The EPS miss and mortgage headwinds are likely to pressure the stock near-term, but the 48 bps NIM expansion and improving credit quality provide a floor. Watch the Q4 2026 earnings call for mortgage pipeline recovery and expense management progress toward the 1.00% ROAA target.
Price Chart
Executive Summary
Primis Financial Corp. reported Q3 2026 GAAP diluted EPS of $0.35, missing the consensus estimate of $0.42 by 16.7%, while net interest income grew 25% YoY to $36.3M. The miss was driven by a $2.3M revenue headwind from a 37% decline in the retail mortgage pipeline and a $0.3M pre-tax loss at Primis Mortgage, partially offset by strong NIM expansion to 3.66% and improving credit quality with NPAs/Assets falling to 1.43%.
Key Financial Metrics
Key Facts
- GAAP diluted EPS of $0.35 missed consensus of $0.42 (-16.7%)
- Net interest income rose 25% YoY to $36.3M, NIM expanded 48 bps to 3.66%
- Noninterest expense increased 15% YoY to $37.2M, core operating expense burden rose to $24.2M
- Nonperforming assets improved to 1.43% of total assets from 2.07% a year ago
- Tangible book value per share grew 18% YoY to $13.81
- Quarterly dividend of $0.10 per share declared, sixtieth consecutive quarterly dividend
Financial Impact
EPS miss of $0.07 vs consensus on a $389M market cap implies ~$17M in missed shareholder value at 10x earnings
Risk Factors
- Continued mortgage market disruption could further pressure noninterest income
- Core operating expense burden increased 12% YoY to $24.2M, signaling cost control challenges
- FHLB advances of $220M remain elevated, increasing interest rate sensitivity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-118258 |
| Document: tm2628091d1_ex99-2.htm | 0001104659-26-118258 |
| Document: tm2628091d1_8k.htm | 0001104659-26-118258 |
| Document: 0001104659-26-118258-index-headers.html | 0001104659-26-118258 |
| Document: 0001104659-26-118258-index.html | 0001104659-26-118258 |
| Document: 0001104659-26-118258.txt | 0001104659-26-118258 |
| 8-K Data (Synthetic) | 0001104659-26-118258 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $15.28 $14.73 | ▲ +3.60% | ▲ +4.31% | $15.28 (+0.00%) |
Oct 22, 2026 4d ago | Press Release | $15.28 $14.73 | ▲ +3.60% | ▲ +4.31% | $15.28 (+0.00%) |
Oct 14, 2026 12d ago | Press Release | $15.44 | awaiting T+1 | — | $15.28 (−1.04%) |
Aug 31, 2026 8w ago | 8-K | $15.63 $16.00 | ▲ +2.37% | ▲ +1.92% | $15.28 (−2.24%) |
Jul 23, 2026 13w ago | Press Release | $15.34 $15.80 | ▲ +3.00% | ▲ +2.98% | $15.28 (−0.39%) |
Jul 21, 2026 13w ago | EFFECT | $16.05 $15.75 | ▼ −1.87% | ▼ −1.75% | $15.28 (−4.80%) |
Jul 10, 2026 15w ago | Press Release | $15.76 $15.67 | ▼ −0.57% | ▼ −0.93% | $15.28 (−3.05%) |
Jun 30, 2026 16w ago | 8-K | $16.37 $15.82 | ▼ −3.36% | ▼ −3.23% | $15.28 (−6.66%) |
Jun 25, 2026 17w ago | S-3 | $16.65 $16.56 | ▼ −0.54% | ▼ −2.19% | $15.28 (−8.23%) |
Jun 12, 2026 19w ago | Insider Cluster | $15.74 $15.35 | ▼ −2.48% | ▼ −4.24% | $15.28 (−2.92%) |
US Market Status
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