Primis Financial Corp. Reports Strong Results for the Second Quarter of 2026
Rhea-AI Summary
Primis Financial (NASDAQ: FRST) reported second-quarter 2026 net income available to common shareholders of $9.4 million, or $0.38 per diluted share, versus $2.4 million, or $0.10, a year earlier, and declared a quarterly cash dividend of $0.10 per share. For the first half of 2026, net income was $16.7 million, or $0.68 per diluted share, compared with $25.1 million, or $1.01, in 2025.
Second-quarter ROAA improved to 0.90% from 0.26%, while net interest income rose 34% year-over-year to $33.8 million and net interest margin expanded to 3.45% from 2.86%. Noninterest income was $22.0 million, aided by a $5.9 million gain from the sale of an insurance agency and stronger mortgage-related income.
Nonperforming assets fell 37% during the quarter to $63 million, or 1.45% of total assets. The company highlighted a planned core consolidation and digital conversion expected to add $6.1 million of annual earnings improvements through revenue enhancements and cost savings beginning in late 2026.
Positive
- Q2 2026 net income $9.4m vs. $2.4m in Q2 2025
- Net interest income up 34.1% YoY to $33.8m in Q2 2026
- Net interest margin expanded to 3.45% from 2.86% year-over-year
- Nonperforming assets reduced 37% QoQ to $63m, 1.45% of assets
- Primis Mortgage pre-tax earnings rose to $2.2m from $0.1m YoY
- Mortgage warehouse balances up 195% YoY to $544m at June 30, 2026
- Digital deposits cost decreased to 3.79% from 4.27% YoY
- Core consolidation program targets $6.1m annual earnings improvements by early 2027
- Quarterly cash dividend declared at $0.10 per common share
Negative
- YTD 2026 net income $16.7m vs. $25.1m in YTD 2025
- Noninterest expense increased to $38.2m from $31.9m YoY in Q2
- Core operating expense burden rose to $25m from $22m YoY
- Provision for credit losses $5.5m in Q2 2026 vs. $1.5m in Q1 2026
- Core net charge-offs 53 bps, up 38 bps YoY and 47 bps QoQ
- Litigation and project costs added over $2m to Q2 2026 expenses
News Explained
The dividend has fixed August 7 eligibility and August 21 payment dates, while $6.1 million of core benefits remains staged through third-quarter 2027.
The holder-relevant new detail is a declared quarterly cash dividend of
For the core-conversion initiative, Primis presents
Amortization of initial digital-platform development costs is expected to end in the
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 23 | First-quarter earnings | Positive | +3.0% | Q1 profitability, net interest income, and tangible book value improved. |
| Jul 24 | Second-quarter earnings | Positive | +0.3% | Q2 net income increased year over year alongside mortgage volume growth. |
| Apr 29 | First-quarter earnings | Positive | -1.2% | Quarter returned to profitability while consumer-loan provisions remained a disclosed issue. |
| Jan 28 | Fourth-quarter earnings | Negative | -7.3% | Quarterly loss reflected consumer-loan marks, provisions, and portfolio restructuring. |
| Oct 24 | Third-quarter earnings | Positive | -3.8% | Profitability improved and the Life Premium Finance sale was announced. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions averaged -1.8%, with positive earnings announcements producing both gains and declines.
Key Terms
net interest margin financial
nonperforming assets financial
FHLB advances financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Declares Quarterly Cash Dividend of
Q2 And Year-to-Date 2026 Accomplishments
The Company demonstrated strong profitability in the second quarter and first half of 2026. Significant areas of improvement year-over-year are detailed in the chart below:
As of or for the Three Months | As of or for the Six Months | ||||||||
($ in millions except per share) | 2026 | 2025 | 2026 | 2025 | |||||
Net Income | |||||||||
Pre-Tax Pre-Provision Op. Net Income(1) | 11.7 | 4.1 | 23.4 | 10.4 | |||||
ROAA | 0.90 | % | 0.26 | % | 0.83 | % | 1.36 | % | |
Pre-Tax Pre-Provision Op. ROAA(1) | 1.12 | 0.44 | 1.15 | 0.57 | |||||
Net Interest Income | |||||||||
Net Interest Margin | 3.45 | % | 2.86 | % | 3.44 | % | 3.00 | % | |
Total Assets | |||||||||
Gross Loans HFI | 3,466 | 3,131 | 3,466 | 3,131 | |||||
Total Deposits | 3,446 | 3,343 | 3,446 | 3,343 | |||||
Average Earning Assets | |||||||||
Avg. NIB Deposits | 566 | 467 | 550 | 457 | |||||
Avg. NIB /Avg. Total Deposits | 16.3 | % | 14.3 | % | 16.1 | % | 14.3 | % | |
TCE /TA(1) | 7.99 | % | 7.49 | % | 7.99 | % | 7.49 | % | |
Tangible Book Value per Share(1) | |||||||||
Commenting on the results, Dennis J. Zember, Jr., President and Chief Executive Officer of the Company, stated, "We delivered another quarter of improving results and continued momentum. Our ROA climbed to
Lastly, as discussed later in this press release, we have identified substantial earnings enhancements related to our announcement to convert the entire bank to our digital, real-time core. The total earnings impact of
Division Updates
The second quarter of 2026 demonstrated continued progress across the Company's strategies to meet its growth and profitability goals in 2026. The following discussion highlights recent progress for each of these strategies:
Core Community Bank
The Core Bank's 24 banking offices in
- The Core Bank has low concentrations of investor CRE (
23% of total loans and only188% of regulatory capital). - Loan pipeline of
$158 million 28% from$123 million - Cost of deposits of
1.60% in the second quarter of 2026 compared to1.79% in the same quarter in 2025. - Zero brokered deposits.
- A proprietary banking app for commercial depositors that drives new sales independent of lending efforts in and around the Company's footprint.
Approximately
Primis Mortgage
Primis Mortgage had closed mortgage volume of
Mortgage Warehouse
Mortgage warehouse lending continued to show strong growth in the second quarter of 2026. Outstanding loan balances at June 30, 2026 were
Panacea Financial
Panacea's growth remained strong through the second quarter of 2026 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 second quarter of 2026 with approximately
Core Consolidation Initiative
In 2025, the Company announced its decision to fully convert its core bank and all divisions onto its real-time, fully digital core that had served as the backbone of its successful national deposit origination platform. Concurrent with that decision, management has been fully evaluating its products and services as well as vendors and various contracts supporting both cores. Additional earnings improvements from this evaluation are expected to begin late in 2026 and be fully implemented in early 2027. The improvements to earnings are on both the income and expense side totaling
$3 million $2.4 million $0.7 million
In addition, we currently amortize approximately
Net Interest Income
Net interest income in the second quarter of 2026 was
Yield on earnings assets in the second quarter of 2026 increased three basis points and 34 basis points versus the first quarter of 2026 and second quarter of 2025, respectively. Yield on investments increased 131 basis points year-over-year largely due to the portfolio restructuring in the fourth quarter of 2025.
Cost of deposits in the Bank have benefitted from the focus on growing noninterest bearing deposit balances as well as the Core Bank's management of interest expense. In the second quarter of 2026, the Company reported cost of interest-bearing deposits of
Noninterest Income
Noninterest income was
The Company reported gain on sale income of
Noninterest Expense
Noninterest expense was
($ in thousands) | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2Q25 |
Reported Noninterest Expense | |||||
Nonrecurring | - | - | (1,126) | - | (232) |
Primis Mortgage Expenses | (11,526) | (10,545) | (10,048) | (8,214) | (8,514) |
Panacea Net Expense | (1,507) | (1,040) | (2,614) | (2,100) | (370) |
Consumer Program Servicing Fee | (300) | (347) | (391) | (439) | (518) |
Reserve for Unfunded Commitment | 39 | 136 | 127 | 19 | (18) |
Total Adjustments | (13,294) | (11,796) | (14,052) | (10,734) | (9,652) |
Core Operating Expense Burden |
Core operating expense burden, as defined above, was
Lastly, the Company is also in the beginning stages of deploying artificial intelligence tools and agents to drive ongoing productivity improvements in order to preserve operating leverage.
Loan Portfolio and Asset Quality
Loans held for investment increased to
- Core Bank loans averaged approximately
$2.0 billion - Panacea Financial loans grew
$24 million 4% , through the end of second quarter of 2026 to$583 million - Mortgage warehouse outstandings increased significantly to
$544 million 18% , at the end of the second quarter of 2026 compared to$460 million - Mortgage portfolio loans generated by Primis Mortgage grew to
$140 million 15% from$122 million 132% from$67 million - Loan balances associated with the consumer loan program declined to
$75 million $113 million
Nonperforming assets, excluding portions guaranteed by the SBA, improved to
The Company recorded a provision for credit losses of
Deposits and Funding
Total deposits at June 30, 2026 were
Taxes
Tax expense for the second quarter of 2026 was
Shareholders' Equity
Tangible book value per common share(1) at the end of the second quarter of 2026 was
The Board of Directors declared a dividend of
About Primis Financial Corp.
As of June 30, 2026, 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 second quarter results on Friday, July 24, 2026 at 10:00 a.m. (ET). A live webcast of the conference call is available at the following website: https://events.q4inc.com/attendee/499443631. Participants may also call 1-833-461-5787, enter meeting ID 499 443 631 and ask for the Primis Financial Corp. call. A replay of the teleconference will be available for 7 days using the webcast link above.
Non-GAAP Measures
Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables. Primis uses non-GAAP financial measures to analyze its performance. The measures entitled operating net income (loss) available to Primis' common shareholders; pre-tax pre-provision operating earnings; operating return on average assets; pre-tax pre-provision operating return on average assets; operating return on average equity; operating return on average tangible equity; operating efficiency ratio; operating earnings per share – basic; operating earnings per share – diluted; core operating expense burden, tangible book value per share; tangible common equity; tangible common equity to tangible assets; and core net interest margin are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. We use the term "operating" to describe a financial measure that excludes income or expense considered to be non-recurring in nature. Items identified as non-operating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward-looking trends in our business. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is provided when discussing the financial measure or in the Reconciliation of Non-GAAP Items table.
Management believes that these non-GAAP financial measures provide additional useful information about Primis that allows management and investors to evaluate the ongoing operating results, financial strength and performance of Primis and provide meaningful comparison to its peers. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider Primis' performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Primis. Non-GAAP financial measures are not standardized and, therefore, it may not be possible to compare these measures with other companies that present measures having the same or similar names.
Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.
Forward-Looking Statements
This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," and other similar words or expressions of the future or otherwise regarding the outlook for the Company's future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, but are not limited to, our expectations regarding our future operating and financial performance, including the preliminary estimated financial and operating information presented herein, which is subject to adjustment; our outlook and long-term goals for future growth and new offerings and services; our expectations regarding net interest margin; expectations on our growth strategy, expense management, capital management and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations.
Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: instability in global economic conditions and geopolitical matters; the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within our primary market areas; adverse developments in borrower industries; changes in interest rates, inflation, loan demand, real estate values, or competition, as well as labor shortages and supply chain disruptions; the impact of tariffs, trade policies, and trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for
Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company's management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company's filings with the Securities and Exchange Commission, the Company's Annual Report on Form 10-K for the year ended December 31, 2025, under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors," and in the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.
___________ | |
(1) | Non-GAAP financial measure. Please see "Reconciliation of Non-GAAP Items" in the financial tables for more information and for a reconciliation to GAAP. |
Primis Financial Corp | ||||||||||
Financial Highlights (unaudited) | ||||||||||
(Dollars in thousands, except per share data) | For Three Months Ended: | For Six Months Ended: | ||||||||
Selected Performance Ratios: | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | 2Q 2026 | 2Q 2025 | |||
Return on average assets | 0.90 % | 0.76 % | 2.94 % | 0.70 % | 0.26 % | 0.83 % | 1.36 % | |||
Operating return on average assets(1) | 0.53 % | 0.84 % | 0.23 % | 0.70 % | (0.34 %) | 0.68 % | 0.02 % | |||
Pre-tax pre-provision return on average assets | 1.68 % | 1.20 % | 3.84 % | 0.89 % | 1.20 % | 1.44 % | 2.23 % | |||
Pre-tax pre-provision operating return on average assets(1) | 1.12 % | 1.20 % | 0.39 % | 0.89 % | 0.44 % | 1.15 % | 0.57 % | |||
Return on average common equity | 8.71 % | 7.24 % | 29.46 % | 7.13 % | 2.57 % | 7.84 % | 13.96 % | |||
Operating return on average common equity(1) | 5.17 % | 7.96 % | 2.36 % | 7.13 % | (3.40 %) | 6.56 % | 0.19 % | |||
Operating return on average tangible common equity(1) | 6.65 % | 10.19 % | 3.07 % | 9.45 % | (4.51 %) | 8.38 % | 0.26 % | |||
Cost of funds | 2.46 % | 2.46 % | 2.52 % | 2.62 % | 2.67 % | 2.46 % | 2.67 % | |||
Net interest margin | 3.45 % | 3.43 % | 3.28 % | 3.18 % | 2.86 % | 3.44 % | 3.00 % | |||
Gross loans to deposits | 100.58 % | 99.22 % | 96.70 % | 95.92 % | 93.65 % | 100.58 % | 93.65 % | |||
Efficiency ratio | 68.48 % | 73.97 % | 52.14 % | 78.81 % | 73.92 % | 70.95 % | 63.25 % | |||
Operating efficiency ratio(1) | 76.51 % | 73.97 % | 91.05 % | 78.81 % | 88.67 % | 70.95 % | 90.27 % | |||
Per Common Share Data: | ||||||||||
Earnings per common share - Basic | $ 0.38 | $ 0.30 | $ 1.20 | $ 0.28 | $ 0.10 | $ 0.68 | $ 1.01 | |||
Operating earnings per common share - Basic(1) | $ 0.23 | $ 0.33 | $ 0.10 | $ 0.28 | $ (0.13) | $ 0.55 | $ 0.01 | |||
Earnings per common share - Diluted | $ 0.38 | $ 0.30 | $ 1.20 | $ 0.28 | $ 0.10 | $ 0.68 | $ 1.01 | |||
Operating earnings per common share - Diluted(1) | $ 0.23 | $ 0.33 | $ 0.10 | $ 0.28 | $ (0.13) | $ 0.55 | $ 0.01 | |||
Book value per common share | $ 17.49 | $ 17.25 | $ 17.12 | $ 15.51 | $ 15.27 | $ 17.49 | $ 15.27 | |||
Tangible book value per common share(1) | $ 13.72 | $ 13.47 | $ 13.34 | $ 11.71 | $ 11.48 | $ 13.72 | $ 11.48 | |||
Cash dividend per common share | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.20 | $ 0.20 | |||
Weighted average shares outstanding - Basic | 24,731,956 | 24,665,011 | 24,634,544 | 24,632,202 | 24,701,319 | 24,698,677 | 24,703,942 | |||
Weighted average shares outstanding - Diluted | 24,788,023 | 24,719,255 | 24,654,037 | 24,643,889 | 24,714,229 | 24,751,058 | 24,718,458 | |||
Shares outstanding at end of period | 24,799,072 | 24,772,072 | 24,695,385 | 24,644,385 | 24,643,185 | 24,799,072 | 24,643,185 | |||
Asset Quality Ratios: | ||||||||||
Non-performing assets as a percent of total assets, excluding SBA guarantees | 1.45 % | 2.35 % | 2.03 % | 2.07 % | 1.90 % | 1.45 % | 1.90 % | |||
Net charge-offs (recoveries) as a percent of average loans (annualized) | 0.65 % | 0.12 % | 0.16 % | 0.14 % | 0.80 % | 0.41 % | 1.13 % | |||
Core net charge-offs (recoveries) as a percent of average loans (annualized)(1) | 0.53 % | 0.06 % | 0.05 % | 0.03 % | 0.15 % | 0.30 % | 0.11 % | |||
Allowance for credit losses to total loans | 1.33 % | 1.37 % | 1.40 % | 1.40 % | 1.47 % | 1.33 % | 1.47 % | |||
Capital Ratios: | ||||||||||
Common equity to assets | 9.96 % | 10.04 % | 10.45 % | 9.66 % | 9.72 % | |||||
Tangible common equity to tangible assets(1) | 7.99 % | 8.02 % | 8.33 % | 7.48 % | 7.49 % | |||||
Leverage ratio(2) | 8.63 % | 8.76 % | 8.80 % | 8.32 % | 8.34 % | |||||
Common equity tier 1 capital ratio(2) | 9.48 % | 9.18 % | 9.36 % | 8.62 % | 8.92 % | |||||
Tier 1 risk-based capital ratio(2) | 9.75 % | 9.45 % | 9.64 % | 8.91 % | 9.22 % | |||||
Total risk-based capital ratio(2) | 12.32 % | 12.01 % | 12.40 % | 12.02 % | 12.43 % | |||||
(1) See Reconciliation of Non-GAAP financial measures | ||||||||||
(2) Ratios are estimated and may be subject to change pending the final filing of the FR Y-9C | ||||||||||
Primis Financial Corp | |||||||
(Dollars in thousands) | For Three Months Ended: | ||||||
Condensed Consolidated Balance Sheets (unaudited) | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | ||
Assets | |||||||
Cash and cash equivalents | $ 176,825 | $ 159,881 | $ 143,607 | $ 63,881 | $ 94,074 | ||
Investment securities-available for sale | 168,285 | 171,877 | 171,377 | 234,660 | 242,073 | ||
Investment securities-held to maturity | 6,588 | 6,792 | 6,981 | 8,550 | 8,850 | ||
Loans held for sale | 231,990 | 223,180 | 166,066 | 202,372 | 126,869 | ||
Loans held for investment | 3,466,388 | 3,396,366 | 3,283,683 | 3,200,234 | 3,130,521 | ||
Allowance for credit losses | (45,964) | (46,381) | (45,883) | (44,766) | (45,985) | ||
Net loans | 3,420,424 | 3,349,985 | 3,237,800 | 3,155,468 | 3,084,536 | ||
Stock in Federal Reserve Bank and Federal Home Loan Bank | 27,487 | 24,162 | 14,185 | 17,035 | 12,998 | ||
Bank premises and equipment, net | 5,955 | 5,924 | 6,070 | 19,380 | 19,642 | ||
Operating lease right-of-use assets | 64,233 | 64,781 | 65,596 | 9,427 | 9,927 | ||
Goodwill and other intangible assets | 93,482 | 93,488 | 93,495 | 93,502 | 93,508 | ||
Assets held for sale, net | 776 | 776 | 776 | 775 | 2,181 | ||
Bank-owned life insurance | 77,515 | 76,958 | 68,969 | 68,504 | 68,048 | ||
Deferred tax assets, net | 15,914 | 14,593 | 14,683 | 17,328 | 19,466 | ||
Investment in Panacea Financial Holdings, Inc. common stock | 7,299 | 6,899 | 6,899 | 6,880 | 6,586 | ||
Other assets | 56,841 | 57,372 | 50,884 | 57,087 | 82,968 | ||
Total assets | $ 4,353,614 | $ 4,256,668 | $ 4,047,388 | $ 3,954,849 | $ 3,871,726 | ||
Liabilities and stockholders' equity | |||||||
Demand deposits | $ 505,758 | $ 541,168 | $ 554,442 | $ 489,728 | $ 477,705 | ||
NOW accounts | 878,976 | 844,528 | 862,735 | 831,709 | 858,624 | ||
Money market accounts | 794,540 | 778,366 | 740,886 | 737,634 | 744,321 | ||
Savings accounts | 960,343 | 942,847 | 922,337 | 958,416 | 935,527 | ||
Time deposits | 306,724 | 316,156 | 315,185 | 318,865 | 326,496 | ||
Total deposits | 3,446,341 | 3,423,065 | 3,395,585 | 3,336,352 | 3,342,673 | ||
Securities sold under agreements to repurchase - short term | 3,974 | 3,525 | 3,552 | 3,954 | 4,370 | ||
Federal Home Loan Bank advances | 300,000 | 230,000 | 25,000 | 85,000 | - | ||
Secured borrowings | 14,165 | 14,450 | 14,773 | 15,403 | 16,449 | ||
Subordinated debt and notes | 69,358 | 69,311 | 96,162 | 96,091 | 96,020 | ||
Operating lease liabilities | 60,573 | 60,832 | 61,340 | 10,682 | 11,195 | ||
Other liabilities | 25,374 | 28,287 | 28,080 | 25,214 | 24,604 | ||
Total liabilities | 3,919,785 | 3,829,470 | 3,624,492 | 3,572,696 | 3,495,311 | ||
Total stockholders' equity | 433,829 | 427,198 | 422,896 | 382,153 | 376,415 | ||
Total liabilities and stockholders' equity | $ 4,353,614 | $ 4,256,668 | $ 4,047,388 | $ 3,954,849 | $ 3,871,726 | ||
Tangible common equity(1) | $ 340,347 | $ 333,710 | $ 329,401 | $ 288,651 | $ 282,907 | ||
Primis Financial Corp | ||||||||||
(Dollars in thousands) | For Three Months Ended: | For Six Months Ended: | ||||||||
Condensed Consolidated Statement of Operations (unaudited) | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | 2Q 2026 | 2Q 2025 | |||
Interest and dividend income | $ 56,322 | $ 53,526 | $ 53,326 | $ 51,766 | $ 47,627 | $ 109,848 | $ 95,350 | |||
Interest expense | 22,567 | 21,452 | 22,474 | 22,734 | 22,447 | 44,019 | 43,806 | |||
Net interest income | 33,755 | 32,074 | 30,852 | 29,032 | 25,180 | 65,829 | 51,544 | |||
Provision for (recovery of) credit losses | 5,452 | 1,549 | 2,439 | (49) | 8,303 | 7,001 | 9,899 | |||
Net interest income after provision for credit losses | 28,303 | 30,525 | 28,413 | 29,081 | 16,877 | 58,828 | 41,645 | |||
Account maintenance and deposit service fees | 1,699 | 1,246 | 1,292 | 1,358 | 1,675 | 2,945 | 3,014 | |||
Mortgage banking income | 11,388 | 10,760 | 9,992 | 8,887 | 7,893 | 22,148 | 13,508 | |||
Gain on sale of loans | 1,582 | 567 | 1,470 | 249 | 210 | 2,149 | 210 | |||
Gains on Panacea Financial Holdings investment | 400 | - | 20 | 294 | 7,450 | 400 | 32,028 | |||
Gain on sale-leaseback | - | - | 50,573 | - | - | - | - | |||
Loss on sales of investment securities | - | - | (14,777) | - | - | - | - | |||
Gain (loss) on other investments | 5,961 | 49 | 33 | 381 | (308) | 6,010 | (255) | |||
Other | 1,004 | 933 | 1,413 | 800 | 1,110 | 1,937 | 1,860 | |||
Noninterest income | 22,034 | 13,555 | 50,016 | 11,969 | 18,030 | 35,589 | 50,365 | |||
Employee compensation and benefits | 20,267 | 19,556 | 25,535 | 18,523 | 17,060 | 39,823 | 35,001 | |||
Occupancy and equipment expenses | 4,799 | 4,617 | 4,459 | 3,481 | 3,127 | 9,416 | 6,412 | |||
695 | 611 | 577 | 576 | 577 | 1,306 | 1,154 | ||||
FDIC Insurance assessment | 854 | 738 | 918 | 999 | 1,021 | 1,592 | 1,814 | |||
Data processing expense | 2,342 | 2,188 | 2,421 | 2,369 | 3,037 | 4,530 | 5,886 | |||
Marketing expense | 934 | 760 | 472 | 450 | 720 | 1,694 | 1,234 | |||
Telecommunication and communication expense | 350 | 311 | 352 | 309 | 324 | 661 | 611 | |||
Professional fees | 2,886 | 1,860 | 3,730 | 2,509 | 2,413 | 4,746 | 4,638 | |||
Miscellaneous lending expenses | 1,128 | 728 | 634 | 231 | 900 | 1,856 | 1,734 | |||
Other expenses | 3,952 | 2,385 | 3,066 | 2,866 | 2,763 | 6,337 | 5,974 | |||
Noninterest expense | 38,207 | 33,754 | 42,164 | 32,313 | 31,942 | 71,961 | 64,458 | |||
Income before income taxes | 12,130 | 10,326 | 36,265 | 8,737 | 2,965 | 22,456 | 27,552 | |||
Income tax expense | 2,704 | 3,014 | 6,725 | 1,907 | 528 | 5,718 | 6,081 | |||
Net Income | 9,426 | 7,312 | 29,540 | 6,830 | 2,437 | 16,738 | 21,471 | |||
Noncontrolling interest | - | - | - | - | - | - | 3,602 | |||
Net income available to Primis' common shareholders | $ 9,426 | $ 7,312 | $ 29,540 | $ 6,830 | $ 2,437 | $ 16,738 | $ 25,073 | |||
(1) See Reconciliation of Non-GAAP financial measures | ||||||||||
Primis Financial Corp | |||||||
(Dollars in thousands) | For Three Months Ended: | ||||||
Loan Portfolio Composition | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | ||
Loans held for sale | $ 231,990 | $ 223,180 | $ 166,066 | $ 202,372 | $ 126,869 | ||
Loans secured by real estate: | |||||||
Commercial real estate - owner occupied | 560,515 | 534,897 | 510,088 | 495,739 | 480,981 | ||
Commercial real estate - non-owner occupied | 522,383 | 540,154 | 567,092 | 592,480 | 590,848 | ||
Secured by farmland | 2,479 | 2,386 | 3,407 | 3,642 | 3,696 | ||
Construction and land development | 153,906 | 151,426 | 131,757 | 102,227 | 106,443 | ||
Residential 1-4 family | 558,782 | 560,711 | 576,866 | 564,087 | 571,206 | ||
Multi-family residential | 137,953 | 150,475 | 140,261 | 137,804 | 157,097 | ||
Home equity lines of credit | 61,985 | 61,786 | 61,738 | 62,458 | 62,103 | ||
Total real estate loans | 1,998,003 | 2,001,835 | 1,991,209 | 1,958,437 | 1,972,374 | ||
Commercial loans | 1,184,862 | 1,104,438 | 970,492 | 915,158 | 811,458 | ||
Paycheck Protection Program loans | 1,713 | 1,716 | 1,719 | 1,723 | 1,729 | ||
Consumer loans | 277,248 | 283,605 | 315,407 | 319,977 | 339,936 | ||
Total Non-PCD loans | 3,461,826 | 3,391,594 | 3,278,827 | 3,195,295 | 3,125,497 | ||
PCD loans | 4,562 | 4,772 | 4,856 | 4,939 | 5,024 | ||
Total loans receivable, net of deferred fees | $ 3,466,388 | $ 3,396,366 | $ 3,283,683 | $ 3,200,234 | $ 3,130,521 | ||
(Dollars in thousands) | For Three Months Ended: | ||||||
Loans by Risk Grade: | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | ||
Pass Grade 1 - Highest Quality | $ 128 | $ 119 | $ 87 | $ 666 | $ 667 | ||
Pass Grade 2 - Good Quality | 152,946 | 160,228 | 178,999 | 168,177 | 170,560 | ||
Pass Grade 3 - Satisfactory Quality | 1,537,862 | 1,556,700 | 1,882,934 | 1,842,958 | 1,737,153 | ||
Pass Grade 4 - Pass | 1,591,207 | 1,469,542 | 1,026,499 | 1,034,035 | 1,050,397 | ||
Pass Grade 5 - Pass/ Watch(1) | 14,599 | 13,765 | - | - | - | ||
Pass Grade 6 - Special Mention(2) | 75,213 | 49,308 | 48,683 | 7,004 | 31,902 | ||
Grade 7 - Substandard(2) | 86,884 | 139,155 | 138,932 | 139,847 | 139,842 | ||
Grade 8 - Doubtful(2) | 7,549 | 7,549 | 7,549 | 7,547 | - | ||
Grade 9 - Loss(2) | - | - | - | - | - | ||
Total loans | $ 3,466,388 | $ 3,396,366 | $ 3,283,683 | $ 3,200,234 | $ 3,130,521 | ||
(Dollars in thousands) | For Three Months Ended: | ||||||
Asset Quality Information | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | ||
Allowance for Credit Losses: | |||||||
Balance at beginning of period | $ (46,381) | $ (45,883) | $ (44,766) | $ (45,985) | $ (44,021) | ||
Recovery of (provision for) credit losses | (5,452) | (1,549) | (2,439) | 49 | (8,303) | ||
Net charge-offs | 5,869 | 1,051 | 1,322 | 1,170 | 6,339 | ||
Ending balance | $ (45,964) | $ (46,381) | $ (45,883) | $ (44,766) | $ (45,985) | ||
Reserve for Unfunded Commitments: | |||||||
Balance at beginning of period | $ (870) | $ (1,006) | $ (1,133) | $ (1,152) | $ (1,134) | ||
Recovery of (provision for) unfunded loan commitment reserve | 39 | 136 | 127 | 19 | (18) | ||
Total Reserve for Unfunded Commitments | $ (831) | $ (870) | $ (1,006) | $ (1,133) | $ (1,152) | ||
Non-Performing Assets: | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | ||
Nonaccrual loans | $ 61,847 | $ 84,949 | $ 84,823 | $ 84,973 | $ 53,059 | ||
Accruing loans delinquent 90 days or more | 5,827 | 20,222 | 1,713 | 1,713 | 25,188 | ||
Total non-performing assets | $ 67,674 | $ 105,171 | $ 86,536 | $ 86,686 | $ 78,247 | ||
SBA guaranteed portion of non-performing loans | $ 4,491 | $ 5,033 | $ 4,482 | $ 4,682 | $ 4,750 | ||
(1) In first quarter of 2026. the Company expanded its risk grade matrix to include Pass Grade 5 - Pass/ Watch | |||||||
(2) In first quarter of 2026, due to the expansion of the risk grade matrix, Special Mention, Substandard, Doubtful and Loss loans that were in risk grades 5, | |||||||
Primis Financial Corp | ||||||||||
(Dollars in thousands) | For Three Months Ended: | For Six Months Ended: | ||||||||
Average Balance Sheet | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | 2Q 2026 | 2Q 2025 | |||
Assets | ||||||||||
Loans held for sale | $ 207,590 | $ 159,007 | $ 162,854 | $ 130,061 | $ 108,693 | $ 183,433 | $ 139,431 | |||
Loans, net of deferred fees | 3,379,938 | 3,297,456 | 3,238,184 | 3,143,155 | 3,074,993 | 3,338,925 | 2,986,727 | |||
Investment securities | 177,451 | 176,582 | 220,343 | 247,008 | 249,485 | 177,019 | 247,362 | |||
Other earning assets | 164,006 | 161,199 | 115,908 | 101,278 | 98,369 | 162,611 | 92,457 | |||
Total earning assets | 3,928,985 | 3,794,244 | 3,737,289 | 3,621,502 | 3,531,540 | 3,861,988 | 3,465,977 | |||
Other assets | 272,805 | 261,466 | 244,183 | 232,636 | 272,910 | 267,167 | 252,469 | |||
Total assets | $ 4,201,790 | $ 4,055,710 | $ 3,981,472 | $ 3,854,138 | $ 3,804,450 | $ 4,129,155 | $ 3,718,446 | |||
Liabilities and equity | ||||||||||
Demand deposits | $ 565,815 | $ 533,570 | $ 498,681 | $ 481,697 | $ 467,493 | $ 549,781 | $ 457,007 | |||
Interest-bearing liabilities: | ||||||||||
NOW and other demand accounts | 856,254 | 838,845 | 837,231 | 834,839 | 821,893 | 847,598 | 813,752 | |||
Money market accounts | 777,265 | 750,380 | 740,915 | 756,361 | 759,107 | 763,896 | 773,507 | |||
Savings accounts | 950,932 | 922,152 | 934,092 | 922,048 | 882,227 | 936,622 | 818,619 | |||
Time deposits | 311,192 | 316,281 | 315,943 | 324,614 | 329,300 | 313,722 | 332,484 | |||
Total Deposits | 3,461,458 | 3,361,228 | 3,326,862 | 3,319,559 | 3,260,020 | 3,411,619 | 3,195,369 | |||
Borrowings | 219,946 | 181,185 | 205,767 | 117,697 | 117,701 | 200,672 | 117,330 | |||
Total Funding | 3,681,404 | 3,542,413 | 3,532,629 | 3,437,256 | 3,377,721 | 3,612,291 | 3,312,699 | |||
Other Liabilities | 86,339 | 86,090 | 50,978 | 36,720 | 36,649 | 86,216 | 37,461 | |||
Total liabilites | 3,767,743 | 3,628,503 | 3,583,607 | 3,473,976 | 3,414,370 | 3,698,507 | 3,350,160 | |||
Primis common stockholders' equity | 434,047 | 427,207 | 397,865 | 380,162 | 380,080 | 430,648 | 362,295 | |||
Noncontrolling interest | — | — | — | — | - | - | 5,991 | |||
Total stockholders' equity | 434,047 | 427,207 | 397,865 | 380,162 | 380,080 | 430,648 | 368,286 | |||
Total liabilities and stockholders' equity | $ 4,201,790 | $ 4,055,710 | $ 3,981,472 | $ 3,854,138 | $ 3,794,450 | $ 4,129,155 | $ 3,718,446 | |||
Net Interest Income | ||||||||||
Loans held for sale | $ 3,142 | $ 2,376 | $ 2,511 | $ 2,085 | $ 1,754 | $ 5,518 | $ 2,810 | |||
Loans | 49,785 | 47,758 | 47,856 | 46,772 | 42,963 | 97,543 | 86,871 | |||
Investment securities | 1,950 | 1,911 | 1,841 | 1,894 | 1,928 | 3,862 | 3,834 | |||
Other earning assets | 1,445 | 1,481 | 1,118 | 1,015 | 982 | 2,925 | 1,835 | |||
Total Earning Assets Income | 56,322 | 53,526 | 53,326 | 51,766 | 47,627 | 109,848 | 95,350 | |||
Non-interest bearing DDA | - | - | - | - | - | - | - | |||
NOW and other interest-bearing demand accounts | 4,446 | 4,244 | 4,124 | 4,549 | 4,603 | 8,690 | 9,118 | |||
Money market accounts | 4,916 | 4,539 | 4,615 | 5,229 | 5,271 | 9,454 | 10,691 | |||
Savings accounts | 7,575 | 7,202 | 7,599 | 8,070 | 7,793 | 14,777 | 14,211 | |||
Time deposits | 2,451 | 2,517 | 2,639 | 2,723 | 2,830 | 4,969 | 5,869 | |||
Total Deposit Costs | 19,388 | 18,502 | 18,977 | 20,571 | 20,497 | 37,890 | 39,889 | |||
Borrowings | 3,179 | 2,950 | 3,497 | 2,163 | 1,950 | 6,129 | 3,917 | |||
Total Funding Costs | 22,567 | 21,452 | 22,474 | 22,734 | 22,447 | 44,019 | 43,806 | |||
Net Interest Income | $ 33,755 | $ 32,074 | $ 30,852 | $ 29,032 | $ 25,180 | $ 65,829 | $ 51,544 | |||
Net Interest Margin | ||||||||||
Loans held for sale | 6.07 % | 6.06 % | 6.12 % | 6.36 % | 6.47 % | 6.07 % | 4.06 % | |||
Loans | 5.91 % | 5.87 % | 5.86 % | 5.90 % | 5.60 % | 5.89 % | 5.87 % | |||
Investments | 4.41 % | 4.39 % | 3.31 % | 3.04 % | 3.10 % | 4.40 % | 3.13 % | |||
Other Earning Assets | 3.53 % | 3.73 % | 3.83 % | 3.98 % | 4.00 % | 3.63 % | 4.00 % | |||
Total Earning Assets | 5.75 % | 5.72 % | 5.66 % | 5.67 % | 5.41 % | 5.74 % | 5.55 % | |||
NOW | 2.08 % | 2.05 % | 1.95 % | 2.16 % | 2.25 % | 2.07 % | 2.26 % | |||
MMDA | 2.54 % | 2.45 % | 2.47 % | 2.74 % | 2.79 % | 2.50 % | 2.79 % | |||
Savings | 3.20 % | 3.17 % | 3.23 % | 3.47 % | 3.54 % | 3.18 % | 3.50 % | |||
CDs | 3.16 % | 3.23 % | 3.31 % | 3.33 % | 3.45 % | 3.19 % | 3.56 % | |||
Cost of Interest Bearing Deposits | 2.69 % | 2.65 % | 2.66 % | 2.88 % | 2.94 % | 2.67 % | 2.94 % | |||
Cost of Deposits | 2.25 % | 2.23 % | 2.26 % | 2.46 % | 2.52 % | 2.24 % | 2.52 % | |||
Other Funding | 5.80 % | 6.60 % | 6.74 % | 7.29 % | 6.65 % | 6.16 % | 6.73 % | |||
Total Cost of Funds | 2.46 % | 2.46 % | 2.52 % | 2.62 % | 2.67 % | 2.46 % | 2.67 % | |||
Net Interest Margin | 3.45 % | 3.43 % | 3.28 % | 3.18 % | 2.86 % | 3.44 % | 3.00 % | |||
Net Interest Spread | 2.84 % | 2.83 % | 2.72 % | 2.62 % | 2.32 % | 2.84 % | 2.46 % | |||
Primis Financial Corp | ||||||||||
(Dollars in thousands, except per share data) | For Three Months Ended: | For Six Months Ended: | ||||||||
Reconciliation of Non-GAAP items: | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | 2Q 2026 | 2Q 2025 | |||
Net income available to Primis' common shareholders | $ 9,426 | $ 7,312 | $ 29,540 | $ 6,830 | $ 2,437 | $ 16,738 | $ 25,073 | |||
Non-GAAP adjustments to Net Income: | ||||||||||
Loss on sale of investment securities | - | - | 14,777 | - | - | - | - | |||
Branch Consolidation / Other restructuring | - | - | - | - | - | - | 144 | |||
Professional fee expense related to accounting matters and LPF sale | - | - | - | - | 232 | - | 1,125 | |||
Gain on sale-leaseback | - | - | (50,573) | - | - | - | - | |||
Transaction costs related to sale-leaseback | - | - | 1,126 | - | - | - | - | |||
Gains on Panacea Financial Holdings investment | - | - | - | - | (7,450) | - | (32,028) | |||
Loss on sale of closed bank branch buildings | - | - | - | - | - | - | 107 | |||
Gain on investment in Bearing Insurance | (5,853) | - | - | - | - | (5,853) | - | |||
Tax expense related to de-consolidation gain in 2025 on PFH investment | 759 | 759 | - | - | - | 1,518 | - | |||
Income tax effect | 1,264 | - | 7,489 | - | 1,559 | 1,264 | 5,929 | |||
Operating net income (loss) available to Primis' common shareholders | $ 5,596 | $ 8,071 | $ 2,359 | $ 6,830 | $ (3,222) | $ 13,667 | $ 350 | |||
Net income available to Primis' common shareholders | $ 9,426 | $ 7,312 | $ 29,540 | $ 6,830 | $ 2,437 | $ 16,738 | $ 25,073 | |||
Income tax expense | 2,704 | 3,014 | 6,725 | 1,907 | 528 | 5,718 | 6,081 | |||
Provision (benefit) for credit losses (incl. unfunded commitment expense/benefit) | 5,413 | 1,413 | 2,312 | (68) | 8,321 | 6,826 | 9,930 | |||
Pre-tax pre-provision earnings | $ 17,543 | $ 11,739 | $ 38,577 | $ 8,669 | $ 11,286 | $ 29,282 | $ 41,084 | |||
Effect of adjustment for nonrecurring income and expenses | (5,853) | - | (34,670) | - | (7,218) | (5,853) | (30,652) | |||
Pre-tax pre-provision operating earnings | $ 11,690 | $ 11,739 | $ 3,907 | $ 8,669 | $ 4,068 | $ 23,429 | $ 10,432 | |||
Return on average assets | 0.90 % | 0.76 % | 2.94 % | 0.70 % | 0.26 % | 0.83 % | 1.36 % | |||
Effect of adjustment for nonrecurring income and expenses | (0.37 %) | 0.08 % | (2.71 %) | 0.00 % | (0.60 %) | (0.15 %) | (1.34 %) | |||
Operating return on average assets | 0.53 % | 0.84 % | 0.23 % | 0.70 % | (0.34 %) | 0.68 % | 0.02 % | |||
Return on average assets | 0.90 % | 0.76 % | 2.94 % | 0.70 % | 0.26 % | 0.83 % | 1.36 % | |||
Effect of tax expense | 0.26 % | 0.30 % | 0.67 % | 0.20 % | 0.06 % | 0.28 % | 0.33 % | |||
Effect of provision for credit losses (incl. unfunded commitment expense) | 0.52 % | 0.14 % | 0.23 % | (0.01 %) | 0.88 % | 0.33 % | 0.54 % | |||
Pre-tax pre-provision return on average assets | 1.68 % | 1.20 % | 3.84 % | 0.89 % | 1.20 % | 1.44 % | 2.23 % | |||
Effect of adjustment for nonrecurring income and expenses | (0.56 %) | 0.00 % | (3.45 %) | 0.00 % | (0.76 %) | (0.29 %) | (1.66 %) | |||
Pre-tax pre-provision operating return on average assets | 1.12 % | 1.20 % | 0.39 % | 0.89 % | 0.44 % | 1.15 % | 0.57 % | |||
Return on average common equity | 8.71 % | 7.24 % | 29.46 % | 7.13 % | 2.57 % | 7.84 % | 13.96 % | |||
Effect of adjustment for nonrecurring income and expenses | (3.54 %) | 0.72 % | (27.10 %) | 0.00 % | (5.97 %) | (1.28 %) | (13.77 %) | |||
Operating return on average common equity | 5.17 % | 7.96 % | 2.36 % | 7.13 % | (3.40 %) | 6.56 % | 0.19 % | |||
Effect of goodwill and other intangible assets | 1.48 % | 2.23 % | 0.71 % | 2.32 % | (1.11 %) | 1.82 % | 0.07 % | |||
Operating return on average tangible common equity | 6.65 % | 10.19 % | 3.07 % | 9.45 % | (4.51 %) | 8.38 % | 0.26 % | |||
Efficiency ratio | 68.48 % | 73.97 % | 52.14 % | 78.81 % | 73.92 % | 70.95 % | 63.25 % | |||
Effect of adjustment for nonrecurring income and expenses | 8.03 % | 0.00 % | 38.91 % | 0.00 % | 14.75 % | 0.00 % | 27.02 % | |||
Operating efficiency ratio | 76.51 % | 73.97 % | 91.05 % | 78.81 % | 88.67 % | 70.95 % | 90.27 % | |||
Earnings per common share - Basic | $ 0.38 | $ 0.30 | $ 1.20 | $ 0.28 | $ 0.10 | $ 0.68 | $ 1.01 | |||
Effect of adjustment for nonrecurring income and expenses | (0.15) | 0.03 | (1.10) | - | (0.23) | (0.13) | (1.00) | |||
Operating earnings per common share - Basic | $ 0.23 | $ 0.33 | $ 0.10 | $ 0.28 | $ (0.13) | $ 0.55 | $ 0.01 | |||
Earnings per common share - Diluted | $ 0.38 | $ 0.30 | $ 1.20 | $ 0.28 | $ 0.10 | $ 0.68 | $ 1.01 | |||
Effect of adjustment for nonrecurring income and expenses | (0.15) | 0.03 | (1.10) | - | (0.23) | (0.13) | (1.00) | |||
Operating earnings per common share - Diluted | $ 0.23 | $ 0.33 | $ 0.10 | $ 0.28 | $ (0.13) | $ 0.55 | $ 0.01 | |||
Book value per common share | $ 17.49 | $ 17.25 | $ 17.12 | $ 15.51 | $ 15.27 | $ 17.49 | $ 15.27 | |||
Effect of goodwill and other intangible assets | (3.77) | (3.78) | (3.78) | (3.80) | (3.79) | (3.77) | (3.79) | |||
Tangible book value per common share | $ 13.72 | $ 13.47 | $ 13.34 | $ 11.71 | $ 11.48 | $ 13.72 | $ 11.48 | |||
Net charge-offs as a percent of average loans (annualized) | 0.65 % | 0.12 % | 0.16 % | 0.14 % | 0.80 % | 0.41 % | 1.13 % | |||
Impact of third-party consumer portfolio | (0.12 %) | (0.06 %) | (0.11 %) | (0.11 %) | (0.65 %) | (0.11 %) | (1.02 %) | |||
Core net charge-offs as a percent of average loans (annualized) | 0.53 % | 0.06 % | 0.05 % | 0.03 % | 0.15 % | 0.30 % | 0.11 % | |||
Total Primis common stockholders' equity | $ 433,829 | $ 427,198 | $ 422,896 | $ 382,153 | $ 376,415 | $ 433,829 | $ 376,415 | |||
Less goodwill and other intangible assets | (93,482) | (93,488) | (93,495) | (93,502) | (93,508) | (93,482) | (93,508) | |||
Tangible common equity | $ 340,347 | $ 333,710 | $ 329,401 | $ 288,651 | $ 282,907 | $ 340,347 | $ 282,907 | |||
Common equity to assets | 9.96 % | 10.04 % | 10.45 % | 9.66 % | 9.72 % | 9.96 % | 9.72 % | |||
Effect of goodwill and other intangible assets | (1.97 %) | (2.02 %) | (2.12 %) | (2.18 %) | (2.23 %) | (1.97 %) | (2.23 %) | |||
Tangible common equity to tangible assets | 7.99 % | 8.02 % | 8.33 % | 7.48 % | 7.49 % | 7.99 % | 7.49 % | |||
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SOURCE Primis Financial Corp.