Q1 2026 Primis Financial Corp Earnings Call Transcript
Key Points
- Primis Financial Corp (FRST) reported a significant increase in operating earnings, up 126% from the same quarter last year, reaching $0.33 per share.
- The company's net interest margin improved to 3.43% in the first quarter, benefiting from securities restructuring and a favorable mix of earning assets.
- Loan growth was strong, with loans ending at $3.4 billion, marking an 11.7% increase compared to the same quarter last year.
- Deposit growth was robust, with non-interest-bearing checking accounts growing by almost 19% year-over-year.
- The mortgage warehouse business has been well-received, with outstanding balances reaching $460 million and potential for further growth.
- Earnings per share decreased from $0.92 in the same quarter last year to $0.30, reflecting a decline in overall earnings.
- The first quarter of the previous year included a substantial gain from the deconsolidation of Panacea, which was not present this year.
- The company faces challenges in maintaining its net interest margin amidst competitive pressures and potential rate changes.
- There are concerns about the sustainability of growth in the mortgage business, which could become a larger portion of the company's bottom line than desired.
- Digital deposits, while a growth area, are more expensive than traditional deposits, posing a challenge in managing funding costs.
Ladies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I would like to welcome you to the Primis Financial Corp., first-quarter earnings call. (Operator Instructions)
I'll now turn the call over to Matthew Switzer. You may begin.
Good morning, and thank you for joining us for Primis Financial Corp.'s 2026 first quarter webcast and conference call.
Before we begin, please note that many of our comments during this call will be forward-looking statements, which involve risk and uncertainty. There are many factors that can cause actual results to differ materially from the anticipated results for other expectations expressed in the forward-looking statements.
Further discussion of the company's risk factors and other important information regarding our forward-looking statements are part of our recent filings with the Securities and Exchange
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