EX-99.1 2 tm2529315d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

Primis Financial Corp. Reports Earnings per Share for the Third Quarter of 2025

 

Declares Quarterly Cash Dividend of $0.10 Per Share

 

 

For immediate release

Thursday, October 23, 2025

 

McLean, Virginia, October 23, 2025 – Primis Financial Corp. (NASDAQ: FRST) (“Primis” or the “Company”), and its wholly-owned subsidiary, Primis Bank (the “Bank”), today reported net income available to common shareholders of $7 million, or $0.28 per diluted share, for the quarter ended September 30, 2025, compared to $1 million, or $0.05 per diluted share, for the quarter ended September 30, 2024.

 

For the nine months ended September 30, 2025, the Company reported net income available to common shareholders of $32 million, or $1.29 per diluted share, compared to a net income available to common shareholders of $7 million or $0.29 per diluted share, for the same period in 2024.

 

Commenting on the quarter, Dennis J. Zember, Jr., President and Chief Executive Officer, stated, “We are excited to see the profitability improvement we have been driving towards finally bear fruit this quarter. Adjusting for reversed interest and short-term expenses expected to decline in the next quarter described below, management estimates run-rate pre-tax earnings were $11 million in the third quarter which equates to an approximately 90 basis point return on assets. The tremendous momentum in all of our business lines combined with strong operating leverage will drive this profitability higher into 2026.”

 

Operating Results

 

Operating results in the quarter continue to point to the necessary momentum on key areas to achieve the operating results that management expects. Significant items occurring during the third quarter of 2025 were:

·Improved net interest margin – the Company’s net interest margin for the third quarter of 2025 was 3.18% and core net interest margin was 3.15%(1) for the third quarter of 2025, up from 2.97% and 2.80%(1), respectively, in the same quarter a year ago. Adjusting for interest reversals on loans that moved to nonaccrual in the quarter, the core net interest margin would have been 3.23% for the third quarter of 2025. Continued rebuilding of earning asset levels coupled with favorable deposit pricing was responsible for the improvement during the third quarter of 2025. Management expects further improvement in the fourth quarter of 2025 due to rate cuts experienced late in the third quarter of 2025.
·Significant operating leverage continues as the Company’s continued growth in revenue with little to no increase in operating expenses has improved operating performance and points to the advantages of the Company’s scalable strategies. Total revenue, excluding gains realized on the sale of the Panacea Financial Holdings, Inc. (“PFH”) stock, increased during the linked quarter by $5 million, while expenses increased by only $400 thousand.
·Spread revenue exceeds levels experienced before the sale of Life Premium Finance (“LPF”) in the fall of 2024 with only two-thirds of the balances replaced so far.
·Ending balances of non-interest bearing checking accounts were higher by 16% compared to the same quarter in 2024. Growth in checking balances associated with national lines of business as well as in the core bank supported by V1BE contributed to growth for five straight quarters.
·Total loan balances in the Company’s third party originated consumer loan book continued to shrink, ending at $101 million as of September 30, 2025, a decline of $79 million or 44% from the same period in 2024. Provisions associated with the loan portfolio were $0.3 million in the third quarter of 2025 compared to $4.0 million in the same quarter of 2024.

 

1

 

 

Significant Improvement In All Divisions

 

As discussed in previous quarters, the Company spent substantial time and energy in 2024 focusing the organization on its core bank and lines of business that drive premium operating results. The third quarter of 2025 demonstrated progress in key areas that are expected to continue and build through the rest of the year and into 2026. The following discussion highlights recent progress for each of these strategies:

 

Core Community Bank

 

The core bank’s 24 banking offices in Virginia and Maryland represented almost two thirds of the Company’s total balance sheet. Management believes the core bank’s value amongst its regional peers is undeniable given how well its balance sheet is positioned:

 

·The Core bank has low concentrations of investor CRE (26% of total loans and only 213% of regulatory capital)
·A robust pipeline of mostly new customers to the bank with yields that are incremental to the Bank’s margin
·Cost of deposits of 1.73% in the third quarter of 2025 compared to 2.29% in the same quarter in 2024.
·Zero brokered deposits and low utilization of FHLB borrowings.
·A proprietary banking app for commercial depositors that drives new sales independent of lending efforts in and around our region.

 

Approximately 20% of the core bank’s deposit base are noninterest bearing deposits, supported with what management believes is the region’s best and most unique technology including the Bank’s proprietary V1BE service, which directly supports more than $200 million of mostly commercial clients in the Bank’s footprint. Approximately $30 million of checking accounts are associated with customers that use V1BE every week. The Company is frequently approached by other community banks looking to use this technology with their own customers. Primis is currently implementing enhancements to make V1BE easier to license to other banks and expects to have its first customer onboard in the near future.

 

Primis Mortgage

 

Primis Mortgage has closed mortgage volume of $308 million in the third quarter of 2025, up 34% compared to the same quarter in 2024. Pre-tax earnings for Primis mortgage were approximately $1.9 million for the third quarter of 2025, up substantially from $0.1 million in the second quarter of 2025, which was impacted by the addition of new teams, and $1.1 million for the third quarter of 2024.

 

Mortgage Warehouse

 

Mortgage warehouse lending activity was significant in the first three quarters of 2025 following the expansion of the team in the fall of 2024. Outstanding loan balances at September 30, 2025 were $327 million, up 77% from $185 million at June 30, 2025 and up 411% from $64 million at December 31, 2024. Committed facilities ended the third quarter of 2025 at $1 billion versus $804 million at June 30, 2025 and $349 million at the end of 2024. Mortgage warehouse also funded approximately 10% of its balance sheet with associated customer noninterest bearing deposit balances totaling $34 million at September 30, 2025, up 66% from June 30, 2025.

 

Panacea Financial

 

Panacea’s growth remained strong through the third quarter of 2025 with loans outstanding of $548 million, up 40% compared to the same quarter in 2024, including loans held for sale. At the end of the third quarter of 2025, Panacea customer deposits totaled $133 million, up 47% from September 30, 2024. Panacea continues to have success recruiting healthcare bankers and supporting these bankers with customer acquisition efforts through brand recognition, social media and endorsement from influential industry associations. Efforts to secure flow agreements and build capital market strategies that will allow for faster growth in customer acquisition without straining the Company’s balance sheet or concentrations are underway and expected to be in place shortly. Panacea is the number one ranked “Bank for doctors” on Google and banks over 7,500 professionals and practices nationwide.

 

2

 

 

Digital Platform

 

Funding for the national strategies is provided exclusively by the Bank’s digital platform powered by what the Bank believes is one the safest and most functional deposit accounts in the nation. Because of the scalability of the platform, there is no pressure whatsoever on the core bank to provide funding and risk the profitable, decades old relationships with core customers.

 

The platform ended the third quarter of 2025 with over $1.0 billion of deposits with a cost of deposits of 4.07% in the month of September 2025, compared to $0.9 billion at September 30, 2024 with a cost of 4.91%. Over 1,000 of our digital accounts have come from referrals from another customer and approximately 77% of our consumer accounts have been with the bank for over two years.

 

Net Interest Income

 

Net interest income in the third quarter of 2025 was $29 million compared to $28 million in the third quarter of 2024. The Company’s net interest margin improved as well, moving higher to 3.18% in the third quarter of 2025 compared to 2.97% in the same quarter of 2024. Adjusting for reversed interest of $0.7 million on loans moving to nonaccrual, net interest income would have been $30 million in the third quarter of 2025.

 

Commenting on the improvement in spread income and margins, Mr. Zember said, “We have spent the last year divesting the consumer loan book and the life premium finance book and building scale and revenues in mortgage warehouse. We had conviction in the timing on warehouse and in our team and through three quarters of this strategy, it is increasingly clear that this was the right move. Total loans in this division averaged $210 million in the third quarter of 2025 with approximately $2.1 million of net interest income, compared to an immaterial amount of activity in the year-ago period. We are confident that the growth in warehouse will far outpace the expected runoff in the other portfolios and that revenues and margins will continue to benefit from this strategic move.”

 

Cost of deposits in the bank have benefitted from both the core bank’s management of interest expense as well as on the digital platform. In the third quarter of 2025, the Company reported cost of interest-bearing deposits of 2.88% compared to 3.48% in the same quarter in 2024. Additional rate adjustments were made late in the third quarter of 2025 after the Federal Reserve reduced rates by 0.25% that are expected to drive costs lower in the fourth quarter with an estimated beta of 70%.

 

Noninterest Income

 

Noninterest income was $12 million in the third quarter of 2025 versus $9 million in the third quarter of 2024. Mortgage related income grew 31% to $9 million in the third quarter of 2025 compared to $7 million in the same quarter in 2024. Noninterest income associated with the Consumer Program was $0.3 million in the third quarter of 2025 compared to $0.6 million in the second quarter of 2025 and $0.1 million in the third quarter of 2024. Noninterest income from the consumer program will be increasingly immaterial going forward as promotional loans have declined to only $7 million at the end of the third quarter of 2025. Other service charges and deposit related fees were $1.4 million for the third quarter of 2025 and flat compared to the third quarter of 2024. Noninterest income also included $0.3 million of gain related to mark-to-market adjustments of the Company’s shares in PFH.

 

Noninterest Expense

Noninterest expense was $32 million for the third quarter of 2025, compared to $31 million for the same quarter of 2024. Expenses in the third quarter of 2025 include $1.1 million in legal fees associated with mortgage recruiting that management expects to normalize in the fourth quarter of 2025 and the first quarter of 2026.

 

Material items affecting total operating expenses were increases in salaries and benefits of $2 million or 11% compared to the third quarter of 2024. The mortgage company and its growth in production and revenues accounted for all of the growth in salaries and benefits while the remainder of the bank managed to reflect a very slight decline in total compensation costs. For the third quarter of 2025, the mortgage company reported $7 million in total salaries and benefits, an increase of $2 million or 35% compared to the same period in 2024. The remainder of the Company reported total compensation costs of $11 million in the third quarter of 2025, down slightly from the $12 million reported in the third quarter of 2024. Collectively, we believe the management of staff and related costs over the twelve month period described here evidences management’s successful approach at operating leverage.

 

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Data processing expenses in the quarter were $2.4 million compared to $2.6 million in the same quarter in 2024. Management expects some continued decline in the coming quarter as the Company’s new contract terms only benefitted the Company for two out of three months in the third quarter of 2025 with savings equal to approximately $0.4 million per month.

 

Professional fees were down in the third quarter of 2025 to $2.5 million compared to $2.9 million in the same period in 2024. Fees in the current quarter contain the $1.1 million noted above related to mortgage recruiting that management expects to abate in the coming quarters. Excluding these mortgage related amounts, management believes professional fees in the $1.5 million range to be appropriate. Occupancy expense was also higher by approximately $0.3 million related to branch expenses that are not expected to continue in the fourth quarter.

 

Lastly, net expense attributable to the Panacea division was approximately $1.7 million higher in the third quarter of 2025 than both the second quarter of 2025 and third quarter of 2024. This higher expense was offset by higher revenue and recovery of provision for credit losses related to the division that combined increased $2.1 million in the third quarter of 2025.

 

The following table reflects the core operating expense burden at the Company, net of mortgage related and Panacea division impacts.

 

($ in thousands)   3Q25     2Q25     1Q25     4Q24     3Q24  
Reported Noninterest Expense  $32,313   $31,927   $32,516   $37,841   $30,603 
PFH Consolidated Expenses   -    -    (4,754)   (3,641)   (2,576)
Noninterest Expense Excl. PFH  $32,313    31,927    27,762    34,200    28,027 
                          
Nonrecurring   -    (232)   (1,144)   (3,686)   (1,000)
Primis Mortgage Expenses   (8,214)   (8,514)   (5,569)   (6,354)   (6,436)
Panacea Net Expense   (2,100)   (370)   384    115    (439)
Consumer Program Servicing Fee   (439)   (518)   (622)   (681)   (699)
Reserve for Unfunded Commitment   19    (18)   (13)   6    (96)
Total Adjustments   (10,734)   (9,652)   (6,964)   (10,600)   (8,670)
                          
Core Operating Expense Burden  $21,579   $22,275   $20,798   $23,600   $19,357 

 

Loan Portfolio and Asset Quality

 

Loans held for investment increased to $3.2 billion at September 30, 2025 compared to $3.1 billion at June 30, 2025 and $3.0 billion at September 30, 2024 prior to the sale of the Life Premium Finance portfolio. Important drivers in these levels are seen below:

 

·Core Bank loans totaled $2.1 billion at September 30, 2025 compared to $2.2 billion at September 30, 2024.
·Panacea Financial loans grew $155 million or 40% to $548 million over the past 12 months ending September 30, 2024.
·Mortgage warehouse outstandings improved to $327 million at the end of the third quarter of 2025 compared to only $15 million at the same time in 2024. Approved lines grew substantially during the third quarter of 2025 to $1.0 billion, up approximately 40% since June 30, 2025.
·Loan balances associated with the consumer loan program declined to $101 million at September 30, 2025, net of the fair value discounts compared to $180 million at September 30, 2024. Importantly, loans in promotional periods with full deferral were only $4.8 million or 5% of gross loans at September 30, 2025 compared to $56 million or 31% of total loans a year ago.
·Investor CRE as a percentage of regulatory capital was 213% at both September 30, 2025 and September 30, 2024.

 

Nonperforming assets, excluding portions guaranteed by the SBA, were 2.07% of total assets at September 30, 2025 compared to 1.90% of total assets at June 30, 2025. The increase in nonperforming assets was largely due to one commercial loan that was downgraded in the third quarter of 2025. This loan was evaluated for impairment at September 30, 2025 with no impairment determined to be required at that time. The increase of nonaccrual loans of $32 million in the third quarter of 2025 was largely due to the loan noted above and a separate commercial relationship that was 90 days past due at June 30, 2025 but subsequently moved to nonaccrual. This loan was already substandard and impaired by approximately $5 million in the fourth quarter of 2024. As in prior quarters, the Bank has no other real estate owned at the end of the third quarter of 2025.

 

4

 

 

The Company recorded a recovery of credit losses of $49 thousand for the third quarter of 2025 compared to a provision for credit losses of $8 million for both the second quarter of 2025 and third quarter in 2024. The recovery of credit losses was driven by the changing mix of the Bank’s loan portfolio to loan categories with lower reserve requirements and the move of approximately $53 million of commercial loans to held for sale. As previously stated, the Company moved the Consumer Program loan book into its held for investment loan portfolio in the first quarter of 2025 and evaluated the portfolio using its CECL model at that time. Based on performance during the quarter, there was provision expense of $274 thousand associated with the Consumer Program in the third quarter of 2025. As a percentage of loans held for investment, the allowance for credit losses was 1.40% at the end of the third quarter of 2025 compared to 1.72% at the end of the third quarter of 2024. Total allowance and discounts on the Consumer Program loan portfolio totaled $10.4 million at September 30, 2025 which represents 9.5% of gross principal balance and 346% of loans more than one period delinquent as of that date.

 

Deposits and Funding

 

Total deposits at September 30, 2025 were essentially flat at $3.3 billion when compared to the same period in 2024, although the mix of deposits has improved significantly with the growth in checking accounts. Noninterest bearing demand deposits were $490 million at September 30, 2025, an annualized growth rate of 16% compared to balances at September 30, 2024. The Company had FHLB advances totaling $85 million outstanding at September 30, 2025 that resulted from a spike in mortgage activity at the end of the quarter.

 

Shareholders’ Equity

 

Tangible book value per common share(1) at the end of the third quarter of 2025 was $11.71, an increase of $1.29 or 12% from levels reported at December 31, 2024. Tangible common equity(1) ended the third quarter of 2025 at $289 million, or 7.48% of tangible assets(1). 

 

The Board of Directors declared a dividend of $0.10 per share payable on November 21, 2025 to shareholders of record on November 7, 2025. This is Primis’ fifty-sixth consecutive quarterly dividend. 

 

About Primis Financial Corp.

 

As of September 30, 2025, Primis had $4.0 billion in total assets, $3.2 billion in total loans held for investment and $3.3 billion in total deposits. Primis Bank provides a range of financial services to individuals and small- and medium-sized businesses through twenty-four full-service branches in Virginia and Maryland and provides services to customers through certain online and mobile applications.

 

Contacts: Address :
Dennis J. Zember, Jr., President and CEO Primis Financial Corp.
Matthew A. Switzer, EVP and CFO 1676 International Drive, Suite 900
Phone: (703) 893-7400 McLean, VA 22102

 

Primis Financial Corp., NASDAQ Symbol FRST

Website: www.primisbank.com

 

Conference Call

 

The Company’s management will host a conference call to discuss its third quarter results on Friday, October 24, 2025 at 10:00 a.m. (ET). A live Webcast of the conference call is available at the following website: https://events.q4inc.com/attendee/859535228. Participants may also call 1-888-330-3573 and ask for the Primis Financial Corp. call. A replay of the teleconference will be available for 7 days by calling 1-800-770-2030 and providing Replay Access Code 4440924.

 

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Non-GAAP Measures

 

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables. Primis uses non-GAAP financial measures to analyze its performance. The measures entitled net income adjusted for nonrecurring income and expenses; pre-tax pre-provision operating earnings; operating return on average assets; pre-tax pre-provision operating return on average assets; operating return on average equity; operating return on average tangible equity; operating efficiency ratio; operating earnings per share – basic; operating earnings per share – diluted; tangible book value per share; tangible common equity; tangible common equity to tangible assets; and core net interest margin are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. We use the term “operating” to describe a financial measure that excludes income or expense considered to be non-recurring in nature. Items identified as non-operating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward-looking trends in our business. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is provided in the Reconciliation of Non-GAAP Items table.

 

Management believes that these non-GAAP financial measures provide additional useful information about Primis that allows management and investors to evaluate the ongoing operating results, financial strength and performance of Primis and provide meaningful comparison to its peers. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider Primis’ performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Primis. Non-GAAP financial measures are not standardized and, therefore, it may not be possible to compare these measures with other companies that present measures having the same or similar names.

 

Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.

 

Forward-Looking Statements

 

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," and other similar words or expressions of the future or otherwise regarding the outlook for the Company’s future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, but are not limited to, our expectations regarding our future operating and financial performance, including the preliminary estimated financial and operating information presented herein, which is subject to adjustment; our outlook and long-term goals for future growth and new offerings and services; our expectations regarding net interest margin; expectations on our growth strategy, expense management, capital management and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations.

 

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Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: instability in global economic conditions and geopolitical matters; the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within our primary market areas; changes in interest rates, inflation, loan demand, real estate values, or competition, as well as labor shortages and supply chain disruptions; the impact of tariffs, trade policies, and trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services); the Company’s ability to implement its various strategic and growth initiatives, including its recently established Panacea Financial Division, digital banking platform, V1BE fulfillment service, Mortgage Warehouse division and Primis Mortgage Company; the risks associated with the Life Premium Finance sale, including failure to achieve the expected impact to our operating results; competitive pressures among financial institutions increasing significantly; changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices; changes in management’s plans for the future; credit risk associated with our lending activities; changes in accounting principles, policies, or guidelines; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; potential increases in the provision for credit losses; our ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties; fraud or misconduct by internal or external actors, which we may not be able to prevent, detect or mitigate; acts of God or of war or other conflicts, acts of terrorism, pandemics or other catastrophic events that may affect general economic conditions; action or inaction by the federal government, including as a result of any prolonged government shutdown; and other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services.

 

Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company’s management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company’s filings with the Securities and Exchange Commission, the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors,” and in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.

 

 

(1)Non-GAAP financial measure. Please see “Reconciliation of Non-GAAP Items” in the financial tables for more information and for a reconciliation to GAAP.

 

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Primis Financial Corp.

Financial Highlights (unaudited)

(Dollars in thousands, except per share data)

 

  For Three Months Ended:   For Nine Months Ended: 
Selected Performance Ratios:  3Q 2025   2Q 2025   1Q 2025   4Q 2024   3Q 2024   3Q 2025   3Q 2024 
Return on average assets   0.70%   0.26%   2.52%   (2.43)%   0.12%   1.13%   0.24%
Operating return on average assets(1)   0.70%   (0.34)%   0.40%   (2.51)%   0.20%   0.25%   0.31%
Pre-tax pre-provision return on average assets   0.89%   1.20%   3.32%   0.44%   0.86%   1.76%   0.87%
Pre-tax pre-provision operating return on average assets(1)   0.89%   0.44%   0.71%   0.33%   0.96%   0.67%   0.96%
Return on average common equity   7.13%   2.57%   26.66%   (24.28)%   1.31%   11.58%   2.55%
Operating return on average common equity(1)   7.13%   (3.40)%   4.21%   (25.13)%   2.15%   2.61%   3.32%
Operating return on average tangible common equity(1)   9.45%   (4.51)%   5.78%   (33.33)%   2.86%   3.50%   4.45%
Cost of funds   2.62%   2.67%   2.67%   2.97%   3.25%   2.65%   3.13%
Net interest margin   3.18%   2.86%   3.15%   2.90%   2.97%   3.06%   2.85%
Core net interest margin(1)   3.15%   3.12%   3.13%   2.91%   2.80%   3.13%   2.83%
Gross loans to deposits   95.92%   93.65%   96.04%   91.06%   89.94%   95.92%   89.94%
Efficiency ratio   78.81%   73.92%   55.39%   96.41%   82.82%   67.71%   81.30%
Operating efficiency ratio(1)   78.81%   88.67%   91.97%   98.92%   79.92%   86.03%   78.75%
                                    
Per Common Share Data:                                   
Earnings per common share - Basic  $0.28   $0.10   $0.92   $(0.94)  $0.05   $1.29   $0.29 
Operating earnings per common share - Basic(1)  $0.28   $(0.13)  $0.14   $(0.98)  $0.08   $0.29   $0.38 
Earnings per common share - Diluted  $0.28   $0.10   $0.92   $(0.94)  $0.05   $1.29   $0.29 
Operating earnings per common share - Diluted(1)  $0.28   $(0.13)  $0.14   $(0.98)  $0.08   $0.29   $0.38 
Book value per common share  $15.51   $15.27   $15.19   $14.23   $15.41   $15.51   $15.41 
Tangible book value per common share(1)  $11.71   $11.48   $11.40   $10.42   $11.59   $11.71   $11.59 
Cash dividend per common share  $0.10   $0.10   $0.10   $0.10   $0.10   $0.30   $0.30 
Weighted average shares outstanding - Basic   24,632,202    24,701,319    24,706,593    24,701,260    24,695,685    24,679,766    24,683,556 
Weighted average shares outstanding - Diluted   24,643,889    24,714,229    24,722,734    24,701,260    24,719,920    24,693,328    24,710,345 
Shares outstanding at end of period   24,644,385    24,643,185    24,722,734    24,722,734    24,722,734    24,644,385    24,722,734 
                                    
Asset Quality Ratios:                                   
Non-performing assets as a percent of total assets, excluding SBA guarantees   2.07%   1.90%   0.28%   0.29%   0.25%   2.07%   0.25%
Net charge-offs (recoveries) as a percent of average loans (annualized)   0.14%   0.80%   1.47%   3.83%   0.93%   0.79%   0.52%
Core net charge-offs (recoveries) as a percent of average loans (annualized)(1)   0.03%   0.15%   0.06%   0.05%   0.11%   0.08%   (0.10)%
Allowance for credit losses to total loans   1.40%   1.47%   1.45%   1.86%   1.72%   1.40%   1.72%
                                    
Capital Ratios:                                   
Common equity to assets   9.66%   9.72%   10.16%   9.53%   9.47%          
Tangible common equity to tangible assets(1)   7.48%   7.49%   7.82%   7.16%   7.29%          
Leverage ratio(2)   8.32%   8.34%   8.71%   7.76%   8.20%          
Common equity tier 1 capital ratio(2)   8.62%   8.92%   9.35%   8.74%   8.23%          
Tier 1 risk-based capital ratio(2)   8.91%   9.22%   9.66%   9.05%   8.51%          
Total risk-based capital ratio(2)   12.02%   12.43%   12.96%   12.53%   11.68%          

  

(1) See Reconciliation of Non-GAAP financial measures.

(2) Ratios are estimated and may be subject to change pending the final filing of the FR Y-9C.

 

8

 

 

Primis Financial Corp. 

(Dollars in thousands)

Condensed Consolidated Balance Sheets (unaudited)

 

  For Three Months Ended: 
  3Q 2025   2Q 2025   1Q 2025   4Q 2024   3Q 2024 
Assets                         
Cash and cash equivalents  $63,881   $94,074   $57,044   $64,505   $77,274 
Investment securities-available for sale   234,660    242,073    241,638    235,903    242,543 
Investment securities-held to maturity   8,550    8,850    9,153    9,448    9,766 
Loans held for sale   202,372    126,869    74,439    247,108    458,722 
Loans receivable, net of deferred fees   3,200,234    3,130,521    3,043,348    2,887,447    2,973,723 
Allowance for credit losses   (44,766)   (45,985)   (44,021)   (53,724)   (51,132)
Net loans   3,155,468    3,084,536    2,999,327    2,833,723    2,922,591 
Stock in Federal Reserve Bank and Federal Home Loan Bank   17,035    12,998    12,983    13,037    20,875 
Bank premises and equipment, net   19,380    19,642    19,210    19,432    19,668 
Operating lease right-of-use assets   9,427    9,927    10,352    10,279    10,465 
Goodwill and other intangible assets   93,502    93,508    93,804    94,124    94,444 
Assets held for sale, net   775    2,181    2,420    5,497    9,864 
Bank-owned life insurance   68,504    68,048    67,609    67,184    66,750 
Deferred tax assets, net   17,328    19,466    21,399    26,466    25,582 
Consumer Program derivative asset   408    1,177    1,597    4,511    7,146 
Investment in Panacea Financial Holdings, Inc. common stock   6,880    6,586    21,277    -    - 
Other assets   56,679    81,791    65,058    58,898    58,657 
Total assets  $3,954,849   $3,871,726   $3,697,310   $3,690,115   $4,024,347 
                          
Liabilities and stockholders' equity                         
Demand deposits  $489,728   $477,705   $455,768   $438,917   $421,231 
NOW accounts   831,709    858,624    819,606    817,715    748,833 
Money market accounts   737,634    744,321    785,552    798,506    835,099 
Savings accounts   958,416    935,527    777,736    775,719    873,810 
Time deposits   318,865    326,496    330,210    340,178    427,458 
    Total deposits   3,336,352    3,342,673    3,168,872    3,171,035    3,306,431 
Securities sold under agreements to repurchase - short term   3,954    4,370    4,019    3,918    3,677 
Federal Home Loan Bank advances   85,000    -    -    -    165,000 
Secured borrowings   15,403    16,449    16,729    17,195    17,495 
Subordinated debt and notes   96,091    96,020    95,949    95,878    95,808 
Operating lease liabilities   10,682    11,195    11,639    11,566    11,704 
Other liabilities   25,214    24,604    24,539    25,541    27,169 
Total liabilities   3,572,696    3,495,311    3,321,747    3,325,133    3,627,284 
Total Primis common stockholders' equity   382,153    376,415    375,563    351,756    381,022 
Noncontrolling interest   -    -    -    13,226    16,041 
Total stockholders' equity   382,153    376,415    375,563    364,982    397,063 
Total liabilities and stockholders' equity  $3,954,849   $3,871,726   $3,697,310   $3,690,115   $4,024,347 
                          
Tangible common equity(1)  $288,651   $282,907   $281,759   $257,632   $286,578 

 

Primis Financial Corp.

(Dollars in thousands)

Condensed Consolidated Statement of Operations (unaudited)

 

   For Three Months Ended:   For Nine Months Ended: 
   3Q 2025   2Q 2025   1Q 2025   4Q 2024   3Q 2024   3Q 2025   3Q 2024 
Interest and dividend income  $51,766   $47,627   $47,723   $51,338   $57,104   $147,116   $159,656 
Interest expense   22,734    22,447    21,359    25,261    29,081    66,540    81,511 
Net interest income   29,032    25,180    26,364    26,077    28,023    80,576    78,145 
Provision for (recovery of) credit losses   (49)   8,303    1,596    33,483    7,511    9,850    17,138 
Net interest income (loss) after provision for credit losses   29,081    16,877    24,768    (7,406)   20,512    70,726    61,007 
Account maintenance and deposit service fees   1,358    1,675    1,339    1,276    1,398    4,372    4,722 
Income from bank-owned life insurance   456    438    425    434    431    1,319    1,975 
Mortgage banking income   8,887    7,893    5,615    5,140    6,803    22,395    18,779 
Gain (loss) on sale of loans   249    210    -    (4)   -    459    307 
Gains on Panacea Financial Holdings investment   294    7,450    24,578    -    -    32,322    - 
Gain on sale of Life Premium Finance portfolio, net of broker fees   -    -    -    4,723    -    -    - 
Consumer Program derivative   264    593    (292)   928    79    565    3,392 
Gain (loss) on other investments   381    (308)   53    15    51    126    393 
Other   80    79    617    663    168    776    873 
Noninterest income   11,969    18,030    32,335    13,175    8,930    62,334    30,441 
Employee compensation and benefits   18,523    17,060    17,941    18,028    16,764    53,524    48,587 
Occupancy and equipment expenses   3,481    3,127    3,285    3,466    3,071    9,893    9,276 
Amortization of intangible assets   -    289    313    313    318    602    952 
Virginia franchise tax expense   576    577    577    631    631    1,730    1,894 
Data processing expense   2,369    3,037    2,849    3,434    2,552    8,255    7,130 
Marketing expense   450    720    514    499    449    1,684    1,407 
Telecommunication and communication expense   309    324    287    295    330    920    1,017 
Professional fees   2,509    2,413    2,225    3,129    2,914    7,147    7,255 
Miscellaneous lending expenses   231    900    834    1,446    1,098    1,965    1,835 
Loss (gain) on bank premises and equipment   80    5    106    13    (352)   191    (476)
Other expenses   3,785    3,490    3,585    6,587    2,828    10,860    9,402 
Noninterest expense   32,313    31,942    32,516    37,841    30,603    96,771    88,279 
Income (loss) before income taxes   8,737    2,965    24,587    (32,072)   (1,161)   36,289    3,169 
Income tax expense (benefit)   1,907    528    5,553    (5,917)   (304)   7,988    1,679 
Net Income (loss)   6,830    2,437    19,034    (26,155)   (857)   28,301    1,490 
Noncontrolling interest   -    -    3,602    2,820    2,085    3,602    5,640 
Net income (loss) attributable to Primis' common shareholders  $6,830   $2,437   $22,636   $(23,335)  $1,228   $31,903   $7,130 

 

(1) See Reconciliation of Non-GAAP financial measures.                

 

9

 

 

Primis Financial Corp.   

(Dollars in thousands)

Loan Portfolio Composition

 

   For Three Months Ended: 
  3Q 2025   2Q 2025   1Q 2025   4Q 2024   3Q 2024 
Loans held for sale  $202,372   $126,869   $74,439   $247,108   $458,722 
Loans secured by real estate:                         
Commercial real estate - owner occupied   495,739    480,981    477,233    475,898    463,848 
Commercial real estate - non-owner occupied   592,480    590,848    600,872    610,482    609,743 
Secured by farmland   3,642    3,696    3,742    3,711    4,356 
Construction and land development   102,227    106,443    104,301    101,243    105,541 
Residential 1-4 family   564,087    571,206    576,837    588,859    607,313 
Multi-family residential   137,804    157,097    157,443    158,426    169,368 
Home equity lines of credit   62,458    62,103    60,321    62,954    62,421 
Total real estate loans   1,958,437    1,972,374    1,980,749    2,001,573    2,022,590 
                          
Commercial loans   915,158    811,458    698,097    608,595    533,998 
Paycheck Protection Program loans   1,723    1,729    1,738    1,927    1,941 
Consumer loans   319,977    339,936    357,652    270,063    409,754 
Total Non-PCD loans   3,195,295    3,125,497    3,038,236    2,882,158    2,968,283 
PCD loans   4,939    5,024    5,112    5,289    5,440 
Total loans receivable, net of deferred fees  $3,200,234   $3,130,521   $3,043,348   $2,887,447   $2,973,723 
                          
Loans by Risk Grade:                         
Pass Grade 1 - Highest Quality   666    667    880    872    820 
Pass Grade 2 - Good Quality   168,177    170,560    175,379    175,659    177,763 
Pass Grade 3 - Satisfactory Quality   1,842,958    1,737,153    1,643,957    1,567,228    1,509,405 
Pass Grade 4 - Pass   1,034,035    1,050,397    1,124,901    1,041,947    1,184,671 
Pass Grade 5 - Special Mention   7,004    31,902    28,498    30,111    53,473 
Grade 6 - Substandard   139,847    139,842    69,733    71,630    47,591 
Grade 7 - Doubtful   7,547    -    -    -    - 
Grade 8 - Loss   -    -    -    -    - 
Total loans  $3,200,234   $3,130,521   $3,043,348   $2,887,447   $2,973,723 

 

(Dollars in thousands)

Asset Quality Information

 

   For Three Months Ended: 
   3Q 2025   2Q 2025   1Q 2025   4Q 2024   3Q 2024 
Allowance for Credit Losses:                         
Balance at beginning of period  $(45,985)  $(44,021)  $(53,724)  $(51,132)  $(51,574)
Recovery of (provision for) credit losses   49    (8,303)   (1,596)   (33,483)   (7,511)
Net charge-offs   1,170    6,339    11,299    30,891    7,953 
Ending balance  $(44,766)  $(45,985)  $(44,021)  $(53,724)  $(51,132)
                          
Reserve for Unfunded Commitments:                         
Balance at beginning of period  $(1,152)  $(1,134)  $(1,121)  $(1,127)  $(1,031)
Recovery of (provision for) unfunded loan commitment reserve   19    (18)   (13)   6    (96)
Total Reserve for Unfunded Commitments  $(1,133)  $(1,152)  $(1,134)  $(1,121)  $(1,127)
                          
Non-Performing Assets:  3Q 2025   2Q 2025   1Q 2025   4Q 2024   3Q 2024 
Nonaccrual loans  $84,973   $53,059   $12,956   $15,026   $14,424 
Accruing loans delinquent 90 days or more   1,713    25,188    1,713    1,713    1,714 
Total non-performing assets  $86,686   $78,247   $14,669   $16,739   $16,138 
SBA guaranteed portion of non-performing loans  $4,682   $4,750   $4,307   $5,921   $5,954 

 

10

 

 

Primis Financial Corp.

(Dollars in thousands)

Average Balance Sheet

 

   For Three Months Ended:   For Nine Months Ended: 
   3Q 2025   2Q 2025   1Q 2025   4Q 2024   3Q 2024   3Q 2025   3Q 2024 
Assets                                   
Loans held for sale  $130,061   $108,693   $170,509   $100,243   $98,110   $136,273   $80,530 
Loans, net of deferred fees   3,143,155    3,074,993    2,897,481    3,127,249    3,324,157    3,039,443    3,266,111 
Investment securities   247,008    249,485    245,216    253,120    242,631    247,243    242,706 
Other earning assets   101,278    98,369    86,479    96,697    83,405    95,430    78,076 
Total earning assets   3,621,502    3,531,540    3,399,685    3,577,309    3,748,303    3,518,389    3,667,423 
Other assets   232,636    272,910    241,912    237,704    243,715    245,786    244,886 
Total assets  $3,854,138   $3,804,450   $3,641,597   $3,815,013   $3,992,018   $3,764,175   $3,912,309 
                                    
Liabilities and equity                                   
Demand deposits  $481,697   $467,493   $446,404   $437,388   $421,908   $465,327   $440,172 
Interest-bearing liabilities:                                   
NOW and other demand accounts   834,839    821,893    805,522    787,884    748,202    820,859    766,800 
Money market accounts   756,361    759,107    788,067    819,803    859,988    767,729    832,531 
Savings accounts   922,048    882,227    754,304    767,342    866,375    853,474    844,531 
Time deposits   324,614    329,300    335,702    404,682    425,238    329,832    426,557 
Total Deposits   3,319,559    3,260,020    3,129,999    3,217,099    3,321,711    3,237,221    3,310,591 
Borrowings   117,697    117,701    116,955    160,886    238,994    117,454    172,942 
Total Funding   3,437,256    3,377,721    3,246,954    3,377,985    3,560,705    3,354,675    3,483,533 
Other Liabilities   36,720    36,649    38,280    39,566    36,527    37,211    35,344 
Total liabilites   3,473,976    3,414,370    3,285,234    3,417,551    3,597,232    3,391,886    3,518,877 
Primis common stockholders' equity   380,162    380,080    344,381    382,370    377,314    368,295    374,154 
Noncontrolling interest   —    —    11,982    15,092    17,472    3,994    19,278 
Total stockholders' equity   380,162    380,080    356,363    397,462    394,786    372,289    393,432 
Total liabilities and stockholders' equity  $3,854,138   $3,794,450   $3,641,597   $3,815,013   $3,992,018   $3,764,175   $3,912,309 
                                    
                                    
Net Interest Income                                   
Loans held for sale  $2,085   $1,754   $2,564   $1,553   $1,589   $4,895   $4,017 
Loans   46,772    42,963    42,400    46,831    52,707    133,643    147,564 
Investment securities   1,894    1,928    1,906    1,894    1,799    5,728    5,319 
Other earning assets   1,015    982    853    1,060    1,017    2,850    2,756 
Total Earning Assets Income   51,766    47,627    47,723    51,338    57,112    147,116    159,656 
                                    
Non-interest bearing DDA   -    -    -    -    -    -    - 
NOW and other interest-bearing demand accounts   4,549    4,603    4,515    4,771    4,630    13,667    13,924 
Money market accounts   5,229    5,271    5,420    6,190    7,432    15,920    20,732 
Savings accounts   8,070    7,793    6,418    7,587    8,918    22,281    25,876 
Time deposits   2,723    2,830    3,039    4,127    4,371    8,592    12,455 
Total Deposit Costs   20,571    20,497    19,392    22,675    25,351    60,460    72,987 
                                    
Borrowings   2,163    1,950    1,967    2,586    3,738    6,080    8,524 
Total Funding Costs   22,734    22,447    21,359    25,261    29,089    66,540    81,511 
                                    
Net Interest Income  $29,032   $25,180   $26,364   $26,077   $28,023   $80,576   $78,145 
                                    
                                    
Net Interest Margin                                   
Loans held for sale   6.36%   6.47%   6.10%   6.16%   6.44%   4.80%   6.66%
Loans   5.90%   5.60%   5.93%   5.96%   6.31%   5.88%   6.04%
Investments   3.04%   3.10%   3.15%   2.98%   2.95%   3.10%   2.93%
Other Earning Assets   3.98%   4.00%   4.00%   4.36%   4.85%   3.99%   4.72%
  Total Earning Assets   5.67%   5.41%   5.69%   5.71%   6.06%   5.59%   5.82%
                                    
NOW   2.16%   2.25%   2.27%   2.41%   2.46%   2.23%   2.43%
MMDA   2.74%   2.79%   2.79%   3.00%   3.44%   2.77%   3.33%
Savings   3.47%   3.54%   3.45%   3.93%   4.10%   3.49%   4.09%
CDs   3.33%   3.45%   3.67%   4.06%   4.09%   3.48%   3.90%
Cost of Interest Bearing Deposits   2.88%   2.94%   2.93%   3.25%   3.48%   2.92%   3.40%
Cost of Deposits   2.46%   2.52%   2.52%   2.80%   3.04%   2.50%   2.94%
                                    
Other Funding   7.29%   6.65%   6.82%   6.39%   6.22%   6.92%   6.58%
Total Cost of Funds   2.62%   2.67%   2.67%   2.97%   3.25%   2.65%   3.13%
                                    
Net Interest Margin   3.18%   2.86%   3.15%   2.90%   2.97%   3.06%   2.85%
Net Interest Spread   2.62%   2.32%   2.60%   2.30%   2.37%   2.51%   2.24%

 

11

 

 

Primis Financial Corp.   

(Dollars in thousands, except per share data)

 

  For Three Months Ended:   For Nine Months Ended:  
Reconciliation of Non-GAAP items:  3Q 2025   2Q 2025   1Q 2025   4Q 2024   3Q 2024   3Q 2025   3Q 2024 
Net income (loss) attributable to Primis' common shareholders  $6,830   $2,437   $22,636   $(23,335)  $1,228   $31,903   $7,130 
Non-GAAP adjustments to Net Income:                                   
Branch Consolidation / Other restructuring   -    -    144    -    -    144    - 
Professional fee expense related to accounting matters and LPF sale   -    232    893    1,782    1,352    1,125    3,243 
Gains on Panacea Financial Holdings investment   -    (7,450)   (24,578)   -    -    (32,028)   - 
Gains on sale of closed bank branch buildings   -    -    107    -    (352)   107    (476)
Gain on sale of Life Premium Finance portfolio, net of broker fees   -    -    -    (4,723)   -    -    - 
Consumer program fraud losses   -    -    -    1,904    -    -    - 
Income tax effect   -    1,559    4,370    224    (216)   5,929    (598)
Net income (loss) attributable to Primis' common shareholders adjusted for nonrecurring income and expenses  $6,830   $(3,222)  $3,572   $(24,148)  $2,012   $7,180   $9,299 
                                    
Net income (loss) attributable to Primis' common shareholders  $6,830   $2,437   $22,636   $(23,335)  $1,228   $31,903   $7,130 
Income tax expense (benefit)   1,907    528    5,553    (5,917)   (304)   7,988    1,679 
Provision (benefit) for credit losses (incl. unfunded commitment expense/benefit)   (68)   8,321    1,609    33,477    7,607    9,862    16,686 
Pre-tax pre-provision earnings  $8,669   $11,286   $29,798   $4,225   $8,531   $49,753   $25,495 
Effect of adjustment for nonrecurring income and expenses   -    (7,218)   (23,434)   (1,037)   1,000    (30,652)   2,767 
Pre-tax pre-provision operating earnings  $8,669   $4,068   $6,364   $3,188   $9,531   $19,101   $28,262 
                                    
Return on average assets   0.70%   0.26%   2.52%   (2.43)%   0.12%   1.13%   0.24%
Effect of adjustment for nonrecurring income and expenses   0.00%   (0.60)%   (2.12)%   (0.08)%   0.08%   (0.88)%   0.07%
Operating return on average assets   0.70%   (0.34)%   0.40%   (2.51)%   0.20%   0.25%   0.31%
                                    
Return on average assets   0.70%   0.26%   2.52%   (2.43)%   0.12%   1.13%   0.24%
Effect of tax expense   0.20%   0.06%   0.62%   (0.62)%   (0.03)%   0.28%   0.06%
Effect of provision for credit losses  (incl. unfunded commitment expense)   (0.01)%   0.88%   0.18%   3.49%   0.77%   0.35%   0.57%
Pre-tax pre-provision return on average assets   0.89%   1.20%   3.32%   0.44%   0.86%   1.76%   0.87%
Effect of adjustment for nonrecurring income and expenses   0.00%   (0.76)%   (2.61)%   (0.11)%   0.10%   (1.09)%   0.09%
Pre-tax pre-provision operating return on average assets   0.89%   0.44%   0.71%   0.33%   0.96%   0.67%   0.96%
                                    
Return on average common equity   7.13%   2.57%   26.66%   (24.28)%   1.31%   11.58%   2.55%
Effect of adjustment for nonrecurring income and expenses   0.00%   (5.97)%   (22.45)%   (0.85)%   0.84%   (8.97)%   0.77%
Operating return on average common equity   7.13%   (3.40)%   4.21%   (25.13)%   2.15%   2.61%   3.32%
Effect of goodwill and other intangible assets   2.32%   (1.11)%   1.57%   (8.20)%   0.71%   0.89%   1.13%
Operating return on average tangible common equity   9.45%   (4.51)%   5.78%   (33.33)%   2.86%   3.50%   4.45%
                                    
Efficiency ratio   78.81%   73.92%   55.39%   96.36%   82.98%   67.71%   81.30%
Effect of adjustment for nonrecurring income and expenses   0.00%   14.75%   36.58%   2.54%   (2.87)%   18.32%   (2.55)%
Operating efficiency ratio   78.81%   88.67%   91.97%   98.90%   80.11%   86.03%   78.75%
                                    
Earnings per common share - Basic  $0.28   $0.10   $0.92   $(0.94)  $0.05   $1.29   $0.29 
Effect of adjustment for nonrecurring income and expenses   -    (0.23)   (0.78)   (0.04)   0.03    (1.00)   0.09 
Operating earnings per common share - Basic  $0.28   $(0.13)  $0.14   $(0.98)  $0.08   $0.29   $0.38 
                                    
Earnings per common share - Diluted  $0.28   $0.10   $0.92   $(0.94)  $0.05   $1.29   $0.29 
Effect of adjustment for nonrecurring income and expenses   -    (0.23)   (0.78)   (0.04)   0.03    (1.00)   0.09 
Operating earnings per common share - Diluted  $0.28   $(0.13)  $0.14   $(0.98)  $0.08   $0.29   $0.38 
                                    
Book value per common share  $15.51   $15.27   $15.19   $14.23   $15.41   $15.51   $15.41 
Effect of goodwill and other intangible assets   (3.80)   (3.79)   (3.79)   (3.81)   (3.82)   (3.80)   (3.82)
Tangible book value per common share  $11.71   $11.48   $11.40   $10.42   $11.59   $11.71   $11.59 
                                    
Net charge-offs as a percent of average loans (annualized)   0.14%   0.80%   1.47%   3.83%   0.93%   0.79%   0.52%
Impact of third-party consumer portfolio   (0.11)%   (0.65)%   (1.41)%   (3.78)%   (0.82)%   (0.71)%   (0.62)%
Core net charge-offs (recoveries) as a percent of average loans (annualized)   0.03%   0.15%   0.06%   0.05%   0.11%   0.08%   (0.10)%
                                    
Total Primis common stockholders' equity  $382,153   $376,415   $375,563   $351,756   $381,022   $382,153   $381,022 
Less goodwill and other intangible assets   (93,502)   (93,508)   (93,804)   (94,124)   (94,444)   (93,502)   (94,444)
Tangible common equity  $288,651   $282,907   $281,759   $257,632   $286,578   $288,651   $286,578 
                                    
Common equity to assets   9.66%   9.72%   10.16%   9.53%   9.47%   9.66%   9.47%
Effect of goodwill and other intangible assets   (2.18)%   (2.23)%   (2.34)%   (2.37)%   (2.18)%   (2.18)%   (2.18)%
Tangible common equity to tangible assets   7.48%   7.49%   7.82%   7.16%   7.29%   7.48%   7.29%
                                    
Net interest margin   3.18%   2.86%   3.15%   2.90%   2.97%   3.06%   2.85%
Effect of adjustment for Consumer Portfolio   (0.03)%   0.26%   (0.02)%   0.01%   (0.17)%   0.07%   (0.02)%
Core net interest margin   3.15%   3.12%   3.13%   2.91%   2.80%   3.13%   2.83%

 

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