Primis Financial Corp. Reports Strong Results for the Second Quarter of 2026

About this update from Peoples Financial Services Corp.

Declares Quarterly Cash Dividend of $0.10 Per ShareMCLEAN, Va., July 23, 2026 /PRNewswire/ -- Primis Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), and its wholly-owned subsidiary, Primis Bank (the "Bank"), today reported net income available to common shareholders of $9.4 million, or $0.38 per diluted share, for the three months ended June 30, 2026, compared to net income available to common shareholders of $2.4 million, or $0.10 per diluted share, for the three months ended June 30, 2025. For the six months ended June 30, 2026, the Company reported net income available to common shareholders of $16.7 million, or $0.68 per diluted share, compared to a net income available to common shareholders of $25.1 million, or $1.01 per diluted share, for the six months ended June 30, 2025.Q2 And Year-to-Date 2026 AccomplishmentsThe Company demonstrated strong profitability in the second quarter and first half of 2026. Significant areas of improvement year-over-year are detailed in the chart below:As of or for the Three Months Ended June 30As of or for the Six Months Ended June 30($ in millions except per share)2026202520262025Net Income$9.4$2.4$16.7$25.1Pre-Tax Pre-Provision Op. Net Income(1)11.74.123.410.4ROAA0.90%0.26%0.83%1.36%Pre-Tax Pre-Provision Op. ROAA(1)1.120.441.150.57Net Interest Income$33.8$25.2$65.8$51.5Net Interest Margin3.45%2.86%3.44%3.00%Total Assets$4,353$3,872$4,353$3,872Gross Loans HFI3,4663,1313,4663,131Total Deposits3,4463,3433,4463,343Average Earning Assets$ 3,929$3,532$ 3,862$3,466Avg. NIB Deposits566467550457Avg. NIB /Avg. Total Deposits16.3%14.3%16.1%14.3%TCE /TA(1)7.99%7.49%7.99%7.49%Tangible Book Value per Share(1)$13.72$11.48$13.72$11.48Commenting on the results, Dennis J. Zember, Jr., President and Chief Executive Officer of the Company, stated, "We delivered another quarter of improving results and continued momentum. Our ROA climbed to 0.90% in the second quarter, more than three times where it was a year ago. Just as noteworthy, NPAs declined by 37% during the quarter and our allowance to NPAs increased to 73%. During the quarter, we recognized a pre-tax gain related to the sale of Bearing Insurance totaling $5.9 million. We offset that gain with a provision for loan losses on a larger office CRE loan and a $0.9 settlement on a nuisance lawsuit regarding mortgage recruiting.Lastly, as discussed later in t...

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