#United States #Primis Financial #McLean, VA #Q2 Earnings #Primis Bank

Strong Financial Performance of Primis Financial Corp. in Q2 2026

Primis Financial Corp. (NASDAQ: FRST) celebrated remarkable financial results for the second quarter of 2026, demonstrating strong profitability and strategic growth across various divisions. The firm, including its fully-owned subsidiary Primis Bank, reported a net income of $9.4 million, or $0.38 per diluted share, which is a substantial increase from the $2.4 million earned in the same period last year.

Highlights of Q2 2026 Performance

The earnings figures reflect a commendable recovery and expansion trajectory amid fluctuating market conditions. The significant financial achievements are outlined as follows:

• - Net Income: $9.4 million in Q2 2026 compared to $2.4 million in Q2 2025.
• - Six-Month Performance: Year-to-date net income stands at $16.7 million, contrasting with $25.1 million the previous year.
• - Net Interest Income: The bank reported an increase in net interest income to $33.8 million for Q2 2026, compared to $25.2 million from the same quarter in 2025.

The net interest margin also experienced a solid improvement of 3.45%, up from 2.86% year-over-year, signaling a thriving core and the benefits of a robust earning asset growth.

Strategic Developments

Primis Financial has shown extraordinary momentum, particularly in the following areas:

Loan Growth

The firm's loan portfolio encapsulates significant advances in several segments, most notably:

• - Core Community Bank: Holding 24 branches across Virginia and Maryland, the Core Bank manages approximately $3.5 billion in loans. The bank's strategy includes a low-concentration of investor commercial real estate, significantly enhancing loan security and performance.
• - Primis Mortgage Growth: The Primis Mortgage segment achieved closed mortgage volume of $421 million, marking a 30% uptick from the second quarter of the prior year.
• - Mortgage Warehouse Division: Experiencing outstanding growth, outstanding loans in this segment reached $544 million as of June 30, 2026, a remarkable 195% increase from the previous year.
• - Panacea Financial Expansion: Panacea Financial reported outstanding loans of $617 million, affirming its title as the premier bank for healthcare professionals.

Digital Transformation

The ongoing commitment towards digital banking enhances the customer experience significantly. The bank's digital platform is designed for high functionality and robustness. With approximately $1 billion in deposits, the digital platform is increasingly attractive to the market. The bank plans to roll out further advancements by transitioning to a real-time core banking model, fundamentally aimed at boosting operational efficiency and customer service excellence.

Financial Management and Costs

Despite the complexities associated with recent economic conditions, Primis Financial's management exhibits strong control over expenses, with noninterest expenses recorded at $38.2 million for Q2, illustrating efficiency amidst growth. The bank's strategic focus on the consolidation of services alongside the digital core conversion sets the stage for minimized overheads in the upcoming years.

Conclusion

With consistent quarterly dividends, Primis remains committed to delivering shareholder value while navigating the fluctuating economic landscape. The board has declared a cash dividend of $0.10 per share, continuing its streak of dividends for 59 consecutive quarters. As Dennis J. Zember, Jr., the company’s President and CEO, emphasized, the path ahead reflects a continued commitment to growth, innovation, and exceeding the expectations of both clients and investors. As the company pushes forward, stakeholders can expect a blend of strategic growth and financial resilience, hallmark traits of Primis Financial Corp.