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Primis Financial Corp. Reports Earnings per Share for Q3 2025

Primis Financial Corp. (NASDAQ: FRST) recently reported its financial results for the third quarter of 2025, showcasing significant growth in earnings per share. The company, along with its wholly-owned subsidiary, Primis Bank, has seen noteworthy improvements in its operations and profitability compared to the previous year.

Financial Highlights

In Q3 2025, net income available to common shareholders was reported at $7 million, translating to earnings of $0.28 per diluted share. This marks a considerable rise from the $1 million, or $0.05 per diluted share, recorded in the same quarter of 2024. For the nine-month period ending September 30, 2025, the net income reached $32 million, up from $7 million during the corresponding timeframe in the previous year.

The President and CEO, Dennis J. Zember, Jr., expressed excitement over the company’s progress, stating, "We are thrilled to see our awaited profitability improvements come to fruition this quarter. Adjusted for interest reversals and anticipated expenses, we estimate our pre-tax earnings were around $11 million for Q3, signifying a strong return on assets."

Strong Operating Momentum

Primis Financial has made strides in enhancing its operational metrics. One of the standout features of this quarter's performance has been the improved net interest margin, which reached 3.18%, up from 2.97% seen in the previous year. The core net interest margin stood at 3.15%. A favorable deposit pricing environment and the rebuilding of earning asset levels contributed significantly to this margin expansion.

Moreover, revenue growth has been notable, as Primis experienced a $5 million increase in total revenues compared to the previous quarter, with only a minor increase in expenses of $400 thousand. This illustrates effective management strategies and operational efficiency.

Continuous Improvement Across Business Lines

Primis Financial has also witnessed improvement across various divisions:
1. Core Community Banking: The bank's footprint includes 24 offices across Virginia and Maryland, holding low concentrations of investor commercial real estate, and bolstered by a robust customer pipeline.
2. Primis Mortgage: The mortgage division closely monitored a volume increase of $308 million in Q3, reflecting a substantial 34% growth year-over-year.
3. Panacea Financial: This division experienced substantial growth with outstanding loans of $548 million, marking a 40% increase from the same quarter last year. Customer deposits climbed to $133 million, reflecting a strong 47% growth.

These improvements underscore the company's commitment to focusing on its core strengths while pursuing additional lucrative avenues for growth.

Looking Ahead

The outlook for Q4 2025 looks promising, with expectations of continued improvement in profitability driven by operational leverage and favorable deposit conditions. Primis Financial Corp. has expressed confidence in sustaining its positive momentum into 2026, which is likely to reinforce its position in the competitive financial services landscape.

In summary, Primis Financial Corp.'s performance in Q3 2025 reflects strong operational execution, strategic growth initiatives, and effective financial management, positioning the company well for future success. The financial community will be closely watching their upcoming conference call on October 24, where more insights into their continued strategy and performance are expected to be shared.