Declares Quarterly Cash Dividend of $0.10 Per Share
MCLEAN, Va., Oct. 23, 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 $7 million, or $0.28 per diluted share, for the quarter ended September 30, 2025, compared to $1 million, or $0.05 per diluted share, for the quarter ended September 30, 2024.
For the nine months ended September 30, 2025, the Company reported net income available to common shareholders of $32 million, or $1.29 per diluted share, compared to a net income available to common shareholders of $7 million or $0.29 per diluted share, for the same period in 2024.
Commenting on the quarter, Dennis J. Zember, Jr., President and Chief Executive Officer, stated, "We are excited to see the profitability improvement we have been driving towards finally bear fruit this quarter. Adjusting for reversed interest and short-term expenses expected to decline in the next quarter described below, management estimates run-rate pre-tax earnings were $11 million in the third quarter which equates to an approximately 90 basis point return on assets. The tremendous momentum in all of our business lines combined with strong operating leverage will drive this profitability higher into 2026."
Operating Results
Operating results in the quarter continue to point to the necessary momentum on key areas to achieve the operating results that management expects. Significant items occurring during the third quarter of 2025 were:
-- Improved net interest margin -- the Company's net interest margin for the
third quarter of 2025 was 3.18% and core net interest margin was 3.15%(1)
for the third quarter of 2025, up from 2.97% and 2.80%(1), respectively,
in the same quarter a year ago. Adjusting for interest reversals on loans
that moved to nonaccrual in the quarter, the core net interest margin
would have been 3.23% for the third quarter of 2025. Continued rebuilding
of earning asset levels coupled with favorable deposit pricing was
responsible for the improvement during the third quarter of 2025.
Management expects further improvement in the fourth quarter of 2025 due
to rate cuts experienced late in the third quarter of 2025.
-- Significant operating leverage continues as the Company's continued
growth in revenue with little to no increase in operating expenses has
improved operating performance and points to the advantages of the
Company's scalable strategies. Total revenue, excluding gains realized on
the sale of the Panacea Financial Holdings, Inc. ("PFH") stock, increased
during the linked quarter by $5 million, while expenses increased by only
$400 thousand.
-- Spread revenue exceeds levels experienced before the sale of Life Premium
Finance ("LPF") in the fall of 2024 with only two-thirds of the balances
replaced so far.
-- Ending balances of non-interest bearing checking accounts were higher by
16% compared to the same quarter in 2024. Growth in checking balances
associated with national lines of business as well as in the core bank
supported by V1BE contributed to growth for five straight quarters.
-- Total loan balances in the Company's third party originated consumer loan
book continued to shrink, ending at $101 million as of September 30,
2025, a decline of $79 million or 44% from the same period in 2024.
Provisions associated with the loan portfolio were $0.3 million in the
third quarter of 2025 compared to $4.0 million in the same quarter of
2024.
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 third 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's 24 banking offices in Virginia and Maryland represented almost two thirds 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 (26% of total 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 1.73% in the third quarter of 2025 compared to 2.29%
in the same quarter in 2024.
-- Zero brokered deposits and low utilization of FHLB borrowings.
-- A proprietary banking app for commercial depositors that drives new sales
independent of lending efforts in and around our region.
Approximately 20% 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 in the near future.
Primis Mortgage
Primis Mortgage has closed mortgage volume of $308 million in the third quarter of 2025, up 34% compared to the same quarter in 2024. Pre-tax earnings for Primis mortgage were approximately $1.9 million for the third quarter of 2025, up substantially from $0.1 million in the second quarter of 2025, which was impacted by the addition of new teams, and $1.1 million for the third quarter of 2024.
Mortgage Warehouse
Mortgage warehouse lending activity was significant in the first three quarters of 2025 following the expansion of the team in the fall of 2024. Outstanding loan balances at September 30, 2025 were $327 million, up 77% from $185 million at June 30, 2025 and up 411% from $64 million at December 31, 2024. Committed facilities ended the third quarter of 2025 at $1 billion versus $804 million at June 30, 2025 and $349 million at the end of 2024. Mortgage warehouse also funded approximately 10% of its balance sheet with associated customer noninterest bearing deposit balances totaling $34 million at September 30, 2025, up 66% from June 30, 2025.
Panacea Financial
Panacea's growth remained strong through the third quarter of 2025 with loans outstanding of $548 million, up 40% compared to the same quarter in 2024, including loans held for sale. At the end of the third quarter of 2025, Panacea customer deposits totaled $133 million, up 47% from September 30, 2024. Panacea continues to have success recruiting healthcare bankers and supporting these bankers with customer acquisition efforts through brand recognition, social media and endorsement from influential industry associations. Efforts to secure flow agreements and build capital market strategies that will allow for faster growth in customer acquisition without straining the Company's balance sheet or concentrations are underway and expected to be in place shortly. Panacea is 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 the safest and most functional deposit accounts 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 third quarter of 2025 with over $1.0 billion of deposits with a cost of deposits of 4.07% in the month of September 2025, compared to $0.9 billion at September 30, 2024 with a cost of 4.91%. Over 1,000 of our digital accounts have come from referrals from another customer and approximately 77% of our consumer accounts have been with the bank for over two years.
Net Interest Income
Net interest income in the third quarter of 2025 was $29 million compared to $28 million in the third quarter of 2024. The Company's net interest margin improved as well, moving higher to 3.18% in the third quarter of 2025 compared to 2.97% in the same quarter of 2024. Adjusting for reversed interest of $0.7 million on loans moving to nonaccrual, net interest income would have been $30 million in the third quarter of 2025.
Commenting on the improvement in spread income and margins, Mr. Zember said, "We have spent the last year divesting the consumer loan book and the life premium finance book and building scale and revenues in mortgage warehouse. We had conviction in the timing on warehouse and in our team and through three quarters of this strategy, it is increasingly clear that this was the right move. Total loans in this division averaged $210 million in the third quarter of 2025 with approximately $2.1 million of net interest income, compared to an immaterial amount of activity in the year-ago period. We are confident that the growth in warehouse will far outpace the expected runoff in the other portfolios and that revenues and margins will continue to benefit from this strategic move."
Cost of deposits in the bank have benefitted from both the core bank's management of interest expense as well as on the digital platform. In the third quarter of 2025, the Company reported cost of interest-bearing deposits of 2.88% compared to 3.48% in the same quarter in 2024. Additional rate adjustments were made late in the third quarter of 2025 after the Federal Reserve reduced rates by 0.25% that are expected to drive costs lower in the fourth quarter with an estimated beta of 70%.
Noninterest Income
Noninterest income was $12 million in the third quarter of 2025 versus $9 million in the third quarter of 2024. Mortgage related income grew 31% to $9 million in the third quarter of 2025 compared to $7 million in the same quarter in 2024. Noninterest income associated with the Consumer Program was $0.3 million in the third quarter of 2025 compared to $0.6 million in the second quarter of 2025 and $0.1 million in the third quarter of 2024. Noninterest income from the consumer program will be increasingly immaterial going forward as promotional loans have declined to only $7 million at the end of the third quarter of 2025. Other service charges and deposit related fees were $1.4 million for the third quarter of 2025 and flat compared to the third quarter of 2024. Noninterest income also included $0.3 million of gain related to mark-to-market adjustments of the Company's shares in PFH.
Noninterest Expense
Noninterest expense was $32 million for the third quarter of 2025, compared to $31 million for the same quarter of 2024. Expenses in the third quarter of 2025 include $1.1 million in legal fees associated with mortgage recruiting that management expects to normalize in the fourth quarter of 2025 and the first quarter of 2026.
Material items affecting total operating expenses were increases in salaries and benefits of $2 million or 11% compared to the third quarter of 2024. The mortgage company and its growth in production and revenues accounted for all of the growth in salaries and benefits while the remainder of the bank managed to reflect a very slight decline in total compensation costs. For the third quarter of 2025, the mortgage company reported $7 million in total salaries and benefits, an increase of $2 million or 35% compared to the same period in 2024. The remainder of the Company reported total compensation costs of $11 million in the third quarter of 2025, down slightly from the $12 million reported in the third quarter of 2024. Collectively, we believe the management of staff and related costs over the twelve month period described here evidences management's successful approach at operating leverage.
Data processing expenses in the quarter were $2.4 million compared to $2.6 million in the same quarter in 2024. Management expects some continued decline in the coming quarter as the Company's new contract terms only benefitted the Company for two out of three months in the third quarter of 2025 with savings equal to approximately $0.4 million per month.
Professional fees were down in the third quarter of 2025 to $2.5 million compared to $2.9 million in the same period in 2024. Fees in the current quarter contain the $1.1 million noted above related to mortgage recruiting that management expects to abate in the coming quarters. Excluding these mortgage related amounts, management believes professional fees in the $1.5 million range to be appropriate. Occupancy expense was also higher by approximately $0.3 million related to branch expenses that are not expected to continue in the fourth quarter.
Lastly, net expense attributable to the Panacea division was approximately $1.7 million higher in the third quarter of 2025 than both the second quarter of 2025 and third quarter of 2024. This higher expense was offset by higher revenue and recovery of provision for credit losses related to the division that combined increased $2.1 million in the third quarter of 2025.
The following table reflects the core operating expense burden at the Company, net of mortgage related and Panacea division impacts.
($ in thousands) 3Q25 2Q25 1Q25 4Q24 3Q24
-------- ------- ------- -------- -------
Reported Noninterest Expense $32,313 $31,927 $32,516 $37,841 $30,603
PFH Consolidated Expenses - - (4,754) (3,641) (2,576)
-------- ------- ------- -------- -------
Noninterest Expense Excl. PFH $32,313 31,927 27,762 34,200 28,027
Nonrecurring - (232) (1,144) (3,686) (1,000)
Primis Mortgage Expenses (8,214) (8,514) (5,569) (6,354) (6,436)
Panacea Net Expense (2,100) (370) 384 115 (439)
Consumer Program Servicing Fee (439) (518) (622) (681) (699)
Reserve for Unfunded
Commitment 19 (18) (13) 6 (96)
-------- ------- ------- -------- -------
Total Adjustments (10,734) (9,652) (6,964) (10,600) (8,670)
Core Operating Expense Burden $21,579 $22,275 $20,798 $23,600 $19,357
Loan Portfolio and Asset Quality
Loans held for investment increased to $3.2 billion at September 30, 2025 compared to $3.1 billion at June 30, 2025 and $3.0 billion at September 30, 2024 prior to the sale of the Life Premium Finance portfolio. Important drivers in these levels are seen below:
-- Core Bank loans totaled $2.1 billion at September 30, 2025 compared to
$2.2 billion at September 30, 2024.
-- Panacea Financial loans grew $155 million or 40% to $548 million over the
past 12 months ending September 30, 2024.
-- Mortgage warehouse outstandings improved to $327 million at the end of
the third quarter of 2025 compared to only $15 million at the same time
in 2024. Approved lines grew substantially during the third quarter of
2025 to $1.0 billion, up approximately 40% since June 30, 2025.
-- Loan balances associated with the consumer loan program declined to $101
million at September 30, 2025, net of the fair value discounts compared
to $180 million at September 30, 2024. Importantly, loans in promotional
periods with full deferral were only $4.8 million or 5% of gross loans at
September 30, 2025 compared to $56 million or 31% of total loans a year
ago.
-- Investor CRE as a percentage of regulatory capital was 213% at both
September 30, 2025 and September 30, 2024.
Nonperforming assets, excluding portions guaranteed by the SBA, were 2.07% of total assets at September 30, 2025 compared to 1.90% of total assets at June 30, 2025. The increase in nonperforming assets was largely due to one commercial loan that was downgraded in the third quarter of 2025. This loan was evaluated for impairment at September 30, 2025 with no impairment determined to be required at that time. The increase of nonaccrual loans of $32 million in the third quarter of 2025 was largely due to the loan noted above and a separate commercial relationship that was 90 days past due at June 30, 2025 but subsequently moved to nonaccrual. This loan was already substandard and impaired by approximately $5 million in the fourth quarter of 2024. As in prior quarters, the Bank has no other real estate owned at the end of the third quarter of 2025.
The Company recorded a recovery of credit losses of $49 thousand for the third quarter of 2025 compared to a provision for credit losses of $8 million for both the second quarter of 2025 and third quarter in 2024. The recovery of credit losses was driven by the changing mix of the Bank's loan portfolio to loan categories with lower reserve requirements and the move of approximately $53 million of commercial loans to held for sale. 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 provision expense of $274 thousand associated with the Consumer Program in the third quarter of 2025. As a percentage of loans held for investment, the allowance for credit losses was 1.40% at the end of the third quarter of 2025 compared to 1.72% at the end of the third quarter of 2024. Total allowance and discounts on the Consumer Program loan portfolio totaled $10.4 million at September 30, 2025 which represents 9.5% of gross principal balance and 346% of loans more than one period delinquent as of that date.
Deposits and Funding
Total deposits at September 30, 2025 were essentially flat at $3.3 billion when compared to the same period in 2024, although the mix of deposits has improved significantly with the growth in checking accounts. Noninterest bearing demand deposits were $490 million at September 30, 2025, an annualized growth rate of 16% compared to balances at September 30, 2024. The Company had FHLB advances totaling $85 million outstanding at September 30, 2025 that resulted from a spike in mortgage activity at the end of the quarter.
Shareholders' Equity
Tangible book value per common share(1) at the end of the third quarter of 2025 was $11.71, an increase of $1.29 or 12% from levels reported at December 31, 2024. Tangible common equity(1) ended the third quarter of 2025 at $289 million, or 7.48% of tangible assets(1) .
The Board of Directors declared a dividend of $0.10 per share payable on November 21, 2025 to shareholders of record on November 7, 2025. This is Primis' fifty-sixth consecutive quarterly dividend.
About Primis Financial Corp.
As of September 30, 2025, Primis had $4.0 billion in total assets, $3.2 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 third quarter results on Friday, October 24, 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/859535228. Participants may also call 1-888-330-3573 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 4440924.
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, 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, 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 Nine Months Ended:
Selected Performance
Ratios: 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 3Q 2025 3Q 2024
Return on average assets 0.70 % 0.26 % 2.52 % (2.43 %) 0.12 % 1.13 % 0.24 %
Operating return on
average assets(1) 0.70 % (0.34 %) 0.40 % (2.51 %) 0.20 % 0.25 % 0.31 %
Pre-tax pre-provision
return on average
assets 0.89 % 1.20 % 3.32 % 0.44 % 0.86 % 1.76 % 0.87 %
Pre-tax pre-provision
operating return on
average assets(1) 0.89 % 0.44 % 0.71 % 0.33 % 0.96 % 0.67 % 0.96 %
Return on average common
equity 7.13 % 2.57 % 26.66 % (24.28 %) 1.31 % 11.58 % 2.55 %
Operating return on
average common
equity(1) 7.13 % (3.40 %) 4.21 % (25.13 %) 2.15 % 2.61 % 3.32 %
Operating return on
average tangible common
equity(1) 9.45 % (4.51 %) 5.78 % (33.33 %) 2.86 % 3.50 % 4.45 %
Cost of funds 2.62 % 2.67 % 2.67 % 2.97 % 3.25 % 2.65 % 3.13 %
Net interest margin 3.18 % 2.86 % 3.15 % 2.90 % 2.97 % 3.06 % 2.85 %
Core net interest
margin(1) 3.15 % 3.12 % 3.13 % 2.91 % 2.80 % 3.13 % 2.83 %
Gross loans to deposits 95.92 % 93.65 % 96.04 % 91.06 % 89.94 % 95.92 % 89.94 %
Efficiency ratio 78.81 % 73.92 % 55.39 % 96.41 % 82.82 % 67.71 % 81.30 %
Operating efficiency
ratio(1) 78.81 % 88.67 % 91.97 % 98.92 % 79.92 % 86.03 % 78.75 %
Per Common Share Data:
Earnings per common share
- Basic $ 0.28 $ 0.10 $ 0.92 $ (0.94) $ 0.05 $ 1.29 $ 0.29
Operating earnings per
common share - Basic(1) $ 0.28 $ (0.13) $ 0.14 $ (0.98) $ 0.08 $ 0.29 $ 0.38
Earnings per common share
- Diluted $ 0.28 $ 0.10 $ 0.92 $ (0.94) $ 0.05 $ 1.29 $ 0.29
Operating earnings per
common share -
Diluted(1) $ 0.28 $ (0.13) $ 0.14 $ (0.98) $ 0.08 $ 0.29 $ 0.38
Book value per common
share $ 15.51 $ 15.27 $ 15.19 $ 14.23 $ 15.41 $ 15.51 $ 15.41
Tangible book value per
common share(1) $ 11.71 $ 11.48 $ 11.40 $ 10.42 $ 11.59 $ 11.71 $ 11.59
Cash dividend per common
share $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.30 $ 0.30
Weighted average shares
outstanding - Basic 24,632,202 24,701,319 24,706,593 24,701,260 24,695,685 24,679,766 24,683,556
Weighted average shares
outstanding - Diluted 24,643,889 24,714,229 24,722,734 24,701,260 24,719,920 24,693,328 24,710,345
Shares outstanding at end
of period 24,644,385 24,643,185 24,722,734 24,722,734 24,722,734 24,644,385 24,722,734
Asset Quality Ratios:
Non-performing assets as
a percent of total
assets, excluding SBA
guarantees 2.07 % 1.90 % 0.28 % 0.29 % 0.25 % 2.07 % 0.25 %
Net charge-offs
(recoveries) as a
percent of average
loans (annualized) 0.14 % 0.80 % 1.47 % 3.83 % 0.93 % 0.79 % 0.52 %
Core net charge-offs
(recoveries) as a
percent of average loans
(annualized)(1) 0.03 % 0.15 % 0.06 % 0.05 % 0.11 % 0.08 % (0.10 %)
Allowance for credit
losses to total loans 1.40 % 1.47 % 1.45 % 1.86 % 1.72 % 1.40 % 1.72 %
Capital Ratios:
Common equity to assets 9.66 % 9.72 % 10.16 % 9.53 % 9.47 %
Tangible common equity to
tangible assets(1) 7.48 % 7.49 % 7.82 % 7.16 % 7.29 %
Leverage ratio(2) 8.32 % 8.34 % 8.71 % 7.76 % 8.20 %
Common equity tier 1
capital ratio(2) 8.62 % 8.92 % 9.35 % 8.74 % 8.23 %
Tier 1 risk-based capital
ratio(2) 8.91 % 9.22 % 9.66 % 9.05 % 8.51 %
Total risk-based capital
ratio(2) 12.02 % 12.43 % 12.96 % 12.53 % 11.68 %
(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) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024
Assets
Cash and cash equivalents $ 63,881 $ 94,074 $ 57,044 $ 64,505 $ 77,274
Investment
securities-available for
sale 234,660 242,073 241,638 235,903 242,543
Investment
securities-held to
maturity 8,550 8,850 9,153 9,448 9,766
Loans held for sale 202,372 126,869 74,439 247,108 458,722
Loans receivable, net of
deferred fees 3,200,234 3,130,521 3,043,348 2,887,447 2,973,723
Allowance for credit
losses (44,766) (45,985) (44,021) (53,724) (51,132)
--------------- --------------- --------------- --------------- ---------------
Net loans 3,155,468 3,084,536 2,999,327 2,833,723 2,922,591
Stock in Federal Reserve
Bank and Federal Home
Loan Bank 17,035 12,998 12,983 13,037 20,875
Bank premises and
equipment, net 19,380 19,642 19,210 19,432 19,668
Operating lease
right-of-use assets 9,427 9,927 10,352 10,279 10,465
Goodwill and other
intangible assets 93,502 93,508 93,804 94,124 94,444
Assets held for sale, net 775 2,181 2,420 5,497 9,864
Bank-owned life insurance 68,504 68,048 67,609 67,184 66,750
Deferred tax assets, net 17,328 19,466 21,399 26,466 25,582
Consumer Program
derivative asset 408 1,177 1,597 4,511 7,146
Investment in Panacea
Financial Holdings, Inc.
common stock 6,880 6,586 21,277 - -
Other assets 56,679 81,791 65,058 58,898 58,657
Total assets $ 3,954,849 $ 3,871,726 $ 3,697,310 $ 3,690,115 $ 4,024,347
Liabilities and
stockholders' equity
Demand deposits $ 489,728 $ 477,705 $ 455,768 $ 438,917 $ 421,231
NOW accounts 831,709 858,624 819,606 817,715 748,833
Money market accounts 737,634 744,321 785,552 798,506 835,099
Savings accounts 958,416 935,527 777,736 775,719 873,810
Time deposits 318,865 326,496 330,210 340,178 427,458
--------------- --------------- --------------- --------------- ---------------
Total deposits 3,336,352 3,342,673 3,168,872 3,171,035 3,306,431
Securities sold under
agreements to repurchase
- short term 3,954 4,370 4,019 3,918 3,677
Federal Home Loan Bank
advances 85,000 - - - 165,000
Secured borrowings 15,403 16,449 16,729 17,195 17,495
Subordinated debt and
notes 96,091 96,020 95,949 95,878 95,808
Operating lease
liabilities 10,682 11,195 11,639 11,566 11,704
Other liabilities 25,214 24,604 24,539 25,541 27,169
--------------- --------------- --------------- --------------- ---------------
Total liabilities 3,572,696 3,495,311 3,321,747 3,325,133 3,627,284
Total Primis common
stockholders' equity 382,153 376,415 375,563 351,756 381,022
Noncontrolling interest - - - 13,226 16,041
--------------- --------------- --------------- --------------- ---------------
Total stockholders'
equity 382,153 376,415 375,563 364,982 397,063
Total liabilities and
stockholders' equity $ 3,954,849 $ 3,871,726 $ 3,697,310 $ 3,690,115 $ 4,024,347
Tangible common equity(1) $ 288,651 $ 282,907 $ 281,759 $ 257,632 $ 286,578
Primis Financial Corp.
(Dollars in thousands) For Three Months Ended: For Nine Months Ended:
Condensed Consolidated
Statement of Operations
(unaudited) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 3Q 2025 3Q 2024
-------------------------
Interest and dividend
income $ 51,766 $ 47,627 $ 47,723 $ 51,338 $ 57,104 $ 147,116 $ 159,656
Interest expense 22,734 22,447 21,359 25,261 29,081 66,540 81,511
Net interest income 29,032 25,180 26,364 26,077 28,023 80,576 78,145
Provision for (recovery
of) credit losses (49) 8,303 1,596 33,483 7,511 9,850 17,138
Net interest income
(loss) after provision
for credit losses 29,081 16,877 24,768 (7,406) 20,512 70,726 61,007
---------------- ---------------- --------------- ---------------- ---------------- ------------- -------------
Account maintenance and
deposit service fees 1,358 1,675 1,339 1,276 1,398 4,372 4,722
Income from bank-owned
life insurance 456 438 425 434 431 1,319 1,975
Mortgage banking income 8,887 7,893 5,615 5,140 6,803 22,395 18,779
Gain (loss) on sale of
loans 249 210 - (4) - 459 307
Gains on Panacea
Financial Holdings
investment 294 7,450 24,578 - - 32,322 -
Gain on sale of Life
Premium Finance
portfolio, net of broker
fees - - - 4,723 - - -
Consumer Program
derivative 264 593 (292) 928 79 565 3,392
Gain (loss) on other
investments 381 (308) 53 15 51 126 393
Other 80 79 617 663 168 776 873
---------------- ---------------- --------------- ---------------- ---------------- -------------
Noninterest income 11,969 18,030 32,335 13,175 8,930 62,334 30,441
---------------- ---------------- --------------- ---------------- ---------------- ------------- -------------
Employee compensation and
benefits 18,523 17,060 17,941 18,028 16,764 53,524 48,587
Occupancy and equipment
expenses 3,481 3,127 3,285 3,466 3,071 9,893 9,276
Amortization of
intangible assets - 289 313 313 318 602 952
Virginia franchise tax
expense 576 577 577 631 631 1,730 1,894
Data processing expense 2,369 3,037 2,849 3,434 2,552 8,255 7,130
Marketing expense 450 720 514 499 449 1,684 1,407
Telecommunication and
communication expense 309 324 287 295 330 920 1,017
Professional fees 2,509 2,413 2,225 3,129 2,914 7,147 7,255
Miscellaneous lending
expenses 231 900 834 1,446 1,098 1,965 1,835
Loss (gain) on bank
premises and equipment 80 5 106 13 (352) 191 (476)
Other expenses 3,785 3,490 3,585 6,587 2,828 10,860 9,402
Noninterest expense 32,313 31,942 32,516 37,841 30,603 96,771 88,279
Income (loss) before
income taxes 8,737 2,965 24,587 (32,072) (1,161) 36,289 3,169
Income tax expense
(benefit) 1,907 528 5,553 (5,917) (304) 7,988 1,679
Net Income (loss) 6,830 2,437 19,034 (26,155) (857) 28,301 1,490
Noncontrolling interest - - 3,602 2,820 2,085 3,602 5,640
Net income (loss)
attributable to Primis'
common shareholders $ 6,830 $ 2,437 $ 22,636 $ (23,335) $ 1,228 $ 31,903 $ 7,130
---------------- ---------------- --------------- ---------------- ---------------- ------------- -------------
(1) See Reconciliation of
Non-GAAP financial
measures.
Primis Financial Corp.
(Dollars in thousands) For Three Months Ended:
Loan Portfolio
Composition 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024
-------------------------
Loans held for sale $ 202,372 $ 126,869 $ 74,439 $ 247,108 $ 458,722
Loans secured by real
estate:
Commercial real estate -
owner occupied 495,739 480,981 477,233 475,898 463,848
Commercial real estate -
non-owner occupied 592,480 590,848 600,872 610,482 609,743
Secured by farmland 3,642 3,696 3,742 3,711 4,356
Construction and land
development 102,227 106,443 104,301 101,243 105,541
Residential 1-4 family 564,087 571,206 576,837 588,859 607,313
Multi-family residential 137,804 157,097 157,443 158,426 169,368
Home equity lines of
credit 62,458 62,103 60,321 62,954 62,421
----------------- ----------------- ----------------- ----------------- -----------------
Total real estate
loans 1,958,437 1,972,374 1,980,749 2,001,573 2,022,590
Commercial loans 915,158 811,458 698,097 608,595 533,998
Paycheck Protection
Program loans 1,723 1,729 1,738 1,927 1,941
Consumer loans 319,977 339,936 357,652 270,063 409,754
Total Non-PCD loans 3,195,295 3,125,497 3,038,236 2,882,158 2,968,283
PCD loans 4,939 5,024 5,112 5,289 5,440
Total loans receivable,
net of deferred fees $ 3,200,234 $ 3,130,521 $ 3,043,348 $ 2,887,447 $ 2,973,723
================= ================= ================= ================= =================
Loans by Risk Grade:
Pass Grade 1 - Highest
Quality 666 667 880 872 820
Pass Grade 2 - Good
Quality 168,177 170,560 175,379 175,659 177,763
Pass Grade 3 -
Satisfactory Quality 1,842,958 1,737,153 1,643,957 1,567,228 1,509,405
Pass Grade 4 - Pass 1,034,035 1,050,397 1,124,901 1,041,947 1,184,671
Pass Grade 5 - Special
Mention 7,004 31,902 28,498 30,111 53,473
Grade 6 - Substandard 139,847 139,842 69,733 71,630 47,591
Grade 7 - Doubtful 7,547 - - - -
Grade 8 - Loss - - - - -
Total loans $ 3,200,234 $ 3,130,521 $ 3,043,348 $ 2,887,447 $ 2,973,723
================= ================= ================= ================= =================
(Dollars in thousands) For Three Months Ended:
Asset Quality Information 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024
-------------------------
Allowance for Credit
Losses:
------------------------------------ -------------------------------------------------------
Balance at beginning of
period $ (45,985) $ (44,021) $ (53,724) $ (51,132) $ (51,574)
Recovery of (provision
for) credit losses 49 (8,303) (1,596) (33,483) (7,511)
Net charge-offs 1,170 6,339 11,299 30,891 7,953
Ending balance $ (44,766) $ (45,985) $ (44,021) $ (53,724) $ (51,132)
================= ================= ================= ================= =================
Reserve for Unfunded
Commitments:
------------------------------------ -------------------------------------------------------
Balance at beginning of
period $ (1,152) $ (1,134) $ (1,121) $ (1,127) $ (1,031)
Recovery of (provision
for) unfunded loan
commitment reserve 19 (18) (13) 6 (96)
Total Reserve for
Unfunded Commitments $ (1,133) $ (1,152) $ (1,134) $ (1,121) $ (1,127)
================= ================= ================= ================= =================
Non-Performing Assets: 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024
Nonaccrual loans $ 84,973 $ 53,059 $ 12,956 $ 15,026 $ 14,424
Accruing loans delinquent
90 days or more 1,713 25,188 1,713 1,713 1,714
----------------- ----------------- ----------------- ----------------- -----------------
Total non-performing
assets $ 86,686 $ 78,247 $ 14,669 $ 16,739 $ 16,138
================= ================= ================= ================= =================
SBA guaranteed portion of
non-performing loans $ 4,682 $ 4,750 $ 4,307 $ 5,921 $ 5,954
Primis Financial Corp.
(Dollars in thousands) For Three Months Ended: For Nine Months Ended:
Average Balance Sheet 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 3Q 2025 3Q 2024
-------------------------
Assets
Loans held for sale $ 130,061 $ 108,693 $ 170,509 $ 100,243 $ 98,110 $ 136,273 $ 80,530
Loans, net of deferred
fees 3,143,155 3,074,993 2,897,481 3,127,249 3,324,157 3,039,443 3,266,111
Investment securities 247,008 249,485 245,216 253,120 242,631 247,243 242,706
Other earning assets 101,278 98,369 86,479 96,697 83,405 95,430 78,076
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Total earning assets 3,621,502 3,531,540 3,399,685 3,577,309 3,748,303 3,518,389 3,667,423
Other assets 232,636 272,910 241,912 237,704 243,715 245,786 244,886
Total assets $ 3,854,138 $ 3,804,450 $ 3,641,597 $ 3,815,013 $ 3,992,018 $ 3,764,175 $ 3,912,309
================ ================ ================ ================ ================ ============= =============
Liabilities and equity
Demand deposits $ 481,697 $ 467,493 $ 446,404 $ 437,388 $ 421,908 $ 465,327 $ 440,172
Interest-bearing
liabilities:
NOW and other demand
accounts 834,839 821,893 805,522 787,884 748,202 820,859 766,800
Money market accounts 756,361 759,107 788,067 819,803 859,988 767,729 832,531
Savings accounts 922,048 882,227 754,304 767,342 866,375 853,474 844,531
Time deposits 324,614 329,300 335,702 404,682 425,238 329,832 426,557
Total Deposits 3,319,559 3,260,020 3,129,999 3,217,099 3,321,711 3,237,221 3,310,591
Borrowings 117,697 117,701 116,955 160,886 238,994 117,454 172,942
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Total Funding 3,437,256 3,377,721 3,246,954 3,377,985 3,560,705 3,354,675 3,483,533
Other Liabilities 36,720 36,649 38,280 39,566 36,527 37,211 35,344
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Total liabilites 3,473,976 3,414,370 3,285,234 3,417,551 3,597,232 3,391,886 3,518,877
Primis common
stockholders' equity 380,162 380,080 344,381 382,370 377,314 368,295 374,154
Noncontrolling interest -- -- 11,982 15,092 17,472 3,994 19,278
Total stockholders'
equity 380,162 380,080 356,363 397,462 394,786 372,289 393,432
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Total liabilities and
stockholders' equity $ 3,854,138 $ 3,794,450 $ 3,641,597 $ 3,815,013 $ 3,992,018 $ 3,764,175 $ 3,912,309
================ ================ ================ ================ ================ ============= =============
Net Interest Income
-------------------------
Loans held for sale $ 2,085 $ 1,754 $ 2,564 $ 1,553 $ 1,589 $ 4,895 $ 4,017
Loans 46,772 42,963 42,400 46,831 52,707 133,643 147,564
Investment securities 1,894 1,928 1,906 1,894 1,799 5,728 5,319
Other earning assets 1,015 982 853 1,060 1,017 2,850 2,756
Total Earning Assets
Income 51,766 47,627 47,723 51,338 57,112 147,116 159,656
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Non-interest bearing DDA - - - - - - -
NOW and other
interest-bearing demand
accounts 4,549 4,603 4,515 4,771 4,630 13,667 13,924
Money market accounts 5,229 5,271 5,420 6,190 7,432 15,920 20,732
Savings accounts 8,070 7,793 6,418 7,587 8,918 22,281 25,876
Time deposits 2,723 2,830 3,039 4,127 4,371 8,592 12,455
Total Deposit Costs 20,571 20,497 19,392 22,675 25,351 60,460 72,987
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Borrowings 2,163 1,950 1,967 2,586 3,738 6,080 8,524
Total Funding Costs 22,734 22,447 21,359 25,261 29,089 66,540 81,511
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Net Interest Income $ 29,032 $ 25,180 $ 26,364 $ 26,077 $ 28,023 $ 80,576 $ 78,145
================ ================ ================ ================ ================ ============= =============
Net Interest Margin
-------------------------
Loans held for sale 6.36 % 6.47 % 6.10 % 6.16 % 6.44 % 4.80 % 6.66 %
Loans 5.90 % 5.60 % 5.93 % 5.96 % 6.31 % 5.88 % 6.04 %
Investments 3.04 % 3.10 % 3.15 % 2.98 % 2.95 % 3.10 % 2.93 %
Other Earning Assets 3.98 % 4.00 % 4.00 % 4.36 % 4.85 % 3.99 % 4.72 %
Total Earning Assets 5.67 % 5.41 % 5.69 % 5.71 % 6.06 % 5.59 % 5.82 %
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
NOW 2.16 % 2.25 % 2.27 % 2.41 % 2.46 % 2.23 % 2.43 %
MMDA 2.74 % 2.79 % 2.79 % 3.00 % 3.44 % 2.77 % 3.33 %
Savings 3.47 % 3.54 % 3.45 % 3.93 % 4.10 % 3.49 % 4.09 %
CDs 3.33 % 3.45 % 3.67 % 4.06 % 4.09 % 3.48 % 3.90 %
Cost of Interest Bearing
Deposits 2.88 % 2.94 % 2.93 % 3.25 % 3.48 % 2.92 % 3.40 %
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Cost of Deposits 2.46 % 2.52 % 2.52 % 2.80 % 3.04 % 2.50 % 2.94 %
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Other Funding 7.29 % 6.65 % 6.82 % 6.39 % 6.22 % 6.92 % 6.58 %
Total Cost of Funds 2.62 % 2.67 % 2.67 % 2.97 % 3.25 % 2.65 % 3.13 %
---------------- ---------------- ---------------- ---------------- ---------------- ------------- -------------
Net Interest Margin 3.18 % 2.86 % 3.15 % 2.90 % 2.97 % 3.06 % 2.85 %
Net Interest Spread 2.62 % 2.32 % 2.60 % 2.30 % 2.37 % 2.51 % 2.24 %
Primis Financial Corp.
(Dollars in thousands,
except per share data) For Three Months Ended: For Nine Months Ended:
Reconciliation of
Non-GAAP items: 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 3Q 2025 3Q 2024
Net income (loss)
attributable to Primis'
common shareholders $ 6,830 $ 2,437 $ 22,636 $ (23,335) $ 1,228 $ 31,903 $ 7,130
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 1,125 3,243
Gains on Panacea
Financial Holdings
investment - (7,450) (24,578) - - (32,028) -
Gains on sale of closed
bank branch buildings - - 107 - (352) 107 (476)
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) 5,929 (598)
Net income (loss)
attributable to Primis'
common shareholders
adjusted for
nonrecurring income and
expenses $ 6,830 $ (3,222) $ 3,572 $ (24,148) $ 2,012 $ 7,180 $ 9,299
================ ================= ================ ================= ================ ============== ==============
Net income (loss)
attributable to Primis'
common shareholders $ 6,830 $ 2,437 $ 22,636 $ (23,335) $ 1,228 $ 31,903 $ 7,130
Income tax expense
(benefit) 1,907 528 5,553 (5,917) (304) 7,988 1,679
Provision (benefit) for
credit losses (incl.
unfunded commitment
expense/benefit) (68) 8,321 1,609 33,477 7,607 9,862 16,686
Pre-tax pre-provision
earnings $ 8,669 $ 11,286 $ 29,798 $ 4,225 $ 8,531 $ 49,753 $ 25,495
Effect of adjustment for
nonrecurring income and
expenses - (7,218) (23,434) (1,037) 1,000 (30,652) 2,767
Pre-tax pre-provision
operating earnings $ 8,669 $ 4,068 $ 6,364 $ 3,188 $ 9,531 $ 19,101 $ 28,262
================ ================= ================ ================= ================ ============== ==============
Return on average assets 0.70 % 0.26 % 2.52 % (2.43 %) 0.12 % 1.13 % 0.24 %
Effect of adjustment for
nonrecurring income and
expenses 0.00 % (0.60 %) (2.12 %) (0.08 %) 0.08 % (0.88 %) 0.07 %
Operating return on
average assets 0.70 % (0.34 %) 0.40 % (2.51 %) 0.20 % 0.25 % 0.31 %
================ ================= ================ ================= ================ ============== ==============
Return on average assets 0.70 % 0.26 % 2.52 % (2.43 %) 0.12 % 1.13 % 0.24 %
Effect of tax expense 0.20 % 0.06 % 0.62 % (0.62 %) (0.03 %) 0.28 % 0.06 %
Effect of provision for
credit losses (incl.
unfunded commitment
expense) (0.01 %) 0.88 % 0.18 % 3.49 % 0.77 % 0.35 % 0.57 %
Pre-tax pre-provision
return on average
assets 0.89 % 1.20 % 3.32 % 0.44 % 0.86 % 1.76 % 0.87 %
Effect of adjustment for
nonrecurring income and
expenses 0.00 % (0.76 %) (2.61 %) (0.11 %) 0.10 % (1.09 %) 0.09 %
Pre-tax pre-provision
operating return on
average assets 0.89 % 0.44 % 0.71 % 0.33 % 0.96 % 0.67 % 0.96 %
================ ================= ================ ================= ================ ============== ==============
Return on average common
equity 7.13 % 2.57 % 26.66 % (24.28 %) 1.31 % 11.58 % 2.55 %
Effect of adjustment for
nonrecurring income and
expenses 0.00 % (5.97 %) (22.45 %) (0.85 %) 0.84 % (8.97 %) 0.77 %
Operating return on
average common equity 7.13 % (3.40 %) 4.21 % (25.13 %) 2.15 % 2.61 % 3.32 %
Effect of goodwill and
other intangible
assets 2.32 % (1.11 %) 1.57 % (8.20 %) 0.71 % 0.89 % 1.13 %
Operating return on
average tangible common
equity 9.45 % (4.51 %) 5.78 % (33.33 %) 2.86 % 3.50 % 4.45 %
================ ================= ================ ================= ================ ============== ==============
Efficiency ratio 78.81 % 73.92 % 55.39 % 96.36 % 82.98 % 67.71 % 81.30 %
Effect of adjustment for
nonrecurring income and
expenses 0.00 % 14.75 % 36.58 % 2.54 % (2.87 %) 18.32 % (2.55 %)
Operating efficiency
ratio 78.81 % 88.67 % 91.97 % 98.90 % 80.11 % 86.03 % 78.75 %
================ ================= ================ ================= ================ ============== ==============
Earnings per common share
- Basic $ 0.28 $ 0.10 $ 0.92 $ (0.94) $ 0.05 $ 1.29 $ 0.29
Effect of adjustment for
nonrecurring income and
expenses - (0.23) (0.78) (0.04) 0.03 (1.00) 0.09
Operating earnings per
common share - Basic $ 0.28 $ (0.13) $ 0.14 $ (0.98) $ 0.08 $ 0.29 $ 0.38
================ ================= ================ ================= ================ ============== ==============
Earnings per common share
- Diluted $ 0.28 $ 0.10 $ 0.92 $ (0.94) $ 0.05 $ 1.29 $ 0.29
Effect of adjustment for
nonrecurring income and
expenses - (0.23) (0.78) (0.04) 0.03 (1.00) 0.09
Operating earnings per
common share - Diluted $ 0.28 $ (0.13) $ 0.14 $ (0.98) $ 0.08 $ 0.29 $ 0.38
================ ================= ================ ================= ================ ============== ==============
Book value per common
share $ 15.51 $ 15.27 $ 15.19 $ 14.23 $ 15.41 $ 15.51 $ 15.41
Effect of goodwill and
other intangible
assets (3.80) (3.79) (3.79) (3.81) (3.82) (3.80) (3.82)
Tangible book value per
common share $ 11.71 $ 11.48 $ 11.40 $ 10.42 $ 11.59 $ 11.71 $ 11.59
================ ================= ================ ================= ================ ============== ==============
Net charge-offs as a
percent of average loans
(annualized) 0.14 % 0.80 % 1.47 % 3.83 % 0.93 % 0.79 % 0.52 %
Impact of third-party
consumer portfolio (0.11 %) (0.65 %) (1.41 %) (3.78 %) (0.82 %) (0.71 %) (0.62 %)
Core net charge-offs
(recoveries) as a
percent of average loans
(annualized) 0.03 % 0.15 % 0.06 % 0.05 % 0.11 % 0.08 % (0.10 %)
================ ================= ================ ================= ================ ============== ==============
Total Primis common
stockholders' equity $ 382,153 $ 376,415 $ 375,563 $ 351,756 $ 381,022 $ 382,153 $ 381,022
Less goodwill and other
intangible assets (93,502) (93,508) (93,804) (94,124) (94,444) (93,502) (94,444)
Tangible common equity $ 288,651 $ 282,907 $ 281,759 $ 257,632 $ 286,578 $ 288,651 $ 286,578
================ ================= ================ ================= ================ ============== ==============
Common equity to assets 9.66 % 9.72 % 10.16 % 9.53 % 9.47 % 9.66 % 9.47 %
Effect of goodwill and
other intangible
assets (2.18 %) (2.23 %) (2.34 %) (2.37 %) (2.18 %) (2.18 %) (2.18 %)
Tangible common equity to
tangible assets 7.48 % 7.49 % 7.82 % 7.16 % 7.29 % 7.48 % 7.29 %
================ ================= ================ ================= ================ ============== ==============
Net interest margin 3.18 % 2.86 % 3.15 % 2.90 % 2.97 % 3.06 % 2.85 %
Effect of adjustment for
Consumer Portfolio (0.03 %) 0.26 % (0.02 %) 0.01 % (0.17 %) 0.07 % (0.02 %)
Core net interest margin 3.15 % 3.12 % 3.13 % 2.91 % 2.80 % 3.13 % 2.83 %
================ ================= ================ ================= ================ ============== ==============
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SOURCE Primis Financial Corp.
(END) Dow Jones Newswires
October 23, 2025 17:00 ET (21:00 GMT)