Primis Financial Corp. Reports Earnings per Share for the Fourth Quarter of 2025
Rhea-AI Summary
Primis Financial (NASDAQ: FRST) reported a strong turnaround for Q4 2025: net income $30M and EPS $1.20 versus a Q4 2024 loss. Full-year 2025 net income was $61M, EPS $2.49. Key balance-sheet moves: assets $4.05B, loans $3.28B, deposits $3.40B, tangible book value per share $13.34.
Quarter included a $51M sale-leaseback gain, mortgage and warehouse volume growth, and reduced cost of funds; management expects improved run-rate profitability in 2026.
Positive
- Net income Q4 2025 of $30M (EPS $1.20)
- Full-year 2025 net income of $61M (EPS $2.49)
- Tangible book value per share +28% to $13.34
- Total assets +10% to $4.05B
- Gross loans HFI +14% to $3.28B
- Noninterest bearing deposits +26% to $554M
- Net interest income +18% and NIM +38 bps
- Retail mortgage volume +84% to $378M
- Mortgage warehouse outstandings +398% to $318M
- Panacea loans +25% to $544M
Negative
- Reported noninterest expense increased to $42.2M in 4Q25
- Core operating expense burden rose to $28.1M in 4Q25
- Nonrecurring items drove much of 4Q25 noninterest income
- Allowance for credit losses declined to 1.40% of loans
Key Figures
Market Reality Check
Peers on Argus
FRST was down 1.78% while several peers like WSBF (+4.06%), FDBC (+4.51%), NECB (+2.72%) and FINW (+1.26%) traded higher, suggesting a stock-specific reaction rather than a sector-wide move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 12 | Earnings call timing | Neutral | +0.1% | Announced date and webcast details for Q4 2025 earnings release. |
| Dec 18 | Buyback authorization | Positive | -0.6% | Authorized repurchase of up to 750,000 shares over a one‑year period. |
| Dec 08 | Sale‑leaseback deal | Positive | +4.6% | Announced branch sale‑leaseback with sizable gain and higher tangible book value. |
| Oct 23 | Q3 2025 earnings | Positive | -1.7% | Reported higher Q3 net income, stronger NIM and dividend declaration. |
| Oct 06 | Earnings date notice | Neutral | -0.2% | Set timetable and access details for upcoming Q3 2025 results call. |
Recent history shows mixed reactions: strong operational and balance sheet moves sometimes drew selling pressure the next day, while the sale‑leaseback announcement saw a notable positive move.
Over the last few months, Primis highlighted several capital and earnings milestones. A Dec 8, 2025 sale‑leaseback generated roughly $58M in proceeds and drove a 4.62% next‑day gain. Q3 2025 earnings on Oct 23 showed improved net income and a 3.18% net interest margin but the stock slipped 1.72%. The company also announced a new repurchase program for up to 750,000 shares on Dec 18, 2025. Today’s strong Q4/FY 2025 earnings build directly on this operating and capital momentum.
Market Pulse Summary
This announcement details a clear turnaround, with Q4 2025 net income of $30 million, EPS of $1.20, and full-year EPS of $2.49 after a prior-year loss. Tangible book value per share rose to $13.34 and net interest margin improved to 3.28%, while the provision for credit losses fell sharply to $2.4 million. Investors may track how recurring earnings evolve once sale‑leaseback gains, restructuring effects, and legal costs normalize, and whether loan growth and deposit mix trends remain favorable.
Key Terms
noninterest bearing deposits financial
fhlb borrowings financial
sale leaseback transaction financial
provision for credit losses financial
nonperforming assets financial
allowance for credit losses financial
subordinated debt financial
basis points financial
AI-generated analysis. Not financial advice.
Declares Quarterly Cash Dividend of
2025 Accomplishments
The Company's fundamentals showed significant improvement through the course of 2025 which we believe positions us for robust full-year profitability in 2026. Significant areas of improvement year-over-year are detailed in the chart below:
As of or for the Three Months | ||||||
($ in millions except per share) | 12/31/2025 | 12/31/2024 | Var. | |||
Total Assets | 10 | % | ||||
Gross Loans HFI | 3,284 | 2,887 | 14 | |||
Total Deposits | 3,396 | 3,171 | 7 | |||
Average Earning Assets | 5 | % | ||||
Noninterest Bearing Deposits ("NIB") | 554 | 439 | 26 | |||
NIB / Total Deposits | 16.3 | % | 14.4 | % | 190 | bps |
TCE / TA | 8.33 | % | 7.16 | % | 117 | bps |
Tangible Book Value per Share | 28 | % | ||||
Net Interest Income | 18 | % | ||||
Net Interest Margin | 3.28 | 2.90 | 38 | bps | ||
Retail Mortgage Volume | 84 | % | ||||
Commenting on the results, Dennis J. Zember, Jr., President and Chief Executive Officer of the Company, stated, "We spent 2025 harvesting some of the embedded gains on our balance sheet and used those gains to reposition the Company for 2026 and beyond. We rebuilt capital levels and tangible book value and eliminated the noise and excess exposure to the consumer loan portfolio. But the year was more about offense than defense, which is reflected in a substantial increase in earning assets and the portion funded with non-interest bearing demand deposits. The core bank along with all of our divisions had the best year in the last decade and are prepared to continue that momentum into 2026."
Division Updates
2025 saw strong results from the Company's focus on its core Bank and lines of business that drive premium operating results. The fourth quarter of 2025 demonstrated progress in key areas that are expected to drive profitability in 2026. The following discussion highlights recent progress for each of these strategies:
Core Community Bank
The core Bank's 24 banking offices in
- The core Bank has low concentrations of investor CRE (
26% of total loans and only200% 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
1.59% in the fourth quarter of 2025 compared to2.06% 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 the Company's footprint.
Approximately
Primis Mortgage
Primis Mortgage had closed mortgage volume of
Mortgage Warehouse
Mortgage warehouse lending activity was significant in 2025 following the expansion of the team in the fall of 2024. Outstanding loan balances at December 31, 2025 were
Panacea Financial
Panacea's growth remained strong through the fourth quarter of 2025 with loans outstanding of
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 fourth quarter of 2025 with approximately
Net Interest Income
Net interest income in the fourth quarter of 2025 was
Yield on earnings assets in the fourth quarter of 2025 declined one basis point and five basis points versus the third quarter of 2025 and fourth quarter of 2024, respectively. Yield on investments increased 33 basis points year-over-year largely due to the previously announced portfolio restructuring and offsetting declines in yield on loans and yield on other earning assets driven by recent rate cuts.
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 fourth quarter of 2025, the Company reported cost of interest-bearing deposits of
The portfolio restructuring described above occurred in the middle of December 2025 and the Company intends to redeem
Noninterest Income
Noninterest income was
Noninterest Expense
Noninterest expense was
($ in thousands) | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 |
Reported Noninterest Expense | |||||
PFH Consolidated Expenses | - | - | - | (4,754) | (3,641) |
Noninterest Expense Excl. PFH | 31,942 | 27,762 | 34,200 | ||
Nonrecurring | (1,126) | - | (232) | (1,144) | (3,686) |
Primis Mortgage Expenses | (10,048) | (8,214) | (8,514) | (5,569) | (6,354) |
Panacea Net Expense | (2,614) | (2,100) | (370) | 384 | 115 |
Consumer Program Servicing Fee | (391) | (439) | (518) | (622) | (681) |
Reserve for Unfunded Commitment | 127 | 19 | (18) | (13) | 6 |
Total Adjustments | (14,052) | (10,734) | (9,652) | (6,964) | (10,600) |
Core Operating Expense Burden |
Core operating expense burden, as defined above, was
A portion of the increased reported noninterest expense was due to the mortgage company driven by its growth in production and revenues. Nonrecurring expenses in the fourth quarter of 2025 were driven by transaction costs related to the Company's previously announced sale leaseback transaction. Of the remaining increase in expense, the largest portion was approximately
These expenses, with the exception of lease expense, are not expected to add to core operating expense in 2026. Including increased lease expense, management believes quarterly core operating expense burden of
Loan Portfolio and Asset Quality
Loans held for investment increased to
- Core Bank loans totaled
$2.1 billion $2.2 billion - Panacea Financial loans grew
$111 million 25% compared to the end of 2024, to$544 million $54 million - Mortgage warehouse outstandings increased significantly to
$318 million $64 million $1.2 billion - Loan balances associated with the consumer loan program declined to
$90 million $148 million $2 million $39 million 23% of total consumer program loans as of December 31, 2024.
Nonperforming assets, excluding portions guaranteed by the SBA, were
The Company recorded a provision for credit losses of
As a percentage of loans held for investment, the allowance for credit losses was
Deposits and Funding
Total deposits at December 31, 2025 were
Shareholders' Equity
Tangible book value per common share(1) at the end of the fourth quarter of 2025 was
The Board of Directors declared a dividend of
About Primis Financial Corp.
As of December 31, 2025, Primis had
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 |
Primis Financial Corp., NASDAQ Symbol FRST
Website: www.primisbank.com
Conference Call
The Company's management will host a conference call to discuss its fourth quarter results on Friday, January 30, 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/704458155. 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; 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
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 Twelve Months Ended: | ||||||||
Selected Performance Ratios: | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 4Q 2025 | 4Q 2024 | |||
Return on average assets | 2.94 % | 0.70 % | 0.26 % | 2.52 % | (2.43 %) | 1.61 % | (0.42 %) | |||
Operating return on average assets(1) | 0.23 % | 0.70 % | (0.34 %) | 0.40 % | (2.51 %) | 0.25 % | (0.39 %) | |||
Pre-tax pre-provision return on average assets | 3.84 % | 0.89 % | 1.20 % | 3.32 % | 0.44 % | 2.32 % | 0.76 % | |||
Pre-tax pre-provision operating return on average assets(1) | 0.39 % | 0.89 % | 0.44 % | 0.71 % | 0.33 % | 0.61 % | 0.80 % | |||
Return on average common equity | 29.46 % | 7.13 % | 2.57 % | 26.66 % | (24.28 %) | 16.35 % | (4.34 %) | |||
Operating return on average common equity(1) | 2.36 % | 7.13 % | (3.40 %) | 4.21 % | (25.13 %) | 2.54 % | (3.97 %) | |||
Operating return on average tangible common equity(1) | 3.07 % | 9.45 % | (4.51 %) | 5.78 % | (33.33 %) | 3.38 % | (5.32 %) | |||
Cost of funds | 2.52 % | 2.62 % | 2.67 % | 2.67 % | 2.97 % | 2.62 % | 3.09 % | |||
Net interest margin | 3.28 % | 3.18 % | 2.86 % | 3.15 % | 2.90 % | 3.12 % | 2.86 % | |||
Core net interest margin(1) | 3.29 % | 3.15 % | 3.12 % | 3.13 % | 2.91 % | 3.17 % | 2.93 % | |||
Gross loans to deposits | 96.70 % | 95.92 % | 93.65 % | 96.04 % | 91.06 % | 96.70 % | 91.06 % | |||
Efficiency ratio | 52.14 % | 78.81 % | 73.92 % | 55.39 % | 96.41 % | 62.09 % | 85.26 % | |||
Operating efficiency ratio(1) | 91.05 % | 78.81 % | 88.67 % | 91.97 % | 98.92 % | 87.48 % | 83.51 % | |||
Per Common Share Data: | ||||||||||
Earnings per common share - Basic | $ 1.20 | $ 0.28 | $ 0.10 | $ 0.92 | $ (0.94) | $ 2.49 | $ (0.66) | |||
Operating earnings per common share - Basic(1) | $ 0.10 | $ 0.28 | $ (0.13) | $ 0.14 | $ (0.98) | $ 0.39 | $ (0.60) | |||
Earnings per common share - Diluted | $ 1.20 | $ 0.28 | $ 0.10 | $ 0.92 | $ (0.94) | $ 2.49 | $ (0.66) | |||
Operating earnings per common share - Diluted(1) | $ 0.10 | $ 0.28 | $ (0.13) | $ 0.14 | $ (0.98) | $ 0.39 | $ (0.60) | |||
Book value per common share | $ 17.12 | $ 15.51 | $ 15.27 | $ 15.19 | $ 14.23 | $ 17.12 | $ 14.23 | |||
Tangible book value per common share(1) | $ 13.34 | $ 11.71 | $ 11.48 | $ 11.40 | $ 10.42 | $ 13.34 | $ 10.42 | |||
Cash dividend per common share | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.40 | $ 0.40 | |||
Weighted average shares outstanding - Basic | 24,634,544 | 24,632,202 | 24,701,319 | 24,706,593 | 24,701,260 | 24,668,367 | 24,688,006 | |||
Weighted average shares outstanding - Diluted | 24,654,037 | 24,643,889 | 24,714,229 | 24,722,734 | 24,701,260 | 24,683,425 | 24,688,006 | |||
Shares outstanding at end of period | 24,695,385 | 24,644,385 | 24,643,185 | 24,722,734 | 24,722,734 | 24,695,385 | 24,722,734 | |||
Asset Quality Ratios: | ||||||||||
Non-performing assets as a percent of total assets, excluding SBA guarantees | 2.03 % | 2.07 % | 1.90 % | 0.28 % | 0.29 % | 2.03 % | 0.29 % | |||
Net charge-offs (recoveries) as a percent of average loans (annualized) | 0.16 % | 0.14 % | 0.80 % | 1.47 % | 3.83 % | 0.65 % | 1.48 % | |||
Core net charge-offs (recoveries) as a percent of average loans (annualized)(1) | 0.05 % | 0.03 % | 0.15 % | 0.06 % | 0.05 % | 0.07 % | 0.05 % | |||
Allowance for credit losses to total loans | 1.40 % | 1.40 % | 1.47 % | 1.45 % | 1.86 % | 1.40 % | 1.86 % | |||
Capital Ratios: | ||||||||||
Common equity to assets | 10.45 % | 9.66 % | 9.72 % | 10.16 % | 9.53 % | |||||
Tangible common equity to tangible assets(1) | 8.33 % | 7.48 % | 7.49 % | 7.82 % | 7.16 % | |||||
Leverage ratio(2) | 8.79 % | 8.32 % | 8.34 % | 8.71 % | 7.76 % | |||||
Common equity tier 1 capital ratio(2) | 9.53 % | 8.62 % | 8.92 % | 9.35 % | 8.74 % | |||||
Tier 1 risk-based capital ratio(2) | 9.81 % | 8.91 % | 9.22 % | 9.66 % | 9.05 % | |||||
Total risk-based capital ratio(2) | 12.60 % | 12.02 % | 12.43 % | 12.96 % | 12.53 % | |||||
(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) | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | ||
Assets | |||||||
Cash and cash equivalents | $ 143,607 | $ 63,881 | $ 94,074 | $ 57,044 | $ 64,505 | ||
Investment securities-available for sale | 171,377 | 234,660 | 242,073 | 241,638 | 235,903 | ||
Investment securities-held to maturity | 6,981 | 8,550 | 8,850 | 9,153 | 9,448 | ||
Loans held for sale | 166,066 | 202,372 | 126,869 | 74,439 | 247,108 | ||
Loans receivable, net of deferred fees | 3,283,683 | 3,200,234 | 3,130,521 | 3,043,348 | 2,887,447 | ||
Allowance for credit losses | (45,883) | (44,766) | (45,985) | (44,021) | (53,724) | ||
Net loans | 3,237,800 | 3,155,468 | 3,084,536 | 2,999,327 | 2,833,723 | ||
Stock in Federal Reserve Bank and Federal Home Loan Bank | 14,185 | 17,035 | 12,998 | 12,983 | 13,037 | ||
Bank premises and equipment, net | 6,070 | 19,380 | 19,642 | 19,210 | 19,432 | ||
Operating lease right-of-use assets | 65,596 | 9,427 | 9,927 | 10,352 | 10,279 | ||
Goodwill and other intangible assets | 93,495 | 93,502 | 93,508 | 93,804 | 94,124 | ||
Assets held for sale, net | 776 | 775 | 2,181 | 2,420 | 5,497 | ||
Bank-owned life insurance | 68,969 | 68,504 | 68,048 | 67,609 | 67,184 | ||
Deferred tax assets, net | 14,683 | 17,328 | 19,466 | 21,399 | 26,466 | ||
Consumer Program derivative asset | 159 | 409 | 1,177 | 1,597 | 4,511 | ||
Investment in Panacea Financial Holdings, Inc. common stock | 6,899 | 6,880 | 6,586 | 21,277 | - | ||
Other assets | 50,725 | 56,678 | 81,791 | 65,058 | 58,898 | ||
Total assets | $ 4,047,388 | $ 3,954,849 | $ 3,871,726 | $ 3,697,310 | $ 3,690,115 | ||
Liabilities and stockholders' equity | |||||||
Demand deposits | $ 554,442 | $ 489,728 | $ 477,705 | $ 455,768 | $ 438,917 | ||
NOW accounts | 862,735 | 831,709 | 858,624 | 819,606 | 817,715 | ||
Money market accounts | 740,886 | 737,634 | 744,321 | 785,552 | 798,506 | ||
Savings accounts | 922,337 | 958,416 | 935,527 | 777,736 | 775,719 | ||
Time deposits | 315,185 | 318,865 | 326,496 | 330,210 | 340,178 | ||
Total deposits | 3,395,585 | 3,336,352 | 3,342,673 | 3,168,872 | 3,171,035 | ||
Securities sold under agreements to repurchase - short term | 3,552 | 3,954 | 4,370 | 4,019 | 3,918 | ||
Federal Home Loan Bank advances | 25,000 | 85,000 | - | - | - | ||
Secured borrowings | 14,773 | 15,403 | 16,449 | 16,729 | 17,195 | ||
Subordinated debt and notes | 96,162 | 96,091 | 96,020 | 95,949 | 95,878 | ||
Operating lease liabilities | 61,340 | 10,682 | 11,195 | 11,639 | 11,566 | ||
Other liabilities | 28,080 | 25,214 | 24,604 | 24,539 | 25,541 | ||
Total liabilities | 3,624,492 | 3,572,696 | 3,495,311 | 3,321,747 | 3,325,133 | ||
Total Primis common stockholders' equity | 422,896 | 382,153 | 376,415 | 375,563 | 351,756 | ||
Noncontrolling interest | - | - | - | - | 13,226 | ||
Total stockholders' equity | 422,896 | 382,153 | 376,415 | 375,563 | 364,982 | ||
Total liabilities and stockholders' equity | $ 4,047,388 | $ 3,954,849 | $ 3,871,726 | $ 3,697,310 | $ 3,690,115 | ||
Tangible common equity(1) | $ 329,401 | $ 288,651 | $ 282,907 | $ 281,759 | $ 257,632 | ||
Primis Financial Corp. | ||||||||||
(Dollars in thousands) | For Three Months Ended: | For Twelve Months Ended: | ||||||||
Condensed Consolidated Statement of Operations (unaudited) | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 4Q 2025 | 4Q 2024 | |||
Interest and dividend income | $ 53,326 | $ 51,766 | $ 47,627 | $ 47,723 | $ 51,338 | $ 200,442 | $ 210,969 | |||
Interest expense | 22,474 | 22,734 | 22,447 | 21,359 | 25,261 | 89,014 | 106,747 | |||
Net interest income | 30,852 | 29,032 | 25,180 | 26,364 | 26,077 | 111,428 | 104,222 | |||
Provision for (recovery of) credit losses | 2,439 | (49) | 8,303 | 1,596 | 33,483 | 12,289 | 50,621 | |||
Net interest income (loss) after provision for credit losses | 28,413 | 29,081 | 16,877 | 24,768 | (7,406) | 99,139 | 53,601 | |||
Account maintenance and deposit service fees | 1,292 | 1,358 | 1,675 | 1,339 | 1,276 | 5,664 | 5,784 | |||
Income from bank-owned life insurance | 466 | 456 | 438 | 425 | 434 | 1,785 | 2,410 | |||
Mortgage banking income | 9,992 | 8,887 | 7,893 | 5,615 | 5,140 | 32,387 | 23,919 | |||
Gain (loss) on sale of loans | 1,470 | 249 | 210 | - | (4) | 1,929 | 303 | |||
Gains on Panacea Financial Holdings investment | 20 | 294 | 7,450 | 24,578 | - | 32,342 | - | |||
Gain on sale of Life Premium Finance portfolio, net of broker fees | - | - | - | - | 4,723 | - | 4,723 | |||
Consumer Program derivative | 775 | 264 | 593 | (292) | 928 | 1,340 | 4,320 | |||
Gain on sale-leaseback | 50,573 | - | - | - | - | 50,573 | - | |||
Loss on sales of investment securities | (14,777) | - | - | - | - | (14,777) | - | |||
Gain (loss) on other investments | 33 | 381 | (308) | 53 | 15 | 159 | 408 | |||
Other | 172 | 80 | 79 | 617 | 663 | 948 | 1,273 | |||
Noninterest income | 50,016 | 11,969 | 18,030 | 32,335 | 13,175 | 112,350 | 43,140 | |||
Employee compensation and benefits | 25,535 | 18,523 | 17,060 | 17,941 | 18,028 | 79,059 | 66,615 | |||
Occupancy and equipment expenses | 4,459 | 3,481 | 3,127 | 3,285 | 3,466 | 14,352 | 12,742 | |||
Amortization of intangible assets | - | - | 289 | 313 | 313 | 602 | 1,265 | |||
577 | 576 | 577 | 577 | 631 | 2,307 | 2,525 | ||||
FDIC Insurance assessment | 918 | 999 | 1,021 | 793 | 805 | 3,731 | 2,549 | |||
Data processing expense | 2,421 | 2,369 | 3,037 | 2,849 | 3,434 | 10,676 | 10,564 | |||
Marketing expense | 472 | 450 | 720 | 514 | 499 | 2,156 | 1,906 | |||
Telecommunication and communication expense | 352 | 309 | 324 | 287 | 295 | 1,272 | 1,312 | |||
Professional fees | 3,730 | 2,509 | 2,413 | 2,225 | 3,129 | 10,877 | 10,384 | |||
Miscellaneous lending expenses | 634 | 231 | 900 | 834 | 1,446 | 2,599 | 3,280 | |||
Loss (gain) on bank premises and equipment | - | 80 | 5 | 106 | 13 | 191 | (463) | |||
Other expenses | 3,066 | 2,786 | 2,469 | 2,792 | 5,782 | 11,113 | 12,965 | |||
Noninterest expense | 42,164 | 32,313 | 31,942 | 32,516 | 37,841 | 138,935 | 125,644 | |||
Income (loss) before income taxes | 36,265 | 8,737 | 2,965 | 24,587 | (32,072) | 72,554 | (28,903) | |||
Income tax expense (benefit) | 6,725 | 1,907 | 528 | 5,553 | (5,917) | 14,713 | (4,238) | |||
Net Income (loss) | 29,540 | 6,830 | 2,437 | 19,034 | (26,155) | 57,841 | (24,665) | |||
Noncontrolling interest | - | - | - | 3,602 | 2,820 | 3,602 | 8,460 | |||
Net income (loss) attributable to Primis' common shareholders | $ 29,540 | $ 6,830 | $ 2,437 | $ 22,636 | $ (23,335) | $ 61,443 | $ (16,205) | |||
(1) See Reconciliation of Non-GAAP financial measures. | ||||||||||
Primis Financial Corp. | |||||||
(Dollars in thousands) | For Three Months Ended: | ||||||
Loan Portfolio Composition | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | ||
Loans held for sale | $ 166,066 | $ 202,372 | $ 126,869 | $ 74,439 | $ 247,108 | ||
Loans secured by real estate: | |||||||
Commercial real estate - owner occupied | 510,088 | 495,739 | 480,981 | 477,233 | 475,898 | ||
Commercial real estate - non-owner occupied | 567,092 | 592,480 | 590,848 | 600,872 | 610,482 | ||
Secured by farmland | 3,407 | 3,642 | 3,696 | 3,742 | 3,711 | ||
Construction and land development | 131,757 | 102,227 | 106,443 | 104,301 | 101,243 | ||
Residential 1-4 family | 576,866 | 564,087 | 571,206 | 576,837 | 588,859 | ||
Multi-family residential | 140,261 | 137,804 | 157,097 | 157,443 | 158,426 | ||
Home equity lines of credit | 61,738 | 62,458 | 62,103 | 60,321 | 62,954 | ||
Total real estate loans | 1,991,209 | 1,958,437 | 1,972,374 | 1,980,749 | 2,001,573 | ||
Commercial loans | 970,492 | 915,158 | 811,458 | 698,097 | 608,595 | ||
Paycheck Protection Program loans | 1,719 | 1,723 | 1,729 | 1,738 | 1,927 | ||
Consumer loans | 315,407 | 319,977 | 339,936 | 357,652 | 270,063 | ||
Total Non-PCD loans | 3,278,827 | 3,195,295 | 3,125,497 | 3,038,236 | 2,882,158 | ||
PCD loans | 4,856 | 4,939 | 5,024 | 5,112 | 5,289 | ||
Total loans receivable, net of deferred fees | $ 3,283,683 | $ 3,200,234 | $ 3,130,521 | $ 3,043,348 | $ 2,887,447 | ||
Loans by Risk Grade: | |||||||
Pass Grade 1 - Highest Quality | 87 | 666 | 667 | 880 | 872 | ||
Pass Grade 2 - Good Quality | 178,999 | 168,177 | 170,560 | 175,379 | 175,659 | ||
Pass Grade 3 - Satisfactory Quality | 1,882,934 | 1,842,958 | 1,737,153 | 1,643,957 | 1,567,228 | ||
Pass Grade 4 - Pass | 1,026,499 | 1,034,035 | 1,050,397 | 1,124,901 | 1,041,947 | ||
Pass Grade 5 - Special Mention | 48,683 | 7,004 | 31,902 | 28,498 | 30,111 | ||
Grade 6 - Substandard | 138,932 | 139,847 | 139,842 | 69,733 | 71,630 | ||
Grade 7 - Doubtful | 7,549 | 7,547 | - | - | - | ||
Grade 8 - Loss | - | - | - | - | - | ||
Total loans | $ 3,283,683 | $ 3,200,234 | $ 3,130,521 | $ 3,043,348 | $ 2,887,447 | ||
(Dollars in thousands) | For Three Months Ended: | ||||||
Asset Quality Information | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | ||
Allowance for Credit Losses: | |||||||
Balance at beginning of period | $ (44,766) | $ (45,985) | $ (44,021) | $ (53,724) | $ (51,132) | ||
Recovery of (provision for) credit losses | (2,439) | 49 | (8,303) | (1,596) | (33,483) | ||
Net charge-offs | 1,322 | 1,170 | 6,339 | 11,299 | 30,891 | ||
Ending balance | $ (45,883) | $ (44,766) | $ (45,985) | $ (44,021) | $ (53,724) | ||
Reserve for Unfunded Commitments: | |||||||
Balance at beginning of period | $ (1,133) | $ (1,152) | $ (1,134) | $ (1,121) | $ (1,127) | ||
Recovery of (provision for) unfunded loan commitment reserve | 127 | 19 | (18) | (13) | 6 | ||
Total Reserve for Unfunded Commitments | $ (1,006) | $ (1,133) | $ (1,152) | $ (1,134) | $ (1,121) | ||
Non-Performing Assets: | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | ||
Nonaccrual loans | $ 84,823 | $ 84,973 | $ 53,059 | $ 12,956 | $ 15,026 | ||
Accruing loans delinquent 90 days or more | 1,713 | 1,713 | 25,188 | 1,713 | 1,713 | ||
Total non-performing assets | $ 86,536 | $ 86,686 | $ 78,247 | $ 14,669 | $ 16,739 | ||
SBA guaranteed portion of non-performing loans | $ 4,482 | $ 4,682 | $ 4,750 | $ 4,307 | $ 5,921 | ||
Primis Financial Corp. | ||||||||||
(Dollars in thousands) | For Three Months Ended: | For Twelve Months Ended: | ||||||||
Average Balance Sheet | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 4Q 2025 | 4Q 2024 | |||
Assets | ||||||||||
Loans held for sale | $ 162,854 | $ 130,061 | $ 108,693 | $ 170,509 | $ 100,243 | $ 142,973 | $ 85,485 | |||
Loans, net of deferred fees | 3,238,184 | 3,143,155 | 3,074,993 | 2,897,481 | 3,127,249 | 3,089,537 | 3,231,206 | |||
Investment securities | 220,343 | 247,008 | 249,485 | 245,216 | 253,120 | 240,463 | 245,323 | |||
Other earning assets | 115,908 | 101,278 | 98,369 | 86,479 | 96,697 | 100,591 | 82,757 | |||
Total earning assets | 3,737,289 | 3,621,502 | 3,531,540 | 3,399,685 | 3,577,309 | 3,573,564 | 3,644,771 | |||
Other assets | 244,183 | 232,636 | 272,910 | 241,912 | 237,704 | 245,381 | 242,544 | |||
Total assets | $ 3,981,472 | $ 3,854,138 | $ 3,804,450 | $ 3,641,597 | $ 3,815,013 | $ 3,818,945 | $ 3,887,315 | |||
Liabilities and equity | ||||||||||
Demand deposits | $ 498,681 | $ 481,697 | $ 467,493 | $ 446,404 | $ 437,388 | $ 473,734 | $ 441,520 | |||
Interest-bearing liabilities: | ||||||||||
NOW and other demand accounts | 837,231 | 834,839 | 821,893 | 805,522 | 787,884 | 824,985 | 772,099 | |||
Money market accounts | 740,915 | 756,361 | 759,107 | 788,067 | 819,803 | 760,971 | 829,331 | |||
Savings accounts | 934,092 | 922,048 | 882,227 | 754,304 | 767,342 | 873,794 | 825,129 | |||
Time deposits | 315,943 | 324,614 | 329,300 | 335,702 | 404,682 | 326,331 | 421,058 | |||
Total Deposits | 3,326,862 | 3,319,559 | 3,260,020 | 3,129,999 | 3,217,099 | 3,259,815 | 3,289,137 | |||
Borrowings | 205,767 | 117,697 | 117,701 | 116,955 | 160,886 | 139,714 | 169,912 | |||
Total Funding | 3,532,629 | 3,437,256 | 3,377,721 | 3,246,954 | 3,377,985 | 3,399,529 | 3,459,049 | |||
Other Liabilities | 50,978 | 36,720 | 36,649 | 38,280 | 39,566 | 40,681 | 36,422 | |||
Total liabilites | 3,583,607 | 3,473,976 | 3,414,370 | 3,285,234 | 3,417,551 | 3,440,210 | 3,495,471 | |||
Primis common stockholders' equity | 397,865 | 380,162 | 380,080 | 344,381 | 382,370 | 375,740 | 373,613 | |||
Noncontrolling interest | — | — | — | 11,982 | 15,092 | 2,996 | 18,231 | |||
Total stockholders' equity | 397,865 | 380,162 | 380,080 | 356,363 | 397,462 | 378,735 | 391,844 | |||
Total liabilities and stockholders' equity | $ 3,981,472 | $ 3,854,138 | $ 3,794,450 | $ 3,641,597 | $ 3,815,013 | $ 3,818,945 | $ 3,887,315 | |||
Net Interest Income | ||||||||||
Loans held for sale | $ 2,511 | $ 2,085 | $ 1,754 | $ 2,564 | $ 1,553 | $ 7,406 | $ 5,571 | |||
Loans | 47,856 | 46,772 | 42,963 | 42,400 | 46,831 | 181,499 | 194,369 | |||
Investment securities | 1,841 | 1,894 | 1,928 | 1,906 | 1,894 | 7,569 | 7,213 | |||
Other earning assets | 1,118 | 1,015 | 982 | 853 | 1,060 | 3,968 | 3,816 | |||
Total Earning Assets Income | 53,326 | 51,766 | 47,627 | 47,723 | 51,338 | 200,442 | 210,969 | |||
Non-interest bearing DDA | - | - | - | - | - | - | - | |||
NOW and other interest-bearing demand accounts | 4,124 | 4,549 | 4,603 | 4,515 | 4,771 | 17,794 | 18,695 | |||
Money market accounts | 4,615 | 5,229 | 5,271 | 5,420 | 6,190 | 20,534 | 26,923 | |||
Savings accounts | 7,599 | 8,070 | 7,793 | 6,418 | 7,587 | 29,880 | 33,462 | |||
Time deposits | 2,639 | 2,723 | 2,830 | 3,039 | 4,127 | 11,229 | 16,582 | |||
Total Deposit Costs | 18,977 | 20,571 | 20,497 | 19,392 | 22,675 | 79,437 | 95,662 | |||
Borrowings | 3,497 | 2,163 | 1,950 | 1,967 | 2,586 | 9,577 | 11,085 | |||
Total Funding Costs | 22,474 | 22,734 | 22,447 | 21,359 | 25,261 | 89,014 | 106,747 | |||
Net Interest Income | $ 30,852 | $ 29,032 | $ 25,180 | $ 26,364 | $ 26,077 | $ 111,428 | $ 104,222 | |||
Net Interest Margin | ||||||||||
Loans held for sale | 6.12 % | 6.36 % | 6.47 % | 6.10 % | 6.16 % | 5.18 % | 6.52 % | |||
Loans | 5.86 % | 5.90 % | 5.60 % | 5.93 % | 5.96 % | 5.87 % | 6.02 % | |||
Investments | 3.31 % | 3.04 % | 3.10 % | 3.15 % | 2.98 % | 3.15 % | 2.94 % | |||
Other Earning Assets | 3.83 % | 3.98 % | 4.00 % | 4.00 % | 4.36 % | 3.94 % | 4.61 % | |||
Total Earning Assets | 5.66 % | 5.67 % | 5.41 % | 5.69 % | 5.71 % | 5.61 % | 5.79 % | |||
NOW | 1.95 % | 2.16 % | 2.25 % | 2.27 % | 2.41 % | 2.16 % | 2.42 % | |||
MMDA | 2.47 % | 2.74 % | 2.79 % | 2.79 % | 3.00 % | 2.70 % | 3.25 % | |||
Savings | 3.23 % | 3.47 % | 3.54 % | 3.45 % | 3.93 % | 3.42 % | 4.06 % | |||
CDs | 3.31 % | 3.33 % | 3.45 % | 3.67 % | 4.06 % | 3.44 % | 3.94 % | |||
Cost of Interest Bearing Deposits | 2.66 % | 2.88 % | 2.94 % | 2.93 % | 3.25 % | 2.85 % | 3.36 % | |||
Cost of Deposits | 2.26 % | 2.46 % | 2.52 % | 2.52 % | 2.80 % | 2.44 % | 2.91 % | |||
Other Funding | 6.74 % | 7.29 % | 6.65 % | 6.82 % | 6.39 % | 6.85 % | 6.52 % | |||
Total Cost of Funds | 2.52 % | 2.62 % | 2.67 % | 2.67 % | 2.97 % | 2.62 % | 3.09 % | |||
Net Interest Margin | 3.28 % | 3.18 % | 2.86 % | 3.15 % | 2.90 % | 3.12 % | 2.86 % | |||
Net Interest Spread | 2.72 % | 2.62 % | 2.32 % | 2.60 % | 2.30 % | 2.57 % | 2.25 % | |||
Primis Financial Corp. | ||||||||||
(Dollars in thousands, except per share data) | For Three Months Ended: | For Twelve Months Ended: | ||||||||
Reconciliation of Non-GAAP items: | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 4Q 2025 | 4Q 2024 | |||
Net income (loss) attributable to Primis' common shareholders | $ 29,540 | $ 6,830 | $ 2,437 | $ 22,636 | $ (23,335) | $ 61,443 | $ (16,205) | |||
Non-GAAP adjustments to Net Income: | ||||||||||
Loss on sale of investment securities | 14,777 | - | - | - | - | 14,777 | - | |||
Branch Consolidation / Other restructuring | - | - | - | 144 | - | 144 | - | |||
Professional fee expense related to accounting matters and LPF sale | - | - | 232 | 893 | 1,782 | 1,125 | 5,025 | |||
Gain on sale-leaseback | (50,573) | - | - | - | - | (50,573) | - | |||
Transaction costs related to sale-leaseback | 1,126 | - | - | - | - | 1,126 | - | |||
Gains on Panacea Financial Holdings investment | - | - | (7,450) | (24,578) | - | (32,028) | - | |||
Loss (Gains) on sale of closed bank branch buildings | - | - | - | 107 | - | 107 | (476) | |||
Gain on sale of Life Premium Finance portfolio, net of broker fees | - | - | - | - | (4,723) | - | (4,723) | |||
Consumer program fraud losses | - | - | - | - | 1,904 | - | 1,904 | |||
Income tax effect | 7,489 | - | 1,559 | 4,370 | 224 | 13,418 | (374) | |||
Net income (loss) attributable to Primis' common shareholders adjusted for nonrecurring | $ 2,359 | $ 6,830 | $ (3,222) | $ 3,572 | $ (24,148) | $ 9,539 | $ (14,849) | |||
Net income (loss) attributable to Primis' common shareholders | $ 29,540 | $ 6,830 | $ 2,437 | $ 22,636 | $ (23,335) | $ 61,443 | $ (16,205) | |||
Income tax expense (benefit) | 6,725 | 1,907 | 528 | 5,553 | (5,917) | 14,713 | (4,238) | |||
Provision (benefit) for credit losses (incl. unfunded commitment expense/benefit) | 2,312 | (68) | 8,321 | 1,609 | 33,477 | 12,174 | 50,163 | |||
Pre-tax pre-provision earnings | $ 38,577 | $ 8,669 | $ 11,286 | $ 29,798 | $ 4,225 | $ 88,330 | $ 29,720 | |||
Effect of adjustment for nonrecurring income and expenses | (34,670) | - | (7,218) | (23,434) | (1,037) | (65,322) | 1,730 | |||
Pre-tax pre-provision operating earnings | $ 3,907 | $ 8,669 | $ 4,068 | $ 6,364 | $ 3,188 | $ 23,008 | $ 31,450 | |||
Return on average assets | 2.94 % | 0.70 % | 0.26 % | 2.52 % | (2.43 %) | 1.61 % | (0.42 %) | |||
Effect of adjustment for nonrecurring income and expenses | (2.71 %) | 0.00 % | (0.60 %) | (2.12 %) | (0.08 %) | (1.36 %) | 0.03 % | |||
Operating return on average assets | 0.23 % | 0.70 % | (0.34 %) | 0.40 % | (2.51 %) | 0.25 % | (0.39 %) | |||
Return on average assets | 2.94 % | 0.70 % | 0.26 % | 2.52 % | (2.43 %) | 1.61 % | (0.42 %) | |||
Effect of tax expense | 0.67 % | 0.20 % | 0.06 % | 0.62 % | (0.62 %) | 0.39 % | (0.11 %) | |||
Effect of provision for credit losses (incl. unfunded commitment expense) | 0.23 % | (0.01 %) | 0.88 % | 0.18 % | 3.49 % | 0.32 % | 1.29 % | |||
Pre-tax pre-provision return on average assets | 3.84 % | 0.89 % | 1.20 % | 3.32 % | 0.44 % | 2.32 % | 0.76 % | |||
Effect of adjustment for nonrecurring income and expenses | (3.45 %) | 0.00 % | (0.76 %) | (2.61 %) | (0.11 %) | (1.71 %) | 0.04 % | |||
Pre-tax pre-provision operating return on average assets | 0.39 % | 0.89 % | 0.44 % | 0.71 % | 0.33 % | 0.61 % | 0.80 % | |||
Return on average common equity | 29.46 % | 7.13 % | 2.57 % | 26.66 % | (24.28 %) | 16.35 % | (4.34 %) | |||
Effect of adjustment for nonrecurring income and expenses | (27.10 %) | 0.00 % | (5.97 %) | (22.45 %) | (0.85 %) | (13.81 %) | 0.37 % | |||
Operating return on average common equity | 2.36 % | 7.13 % | (3.40 %) | 4.21 % | (25.13 %) | 2.54 % | (3.97 %) | |||
Effect of goodwill and other intangible assets | 0.71 % | 2.32 % | (1.11 %) | 1.57 % | (8.20 %) | 0.84 % | (1.35 %) | |||
Operating return on average tangible common equity | 3.07 % | 9.45 % | (4.51 %) | 5.78 % | (33.33 %) | 3.38 % | (5.32 %) | |||
Efficiency ratio | 52.14 % | 78.81 % | 73.92 % | 55.39 % | 96.36 % | 62.09 % | 85.26 % | |||
Effect of adjustment for nonrecurring income and expenses | 38.91 % | 0.00 % | 14.75 % | 36.58 % | 2.54 % | 25.39 % | (1.75 %) | |||
Operating efficiency ratio | 91.05 % | 78.81 % | 88.67 % | 91.97 % | 98.90 % | 87.48 % | 83.51 % | |||
Earnings per common share - Basic | $ 1.20 | $ 0.28 | $ 0.10 | $ 0.92 | $ (0.94) | $ 2.49 | $ (0.66) | |||
Effect of adjustment for nonrecurring income and expenses | (1.10) | - | (0.23) | (0.78) | (0.04) | (2.10) | 0.06 | |||
Operating earnings per common share - Basic | $ 0.10 | $ 0.28 | $ (0.13) | $ 0.14 | $ (0.98) | $ 0.39 | $ (0.60) | |||
Earnings per common share - Diluted | $ 1.20 | $ 0.28 | $ 0.10 | $ 0.92 | $ (0.94) | $ 2.49 | $ (0.66) | |||
Effect of adjustment for nonrecurring income and expenses | (1.10) | - | (0.23) | (0.78) | (0.04) | (2.10) | 0.06 | |||
Operating earnings per common share - Diluted | $ 0.10 | $ 0.28 | $ (0.13) | $ 0.14 | $ (0.98) | $ 0.39 | $ (0.60) | |||
Book value per common share | $ 17.12 | $ 15.51 | $ 15.27 | $ 15.19 | $ 14.23 | $ 17.12 | $ 14.23 | |||
Effect of goodwill and other intangible assets | (3.78) | (3.80) | (3.79) | (3.79) | (3.81) | (3.78) | (3.81) | |||
Tangible book value per common share | $ 13.34 | $ 11.71 | $ 11.48 | $ 11.40 | $ 10.42 | $ 13.34 | $ 10.42 | |||
Net charge-offs as a percent of average loans (annualized) | 0.16 % | 0.14 % | 0.80 % | 1.47 % | 3.83 % | 0.65 % | 1.48 % | |||
Impact of third-party consumer portfolio | (0.11 %) | (0.11 %) | (0.65 %) | (1.41 %) | (3.78 %) | (0.58 %) | (1.43 %) | |||
Core net charge-offs (recoveries) as a percent of average loans (annualized) | 0.05 % | 0.03 % | 0.15 % | 0.06 % | 0.05 % | 0.07 % | 0.05 % | |||
Total Primis common stockholders' equity | $ 422,896 | $ 382,153 | $ 376,415 | $ 375,563 | $ 351,756 | $ 422,896 | $ 351,756 | |||
Less goodwill and other intangible assets | (93,495) | (93,502) | (93,508) | (93,804) | (94,124) | (93,495) | (94,124) | |||
Tangible common equity | $ 329,401 | $ 288,651 | $ 282,907 | $ 281,759 | $ 257,632 | $ 329,401 | $ 257,632 | |||
Common equity to assets | 10.45 % | 9.66 % | 9.72 % | 10.16 % | 9.53 % | 10.45 % | 9.53 % | |||
Effect of goodwill and other intangible assets | (2.12 %) | (2.18 %) | (2.23 %) | (2.34 %) | (2.37 %) | (2.12 %) | (2.37 %) | |||
Tangible common equity to tangible assets | 8.33 % | 7.48 % | 7.49 % | 7.82 % | 7.16 % | 8.33 % | 7.16 % | |||
Net interest margin | 3.28 % | 3.18 % | 2.86 % | 3.15 % | 2.90 % | 3.12 % | 2.86 % | |||
Effect of adjustment for Consumer Portfolio | 0.01 % | (0.03 %) | 0.26 % | (0.02 %) | 0.01 % | 0.05 % | 0.07 % | |||
Core net interest margin | 3.29 % | 3.15 % | 3.12 % | 3.13 % | 2.91 % | 3.17 % | 2.93 % | |||
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SOURCE Primis Financial Corp.
FAQ
What were Primis Financial's (FRST) Q4 2025 earnings and EPS?
How did Primis Financial's balance sheet change at December 31, 2025 compared to year-end 2024?
What drove Primis Financial's large increase in noninterest income in Q4 2025?
How did Primis Financial's deposit mix and funding costs change in Q4 2025?
What mortgage and warehouse lending trends did Primis report for Q4 2025?
What expense outlook did Primis provide for 2026 after Q4 2025 results?
