Primisbank Achieves Stellar Q2 Results with Record Revenue and Improving Credit Quality
Primisbank, a leading financial institution, has announced outstanding second-quarter (Q2) results, exceeding expectations across key performance metrics. The company's Chief Executive Officer, Dennis Zember, expressed pride in the bank's strong growth, contained operating expenses, and improved credit quality during the quarterly conference call.
Highlighting the impressive Q2 results, Zember noted a significant increase in revenue, with net earnings totaling $9.4 million, or $0.38 per share, compared to $2.4 million, or $0.10 a year ago. The bank's net interest margin also saw substantial growth, rising to 345 basis points, up almost 60 basis points over the same quarter last year.
Primisbank's earning assets experienced steady growth, averaging around $3.9 billion for the quarter, an 11% increase compared to Q2 2025. This, combined with strong performance from the mortgage company, enabled the bank to record its first-ever quarter with more than $50 million of core revenue, a 40% hike over the same period last year.
The company's focus on operating leverage has paid off, as its core operational expenses have increased by less than 5%, despite a 16% rise in total OpEx. This impressive performance is attributed to the bank's executive team and staff, who have successfully reset the operating performance expectations for Primisbank.
Another notable achievement during Q2 was the improvement in credit quality, with non-performers declining by 36%, thanks to a refinanced commercial & industrial (C&I) loan. Additionally, the bank upgraded a mixed-use commercial project that had finally reached stabilization, resulting in a collective decline of classified assets by about $53 million or 36%.
The company's commitment to upgrading its operations and improving credit quality has paid off, with Zember emphasizing the importance of stability in operating results. This is reflected in the bank's tangible book value, which rose over 20% from last year, demonstrating Primisbank's financial health.
