#USA #McLean #Q3 Financials #Primis Financial #Primis Bank

Primis Financial Reports Third Quarter Results for 2026

Date: October 22, 2026

Primis Financial Corp. (NASDAQ: FRST), alongside its wholly-owned subsidiary, Primis Bank, has announced strong financial results for the third quarter of 2026. The company reported a net income of $8.7 million, translating to $0.35 per diluted share. This marks a remarkable increase from the net income of $6.8 million, or $0.28 per diluted share, reported in the same quarter of the previous year. Furthermore, for the nine-month period ending in September 2026, Primis reported a total net income of $25.4 million, or $1.03 per diluted share, although this shows a decrease from $31.9 million or $1.29 per diluted share for the same period in the previous year.

Primis has acknowledged that the core operating net income for the third quarter has surged by 27%, coming in at $8.7 million, as opposed to $6.8 million for the equivalent quarter last year. Overall, this upward trend in operating net income, which stood at $22.3 million or $0.90 per diluted share for the first nine months of 2026, showcases a striking 211% increase compared to the previous year's figure of $7.2 million or $0.29 per diluted share.

During the quarterly earnings announcement, Dennis J. Zember, Jr., President and CEO of Primis, reflected on the company's achievements, stating, "Our Core Bank franchise is demonstrating remarkable resilience in a fluctuating economic environment. A stable core margin of 3.59%, combined with remarkable contributions from our core earnings sector, reinforces our strategic initiatives aimed at growth. Despite navigational challenges, including a 37% reduction in our retail mortgage pipeline, we maintain a positive outlook for recovery as the volume fluctuates."

Key Highlights from Q3 2026

1. Financial Strength: The company reported a notable increase in net interest income, amounting to $36.3 million, a 25% rise compared to the prior year's $29 million. The net interest margin expanded to 3.66%, reflecting a substantial uptick from 3.18% in the corresponding quarter of 2025.

2. Solid Loan Growth: Primis Bank's loan portfolio remained robust, with gross loans held for investment reaching $3.5 billion, a significant increase from $3.2 billion year-over-year. The bank also achieved an annualized growth rate of 11% in Core Bank loans during the quarter.

3. Asset Quality Improvement: The company recorded a decrease in nonperforming assets, showing improvement to 1.43% of total assets in line with efforts to enhance asset quality.

Operational Highlights

• - Expansion of Core Services: Primis Bank operates through 24 branches located in Virginia and Maryland, providing essential banking services that have demonstrated steady growth and stability.
• - Progress in Digital Banking: With approximately $1 billion in deposits stemming from its digital banking platform, Primis has successfully expanded its market presence through technology-driven solutions.
• - Commitment to Shareholders: The Board of Directors declared a cash dividend of $0.10 per share, representing the company's sixtieth consecutive quarterly dividend payout, reaffirming its commitment to returning value to its shareholders.

Conclusion

In summarizing the financial results for Q3 2026, Primis Financial Corp. has showcased significant growth capabilities, effectively navigating through economic challenges. The company's focus on the core banking franchise, strategic growth initiatives, and commitment to shareholders are expected to drive further advancements as it enters the next quarter.