Crispr Therapeutics shares tumble after significant earnings miss
Investing.com -- Primis Financial Corp. (NASDAQ:FRST) reported first quarter earnings that fell short of analyst expectations, sending shares down 3.1% in after-hours trading.
The Virginia-based bank holding company posted adjusted earnings per share of $0.14 for Q1 2025, missing the consensus estimate of $0.26. Revenue came in at $34.14 million, slightly above expectations of $33.49 million and up 0.3% YoY.
Net interest income increased marginally to $26.4 million in Q1 compared to $26.1 million in Q4 2024. The net interest margin improved to 3.15%, up from 2.90% in the previous quarter.
Noninterest income declined to $7.8 million from $13.2 million in Q4 2024, which had included a $4.7 million gain from the sale of the Life Premium Finance division. Mortgage banking income rose to $5.6 million from $5.1 million sequentially.
"We believe our normalized operations show material improvement over the recent quarters and believe that our pathway to more meaningful results is much clearer," said Dennis J. Zember, Jr., President and CEO.
Total (EPA:TTEF) deposits dipped slightly to $3.16 billion as of March 31, 2025. The company declared a quarterly dividend of $0.10 per share.
Primis Financial moved its consumer loan portfolio back to held for investment after efforts to sell it were unsuccessful. This resulted in an additional $1.9 million loan loss provision for the quarter.
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