Primis Financial Corp. delivered a strong third quarter in 2025, with net income significantly increasing to $7 million, or $0.28 per diluted share, compared to $1 million, or $0.05 per diluted share, in the same period last year. This improvement was driven by strong momentum across all business lines, particularly in mortgage banking and mortgage warehouse lending, and an improved net interest margin. The company also saw a recovery in credit losses and managed to control core operating expenses.
Net income available to common shareholders surged to $7 million, or $0.28 per diluted share, in Q3 2025, up from $1 million, or $0.05 per diluted share, in Q3 2024.
Net interest income increased to $29 million, and the net interest margin improved to 3.18% in Q3 2025, compared to 2.97% in Q3 2024.
Mortgage related income grew 31% to $9 million, and mortgage warehouse outstanding loan balances increased 77% from the previous quarter to $327 million.
The company reported a recovery of credit losses of $49 thousand, a significant improvement from a provision of $8 million in the prior year, driven by a changing loan portfolio mix.
Primis Financial Corp. anticipates continued profitability improvement into 2026, driven by momentum in all business lines, strong operating leverage, and strategic initiatives such as licensing V1BE technology and expanding Panacea Financial's capital market strategies.
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