Primis Financial Q1 Net Income $7.3M, Net Interest Income Up 22%
Primis Financial reported Q1 net income of $7.3M, or $0.30 per share, operating net income up 126% to $8.1M, and declared a $0.10 per share cash dividend. Net interest income rose 22% to $32.1M, loans grew 12% to $3.396B and tangible book value per share rose 18% to $13.47.
1. First-Quarter Financial Results
Primis Financial reported net income available to common shareholders of $7.3 million, or $0.30 per diluted share, for the quarter ended March 31, 2026. Operating net income rose to $8.1 million, up 126% year-over-year, and the board declared a quarterly cash dividend of $0.10 per share.
2. Net Interest Income and Loan Growth
Net interest income increased 22% to $32.1 million, driven by a net interest margin expansion to 3.43%. Gross loans held for investment grew 12% to $3.396 billion, while total deposits rose 8% to $3.423 billion, reflecting continued lending and deposit momentum.
3. Asset and Capital Efficiency Metrics
Total assets reached $4.257 billion, up 15% from a year ago. Operating return on average assets improved to 0.84% and operating return on tangible common equity climbed to 10.19%, while tangible book value per share increased 18% to $13.47.
4. Division Performance
Retail mortgage volume more than doubled to $367 million, and mortgage warehouse lending balances surged 300% to $460 million. Panacea Financial loans outstanding grew 10% to $600 million with deposits up 63% to $153 million, and the digital platform maintained $1.0 billion in deposits at a 3.79% cost.