Primis Financial Q2 Earnings Surge to $9.4M, Margin Expands, NPAs Drop 37%

summarizeSummary

Primis Financial reported Q2 2026 net income of $9.4 million ($0.38 EPS), up from $2.4 million a year ago, with net interest margin expanding to 3.45% and nonperforming assets dropping 37%. The company declared a $0.10 dividend and outlined a $6.1 million earnings enhancement plan from its core conversion.

check_boxKey Events · Earnings and Guidance · FRST

• Q2 Net Income Quadruples YoY

  Net income available to common shareholders reached $9.4 million, or $0.38 per diluted share, compared to $2.4 million, or $0.10 per share, in Q2 2025.

• Net Interest Margin Expands 59 bps

  Driven by robust earning asset growth and a lower cost of interest-bearing deposits (2.69% vs. 2.94%), net interest margin improved to 3.45% from 2.86% a year ago.

• Nonperforming Assets Drop 37%

  Reflecting significant credit quality improvement, nonperforming assets, excluding SBA guarantees, fell to 1.45% of total assets from 2.35% at March 31, 2026.

• $6.1M Core Conversion Earnings Boost

  Management identified $6.1 million in annual earnings enhancements from consolidating onto a single digital core, with $3 million in revenue improvements expected by late 2026 and $3.1 million in cost savings by early 2027.

auto_awesomeAnalysis · FRST · Finance

A standout quarter saw net income nearly quadruple year-over-year to $9.4 million, fueled by a 59-basis-point expansion in net interest margin to 3.45% and strong loan growth. Credit quality improved markedly as nonperforming assets fell 37%. Adding a tangible catalyst for further operating leverage, the company announced a $6.1 million core consolidation initiative expected to boost earnings starting late 2026. The results validate the bank's diversified growth strategy across its core community bank, mortgage warehouse, and Panacea Financial divisions.