Primis Financial Q2 net income rises

Primis Financial

24/07/2025 22:11

Corrects bullet 2 of Overview section to say "down", not "up". The July 24 story was earlier corrected to amend headline, bullet 1 and 2 of Overview section, Key Details table and press release link after company corrected net income and EPS figure

Overview

Primis Financial Q2 net income falls to $2.4 mln, down from $3.4 mln yr/yr

Company reports Q2 EPS of $0.10, down from $0.14 yr/yr

Sale of Panacea Financial shares generates additional $7.5 mln pre-tax gain

Outlook

Primis expects Q3 expenses to reduce by $0.9 mln

Company anticipates Q4 and beyond expenses to decrease by $1.5 mln

Co close to executing plan to reduce technology costs and anticipate the savings to begin late in the third quarter of 2025

Result Drivers

PANACEA SALE - Sale of Panacea Financial shares generated $7.5 mln pre-tax gain

PROMOTIONAL LOANS - Reduced promotional loans led to fewer write-offs and no additional provisions for loan losses

MORTGAGE VOLUME - Primis Mortgage closed $323 mln in loans, up 52% yr/yr, with delayed revenue from construction-to-permanent products

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
$0.10
Q2 Net Income
$2.40 mln


Analyst Coverage

The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "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 $12.38, about 2.2% above its July 23 closing price of $12.10

The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 7 three months ago

Press Release: (Click here)

 (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.)