Primis Financial Corp. Reports Strong Q1 2025 Recovery

Primis Financial Corp. ( (FRST) ) has released its Q1 earnings. Here is a breakdown of the information Primis Financial Corp. presented to its investors.

Primis Financial Corp., operating in the financial services sector, provides a range of banking services through its subsidiary, Primis Bank, across Virginia and Maryland. The company has reported a net income of $2.7 million for the first quarter of 2025, marking a significant recovery from the previous quarter’s loss of $23.3 million. This improvement is attributed to strategic repositioning efforts and a focus on core banking operations.

Primis Financial Corp. has shown a notable turnaround in its financial performance, with earnings per share reaching $0.11, compared to a loss of $0.94 in the previous quarter. The company has also declared a quarterly cash dividend of $0.10 per share. Key highlights include a shift in the consumer loan book back to held for investment, which resulted in a $1.9 million provision, and the successful recruitment of mortgage teams in key markets, enhancing the company’s mortgage division.

The core community bank segment has maintained a competitive edge with low-cost deposits, while the mortgage division reported a pre-tax profit of $0.8 million, reversing a loss from the previous quarter. The mortgage warehouse lending activity has also seen significant growth, with outstanding loan balances increasing by 80% from the end of 2024. Panacea Financial, a division targeting medical professionals, continues to expand, contributing to the overall growth strategy.

Looking ahead, Primis Financial Corp. is optimistic about its growth trajectory, focusing on increasing earning assets and leveraging its digital platform for further expansion. The management anticipates continued improvement in profitability, driven by strategic initiatives and cost-saving measures. The company is well-positioned to enhance its return on assets and shareholder value in the coming quarters.