Primis Financial Corp. (NASDAQ: FRST) announced on October 23, 2025 that it generated net income of $7 million, or $0.28 per diluted share, for the third quarter ended September 30, 2025—an increase from $1 million, or $0.05 per diluted share, in the same period a year earlier. The company’s run‑rate pre‑tax earnings for the quarter were $11 million, translating to a 90‑basis‑point return on assets (ROA).
The earnings release highlighted several key drivers. Primis’s core community bank continued to perform strongly, while its mortgage division closed $308 million in volume, up 34% from the same quarter last year. Panacea Financial Holdings grew to $548 million in outstanding loans, and the digital platform added $1.0 billion in deposits at a cost of 4.07%, down from 4.91% a year earlier. Noninterest income rose to $12 million, supported by gains from the Panacea share mark‑to‑market adjustment and mortgage‑related income.
Operationally, the company reported a 3.18% net interest margin—an improvement over the 2.97% margin in Q3 2024—while cost of interest‑bearing deposits fell to 2.88% from 3.48% a year earlier. Noninterest expense increased modestly to $32 million, driven largely by higher salaries and benefits in the mortgage and Panacea divisions. Management indicated that the momentum in these business lines should help the company exceed its 1% ROA target in the coming year.
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