Primis Financial Corp. Reports Earnings per Share for the Second Quarter of 2025

Core Financial Performance - Primis Financial Corp. reported a net income of $8.4 million, or $0.34 per diluted share, for Q2 2025, a significant increase from $3.4 million, or $0.14 per diluted share, in Q2 2024 [1] - For the first half of 2025, net income available to common shareholders was $31.1 million, or $1.26 per diluted share, compared to $5.9 million, or $0.24 per diluted share, in the same period of 2024 [2] Operating Results - The company highlighted improved profitability and momentum in key areas, with a focus on rebuilding its balance sheet for sustained earnings [3] - Adjusted pre-tax pre-provision earnings for Q2 2025 were approximately $8.4 million, with expectations of reaching $10.5 to $11 million in the near future [4] Division Performance - The core community bank, which constitutes about 70% of the total balance sheet, has a strong deposit base with 19% being noninterest-bearing deposits [5] - Primis Mortgage closed $323 million in mortgage volume in Q2 2025, a 52% increase from the same quarter in 2024 [6] - Mortgage warehouse lending activity saw outstanding loan balances rise to $185 million, up 60% from Q1 2025 and 189% from Q4 2024 [7] Funding and Deposits - The digital platform ended Q2 2025 with nearly $1.1 billion in deposits, with a cost of deposits at 4.28%, down from 5.05% a year earlier [9] - Noninterest-bearing demand deposits grew to $478 million, reflecting an annualized growth rate of 18% compared to December 31, 2024 [23] Shareholder Returns - The Board of Directors declared a quarterly cash dividend of $0.10 per share, marking the company's fifty-fifth consecutive quarterly dividend [25] Asset Quality and Loan Portfolio - Loans held for investment increased to $3.13 billion at June 30, 2025, compared to $3.04 billion at March 31, 2025 [20] - The company recorded a provision for loan losses of $1.2 million for Q2 2025, down from $3.1 million in the same quarter of 2024 [22] Equity and Valuation - Book value per common share increased to $15.52, a 2% rise from June 30, 2024, while tangible book value per common share rose to $11.72, a 3% increase [24]