Primis Financial Corp

Primis Financial Corp. outlined a $7 million pretax earnings improvement expected next year from fully converting its core bank to a real-time digital platform, with a $0.22 per diluted share impact. CEO Dennis Zember said the conversion all but guarantees another 1.5 years of outsized operating leverage, while CFO Matthew Switzer noted $6.1 million of identified improvements should largely be in place by early 2027, with quarterly amortization of capitalized platform costs ending in the third quarter of that year. The company reported second-quarter net earnings of $9.4 million, or $0.38 per share, up from $7.3 million in the prior quarter, and a net interest margin of 3.45%, which management expects to remain roughly flat. A $5.3 million specific reserve addition on a large nonaccrual office CRE loan drove the quarter's $5.5 million provision, and the total specific reserve on that credit now exceeds $11 million.

Primis Financial Corp. has elected Margaret M. Weichert to its Board of Directors. Ms. Weichert brings 30 years of experience in financial services, technology, and transformation, having held leadership roles at Accenture, Bank of America, First Data, and The Clearinghouse, and served as a Senate-confirmed official in the U.S. government. She holds sixteen U.S. patents in payments and currently serves as an Adjunct Professor at Georgetown University. Primis President and CEO Dennis J. Zember, Jr. stated that her combination of technology and financial expertise will be invaluable as the company builds a tech-forward organization. As of March 31, 2026, Primis had $4.3 billion in total assets.