Primis Financial Reports Q2 Earnings with Improved Performance Metrics
Primis Financial (NASDAQ:FRST) reported second-quarter net income of $9.4 million or $0.38 per diluted share, up from the previous quarter and a year ago. The company attributed its performance to revenue growth, controlled operating expenses, improved net interest margins, lower nonperforming assets, and continued earning asset expansion. Return on average assets increased significantly to 0.90%, reflecting strong operational efficiency. Net interest income rose to $33.8 million compared with the first quarter and year-ago period. The company also saw a boost in mortgage-related revenue and core operating expenses remained largely under control, despite some increases tied to higher mortgage activity. Primis plans to refinance subordinated debt within one or two quarters, potentially reducing its cost by 200–250 basis points. Management expects the net interest margin to remain stable amid competitive pressures affecting loan pricing.
Tickers: $FRST
Topics: financial performance net income net interest margin return on assets