FRST · Primis Financial Corp.
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AI Brief
Q2 FY26 earnings call · Jul 24, 2026TL;DR. Primis reported Q2 2026 net income of $9.4 million ($0.38/share) with ROAA of 0.90%, driven by NIM expansion to 3.45% and earning asset growth of 11% year-over-year, though earnings were flattered by a $5.9 million insurance gain largely offset by $5.3 million of specific reserves on a large office CRE credit; the company announced $6.1 million of expected earnings enhancements from its core consolidation project.
- + Primis Mortgage earned $2.2 million pre-tax in Q2'26 versus $0.1 million a year ago, with closed volume up 30% year-over-year.
- + Non-performing assets fell 37% during the quarter, with NPAs/Assets improving to 1.45% from 2.35%.
- + Company announced $6.1 million of expected annual earnings improvements from the core consolidation, including $3.0 million in revenue and $3.1 million in cost savings, with CEO framing it as another year-and-a-half of operating leverage.
- − Earnings were lifted by a $5.9 million insurance agency gain that was used to offset a $5.3 million specific reserve build on the largest office CRE credit.
- − Provision for credit losses of $5.5 million in Q2'26 was up sharply from $1.5 million in Q1'26, with $5.3 million tied to a single nonaccrual credit.
- − Core net charge-offs spiked to 53 basis points annualized in Q2'26 from 6 basis points in Q1'26.
- − Allowance for credit losses ratio fell to 1.33% from 1.47% a year ago.
- − FHLB advances jumped to $300 million from zero a year ago, reflecting increased wholesale funding reliance.
- − Core operating expense burden rose to $25 million in Q2'26 from $22 million in Q1'26, with $0.9 million of discrete expenses plus ongoing lease expense pressure.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Cost of deposits (core Bank) | 1.6% | the second quarter of 2026 filing | — |
| Net interest margin | 3.45% | the three months ended June 30, 2026 filing | — |
| Pre-tax earnings (PMC) | $2M | the three months ended June 30, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Banks - Regional — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
FRST
this stock
Primis Financial Corp.
|
$389.10M | +12.3% | — | 7.3 | 3.0% |
|
MFG
Mizuho Financial Group Inc
|
$133.98B | +48.8% | — | — | 0.1% |
|
HDB
Hdfc Bank Ltd
|
$118.26B | -38.9% | -3.2% | — | 0.7% |
|
CIXPF
CaixaBank/ADR
|
$103.83B | +26.7% | — | — | 0.1% |
|
IBN
Icici Bank Ltd
|
$100.21B | -7.9% | — | — | 0.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| FRST | -0.5% | -3.0% | +12.9% | +2.2% | +12.3% |
| SPY | -0.2% | -0.5% | +12.2% | +0.9% | +12.9% |
| vs SPY | -0.2% | -2.6% | +0.7% | +1.3% | -0.6% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.