What's Happening?
Primis Financial Corp has announced its financial results for the second quarter of 2025, reporting a net income available to common shareholders of $8.4 million, or $0.34 per diluted share. This marks a significant increase from the $3.4 million, or $0.14 per diluted share, reported for the same period in 2024. The company attributes this growth to improved profitability and strategic actions, including the sale of a portion of its ownership in Panacea Financial Holdings, which generated proceeds of $22.1 million and a pre-tax gain of $7.5 million. Primis also reported increased income from mortgage banking activities and a reduction in noninterest expenses.
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Why It's Important?
The financial results indicate Primis Financial Corp's successful strategic initiatives and operational improvements, which have led to enhanced profitability. The company's focus on its core banking operations and strategic divestments have contributed to its financial growth. This development is significant for stakeholders, including investors and customers, as it reflects the company's ability to navigate economic challenges and capitalize on growth opportunities. The increased earnings per share and dividend declaration also suggest a positive outlook for shareholder returns.
What's Next?
Primis Financial Corp plans to continue its strategic focus on core banking operations and cost reduction initiatives. The company anticipates further expense reductions in the third and fourth quarters of 2025, which are expected to enhance operating leverage. Additionally, Primis is implementing enhancements to its proprietary banking app, V1BE, to license it to other banks, potentially expanding its market reach. The company is also preparing to onboard its first customer for V1BE by the end of 2025.
