just as noteworthy, NPAs declined by 37% during the quarter and our allowance to NPAs increased to 73%. During the quarter, we recognized a pre-tax gain related to the sale of Bearing Insurance totaling $5.9 million. We offset that gain with a provision for loan losses on a larger office CRE loan and a $0.9 settlement on a nuisance lawsuit regarding mortgage recruiting.
Lastly, as discussed later in this press release, we have identified substantial earnings enhancements related to our announcement to convert the entire bank to our digital, real-time core. The total earnings impact of $6.1 million is equally centered on revenue and expense improvements and should be incrementally in place beginning in the fourth quarter of 2026. This project will afford us another year of the superior operating leverage that we have been demonstrating while putting the entire bank on the most sales focused real time core available in our industry."
Division Updates
The second quarter of 2026 demonstrated continued progress across the Company's strategies to meet its growth and profitability goals in 2026. The following discussion highlights recent progress for each of these strategies:
Core Community Bank
The Core Bank's 24 banking offices in Virginia and Maryland represent almost two-thirds of the Company's total balance sheet. Management believes the Core Bank drives significant value for the Company with a stable deposit base and strong core profitability:
-- The Core Bank has low concentrations of investor CRE (23% of total loans
and only 188% of regulatory capital).
-- Loan pipeline of $158 million as of June 30, 2026, up 28% from $123
million at March 31, 2026.
-- Cost of deposits of 1.60% in the second quarter of 2026 compared to 1.79%
in the same quarter in 2025.
-- Zero brokered deposits.
-- A proprietary banking app for commercial depositors that drives new sales
independent of lending efforts in and around the Company's footprint.
Approximately 21% 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. Over $450 million of deposits have used the service, including over 80% of commercial clients. Over $70 million of new deposit relationships have resulted directly from the V1BE offering.
Primis Mortgage
Primis Mortgage had closed mortgage volume of $421 million in the second quarter of 2026, up 30% compared to the same quarter in 2025, in spite of significant macroeconomic headwinds in the second quarter. Construction-to-permanent loan volume was $34 million in the second quarter of 2026 versus $26 million in the same period in 2025. Pre-tax earnings related to Primis Mortgage were approximately $2.2 million for the second quarter of 2026, up substantially from earnings of $0.1 million in the second quarter of 2025.
Mortgage Warehouse
Mortgage warehouse lending continued to show strong growth in the second quarter of 2026. Outstanding loan balances at June 30, 2026 were $544 million, up 18% from $460 million at March 31, 2026 and up 195% from $185 million at June 30, 2025. Average loan balances were $426 million in the second quarter of 2026, up 24% from $343 million in the first quarter of 2026 and up 226% from $131 million in the second quarter of 2025. Mortgage warehouse also funded on average approximately 11% of its balance sheet with associated customer noninterest bearing deposit balances during the second quarter of 2026.
Panacea Financial
Panacea's growth remained strong through the second quarter of 2026 with loans outstanding of $617 million, including loans held for sale, up 11% annualized compared to March 31, 2026. Panacea sold approximately $51 million of loans in the second quarter of 2026, including $41 million of loans classified as held for sale at March 31, 2026, and had $33 million of loans classified as held for sale at June 30, 2026. Panacea loans held for investment were $583 million at June 30, 2026, up 18% annualized from $559 million at March 31, 2026. At the end of the second quarter of 2026, Panacea customer deposits totaled $169 million, up 52% from June 30, 2025. Panacea remains the number one ranked "Bank for doctors" on Google and banks over 7,500 professionals and practices nationwide.
Digital Platform
Funding for the national strategies is provided exclusively by the Bank's digital platform powered by what the Bank believes is one of the safest and most functional deposit accounts in the nation. Because of the scalability of the platform, there is significantly less pressure on the core Bank to provide this funding and risk the profitable, decades old relationships with core customers.
The platform ended the second quarter of 2026 with approximately $1.0 billion of deposits with a cost of deposits of 3.79% compared to $1.1 billion at June 30, 2025 with a cost of 4.27%. The platform also successfully grew business accounts in 2026 with small business balances reaching $38 million at June 30, 2026, up substantially from $16 million at December 31, 2025. These customers remain sticky with approximately 74% of our digital deposits banking with Primis for at least three years.
Core Consolidation Initiative
In 2025, the Company announced its decision to fully convert its core bank and all divisions onto its real-time, fully digital core that had served as the backbone of its successful national deposit origination platform. Concurrent with that decision, management has been fully evaluating its products and services as well as vendors and various contracts supporting both cores. Additional earnings improvements from this evaluation are expected to begin late in 2026 and be fully implemented in early 2027. The improvements to earnings are on both the income and expense side totaling $6.1 million and are comprised of the following:
-- $3 million in revenue improvements resulting from consolidating account
types and applying best practice fee solutions across all products and
services, expected to be in place by late 2026.
-- $2.4 million in cost savings from consolidation of printing and statement
services. Expected to be in place by January 2027.
-- $0.7 million from the consolidation of contracts and other consulting
services. Consolidation of these services is beginning in 4Q 2026 with
the majority of the savings realized in the first quarter of 2027 and
full realization expected by the end of the second quarter of 2027.
In addition, we currently amortize approximately $0.8 million per quarter of capitalized costs from the initial development of the digital platform. This amortization expense is expected to end during the third quarter of 2027.
Net Interest Income
Net interest income in the second quarter of 2026 was $33.8 million, up 34.1%, versus $25.2 million in the second quarter of 2025. As noted above, the Company's net interest margin improved to 3.45% in the second quarter of 2026 compared to 2.86% in the same quarter of 2025 with the expansion driven by robust earning asset growth funded at attractive incremental margins.
Yield on earnings assets in the second quarter of 2026 increased three basis points and 34 basis points versus the first quarter of 2026 and second quarter of 2025, respectively. Yield on investments increased 131 basis points year-over-year largely due to the portfolio restructuring in the fourth quarter of 2025.
Cost of deposits in the Bank have benefitted from the focus on growing noninterest bearing deposit balances as well as the Core Bank's management of interest expense. In the second quarter of 2026, the Company reported cost of interest-bearing deposits of 2.69% compared to 2.94% in the same quarter in 2025. Cost of funds was 2.46% in the second quarter of 2026, down 21 basis points from 2.67% in the second quarter of 2025.
Noninterest Income
Noninterest income was $22.0 million in the second quarter of 2026 versus $13.6 million in the first quarter of 2026 and $18.0 million in the second quarter of 2025. The second quarter of 2026 included a gain of $5.9 million from the liquidation of an insurance agency investment while the second quarter of 2025 included a $7.5 million gain on the Company's investment in Panacea Financial Holdings. Mortgage related income grew 44.3% to $11.4 million in the second quarter of 2026 compared to $7.9 million in the same quarter in 2025. In 2026, the Company restructured its bank-owned life insurance portfolio which improved noninterest income by approximately $1.2 million annually beginning late in the second quarter of 2026.
The Company reported gain on sale income of $1.6 million related to the sale of Panacea loans and the guaranteed portion of SBA loans in the second quarter of 2026 compared to no similar gain on sale income in the second quarter of 2025. Approximately $237 thousand of the gain on sale income was attributable to the Core Bank in the second quarter of 2026 with the remainder driven by the Panacea Division. The Company anticipates increasing SBA gain on sale income to between $500 thousand to $600 thousand from the Core Bank beginning in the third quarter of 2026.
Noninterest Expense
Noninterest expense was $38.2 million for the second quarter of 2026, compared to $31.9 million for the same quarter of 2025. The following table reflects the core operating expense burden at the Company, net of mortgage related and Panacea division impacts.
($ in thousands) 2Q26 1Q26 4Q25 3Q25 2Q25
-------- -------- -------- -------- -------
Reported Noninterest Expense $38,207 $33,754 $42,164 $32,313 $31,942
Nonrecurring - - (1,126) - (232)
Primis Mortgage Expenses (11,526) (10,545) (10,048) (8,214) (8,514)
Panacea Net Expense (1,507) (1,040) (2,614) (2,100) (370)
Consumer Program Servicing
Fee (300) (347) (391) (439) (518)
Reserve for Unfunded
Commitment 39 136 127 19 (18)
-------- -------- -------- -------- -------
Total Adjustments (13,294) (11,796) (14,052) (10,734) (9,652)
Core Operating Expense
Burden $24,913 $21,958 $28,112 $21,579 $22,290
Core operating expense burden, as defined above, was $25 million in the second quarter of 2026 versus $22 million in both the first quarter of 2026 and second quarter of 2025. As previously disclosed, the first and second quarters of 2026 include a full quarter of lease expense, net of reduced depreciation expense, of approximately $1.4 million from the Company's sale leaseback transaction executed in the fourth quarter of 2025. The second quarter of 2026 included a number of discrete expenses including $1.1 million related to the settlement of a previously disclosed mortgage lawsuit, $0.4 million increase of loan related expenses and $0.2 million higher marketing costs. There was also approximately $0.9 million cumulatively of smaller expenses related to the Company's recent shelf filing, BOLI exchange and core conversion project.
Lastly, the Company is also in the beginning stages of deploying artificial intelligence tools and agents to drive ongoing productivity improvements in order to preserve operating leverage.
Loan Portfolio and Asset Quality
Loans held for investment increased to $3.5 billion at June 30, 2026 compared to $3.4 billion at March 31, 2026 and $3.1 billion at June 30, 2025. Primary drivers in these levels include:
-- Core Bank loans averaged approximately $2.0 billion in the second quarter
of 2026, flat from the first quarter of 2026
-- Panacea Financial loans grew $24 million, or 4%, through the end of
second quarter of 2026 to $583 million excluding loans held for sale at
June 30, 2026.
-- Mortgage warehouse outstandings increased significantly to $544 million,
or 18%, at the end of the second quarter of 2026 compared to $460 million
at March 31, 2026.
-- Mortgage portfolio loans generated by Primis Mortgage grew to $140
million at June 30, 2026, up 15% from $122 million at March 31, 2026 and
up 132% from $67 million at June 30, 2025.
-- Loan balances associated with the consumer loan program declined to $75
million at June 30, 2026, net of fair value discounts, compared to $113
million at June 30, 2025. Importantly, loans in promotional periods with
full deferral now represent an immaterial amount of the portfolio which
is amortizing down over time.
Nonperforming assets, excluding portions guaranteed by the SBA, improved to 1.45% of total assets at June 30, 2026 compared to 2.35% of total assets at March 31, 2026 and 1.90% at June 30, 2025. The Company has made significant progress reducing nonperforming assets with total nonperforming assets decreasing to $63 million at June 30, 2026 from $100 million at March 31, 2026, representing a 37% reduction in the second quarter of 2026.
The Company recorded a provision for credit losses of $5.5 million for the second quarter of 2026 compared to a provision for credit losses of $1.5 million for the first quarter of 2026 and $8.3 million for the second quarter of 2025. Approximately $5.3 million of the second quarter 2026 provision was related to specific reserve additions for one nonaccrual credit. Absent this amount, improvements in specific reserve amounts largely offset provision amounts related to portfolio growth and the consumer loan program. Core net charge-offs as a percentage of average loans were 53 basis points, up 38 basis points from the same period a year ago and up 47 basis points from the first quarter of 2026. The increase in net charge-offs was largely driven by one nonaccrual loan that was resolved in the second quarter of 2026. As a percentage of loans held for investment, the allowance for credit losses was 1.33% at the end of the second quarter of 2026 compared to 1.47% at the end of the second quarter of 2025.
Deposits and Funding
Total deposits at June 30, 2026 were $3.4 billion, up $0.1 billion, or 3.1% when compared to the same period in 2025. Noninterest bearing demand deposits were $506 million at June 30, 2026, an increase of 5.9% compared to balances at June 30, 2025. The Company had FHLB advances totaling $300 million outstanding at June 30, 2026, up from $25 million at December 31, 2025 and compared to no advances at June 30, 2025.
Taxes
Tax expense for the second quarter of 2026 was $2.7 million. Included in this expense was $0.8 million of tax expense related to the Panacea Financial Holdings deconsolidation in 2025 offset by $0.8 million of benefit from the purchase of certain tax credits. The Company expects the effective tax rate to be approximately 22% for the rest of 2026.
Shareholders' Equity
Tangible book value per common share(1) at the end of the second quarter of 2026 was $13.72, an increase of $2.24, or 19.5%, from levels reported at June 30, 2025. Tangible common equity(1) ended the second quarter of 2026 at $340.0 million, or 7.99% of tangible assets(1) .
The Board of Directors declared a dividend of $0.10 per share payable on August 21, 2026 to shareholders of record on August 7, 2026. This is Primis' fifty-ninth consecutive quarterly dividend.
About Primis Financial Corp.
As of June 30, 2026, Primis had $4.4 billion in total assets, $3.5 billion in total loans held for investment and $3.4 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 24, 2026 at 10:00 a.m. $(ET)$. A live webcast of the conference call is available at the following website: https://events.q4inc.com/attendee/499443631. Participants may also call 1-833-461-5787, enter meeting ID 499 443 631 and ask for the Primis Financial Corp. call. A replay of the teleconference will be available for 7 days using the webcast link above.
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 operating net income (loss) available to Primis' common shareholders; 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; core operating expense burden, 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 when discussing the financial measure or 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; adverse developments in borrower industries; 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, as well as with respect to use and implementation of artificial intelligence; competitive pressures among financial institutions increasing significantly (including as a result of technological changes and the use of artificial intelligence); changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices; legislative, regulatory or supervisory actions related to so--called "de--banking, " including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational 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, 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 second 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, civil unrest, acts of terrorism, pandemics or other catastrophic events that may affect general economic conditions; action or inaction by the federal government, including as a result of any prolonged government shutdown; 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, 2025, 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 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025 2Q 2026 2Q 2025
Return on average assets 0.90 % 0.76 % 2.94 % 0.70 % 0.26 % 0.83 % 1.36 %
Operating return on
average assets(1) 0.53 % 0.84 % 0.23 % 0.70 % (0.34 %) 0.68 % 0.02 %
Pre-tax pre-provision
return on average
assets 1.68 % 1.20 % 3.84 % 0.89 % 1.20 % 1.44 % 2.23 %
Pre-tax pre-provision
operating return on
average assets(1) 1.12 % 1.20 % 0.39 % 0.89 % 0.44 % 1.15 % 0.57 %
Return on average common
equity 8.71 % 7.24 % 29.46 % 7.13 % 2.57 % 7.84 % 13.96 %
Operating return on
average common
equity(1) 5.17 % 7.96 % 2.36 % 7.13 % (3.40 %) 6.56 % 0.19 %
Operating return on
average tangible common
equity(1) 6.65 % 10.19 % 3.07 % 9.45 % (4.51 %) 8.38 % 0.26 %
Cost of funds 2.46 % 2.46 % 2.52 % 2.62 % 2.67 % 2.46 % 2.67 %
Net interest margin 3.45 % 3.43 % 3.28 % 3.18 % 2.86 % 3.44 % 3.00 %
Gross loans to deposits 100.58 % 99.22 % 96.70 % 95.92 % 93.65 % 100.58 % 93.65 %
Efficiency ratio 68.48 % 73.97 % 52.14 % 78.81 % 73.92 % 70.95 % 63.25 %
Operating efficiency
ratio(1) 76.51 % 73.97 % 91.05 % 78.81 % 88.67 % 70.95 % 90.27 %
Per Common Share Data:
Earnings per common share
- Basic $ 0.38 $ 0.30 $ 1.20 $ 0.28 $ 0.10 $ 0.68 $ 1.01
Operating earnings per
common share - Basic(1) $ 0.23 $ 0.33 $ 0.10 $ 0.28 $ (0.13) $ 0.55 $ 0.01
Earnings per common share
- Diluted $ 0.38 $ 0.30 $ 1.20 $ 0.28 $ 0.10 $ 0.68 $ 1.01
Operating earnings per
common share -
Diluted(1) $ 0.23 $ 0.33 $ 0.10 $ 0.28 $ (0.13) $ 0.55 $ 0.01
Book value per common
share $ 17.49 $ 17.25 $ 17.12 $ 15.51 $ 15.27 $ 17.49 $ 15.27
Tangible book value per
common share(1) $ 13.72 $ 13.47 $ 13.34 $ 11.71 $ 11.48 $ 13.72 $ 11.48
Cash dividend per common
share $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.20 $ 0.20
Weighted average shares
outstanding - Basic 24,731,956 24,665,011 24,634,544 24,632,202 24,701,319 24,698,677 24,703,942
Weighted average shares
outstanding - Diluted 24,788,023 24,719,255 24,654,037 24,643,889 24,714,229 24,751,058 24,718,458
Shares outstanding at end
of period 24,799,072 24,772,072 24,695,385 24,644,385 24,643,185 24,799,072 24,643,185
Asset Quality Ratios:
Non-performing assets as
a percent of total
assets, excluding SBA
guarantees 1.45 % 2.35 % 2.03 % 2.07 % 1.90 % 1.45 % 1.90 %
Net charge-offs
(recoveries) as a
percent of average loans
(annualized) 0.65 % 0.12 % 0.16 % 0.14 % 0.80 % 0.41 % 1.13 %
Core net charge-offs
(recoveries) as a
percent of average loans
(annualized)(1) 0.53 % 0.06 % 0.05 % 0.03 % 0.15 % 0.30 % 0.11 %
Allowance for credit
losses to total loans 1.33 % 1.37 % 1.40 % 1.40 % 1.47 % 1.33 % 1.47 %
Capital Ratios:
Common equity to assets 9.96 % 10.04 % 10.45 % 9.66 % 9.72 %
Tangible common equity to
tangible assets(1) 7.99 % 8.02 % 8.33 % 7.48 % 7.49 %
Leverage ratio(2) 8.63 % 8.76 % 8.80 % 8.32 % 8.34 %
Common equity tier 1
capital ratio(2) 9.48 % 9.18 % 9.36 % 8.62 % 8.92 %
Tier 1 risk-based capital
ratio(2) 9.75 % 9.45 % 9.64 % 8.91 % 9.22 %
Total risk-based capital
ratio(2) 12.32 % 12.01 % 12.40 % 12.02 % 12.43 %
(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 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025
-------------------------
Assets
Cash and cash equivalents $ 176,825 $ 159,881 $ 143,607 $ 63,881 $ 94,074
Investment
securities-available for
sale 168,285 171,877 171,377 234,660 242,073
Investment
securities-held to
maturity 6,588 6,792 6,981 8,550 8,850
Loans held for sale 231,990 223,180 166,066 202,372 126,869
Loans held for investment 3,466,388 3,396,366 3,283,683 3,200,234 3,130,521
Allowance for credit
losses (45,964) (46,381) (45,883) (44,766) (45,985)
-------------- -------------- -------------- --------------- ---------------
Net loans 3,420,424 3,349,985 3,237,800 3,155,468 3,084,536
Stock in Federal Reserve
Bank and Federal Home
Loan Bank 27,487 24,162 14,185 17,035 12,998
Bank premises and
equipment, net 5,955 5,924 6,070 19,380 19,642
Operating lease
right-of-use assets 64,233 64,781 65,596 9,427 9,927
Goodwill and other
intangible assets 93,482 93,488 93,495 93,502 93,508
Assets held for sale, net 776 776 776 775 2,181
Bank-owned life insurance 77,515 76,958 68,969 68,504 68,048
Deferred tax assets, net 15,914 14,593 14,683 17,328 19,466
Investment in Panacea
Financial Holdings, Inc.
common stock 7,299 6,899 6,899 6,880 6,586
Other assets 56,841 57,372 50,884 57,087 82,968
Total assets $ 4,353,614 $ 4,256,668 $ 4,047,388 $ 3,954,849 $ 3,871,726
Liabilities and
stockholders' equity
Demand deposits $ 505,758 $ 541,168 $ 554,442 $ 489,728 $ 477,705
NOW accounts 878,976 844,528 862,735 831,709 858,624
Money market accounts 794,540 778,366 740,886 737,634 744,321
Savings accounts 960,343 942,847 922,337 958,416 935,527
Time deposits 306,724 316,156 315,185 318,865 326,496
-------------- -------------- -------------- --------------- ---------------
Total deposits 3,446,341 3,423,065 3,395,585 3,336,352 3,342,673
Securities sold under
agreements to repurchase
- short term 3,974 3,525 3,552 3,954 4,370
Federal Home Loan Bank
advances 300,000 230,000 25,000 85,000 -
Secured borrowings 14,165 14,450 14,773 15,403 16,449
Subordinated debt and
notes 69,358 69,311 96,162 96,091 96,020
Operating lease
liabilities 60,573 60,832 61,340 10,682 11,195
Other liabilities 25,374 28,287 28,080 25,214 24,604
-------------- -------------- -------------- --------------- ---------------
Total liabilities 3,919,785 3,829,470 3,624,492 3,572,696 3,495,311
Total stockholders'
equity 433,829 427,198 422,896 382,153 376,415
Total liabilities and
stockholders' equity $ 4,353,614 $ 4,256,668 $ 4,047,388 $ 3,954,849 $ 3,871,726
Tangible common equity(1) $ 340,347 $ 333,710 $ 329,401 $ 288,651 $ 282,907
Primis Financial Corp
(Dollars in thousands) For Three Months Ended: For Six Months Ended:
Condensed Consolidated
Statement of Operations
(unaudited) 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025 2Q 2026 2Q 2025
-------------------------
Interest and dividend
income $ 56,322 $ 53,526 $ 53,326 $ 51,766 $ 47,627 $ 109,848 $ 95,350
Interest expense 22,567 21,452 22,474 22,734 22,447 44,019 43,806
Net interest income 33,755 32,074 30,852 29,032 25,180 65,829 51,544
Provision for (recovery
of) credit losses 5,452 1,549 2,439 (49) 8,303 7,001 9,899
Net interest income
after provision for
credit losses 28,303 30,525 28,413 29,081 16,877 58,828 41,645
---------------- ---------------- --------------- ---------------- ---------------- ------------- ------------
Account maintenance and
deposit service fees 1,699 1,246 1,292 1,358 1,675 2,945 3,014
Mortgage banking income 11,388 10,760 9,992 8,887 7,893 22,148 13,508
Gain on sale of loans 1,582 567 1,470 249 210 2,149 210
Gains on Panacea
Financial Holdings
investment 400 - 20 294 7,450 400 32,028
Gain on sale-leaseback - - 50,573 - - - -
Loss on sales of
investment securities - - (14,777) - - - -
Gain (loss) on other
investments 5,961 49 33 381 (308) 6,010 (255)
Other 1,004 933 1,413 800 1,110 1,937 1,860
---------------- ---------------- --------------- ---------------- ---------------- ------------
Noninterest income 22,034 13,555 50,016 11,969 18,030 35,589 50,365
---------------- ---------------- --------------- ---------------- ---------------- ------------- ------------
Employee compensation and
benefits 20,267 19,556 25,535 18,523 17,060 39,823 35,001
Occupancy and equipment
expenses 4,799 4,617 4,459 3,481 3,127 9,416 6,412
Virginia franchise tax
expense 695 611 577 576 577 1,306 1,154
FDIC Insurance assessment 854 738 918 999 1,021 1,592 1,814
Data processing expense 2,342 2,188 2,421 2,369 3,037 4,530 5,886
Marketing expense 934 760 472 450 720 1,694 1,234
Telecommunication and
communication expense 350 311 352 309 324 661 611
Professional fees 2,886 1,860 3,730 2,509 2,413 4,746 4,638
Miscellaneous lending
expenses 1,128 728 634 231 900 1,856 1,734
Other expenses 3,952 2,385 3,066 2,866 2,763 6,337 5,974
Noninterest expense 38,207 33,754 42,164 32,313 31,942 71,961 64,458
Income before income
taxes 12,130 10,326 36,265 8,737 2,965 22,456 27,552
Income tax expense 2,704 3,014 6,725 1,907 528 5,718 6,081
Net Income 9,426 7,312 29,540 6,830 2,437 16,738 21,471
Noncontrolling interest - - - - - - 3,602
Net income available to
Primis' common
shareholders $ 9,426 $ 7,312 $ 29,540 $ 6,830 $ 2,437 $ 16,738 $ 25,073
---------------- ---------------- --------------- ---------------- ---------------- ------------- ------------
(1) See Reconciliation of Non-GAAP financial measures
Primis Financial Corp
(Dollars in thousands) For Three Months Ended:
Loan Portfolio
Composition 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025
-------------------------
Loans held for sale $ 231,990 $ 223,180 $ 166,066 $ 202,372 $ 126,869
Loans secured by real
estate:
Commercial real estate -
owner occupied 560,515 534,897 510,088 495,739 480,981
Commercial real estate -
non-owner occupied 522,383 540,154 567,092 592,480 590,848
Secured by farmland 2,479 2,386 3,407 3,642 3,696
Construction and land
development 153,906 151,426 131,757 102,227 106,443
Residential 1-4 family 558,782 560,711 576,866 564,087 571,206
Multi-family residential 137,953 150,475 140,261 137,804 157,097
Home equity lines of
credit 61,985 61,786 61,738 62,458 62,103
----------------- ----------------- ----------------- ----------------- -----------------
Total real estate
loans 1,998,003 2,001,835 1,991,209 1,958,437 1,972,374
Commercial loans 1,184,862 1,104,438 970,492 915,158 811,458
Paycheck Protection
Program loans 1,713 1,716 1,719 1,723 1,729
Consumer loans 277,248 283,605 315,407 319,977 339,936
Total Non-PCD loans 3,461,826 3,391,594 3,278,827 3,195,295 3,125,497
PCD loans 4,562 4,772 4,856 4,939 5,024
Total loans receivable,
net of deferred fees $ 3,466,388 $ 3,396,366 $ 3,283,683 $ 3,200,234 $ 3,130,521
================= ================= ================= ================= =================
(Dollars in thousands) For Three Months Ended:
Loans by Risk Grade: 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025
Pass Grade 1 - Highest
Quality $ 128 $ 119 $ 87 $ 666 $ 667
Pass Grade 2 - Good
Quality 152,946 160,228 178,999 168,177 170,560
Pass Grade 3 -
Satisfactory Quality 1,537,862 1,556,700 1,882,934 1,842,958 1,737,153
Pass Grade 4 - Pass 1,591,207 1,469,542 1,026,499 1,034,035 1,050,397
Pass Grade 5 - Pass/
Watch(1) 14,599 13,765 - - -
Pass Grade 6 - Special
Mention(2) 75,213 49,308 48,683 7,004 31,902
Grade 7 -
Substandard(2) 86,884 139,155 138,932 139,847 139,842
Grade 8 - Doubtful(2) 7,549 7,549 7,549 7,547 -
Grade 9 - Loss(2) - - - - -
Total loans $ 3,466,388 $ 3,396,366 $ 3,283,683 $ 3,200,234 $ 3,130,521
================= ================= ================= ================= =================
(Dollars in thousands) For Three Months Ended:
Asset Quality Information 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025
-------------------------
Allowance for Credit
Losses:
------------------------------------ -------------------------------------------------------
Balance at beginning of
period $ (46,381) $ (45,883) $ (44,766) $ (45,985) $ (44,021)
Recovery of (provision
for) credit losses (5,452) (1,549) (2,439) 49 (8,303)
Net charge-offs 5,869 1,051 1,322 1,170 6,339
Ending balance $ (45,964) $ (46,381) $ (45,883) $ (44,766) $ (45,985)
================= ================= ================= ================= =================
Reserve for Unfunded
Commitments:
------------------------------------ -------------------------------------------------------
Balance at beginning of
period $ (870) $ (1,006) $ (1,133) $ (1,152) $ (1,134)
Recovery of (provision
for) unfunded loan
commitment reserve 39 136 127 19 (18)
Total Reserve for
Unfunded Commitments $ (831) $ (870) $ (1,006) $ (1,133) $ (1,152)
================= ================= ================= ================= =================
Non-Performing Assets: 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025
Nonaccrual loans $ 61,847 $ 84,949 $ 84,823 $ 84,973 $ 53,059
Accruing loans delinquent
90 days or more 5,827 20,222 1,713 1,713 25,188
----------------- ----------------- ----------------- ----------------- -----------------
Total non-performing
assets $ 67,674 $ 105,171 $ 86,536 $ 86,686 $ 78,247
================= ================= ================= ================= =================
SBA guaranteed portion of
non-performing loans $ 4,491 $ 5,033 $ 4,482 $ 4,682 $ 4,750
(1) In first quarter of 2026. the Company expanded its risk grade matrix to include Pass Grade 5 - Pass/ Watch
(2) In first quarter of 2026, due to the expansion of the risk grade matrix, Special Mention, Substandard, Doubtful and
Loss loans that were in risk grades 5, 6, 7 and 8, respectively in 2025, were migrated to risk grades 6, 7, 8 and 9,
respectively in 2026
Primis Financial Corp
(Dollars in thousands) For Three Months Ended: For Six Months Ended:
Average Balance Sheet 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025 2Q 2026 2Q 2025
-------------------------
Assets
Loans held for sale $ 207,590 $ 159,007 $ 162,854 $ 130,061 $ 108,693 $ 183,433 $ 139,431
Loans, net of deferred
fees 3,379,938 3,297,456 3,238,184 3,143,155 3,074,993 3,338,925 2,986,727
Investment securities 177,451 176,582 220,343 247,008 249,485 177,019 247,362
Other earning assets 164,006 161,199 115,908 101,278 98,369 162,611 92,457
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Total earning assets 3,928,985 3,794,244 3,737,289 3,621,502 3,531,540 3,861,988 3,465,977
Other assets 272,805 261,466 244,183 232,636 272,910 267,167 252,469
Total assets $ 4,201,790 $ 4,055,710 $ 3,981,472 $ 3,854,138 $ 3,804,450 $ 4,129,155 $ 3,718,446
================ ================ ================ ================ ================ ============= =============
Liabilities and equity
Demand deposits $ 565,815 $ 533,570 $ 498,681 $ 481,697 $ 467,493 $ 549,781 $ 457,007
Interest-bearing
liabilities:
NOW and other demand
accounts 856,254 838,845 837,231 834,839 821,893 847,598 813,752
Money market accounts 777,265 750,380 740,915 756,361 759,107 763,896 773,507
Savings accounts 950,932 922,152 934,092 922,048 882,227 936,622 818,619
Time deposits 311,192 316,281 315,943 324,614 329,300 313,722 332,484
Total Deposits 3,461,458 3,361,228 3,326,862 3,319,559 3,260,020 3,411,619 3,195,369
Borrowings 219,946 181,185 205,767 117,697 117,701 200,672 117,330
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Total Funding 3,681,404 3,542,413 3,532,629 3,437,256 3,377,721 3,612,291 3,312,699
Other Liabilities 86,339 86,090 50,978 36,720 36,649 86,216 37,461
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Total liabilites 3,767,743 3,628,503 3,583,607 3,473,976 3,414,370 3,698,507 3,350,160
Primis common
stockholders' equity 434,047 427,207 397,865 380,162 380,080 430,648 362,295
Noncontrolling interest -- -- -- -- - - 5,991
Total stockholders'
equity 434,047 427,207 397,865 380,162 380,080 430,648 368,286
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Total liabilities and
stockholders' equity $ 4,201,790 $ 4,055,710 $ 3,981,472 $ 3,854,138 $ 3,794,450 $ 4,129,155 $ 3,718,446
================ ================ ================ ================ ================ ============= =============
Net Interest Income
-------------------------
Loans held for sale $ 3,142 $ 2,376 $ 2,511 $ 2,085 $ 1,754 $ 5,518 $ 2,810
Loans 49,785 47,758 47,856 46,772 42,963 97,543 86,871
Investment securities 1,950 1,911 1,841 1,894 1,928 3,862 3,834
Other earning assets 1,445 1,481 1,118 1,015 982 2,925 1,835
Total Earning Assets
Income 56,322 53,526 53,326 51,766 47,627 109,848 95,350
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Non-interest bearing DDA - - - - - - -
NOW and other
interest-bearing demand
accounts 4,446 4,244 4,124 4,549 4,603 8,690 9,118
Money market accounts 4,916 4,539 4,615 5,229 5,271 9,454 10,691
Savings accounts 7,575 7,202 7,599 8,070 7,793 14,777 14,211
Time deposits 2,451 2,517 2,639 2,723 2,830 4,969 5,869
Total Deposit Costs 19,388 18,502 18,977 20,571 20,497 37,890 39,889
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Borrowings 3,179 2,950 3,497 2,163 1,950 6,129 3,917
Total Funding Costs 22,567 21,452 22,474 22,734 22,447 44,019 43,806
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Net Interest Income $ 33,755 $ 32,074 $ 30,852 $ 29,032 $ 25,180 $ 65,829 $ 51,544
================ ================ ================ ================ ================ ============= =============
Net Interest Margin
-------------------------
Loans held for sale 6.07 % 6.06 % 6.12 % 6.36 % 6.47 % 6.07 % 4.06 %
Loans 5.91 % 5.87 % 5.86 % 5.90 % 5.60 % 5.89 % 5.87 %
Investments 4.41 % 4.39 % 3.31 % 3.04 % 3.10 % 4.40 % 3.13 %
Other Earning Assets 3.53 % 3.73 % 3.83 % 3.98 % 4.00 % 3.63 % 4.00 %
Total Earning Assets 5.75 % 5.72 % 5.66 % 5.67 % 5.41 % 5.74 % 5.55 %
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
NOW 2.08 % 2.05 % 1.95 % 2.16 % 2.25 % 2.07 % 2.26 %
MMDA 2.54 % 2.45 % 2.47 % 2.74 % 2.79 % 2.50 % 2.79 %
Savings 3.20 % 3.17 % 3.23 % 3.47 % 3.54 % 3.18 % 3.50 %
CDs 3.16 % 3.23 % 3.31 % 3.33 % 3.45 % 3.19 % 3.56 %
Cost of Interest Bearing
Deposits 2.69 % 2.65 % 2.66 % 2.88 % 2.94 % 2.67 % 2.94 %
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Cost of Deposits 2.25 % 2.23 % 2.26 % 2.46 % 2.52 % 2.24 % 2.52 %
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Other Funding 5.80 % 6.60 % 6.74 % 7.29 % 6.65 % 6.16 % 6.73 %
Total Cost of Funds 2.46 % 2.46 % 2.52 % 2.62 % 2.67 % 2.46 % 2.67 %
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Net Interest Margin 3.45 % 3.43 % 3.28 % 3.18 % 2.86 % 3.44 % 3.00 %
Net Interest Spread 2.84 % 2.83 % 2.72 % 2.62 % 2.32 % 2.84 % 2.46 %
Primis Financial Corp
(Dollars in thousands,
except per share data) For Three Months Ended: For Six Months Ended:
Reconciliation of
Non-GAAP items: 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025 2Q 2026 2Q 2025
Net income available to
Primis' common
shareholders $ 9,426 $ 7,312 $ 29,540 $ 6,830 $ 2,437 $ 16,738 $ 25,073
Non-GAAP adjustments to
Net Income:
Loss on sale of
investment securities - - 14,777 - - - -
Branch Consolidation /
Other restructuring - - - - - - 144
Professional fee expense
related to accounting
matters and LPF sale - - - - 232 - 1,125
Gain on sale-leaseback - - (50,573) - - - -
Transaction costs
related to
sale-leaseback - - 1,126 - - - -
Gains on Panacea
Financial Holdings
investment - - - - (7,450) - (32,028)
Loss on sale of closed
bank branch buildings - - - - - - 107
Gain on investment in
Bearing Insurance (5,853) - - - - (5,853) -
Tax expense related to
de-consolidation gain
in 2025 on PFH
investment 759 759 - - - 1,518 -
Income tax effect 1,264 - 7,489 - 1,559 1,264 5,929
Operating net income
(loss) available to
Primis' common
shareholders $ 5,596 $ 8,071 $ 2,359 $ 6,830 $ (3,222) $ 13,667 $ 350
================ ================ ================ ================ ================= ============== ==============
Net income available to
Primis' common
shareholders $ 9,426 $ 7,312 $ 29,540 $ 6,830 $ 2,437 $ 16,738 $ 25,073
Income tax expense 2,704 3,014 6,725 1,907 528 5,718 6,081
Provision (benefit) for
credit losses (incl.
unfunded commitment
expense/benefit) 5,413 1,413 2,312 (68) 8,321 6,826 9,930
Pre-tax pre-provision
earnings $ 17,543 $ 11,739 $ 38,577 $ 8,669 $ 11,286 $ 29,282 $ 41,084
Effect of adjustment for
nonrecurring income and
expenses (5,853) - (34,670) - (7,218) (5,853) (30,652)
Pre-tax pre-provision
operating earnings $ 11,690 $ 11,739 $ 3,907 $ 8,669 $ 4,068 $ 23,429 $ 10,432
================ ================ ================ ================ ================= ============== ==============
Return on average assets 0.90 % 0.76 % 2.94 % 0.70 % 0.26 % 0.83 % 1.36 %
Effect of adjustment for
nonrecurring income and
expenses (0.37 %) 0.08 % (2.71 %) 0.00 % (0.60 %) (0.15 %) (1.34 %)
Operating return on
average assets 0.53 % 0.84 % 0.23 % 0.70 % (0.34 %) 0.68 % 0.02 %
================ ================ ================ ================ ================= ============== ==============
Return on average assets 0.90 % 0.76 % 2.94 % 0.70 % 0.26 % 0.83 % 1.36 %
Effect of tax expense 0.26 % 0.30 % 0.67 % 0.20 % 0.06 % 0.28 % 0.33 %
Effect of provision for
credit losses (incl.
unfunded commitment
expense) 0.52 % 0.14 % 0.23 % (0.01 %) 0.88 % 0.33 % 0.54 %
Pre-tax pre-provision
return on average
assets 1.68 % 1.20 % 3.84 % 0.89 % 1.20 % 1.44 % 2.23 %
Effect of adjustment for
nonrecurring income and
expenses (0.56 %) 0.00 % (3.45 %) 0.00 % (0.76 %) (0.29 %) (1.66 %)
Pre-tax pre-provision
operating return on
average assets 1.12 % 1.20 % 0.39 % 0.89 % 0.44 % 1.15 % 0.57 %
================ ================ ================ ================ ================= ============== ==============
Return on average common
equity 8.71 % 7.24 % 29.46 % 7.13 % 2.57 % 7.84 % 13.96 %
Effect of adjustment for
nonrecurring income and
expenses (3.54 %) 0.72 % (27.10 %) 0.00 % (5.97 %) (1.28 %) (13.77 %)
Operating return on
average common equity 5.17 % 7.96 % 2.36 % 7.13 % (3.40 %) 6.56 % 0.19 %
Effect of goodwill and
other intangible
assets 1.48 % 2.23 % 0.71 % 2.32 % (1.11 %) 1.82 % 0.07 %
Operating return on
average tangible common
equity 6.65 % 10.19 % 3.07 % 9.45 % (4.51 %) 8.38 % 0.26 %
================ ================ ================ ================ ================= ============== ==============
Efficiency ratio 68.48 % 73.97 % 52.14 % 78.81 % 73.92 % 70.95 % 63.25 %
Effect of adjustment for
nonrecurring income and
expenses 8.03 % 0.00 % 38.91 % 0.00 % 14.75 % 0.00 % 27.02 %
Operating efficiency
ratio 76.51 % 73.97 % 91.05 % 78.81 % 88.67 % 70.95 % 90.27 %
================ ================ ================ ================ ================= ============== ==============
Earnings per common share
- Basic $ 0.38 $ 0.30 $ 1.20 $ 0.28 $ 0.10 $ 0.68 $ 1.01
Effect of adjustment for
nonrecurring income and
expenses (0.15) 0.03 (1.10) - (0.23) (0.13) (1.00)
Operating earnings per
common share - Basic $ 0.23 $ 0.33 $ 0.10 $ 0.28 $ (0.13) $ 0.55 $ 0.01
================ ================ ================ ================ ================= ============== ==============
Earnings per common share
- Diluted $ 0.38 $ 0.30 $ 1.20 $ 0.28 $ 0.10 $ 0.68 $ 1.01
Effect of adjustment for
nonrecurring income and
expenses (0.15) 0.03 (1.10) - (0.23) (0.13) (1.00)
Operating earnings per
common share - Diluted $ 0.23 $ 0.33 $ 0.10 $ 0.28 $ (0.13) $ 0.55 $ 0.01
================ ================ ================ ================ ================= ============== ==============
Book value per common
share $ 17.49 $ 17.25 $ 17.12 $ 15.51 $ 15.27 $ 17.49 $ 15.27
Effect of goodwill and
other intangible
assets (3.77) (3.78) (3.78) (3.80) (3.79) (3.77) (3.79)
Tangible book value per
common share $ 13.72 $ 13.47 $ 13.34 $ 11.71 $ 11.48 $ 13.72 $ 11.48
================ ================ ================ ================ ================= ============== ==============
Net charge-offs as a
percent of average loans
(annualized) 0.65 % 0.12 % 0.16 % 0.14 % 0.80 % 0.41 % 1.13 %
Impact of third-party
consumer portfolio (0.12 %) (0.06 %) (0.11 %) (0.11 %) (0.65 %) (0.11 %) (1.02 %)
Core net charge-offs as a
percent of average loans
(annualized) 0.53 % 0.06 % 0.05 % 0.03 % 0.15 % 0.30 % 0.11 %
================ ================ ================ ================ ================= ============== ==============
Total Primis common
stockholders' equity $ 433,829 $ 427,198 $ 422,896 $ 382,153 $ 376,415 $ 433,829 $ 376,415
Less goodwill and other
intangible assets (93,482) (93,488) (93,495) (93,502) (93,508) (93,482) (93,508)
Tangible common equity $ 340,347 $ 333,710 $ 329,401 $ 288,651 $ 282,907 $ 340,347 $ 282,907
================ ================ ================ ================ ================= ============== ==============
Common equity to assets 9.96 % 10.04 % 10.45 % 9.66 % 9.72 % 9.96 % 9.72 %
Effect of goodwill and
other intangible
assets (1.97 %) (2.02 %) (2.12 %) (2.18 %) (2.23 %) (1.97 %) (2.23 %)
Tangible common equity to
tangible assets 7.99 % 8.02 % 8.33 % 7.48 % 7.49 % 7.99 % 7.49 %
================ ================ ================ ================ ================= ============== ==============
View original content to download multimedia:https://www.prnewswire.com/news-releases/primis-financial-corp-reports-strong-results-for-the-second-quarter-of-2026-302833482.html
SOURCE Primis Financial Corp.
(END) Dow Jones Newswires
July 23, 2026 16:30 ET