AI-extracted from the 10-Q filed 2026-08-07 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Net income of $9.4M ($0.38 EPS) in Q2 2026 vs. $2.4M ($0.10 EPS) in Q2 2025, driven by $8.6M net interest income growth and improved asset quality with nonperforming assets declining 58 bps.
Biggest Revenue Drivers
Interest and dividends on taxable securities$1.9M+5.0% YoY
Higher yields on smaller average investment securities portfolio
Gain on other investments$6.0MN/A
$6M gain on liquidation of insurance agency investment
Biggest Revenue Drivers
Interest and dividends on taxable securities$1.9M+5.0% YoY
Higher yields on smaller average investment securities portfolio
Gain on other investments$6.0MN/A
$6M gain on liquidation of insurance agency investment
Largest Expense Items
Salaries and benefits$20.3M+18.8% YoY
Growth driven by Primis Mortgage Company and Mortgage Warehouse business expansion
Interest on deposits$19.4M-5.4% YoY
Lower rates on all interest-bearing deposit accounts despite deposit growth, offset by $98M increase in noninterest-bearing deposits
Data processing expense$2.3M-22.9% YoY
Reduced cost from renegotiated core data processing contract in second half of 2025
Margins: Net interest margin improved 59 basis points to 3.45% in Q2 2026 from 2.86% in Q2 2025, driven by higher earning asset levels, increased net loan rates, and favorable deposit pricing reflecting a 75 basis point decline in Fed Funds rate over the prior year.
Watch Items from the Filing
Commercial real estate concentration: 35% of loan portfolio comprises commercial real estate loans including multi-family and farmland, with office portfolio at $137.8M representing 26.4% of non-owner occupied CRE.
Capital ratios declined modestly: Common Equity Tier 1 down 3 bps, Tier 1 down 4 bps, and total risk-based down 25 bps to 12.15% vs. 12.40% at year-end, though all ratios exceed well-capitalized thresholds.
Mortgage Warehouse growth: Outstanding balances surged 71% to $544M from $318M (six months), funded approximately 12% with customer noninterest-bearing deposits, creating deposit funding benefit.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About Primis Financial Corp. (FRST): stock profile, AI score and financials
Primis Financial Corp. (FRST) stock profile, AI quality score, and SEC EDGAR financial data, a Financials sector company. 13F Pro's AI-powered ranking engine scores FRST at 65.5/100 on a composite quality score built from its SEC filings, placing it at rank #475 of 2,925 stocks — the top 25% of the AI-ranked universe. FRST scores in the top quartile across profitability (87.2), institutional flow (86.3), revenue growth (85.8). Areas of concern include earnings quality (6.3) and free cash flow (13.6), which score below median versus the broader universe. Shareholder dilution risk is elevated at 48.7/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Primis Financial Corp. reports quarterly revenue of $55.8M, net income of $9.4M, an operating margin of 21.7%. Top institutional holders of FRST by reported 13-F value include BlackRock, North Reef Capital Management, Patriot Financial Partners GP II, L.P., based on the most recent SEC filings. FRST trades on the Nasdaq exchange and files with the SEC under CIK 1325670. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate FRST daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Primis Financial Corp. directly from SEC EDGAR.