Primis Financial (FRST)
NASDAQ:FRST
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Earnings Data
Report Date
Jul 23, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.38Last Year’s EPS
0.11Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
Positive overall: the company reported meaningful operating improvements including higher operating EPS (up ~126% vs prior-year adjusted), stronger ROA (84 bps), margin expansion (NIM to 3.43%), double-digit loan growth (11.7% YoY), robust mortgage and warehouse momentum (mortgage production +122% YoY; warehouse ~$460M), and demonstrated operating leverage (core revenue growth ~34% vs OpEx +4%). Notable negatives include a large GAAP earnings decline versus a prior-year one-time gain, modest provisioning and remaining CRE NPAs, mortgage fair value/market volatility impacts, and ongoing deposit-cost considerations. On balance the operational and growth positives and the forward-looking margin and efficiency catalysts (repricing tailwinds, AI initiatives, reduced subordinated debt) outweigh the lowlights.Company Guidance
Operating Earnings Improvement
Operating EPS of $0.33 in Q1 '26 versus $0.14 in Q1 '25, an increase of ~126% on an operating basis (GAAP EPS was $0.30 vs $0.92 in prior year; decline driven by a prior-year Panacea deconsolidation gain).
ROA and Margin Expansion
Return on assets improved to 84 basis points in Q1 '26 from 40 basis points year-over-year. Net interest margin rose to 3.43% (from 3.15% YoY and ~3.20% last quarter). Net interest income was approximately $32 million versus $26 million a year ago (≈+23%).
Strong Loan and Deposit Growth
Loans ended at $3.4 billion, up 11.7% year-over-year. Deposit balances grew just over 8% YoY. Average earning assets increased ~6% annualized in the quarter. Noninterest-bearing checking balances grew to $541 million (~+19% YoY) and now represent 15.9% of total deposits (versus 14.2% a year ago).
Mortgage and Warehouse Momentum
Retail mortgage production increased 122% YoY in Q1 '26. Mortgage pretax income grew to $2.1 million from $0.766 million in Q1 '25 (≈+174%). Mortgage revenue was $10.8 million in Q1. Profitability on closed mortgage volume rose to 57 basis points from 46 bps a year ago (an 11 bps absolute gain). Mortgage warehouse outstanding was ~$460 million (peaked near $500 million), with management expecting the warehouse to potentially double in 12–18 months.
Operational Leverage and Expense Control
Management reported core revenue growth of roughly 34% YoY while reported operating expenses increased only ~4% YoY (reported operating expenses $33.8 million). Core noninterest expense (excluding Mortgage/volatile items) was about $22 million in Q1 versus $20.8 million a year ago, and guidance expects core expense to remain in the $22–23 million range for the year.
Capital / Funding Actions and Repricing Tailwinds
Completed reduction of $27 million of subordinated debt in January. Management notes roughly $400 million of loans repricing in H2 2026/early 2027 with a weighted-average yield of ~4.81%, which should support further yield expansion.
Low Credit Losses
Core net charge-offs remained low at 6 basis points in Q1 '26, indicating limited realized credit losses in the quarter.
AI and Digital Strategy to Drive Efficiency
Bank has identified hundreds of hours of efficiency opportunities via AI deployment, expects minimal incremental spend (relying on internal talent and existing tools), and believes AI will improve sales efficiency, customer experience and fraud prevention.
FRST Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
FRST Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 23, 2026 | $13.82 | $14.24 | +3.02% |
Jan 29, 2026 | $13.39 | $13.29 | -0.73% |
Oct 23, 2025 | $9.47 | $10.44 | +10.22% |
Jul 24, 2025 | $11.32 | $11.35 | +0.26% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Primis Financial (FRST) report earnings?
Primis Financial (FRST) is schdueled to report earning on Jul 23, 2026, After Close (Confirmed).
What is Primis Financial (FRST) earnings time?
Primis Financial (FRST) earnings time is at Jul 23, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FRST EPS forecast?
FRST EPS forecast for the fiscal quarter 2026 (Q2) is 0.38.