Primis Financial Corp., established in 2004 and headquartered in McLean, Virginia, operates as the bank holding company for Primis Bank. This institution delivers a wide array of financial solutions designed for both individual consumers and small to medium-sized businesses across the United States. Its product suite includes diverse deposit accounts such as checking, NOW, savings, money market options, and certificates of deposit. The company also boasts an extensive lending portfolio, offering commercial business and real estate loans, construction financing, secured asset-based loans, Small Business Administration (SBA) loans, and mortgage warehouse lending. Furthermore, it provides specialized financing for medical, dental, and veterinary practices. For personal banking clients, Primis extends residential and trust mortgages, home equity lines of credit, secured and unsecured personal loans, consumer loans, life insurance premium financing, and demand loans. Beyond core banking, Primis provides comprehensive cash management services, including investment/sweep, zero balance, and controlled disbursement accounts. Essential services like wire transfers, employer/payroll processing, and remote deposit capture are also available. Customers additionally benefit from debit cards, ATM access, notary services, and modern mobile and online banking platforms. Formerly known as Southern National Bancorp of Virginia, Inc., the company maintained a network of forty full-service branches throughout Virginia and Maryland as of December 31, 2021.
Primis Financial Corp. Reports Strong Results for the Second Quarter of 2026
Primis Financial reported Q2 net income of $9.4 million, or $0.38 per diluted share, a significant increase from $2.4 million, or $0.10 per share, in the prior year. The growth was driven by a 34% rise in net interest income to $33.8 million and noninterest income gains, partially offset by a $5.5 million provision for credit losses largely tied to one nonaccrual credit.
Asset quality improved markedly during the quarter, with nonperforming assets decreasing 37% to $63 million and the allowance for NPAs increasing to 73%. The Board declared a quarterly dividend of $0.10 per share, marking the fifty-ninth consecutive dividend payment.
Management announced that its core consolidation initiative is expected to deliver $6.1 million in annual earnings improvements, split between revenue and expense savings, starting in late 2026. Tangible book value per share rose 19.5% year-over-year to $13.72.