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Primis Financial (FRST) investor relations material
Primis Financial Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income for Q2 2025 was $8.4M ($0.34/share), up from $3.4M in Q2 2024, driven by a $7.5M gain from Panacea share sale and strong mortgage growth.
Six-month net income reached $31.1M ($1.26/share), boosted by $24.6M from Panacea deconsolidation and $7.5M from share sale.
Tangible book value per share rose to $11.72, with capital ratios TCE/TA at 7.63% and CET1 at 9.27%.
Core bank remains 100% core funded, with no brokered deposits and a focus on prime quality assets.
Mortgage loan closings rose 52% year-over-year to $323M, with growth in construction-to-permanent products.
Financial highlights
Net interest margin (core/ex-Consumer Program) was 3.15% in Q2 2025, up from 2.80% a year ago.
Net interest income for Q2 2025 was $25.5M, up from $24.9M in Q2 2024.
Noninterest income reached $18.0M in Q2 2025, mainly from Panacea gains.
Noninterest expense was $31.9M, with core operating expenses under $21M after excluding nonrecurring items.
Book value per share rose to $15.52; tangible book value per share to $11.72.
Outlook and guidance
Management expects Q3 2025 expense reductions of $0.9M, increasing to $1.5M per quarter from Q4 2025 onward.
Margin expected to reach 3.20% as deposit mix and costs improve.
Loan growth for 2025 expected in the high single digits, with slower growth in 2026.
Pre-tax pre-provision earnings visibility is $10.5–$11M per quarter, with a 1% ROA goal.
No material impact anticipated from recent tax law changes (OBBBA).
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