Primis Posts $0.35 EPS as Margin Jumps to 3.66%, Mortgage Drag Cuts Into Target
FRST sits 65% above its 52-week low of $9.66.
Summary
Primis earned $8.7 million, or $0.35 per diluted share, in Q3 2026, up from $6.8 million, or $0.28, a year earlier. Net interest margin expanded to 3.66% from 3.18%, with the core bank margin at 3.59% and up 14 basis points linked-quarter. The weak spot is Primis Mortgage: the retail mortgage pipeline fell 37% and revenue dropped $2.3 million versus Q2, pushing that division to a $0.3 million pre-tax loss from $1.9 million of earnings a year ago. Management said that without the mortgage headwind it would have hit its 1.00% ROAA target this quarter, and it is already cutting costs to close the gap. Asset quality improved modestly, with nonperforming assets at 1.43% of total assets versus 2.07% a year ago, and the board declared the 60th consecutive quarterly dividend of $0.10 per share. The Q3 earnings call is Friday, October 23 at 10:00 a.m. ET.
Updates
· SEC 8-K — Primis' $0.10 dividend is payable November 20, 2026 to shareholders of record November 6, 2026.
At the time of this announcement, FRST was trading at $15.94 on NASDAQ in the Finance sector, with a market capitalization of approximately $395.3M. The 52-week trading range was $9.66 to $16.88. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.