Primis(US:FRST) Prnewswireยท2025-10-23 21:00Core Financial Performance - Primis Financial Corp. reported a net income of $7 million, or $0.28 per diluted share, for Q3 2025, a significant increase from $1 million, or $0.05 per diluted share, in Q3 2024 [1] - For the nine months ended September 30, 2025, net income available to common shareholders was $32 million, or $1.29 per diluted share, compared to $7 million, or $0.29 per diluted share, for the same period in 2024 [1] - The company's net interest income for Q3 2025 was $29 million, up from $28 million in Q3 2024, with a net interest margin of 3.18%, an increase from 2.97% year-over-year [11][34] Operational Highlights - The core community bank's 24 banking offices in Virginia and Maryland accounted for nearly two-thirds of the company's total balance sheet, with 20% of deposits being noninterest-bearing [4] - Primis Mortgage closed mortgage volume of $308 million in Q3 2025, a 34% increase compared to the same quarter in 2024, with pre-tax earnings rising to approximately $1.9 million [5] - Panacea Financial's loans outstanding reached $548 million, a 40% increase from Q3 2024, with customer deposits totaling $133 million, up 47% year-over-year [6] Strategic Developments - The company is enhancing its proprietary V1BE service, which supports over $200 million in commercial clients, and is working on licensing this technology to other banks [4] - The digital platform has over $1.0 billion in deposits with a cost of deposits of 4.07% in September 2025, compared to $0.9 billion at the same time in 2024 [10] - Primis has focused on divesting from consumer loans and life premium finance, while building scale and revenues in mortgage warehouse lending, which averaged $210 million in loans during Q3 2025 [12] Asset Quality and Loan Portfolio - Loans held for investment increased to $3.2 billion as of September 30, 2025, compared to $3.0 billion a year earlier, with nonperforming assets at 2.07% of total assets [19][20] - The company recorded a recovery of credit losses of $49 thousand for Q3 2025, a significant improvement from a provision for credit losses of $8 million in the same quarter of 2024 [21] - Core bank loans totaled $2.1 billion at September 30, 2025, down from $2.2 billion a year prior, while mortgage warehouse outstandings improved to $327 million [20] Shareholder Returns - The Board of Directors declared a quarterly cash dividend of $0.10 per share, marking the company's fifty-sixth consecutive quarterly dividend [23] - Tangible book value per common share increased to $11.71, a 12% rise from December 31, 2024 [23]