Q2 2026 Primis Financial Corp Earnings Call Transcript
Key Points
- Primis Financial Corp (FRST) reported a significant increase in net earnings to $9.4 million, or $0.38 per share, compared to $2.4 million, or $0.10 per share, a year ago.
- The company achieved a net interest margin of 3.45%, up from 2.86% in the year-ago period, reflecting robust earning asset growth.
- Non-performing assets improved significantly, decreasing to 1.45% of total assets from 2.35% in the previous quarter.
- The mortgage-related non-interest income grew 44% year-over-year, contributing to a strong performance in the mortgage division.
- Primis Financial Corp (FRST) is implementing a core consolidation project expected to yield $7 million in pre-tax earnings improvements, enhancing future profitability.
- The company faced pressure on loan pricing, which could impact net interest margins in the future.
- A specific reserve addition of $5.3 million was required for a non-accrual credit, indicating ongoing credit quality concerns.
- Core net charge-offs increased to 53 basis points in the second quarter, up from 6 basis points in the first quarter.
- The cost of total deposits increased slightly to 2.25% in the second quarter, indicating rising funding costs.
- The company incurred several discrete expenses, including $1.1 million related to a mortgage lawsuit settlement, impacting overall expenses.
Hello, everyone.
Thank you for joining us and welcome to the Primus Financial Corp. Second Quarter Earnings Call.
After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again.
I will now hand the conference call over to Matthew Switzer, Chief Financial Officer. Matthew, please go ahead.
Good morning.
Thank you for joining us for our second 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 could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements. Further discussion of the company's risk factors and other important information
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