Primis Financial Q1 operating net income more than doubles year-over-year

Primis Financial

23/04/2026 22:23

Overview

U.S. regional bank's Q1 operating net income more than doubled year-over-year

GAAP net income and EPS fell from prior year

Company declared a dividend at $0.10 per share

Outlook

Company expects robust profitability in 2026 as it continues to execute its operating plan

Primis anticipates annual noninterest income to improve by about $1.2 mln from life insurance restructuring starting late Q2 2026

Company expects core Bank SBA gain on sale income to rise to $500,000-$600,000 per quarter starting Q2 2026

Result Drivers

NET INTEREST INCOME - Net interest income rose 22% year-over-year, driven by growth in earning assets and improved net interest margin

MORTGAGE AND WAREHOUSE LENDING - Mortgage banking income nearly doubled and mortgage warehouse lending balances increased sharply, boosting noninterest income

COST CONTROL AND TECHNOLOGY - Company said it is implementing AI tools to improve productivity and manage expenses, with core operating expenses flat excluding sale-leaseback impact

Company press release: ID:nPn3QG2zwa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$0.30
Q1 Net Income
$7.30 mln
Q1 Dividend
$0.10


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "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 $16.25, about 17.2% above its April 22 closing price of $13.87

The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)