Primis Financial Q3 net income rises, interest margin expands

Primis Financial

23/10/2026 01:46

Overview
U.S. regional bank's Q3 net income and EPS rose yr/yr
Net interest income and margin improved yr/yr, offsetting lower retail mortgage revenue
Company maintained quarterly dividend at $0.10 per share

Outlook
Company expects $3 mln in annualized savings from vendor consolidation and statement services starting early 2027
Primis says it is making changes to address lower retail mortgage volumes and preserve future upside

Result Drivers
CORE BANK MARGIN EXPANSION - Co said core margin expanded 14 basis points linked-quarter, supporting steady growth at attractive margins
NET INTEREST INCOME GROWTH - Net interest income rose 25% yr/yr, driven by earning asset growth funded at attractive incremental margins
RETAIL MORTGAGE PIPELINE IMPACT - Retail mortgage pipeline fell 37%, reducing revenue by $2.3 mln vs Q2, per CEO Dennis J. Zember, Jr.

Company press release: ID:nPn5Qnbqfa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 EPS
 
$0.35
 
Q3 Net Income
 
$8.70 mln
 
Q3 Dividend
 
$0.10
 

Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Primis Financial Corp is $18.88, about 18.4% above its October 22 closing price of $15.94
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads
Oct 22 - Civista Bancshares Q3 net income rises as margin expands
Oct 22 - First Bank Q3 net income rises, margin expands on higher loan yields
Oct 20 - Metropolitan Bank Q3 net interest margin rises on higher yields and loan payoffs

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)