Earnings call transcript: Primis Financial misses Q3 2026 estimates as stock slips
Primis Financial Corp reported Q3 2026 earnings that fell short of Wall Street expectations. The bank earned $0.35 per share on $49.22 million in revenue, missing estimates of $0.42 per share and $50.89 million in revenue. The stock dropped 3.7% to $15.35 in after-hours trading. Primis' net earnings increased 28% year-over-year, and net interest margin expanded to 3.66%.
The banking Valet digital platform helped retain deposits and expand the bank's reach. Mortgage warehouse business remained sensitive to rate changes. Core banking business showed strong performance. Net interest income grew to $36.3 million, and net interest margin improved to 3.66%. The company aims for continued margin expansion and cost cuts. Analysts maintain a consensus buy rating with price targets between $18 and $20.
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