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

Core Insights - Primis Financial Corp. reported a net income of $30 million, or $1.20 per diluted share, for Q4 2025, a significant recovery from a net loss of $23 million, or $0.94 per diluted share, in Q4 2024 [1] - For the full year 2025, the company achieved a net income of $61 million, or $2.49 per diluted share, compared to a net loss of $16 million, or $0.66 per diluted share, in 2024 [1] Financial Performance - Total assets increased to $4.047 billion in Q4 2025, up 10% from $3.690 billion in Q4 2024 [2] - Gross loans held for investment rose by 14% to $3.284 billion from $2.887 billion year-over-year [2] - Total deposits grew by 7% to $3.396 billion compared to $3.171 billion in the previous year [2] - Net interest income for Q4 2025 was $31 million, an 18% increase from $26 million in Q4 2024 [10] - The net interest margin improved to 3.28% in Q4 2025 from 2.90% in Q4 2024 [11] Operational Highlights - The core community bank's deposit base includes approximately 23% noninterest-bearing deposits, supported by proprietary technology [4] - Primis Mortgage closed mortgage volume of $378 million in Q4 2025, an 84% increase from $205 million in Q4 2024 [5] - Mortgage warehouse lending activity surged, with outstanding loan balances reaching $318 million, up 398% from $64 million in Q4 2024 [6] - Panacea Financial's loans outstanding increased by 25% to $544 million, with customer deposits totaling $128 million, up 39% year-over-year [7] Shareholder Information - The Board of Directors declared a quarterly cash dividend of $0.10 per share, marking the fifty-seventh consecutive quarterly dividend [26] - Tangible book value per share increased by 28% to $13.34 from $10.42 at the end of Q4 2024 [26] Asset Quality and Credit Losses - Nonperforming assets were 2.03% of total assets at the end of Q4 2025, slightly down from 2.07% at the end of Q3 2025 [21] - The company recorded a provision for credit losses of $2.4 million in Q4 2025, significantly lower than $33 million in Q4 2024 [22] - The allowance for credit losses was 1.40% of loans held for investment at the end of Q4 2025, down from 1.86% at the end of Q4 2024 [23] Funding and Deposits - Total deposits at December 31, 2025, were $3.396 billion, an increase of $0.1 billion compared to the same period in 2024 [24] - Noninterest-bearing demand deposits rose by 26% to $554 million year-over-year [24]