The company’s performance reflects a broader strategic shift as it prepares to transition its entire banking infrastructure to a digital, real-time core. President and CEO Dennis J. Zember, Jr. noted that the return on assets climbed to 0.90%, triple the figure recorded a year ago. Management anticipates that the digital conversion will unlock $6.1 million in earnings enhancements by early 2027, split between revenue growth and operational cost savings.
Primis Financial Reports $9.4 Million Net Income for Q2 2026
McLean-based Primis Financial Corp. reported a significant jump in second-quarter net income to $9.4 million, up from $2.4 million during the same period last year. The results were bolstered by a $5.9 million gain from the sale of Bearing Insurance, helping offset provisions for loan losses and legal settlements.
Asset quality also showed improvement, with nonperforming assets falling 37% during the quarter. While the bank navigated macroeconomic headwinds, its mortgage division saw closed volume reach $421 million, a 30% increase year-over-year. Following these results, the Board of Directors declared a quarterly cash dividend of $0.10 per share, marking the company’s 59th consecutive payout to shareholders.
Comments (0)
No comments yet. Be the first!