Primis Financial Corp. SEC 10-Q Report

Primis Financial Corp., a diversified financial services company, has released its Form 10-Q report for the second quarter of 2025. The report provides a comprehensive overview of the company's financial performance and operational highlights, reflecting its strategic initiatives and market position in the financial services industry.

Financial Highlights

Total Interest and Dividend Income: $47.6 million for the three months ended June 30, 2025, reflecting a decrease from $52.2 million in the same period of 2024, primarily due to lower interest and fees on loans.

Net Interest Income: $25.2 million for the three months ended June 30, 2025, showing a slight increase from $24.9 million in the same period of 2024, indicating stable interest income despite a decrease in total interest and dividend income.

Net Income: $2.4 million for the three months ended June 30, 2025, compared to $1.5 million in the same period of 2024, highlighting improved profitability.

Net Income Attributable to Primis' Common Stockholders: $2.4 million for the three months ended June 30, 2025, up from $3.4 million in the same period of 2024, reflecting a positive trend in earnings.

Earnings Per Share, Basic: $0.10 for the three months ended June 30, 2025, consistent with the same period of 2024, indicating stable earnings per share.

Earnings Per Share, Diluted: $0.10 for the three months ended June 30, 2025, consistent with the same period of 2024, indicating stable earnings per share.

Business Highlights

Segment Performance: Primis Financial Corp. operates through two main segments: Primis Mortgage and Primis Bank. The Primis Bank segment provides a broad range of financial services, while the Primis Mortgage segment focuses on residential mortgage lending.

Geographical Presence: As of June 30, 2025, Primis Bank had 24 full-service branches located in Virginia and Maryland, enhancing its regional presence and customer reach.

Deconsolidation of PFH: On March 31, 2025, Primis Financial Corp. deconsolidated Panacea Financial Holdings (PFH) due to changes in the relationship and control dynamics, impacting the operational structure and focus of the company.

Consumer Program Loans: The company had $113.2 million in Consumer Program loans as of June 30, 2025, with a significant portion of these loans being modified to enhance collections and mitigate charge-offs.

Loan Modifications: During the reporting period, Primis Financial Corp. offered modifications to borrowers experiencing financial difficulty, including payment deferrals and principal forgiveness, to improve loan performance and customer retention.

Interest Rate Swaps: The company utilized interest rate swaps to mitigate interest rate risk associated with its loan portfolio, reflecting a strategic approach to managing financial exposure.

Future Outlook: Primis Financial Corp. continues to focus on expanding its financial services and enhancing its operational efficiency through strategic partnerships and technological advancements.

SEC Filing: Primis Financial Corp. [ FRST ] - 10-Q - Aug. 11, 2025