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SiriusPoint Announces Redemption of Series B Preference Shares

HAMILTON, Bermuda, Jan. 29, 2026 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global specialty insurer and reinsurer, announced today that the Company will redeem all 8 million of its issued and outstanding 8.00% Resettable Fixed Rate Preference Shares, Series B (“Series B Preference Shares”) on February 26, 2026 (the “Redemption Date”). The redemption price payable on the Redemption Date is $25.00 per share, plus $0.49, which reflects unpaid, accrued cumulative dividends to, but excluding, the Redemption Date, without interest (the “Redemption Price”).

All outstanding Series B Preference Shares will be called for redemption. Following the redemption, no Series B Preference Shares will remain outstanding and all rights with respect to such Series B Preference Shares will cease and terminate, except for the right to receive the Redemption Price. Upon completion of the redemption, the Company intends to delist the Series B Preference Shares from the New York Stock Exchange and deregister the Series B Preference Shares under the Securities Exchange Act of 1934.

The redemption will help to simplify and optimize the Company’s capital structure and financial leverage, while also eliminating the cost of capital and related cash servicing associated with the Series B Preference Shares.  

The notice of redemption is in the process of being communicated to registered holders of the Series B Preference Shares. Holders may inquire about the redemption by contacting the redemption agent, Computershare Trust Company, N.A., at 150 Royall Street, Canton, MA 02021, 781-575-2765, or 800-546-5141.

About SiriusPoint

SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators within our Insurance & Services segment. With approximately $2.8 billion in total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit www.siriuspt.com.

Forward-Looking Statements

We make statements in this press release, and any related oral statements, that are forward-looking statements within the meaning of the U.S. federal securities laws, which we intend to be covered by the safe harbor provisions for such forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially from those made in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the risk factors described in SiriusPoint’s most recent Annual Report on Form 10-K and any other subsequent periodic reports filed with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date made and SiriusPoint undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contacts

Investor Relations

Liam Blackledge, SiriusPoint
[email protected]
+44 203 772 3082

Media

Sarah Hills, Rein4ce
[email protected]
+44 7718 882011



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Blue Ridge Bankshares, Inc. Announces 2025 Fourth Quarter and Full Year Results

PR Newswire

A Year of Return to Profitability and Termination of Consent Order 

RICHMOND, Va., Jan. 29, 2026 /PRNewswire/ — Blue Ridge Bankshares, Inc. (the “Company”) (NYSE American: BRBS), the holding company of Blue Ridge Bank, National Association (“Blue Ridge Bank” or the “Bank”) and BRB Financial Group, Inc., today announced financial results for the quarter and year ended December 31, 2025.

For the quarter ended December 31, 2025, the Company reported net income of $4.2 million, or $0.04 per diluted common share, compared to net income of $5.6 million, or $0.06 per diluted common share, for the quarter ended September 30, 2025, and a net loss of $2.0 million, or ($0.03) per diluted common share, for the fourth quarter of 2024. Net income for the third quarter of 2025 included after-tax loan fee income of $2.3 million due to the payoff of the Company’s largest out-of-market loan, while net income for the fourth and third quarters of 2025 included after-tax income of $0.3 million and $0.6 million, respectively, on the 2024 sale of mortgage servicing rights (“MSRs”). For the fourth quarter of 2024, the net loss of $2.0 million included an after-tax loss of $2.0 million on the sale of MSRs.

For the year ended December 31, 2025, the Company reported net income of $10.7 million, or $0.11 per diluted common share, compared to a net loss of $15.4 million, or ($0.31) per diluted common share, for the year ended December 31, 2024. For 2024, the Company reported $3.6 million of after-tax regulatory remediation expenses, while none were reported in 2025.


A Message From Blue Ridge Bankshares, Inc. President and CEO, G. William “Billy” Beale:

“2025 was a breakthrough year for Blue Ridge! The hard work and progress of the last 30 months was rewarded in November with termination of the January 2024 Consent Order issued by the Office of the Comptroller of the Currency (“OCC”). The termination of the Consent Order has a cascading impact on the Bank in areas such as borrowing costs, FDIC insurance premiums, and operating costs. It lessens barriers to capital decisions and strategic opportunities. In the quarter, we received regulatory approval to upstream capital from the Bank to pay a special $0.25 per share dividend to our shareholders.

“We continue to make progress in reducing our noninterest expenses. For example, headcount was reduced by over 30% from year-end 2024 to year-end 2025. You will see reductions in consulting and professional fees as well. The result was much improved earnings over the last two years.

“We are disappointed that our loan portfolio continues to contract mostly because of non-footprint loans made under prior management. We are seeing our loan pipeline increase due to the efforts of our relationship management teams. Despite a very competitive market, we are projecting mid-single digit balance sheet growth and positive momentum as we start the new year.”


Q4 2025 Highlights

(Comparisons for Fourth Quarter 2025 are relative to Third Quarter 2025 unless otherwise noted.)


Net Income:

  • Net income for the quarter was $4.2 million, or $0.04 per diluted common share, compared to net income of $5.6 million, or $0.06 per diluted common share, for the prior quarter.
  • Income before income taxes of $5.4 million for the quarter included a $1.5 million pre-tax recovery of credit losses and $0.4 million of pre-tax income from the 2024 sale of MSRs. The prior quarter income before income taxes of $7.5 million included a $1.8 million pre-tax recovery of credit losses, $0.7 million of pre-tax income on the sale of MSRs, and $3.0 million of pre-tax loan fee income realized upon the payoff of a previously criticized out-of-market loan. The loan fee income resulted from loan modifications in the first quarter of 2025 and was fully realized in the third quarter upon pay off.


Net Interest Income / Net Interest Margin:

  • Net interest income totaled $18.1 million and $21.9 million for the current and prior quarters of 2025, respectively. Excluding the aforementioned loan fee income in the prior quarter, total interest income decreased by $1.7 million in the current quarter, primarily due to the decline in average balances of interest-earning assets of $54.0 million. Interest expense declined by $0.9 million on a sequential quarter basis, largely driven by lower rates on deposit balances. Net interest margin was 3.04% for the quarter compared to 3.60% for the prior quarter. The aforementioned loan fee income in the prior quarter had a 49-basis-point positive effect on prior quarter net interest margin. Excluding the loan fee income, net interest margin declined 7 basis points from the prior to the current quarter.


Capital:

  • On October 27, 2025, the Company announced a special cash dividend of $0.25 per share of the Company’s common stock and warrants to purchase common stock totaling approximately $29.1 million. The dividend was paid on November 21, 2025 to shareholders of record as of the close of business on November 7, 2025.
  • On August 25, 2025, the Company announced the adoption of a share repurchase program pursuant to which the Company may purchase up to $15 million of its issued and outstanding common stock. For the year ended December 31, 2025, the Company had repurchased 802,735 shares of its common stock at a weighted average price of $4.17 per share totaling $3.4 million. Additionally, the Company repurchased outstanding warrants to purchase 3,229,000 shares of its common stock at a weighted average price of $1.90 per warrant totaling $6.1 million.
  • The ratio of tangible common stockholders’ equity to tangible total assets was 13.2%1, compared to 14.2%1 at the prior quarter end. Tangible book value per common share (“TBV”) was $3.651 compared to $4.011 at the prior quarter end. The decline was primarily driven by the special cash dividend, including such dividends accrued to warrant holders, and warrants repurchased, partially offset by earnings for the quarter. TBV does not include the effect of performance-based restricted stock awards totaling 3.4 million shares of the Company’s common stock, which would negatively affect TBV by $0.13 and $0.16 in the respective quarters.
  • At December 31, 2025, the Bank’s tier 1 leverage ratio, tier 1 risk-based capital ratio, common equity tier 1 capital ratio, and total risk-based capital ratio were 13.04%, 18.18%, 18.18%, and 19.16%, respectively, compared to 13.67%, 18.95%, 18.95%, and 19.96%, respectively, at the prior quarter end. Capital ratios for the Company at December 31, 2025 for tier 1 leverage ratio, tier 1 risk-based capital ratio, common equity tier 1 capital ratio, and total risk-based capital ratio were 13.81%, 19.22%, 19.22%, and 20.69%, respectively, compared to 14.70%, 20.37%, 20.37%, and 22.02%, respectively, at the prior quarter end. The decline in these ratios for both the Bank and the Company was a result of the aforementioned special cash dividend and share repurchase program activity.
  • Prior to the termination of the Bank’s Consent Order with the OCC effective November 13, 2025, the Bank was required to maintain a minimum tier 1 leverage ratio of 10.00% and a total risk-based capital ratio of 13.00%. For all quarters in which the Bank was subject to these minimum ratios, which began in the first quarter of 2024, the Bank’s tier 1 leverage and total risk-based capital ratios exceeded the minimum capital ratios set forth in the Consent Order.


Asset Quality:

  • Nonperforming loans, which include nonaccrual loans and loans past due 90 days or more and accruing interest, improved to $23.8 million, or 0.98% of total assets, at December 31, 2025 compared to $28.6 million, or 1.14% of total assets, at the prior quarter end. The decline in nonperforming loans primarily reflects loan payoffs in the fourth quarter. Nonperforming assets, which includes other real estate owned, were $25.4 million, or 1.05% of total assets, at December 31, 2025 compared to $28.8 million, or 1.15% of total assets, at the prior quarter ended.
  • The recovery of credit losses of $1.5 million for the current quarter was primarily due to loan portfolio balance reductions of approximately $47.0 million, a $0.9 million recovery on a loan charged off in 2022, and reductions to reserves on individually evaluated loans. The $1.8 million recovery of credit losses in the prior quarter was primarily due to third quarter loan portfolio balance reductions and a $0.8 million partial recovery of a specialty finance loan charged off in a prior year.
  • The allowance for credit losses as a percentage of total loans held for investment was 1.04% at December 31, 2025 compared to 1.07% at the prior quarter end. Net loan recoveries were $0.3 million in both the current and prior quarters. The net loan recoveries to average loans outstanding ratio (quarter-to-date annualized) was 0.07% for both the current and prior quarters.


Noninterest Income / Noninterest Expense:

  • Noninterest income for the quarter was $2.7 million compared to $3.8 million for the prior quarter. Noninterest income in the fourth and third quarters included $0.4 million and $0.7 million, respectively, of reserves released, primarily due to the receipt of additional sales proceeds that were contractually held back from the 2024 sales of MSRs.
  • Noninterest expense for the quarter was $16.9 million compared to $20.0 million in the prior quarter, a decrease of $3.1 million. This decline was primarily due to lower salaries and employee benefits expense, largely driven by lower incentives and the continued reduction in headcount. Also contributing to the decline in noninterest expense for the quarter was a $0.9 million decrease in legal and consulting fees. Partially offsetting these declines were higher advertising and marketing expenses, as the Bank has accelerated campaigns to drive growth.


Income Tax:

  • Income tax expense for the fourth and third quarters was $1.1 million and $1.9 million, respectively, with an effective income tax rate for the same respective periods of 21.2% and 25.3%.


Balance Sheet:

  • Total assets decreased to $2.43 billion at quarter end from $2.50 billion at the prior quarter end, a reduction of $64.3 million, primarily driven by declines in loans held for investment of $47.0 million and securities available for sale of $8.4 million. Included in the reduction of loans held for investment in the quarter were payoffs and paydowns of approximately $27.8 million of out-of-market loans.
  • Total deposits decreased to $1.91 billion from $1.95 billion at the prior quarter end, a decline of $39.9 million. Deposits, excluding wholesale deposits, decreased $10.7 million in the fourth quarter. Brokered deposit balances declined $29.2 million in the fourth quarter, as existing brokered time deposits were paid off upon maturity. The ratio of noninterest-bearing demand deposits to total deposits was 20.9% and 21.1% as of December 31, 2025 and September 30, 2025, respectively.
  • Total stockholders’ equity decreased to $323.7 million from $355.5 million at the prior quarter end, a decline of $31.8 million. The majority of this decline was attributable to the special cash dividend and $6.1 million in repurchases of warrants to purchase common stock, partially offset by $4.2 million of net income for the quarter.


Income Statement:

Net interest income was $18.1 million and $21.9 million for the fourth and third quarters of 2025, compared to $19.1 million for the fourth quarter of 2024. The third quarter of 2025 reflected $3.0 million of fee income related to the payoff of the aforementioned out-of-market loan. Net interest income for the year ended December 31, 2025 was $78.9 million compared to $78.7 million for the year ended December 31, 2024.

Average balances of interest-earning assets were $2.38 billion for the three months ended December 31, 2025, a decrease of $54.0 million to relative to the prior quarter, and a decrease of $353.3 million from the fourth quarter of 2024. Relative to the prior quarter and the year-ago period, the decrease reflected primarily lower average balances of loans held for investment, loans held for sale, and interest-earning deposits at other banks, partially offset by higher average balances of securities available for sale. The yield on loans held for investment was 5.66% and 6.40% for the fourth and third quarters of 2025, respectively, and 5.83% for the fourth quarter of 2024. Fee income from the payoff of the aforementioned out-of-market loan positively affected the yield on loans held for investment in the third quarter of 2025 by 62 basis points.

Average balances of interest-bearing liabilities were $1.70 billion for the three months ended December 31, 2025, a decrease of $41.9 million relative to the prior quarter, and a decrease of $324.7 million from the fourth quarter of 2024. The decline relative to the prior quarter was primarily attributable to maturing wholesale time deposits. The decline in average balances of interest-bearing liabilities relative to the fourth quarter of 2024 was primarily due to reductions of wholesale time deposits ($163.8 million) and borrowings ($25.1 million of subordinated debt and $23.9 million of advances from the Federal Home Loan Bank of Atlanta).

Cost of funds was 2.54% for the fourth quarter of 2025, compared to 2.65% for the third quarter of 2025, and 3.01% for the fourth quarter of 2024, while cost of deposits was 2.40%, 2.51%, and 2.86%, for the same respective periods. Cost of deposits, excluding wholesale deposits, was 2.04% for the quarter, compared to 2.13% for the prior quarter, and 2.39% for the year-ago quarter period.

Net interest margin was 3.04% for the fourth quarter of 2025 compared to 3.60% in the prior quarter and 2.80% in the fourth quarter of 2024. Fee income from the aforementioned paid off out-of-market loan had a positive 49 basis point effect on net interest margin for the third quarter of 2025. Excluding the effect of the third quarter loan fee, fourth quarter of 2025 net interest margin declined 7 basis points from the third quarter of 2025.

Recoveries of credit losses of $1.5 million, $1.8 million, and $1.0 million were reported for the fourth quarter of 2025, third quarter of 2025, and fourth quarter of 2024, respectively. The recovery of credit losses in the current quarter was due to loan portfolio balance reductions, net loan recoveries, including a $0.9 million recovery on a loan charged off in a prior year, and reductions to reserves on individually evaluated loans. The recovery of credit losses in the prior quarter was primarily due to loan portfolio balance reductions and net loan recoveries, including a $0.8 million partial recovery on a specialty finance loan charged off in a prior year. The recovery of credit losses in the fourth quarter of 2024 reflected lower reserve needs due to loan portfolio balance reductions, partially offset by charge-offs of the non-guaranteed portion of certain government guaranteed loans and certain purchased loans.

Noninterest income was $2.7 million for the fourth quarter of 2025, compared to $3.8 million for the third quarter of 2025, and $2.8 million for the fourth quarter of 2024. Noninterest income in the fourth and third quarters of 2025 included $0.4 million and $0.7 million, respectively, of released reserves associated with the 2024 sales of MSRs. The reserves related to the Company providing certain documentation to the buyers subsequent to the sales in exchange for contractually heldback sales proceeds. All such documentation was delivered, and the heldback sales proceeds were received in 2025. For the year ended December 31, 2025, total noninterest income was $12.8 million compared to $13.6 million for the year ended December 31, 2024. In the first quarter of 2025, the Company sold its mortgage division, and as a result, residential mortgage banking income was $0.9 million in 2025 compared to $9.8 million in 2024. Additionally, the Company reported a negative fair value adjustment of $8.5 million in 2024 to write-down an investment in a fintech company compared to a nominal amount reported in 2025.

Noninterest expense decreased $3.1 million from the prior quarter and $8.7 million from the year-ago period. The largest contributor to these declines was lower salaries and employee benefits expense, which was $9.2 million, $11.4 million, and $13.2 million for the fourth quarter of 2025, third quarter of 2025, and fourth quarter of 2024, respectively. The majority of the decline in salaries and employee benefits expense in the current versus prior quarter was due to lower incentives, while lower expense compared to the year-ago period was primarily due to reduced headcount, which declined by 140 employees, or over 30%, since year-end 2024, as the Company transitioned to a more traditional community banking model and remediated the requirements under the now-terminated Consent Order. For the year ended December 31, 2025, total noninterest expense was $81.9 million compared to $113.8 million for the year ended December 31, 2024. Of the $31.9 million decline, $12.0 million was attributable to lower salaries and benefits expense, while $4.7 million, $4.7 million, and $6.4 million was due to lower consulting expense, regulatory remediation expense, and other noninterest expense, respectively. The decline in salaries and employee benefits expense was primarily attributable to a reduction in headcount, while the lower consulting, regulatory remediation, and other noninterest expenses were primarily attributable to the remediation of the Consent Order.


Balance Sheet:

Loans held for investment were $1.87 billion at December 31, 2025, compared to $1.91 billion at September 30, 2025, and $2.11 billion at December 31, 2024. The $47.0 million decline relative to the prior quarter end was partially due to payoffs and paydowns of approximately $27.8 million of out-of-market loans. Loans held for investment declined $246.1 million in 2025, primarily attributable to payoffs and paydowns of approximately $119.4 million of out-of-market loans as the Company transitioned to a more traditional community banking model.

Total deposits were $1.91 billion at December 31, 2025, a decrease of $39.9 million and $268.3 million from September 30, 2025, and December 31, 2024, respectively. Wholesale deposit balances were $238.7 million and $267.9 million at the end of the fourth and third quarters of 2025, respectively, and $402.5 million at the end of the fourth quarter of 2024. The Company had secured brokered deposits to enhance liquidity during the fintech BaaS depository operations wind down, which began in the first quarter 2024 and was completed by the end of 2024. Brokered deposits as a percentage of total deposits declined to 12.5% at December 31, 2025 from 18.5% at December 31, 2024. Excluding wholesale deposits, total deposits decreased $10.7 million from September 30, 2025 and $104.5 million from December 31, 2024.

Noninterest-bearing deposits represented 20.9%, 21.1%, and 20.8% of total deposits at December 31, 2025, September 30, 2025, and December 31, 2024, respectively. Excluding brokered deposits, noninterest-bearing deposits represented 23.8%, 24.4%, and 25.5% of total deposits as of the same respective dates.

Subordinated notes were $14.7 million at December 31, 2025, a decrease of $25.1 million from December 31, 2024. On June 1, 2025, the Company completed the redemption of its $15.0 million fixed-to-floating rate subordinated note maturing June 1, 2030. On July 15, 2025, the Company completed a $10.0 million partial redemption of its $25.0 million of subordinated notes maturing October 15, 2029.


About Blue Ridge Bankshares, Inc.:

Blue Ridge Bankshares, Inc. is the holding company for Blue Ridge Bank and BRB Financial Group, Inc. The Company, through its subsidiaries and affiliates, provides a wide range of financial services including retail and commercial banking, and retail mortgage lending. The Company also provides investment and wealth management services and management services for personal and corporate trusts, including estate planning and trust administration. Visit www.mybrb.com for more information.


Reclassifications:

Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current period presentations. The reclassifications had no effect on net income (loss), net income (loss) per share, or stockholders’ equity, as previously reported.


Non-GAAP Financial Measures:

The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing practices in the banking industry. However, management uses certain non-GAAP measures, including tangible assets, tangible common equity, tangible book value per common share, and tangible common equity to tangible total assets to supplement the evaluation of the Company’s financial condition and performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the financial condition and capital position of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.


Forward-Looking Statements:
 

This release of the Company contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phrases of similar meaning. The Company cautions that the forward-looking statements are based largely on its expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements.

The following factors, among others, could cause the Company’s financial performance to differ materially from that expressed in such forward-looking statements:

  • the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations;
  • the effects of, and changes in, the macroeconomic environment and financial market conditions, including monetary and fiscal policies, interest rates and inflation;
  • the Company’s involvement in, and the outcome of, any litigation, legal proceedings or enforcement actions that may be instituted against the Company;
  • reputational risk and potential adverse reactions of the Company’s customers, suppliers, employees, or other business partners;
  • the quality and composition of the Company’s loan and investment portfolios, including changes in the level of the Company’s nonperforming assets and charge-offs;
  • the Company’s management of risks inherent in its loan portfolio, the credit quality of its borrowers, and the risk of a prolonged downturn in the real estate market, which could impair the value of the Company’s collateral and its ability to sell collateral upon any foreclosure;
  • the ability to maintain adequate liquidity by retaining deposits and secondary funding sources, especially if the Company’s or the banking industry’s reputation becomes damaged;
  • the emergence of digital assets and payment stablecoins, and evolving legislative or regulatory frameworks, may alter deposit flows, competition, and credit intermediation. Changes or gaps in these emerging rules could adversely affect the Company’s funding, liquidity, or overall financial performance;
  • the ability to maintain capital levels adequate to support the Company’s business;
  • the ability of the Company to implement cost-saving initiatives and efficiency measures, as well as increase earning assets, in order to yield acceptable levels of profitability;
  • the ability to generate sufficient future taxable income for the Company to realize its deferred tax assets, including the net operating loss carryforward;
  • the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers;
  • changes in consumer spending and savings habits;
  • the willingness of users to substitute competitors’ products and services for the Company’s products and services;
  • the impact of unanticipated outflows of deposits;
  • changes in technological and social media;
  • potential exposure to fraud, negligence, computer theft, and cyber-crime;
  • adverse developments in the banking industry generally, including recent bank failures, responsive measures to mitigate and manage such developments, related supervisory and regulatory actions and costs, and related impacts on customer and client behavior;
  • changing bank regulatory conditions, policies or programs, whether arising as new legislation or regulatory initiatives, that could lead to restrictions on activities of banks generally, or Blue Ridge Bank in particular, more restrictive regulatory capital requirements, increased costs, including deposit insurance premiums, regulation or prohibition of certain income producing activities or changes in the secondary market for loans and other products;
  • political developments, including government shutdowns and other significant disruptions and changes in the funding, size, scope and effectiveness of the federal government, its agencies and services;
  • the impact of changes in financial services policies, laws, and regulations, including laws, regulations, and policies concerning taxes, banking, securities, real estate, and insurance, and the application thereof by bank regulatory bodies, and the three branches of the federal government;
  • the effect of changes in accounting standards, policies, and practices as may be adopted from time to time;
  • estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Company’s assets and liabilities;
  • geopolitical conditions, including acts or threats of terrorism and/or military conflicts, or actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad;
  • the economic impact of duties, tariffs, or other barriers or restrictions on trade, any retaliatory countermeasures, and the volatility and uncertainty arising therefrom;
  • the occurrence or continuation of widespread health emergencies or pandemics, significant natural disasters, severe weather conditions, floods and other catastrophic events; and
  • other risks and factors identified in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections and elsewhere in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in filings the Company makes from time to time with the U.S. Securities and Exchange Commission (“SEC”).

The foregoing factors should not be considered exhaustive and should be read together with other cautionary statements that are included in filings the Company makes from time to time with the SEC. Any one of these risks or factors could have a material adverse impact on the Company’s results of operations or financial condition, or cause the Company’s actual results, performance or achievements to differ materially from those expressed in, or implied by, forward-looking information and statements contained in this release. Moreover, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict all risks and uncertainties that could have an impact on its forward-looking statements. Therefore, the Company cautions not to place undue reliance on its forward-looking information and statements, which speak only as of the date of this release. The Company does not undertake to, and will not, update or revise these forward-looking statements after the date hereof, whether as a result of new information, future events, or otherwise.

1 Non-GAAP financial measure. Further information can be found at the end of this press release.


Blue Ridge Bankshares, Inc.


Consolidated Balance Sheets



(Dollars in thousands, except share data)


(unaudited)
December 31,
2025


December 31,
2024 (1)


Assets

Cash and due from banks

$            115,949

$            173,533

Restricted cash

—

2,459

Federal funds sold

1,851

838

Securities available for sale, at fair value

332,928

312,035

Restricted equity investments

19,016

19,275

Other equity investments

4,910

4,834

Other investments

20,781

19,405

Loans held for sale

14,769

30,976

Loans held for investment, net of deferred fees and costs

1,865,717

2,111,797

Less: allowance for credit losses

(19,444)

(23,023)

Loans held for investment, net

1,846,273

2,088,774

Accrued interest receivable

10,787

12,537

Premises and equipment, net

21,549

21,394

Right-of-use lease asset

6,637

7,962

Other intangible assets

2,642

3,859

Deferred tax asset, net

22,721

27,312

Other assets

11,776

12,067

Total assets

$         2,432,589

$         2,737,260


Liabilities and Stockholders’ Equity

Deposits:

Noninterest-bearing demand

$            398,541

$            452,690

Interest-bearing demand and money market deposits

612,648

598,875

Savings

100,346

100,857

Time deposits

799,627

1,027,020

Total deposits

1,911,162

2,179,442

FHLB borrowings

150,000

150,000

Subordinated notes, net

14,716

39,789

Lease liability

7,233

8,613

Other liabilities

25,787

31,628

Total liabilities

2,108,898

2,409,472

Commitments and contingencies

Stockholders’ Equity:

Common stock, no par value; 150,000,000 shares authorized at
December 31, 2025 and December 31, 2024, respectively; and
91,475,278 and 84,972,610 shares issued and outstanding at December
31, 2025 and December 31, 2024, respectively

331,917

322,791

Additional paid-in capital

23,552

29,687

(Accumulated deficit) retained earnings

(659)

17,772

Accumulated other comprehensive loss, net of tax

(31,119)

(42,462)

Total stockholders’ equity

323,691

327,788

Total liabilities and stockholders’ equity

$         2,432,589

$         2,737,260

(1) Derived from audited December 31, 2024 Consolidated Financial Statements.

 


Blue Ridge Bankshares, Inc.


Consolidated Statements of Income (unaudited)


For the Three Months Ended 



(Dollars in thousands, except per common share data)


December 31, 2025


September 30, 2025


December 31, 2024


Interest income:

Interest and fees on loans

$                         27,529

$                         32,000

$                         33,050

Interest on securities, deposit accounts, and federal funds sold

3,945

4,213

4,882


Total interest income

31,474

36,213

37,932


Interest expense:

Interest on deposits

11,597

12,501

16,329

Interest on subordinated notes

294

338

736

Interest on FHLB and FRB borrowings

1,464

1,463

1,742


Total interest expense

13,355

14,302

18,807


Net interest income

18,119

21,911

19,125

Recovery of credit losses – loans

(1,400)

(1,800)

(500)

Recovery of credit losses – unfunded commitments

(100)

—

(500)


     Total recovery of credit losses

(1,500)

(1,800)

(1,000)


Net interest income after recovery of credit losses

19,619

23,711

20,125


Noninterest income:

Fair value adjustments of other equity investments

(120)

163

232

Residential mortgage banking income

13

5

1,538

Mortgage servicing rights (“MSRs”)

(200)

(48)

795

Income (loss) on sale of MSRs

401

737

(2,596)

Wealth and trust management

561

458

561

Service charges on deposit accounts

670

725

402

Bank and purchase card, net

499

567

615

Swap transaction fees

282

258

—

Other

581

968

1,267


Total noninterest income

2,687

3,833

2,814


Noninterest expense:

Salaries and employee benefits

9,176

11,388

13,246

Occupancy and equipment

1,219

1,190

1,357

Technology and communications

2,077

2,314

2,645

Legal and regulatory filings

556

1,008

626

Advertising and marketing

617

267

231

Audit fees

215

161

1,071

FDIC insurance

421

239

1,139

Intangible amortization

213

223

255

Other contractual services

222

645

1,276

Other taxes and assessments

907

895

747

Regulatory remediation

—

—

273

Other

1,298

1,711

2,774


Total noninterest expense

16,921

20,041

25,640


Income (loss) before income taxes

5,385

7,503

(2,701)

Income tax expense (benefit)

1,141

1,900

(698)


Net income (loss)

$                           4,244

$                           5,603

$                         (2,003)


Diluted earnings (loss) per common share

$                             0.04

$                             0.06

$                           (0.03)

 


Blue Ridge Bankshares, Inc.


Consolidated Statements of Income (unaudited)


For the Twelve Months Ended



(Dollars in thousands, except per common share data)


December 31, 2025


December 31, 2024


Interest income:

Interest and fees on loans

$                    121,413

$                    142,339

Interest on securities, deposit accounts, and federal funds sold

16,360

17,981


Total interest income

137,773

160,320


Interest expense:

Interest on deposits

51,092

69,070

Interest on subordinated notes

2,014

2,414

Interest on FHLB and FRB borrowings

5,806

10,175


Total interest expense

58,912

81,659


Net interest income

78,861

78,661

Recovery of credit losses – loans

(3,900)

(2,900)

Recovery of credit losses – unfunded commitments

(100)

(2,200)


     Total recovery of credit losses

(4,000)

(5,100)


Net interest income after recovery of credit losses

82,861

83,761


Noninterest income:

Fair value adjustments of other equity investments

(112)

(8,152)

Residential mortgage banking income

860

9,752

Mortgage servicing rights (“MSRs”)

(385)

629

Income (loss) on sale of MSRs

1,427

(3,607)

Wealth and trust management

1,882

2,434

Service charges on deposit accounts

2,573

1,526

Increase in cash surrender value of BOLI

33

855

Bank and purchase card, net

2,259

2,060

Swap transaction fees

540

—

Other

3,759

8,076


Total noninterest income

12,836

13,573


Noninterest expense:

Salaries and employee benefits

46,174

58,161

Occupancy and equipment

4,919

5,577

Technology and communications

9,740

10,024

Legal and regulatory filings

2,398

2,050

Advertising and marketing

1,203

933

Audit fees

1,413

3,019

FDIC insurance

2,784

5,463

Intangible amortization

914

1,083

Other contractual services

1,895

6,576

Other taxes and assessments

3,678

3,037

Regulatory remediation

—

4,671

Other

6,804

13,247


Total noninterest expense

81,922

113,841


Income (loss) before income taxes

13,775

(16,507)

Income tax expense (benefit)

3,066

(1,122)


Net income (loss)

$                      10,709

$                     (15,385)


Diluted earnings (loss) per common share

$                          0.11

$                         (0.31)

 


Blue Ridge Bankshares, Inc.


Quarter Summary of Selected Financial Data (unaudited)


As of and for the Three Months Ended



(Dollars and shares in thousands, except per common share data)


December 31,


September 30,


June 30,


March 31,


December 31,


Income Statement Data:


2025


2025


2025


2025


2024

Interest income

$                31,474

$                36,213

$                34,736

$                35,350

$                37,932

Interest expense

13,355

14,302

14,895

16,360

18,807

Net interest income

18,119

21,911

19,841

18,990

19,125

Recovery of credit losses

(1,500)

(1,800)

(700)

—

(1,000)

Net interest income after recovery of credit losses

19,619

23,711

20,541

18,990

20,125

Noninterest income

2,687

3,833

3,244

3,072

2,814

Noninterest expense

16,921

20,041

22,009

22,951

25,640

Income (loss) before income taxes

5,385

7,503

1,776

(889)

(2,701)

Income tax expense (benefit)

1,141

1,900

480

(455)

(698)

Net income (loss)

4,244

5,603

1,296

(434)

(2,003)


Per Common Share Data:

Earnings (loss) per common share – basic

$                    0.04

$                    0.06

$                    0.01

$                  (0.01)

$                  (0.03)

Earnings (loss) per common share – diluted

0.05

0.06

0.01

(0.01)

(0.03)

Cash dividends per common share

0.25

—

—

—

—

Book value per common share 

3.68

4.03

3.88

3.86

3.86

Tangible book value per common share – Non-GAAP

3.65

4.01

3.85

3.83

3.83


Balance Sheet Data:

Total assets

$           2,432,589

$           2,496,949

$           2,555,439

$           2,685,084

$           2,737,260

Average assets

2,473,241

2,535,853

2,630,898

2,721,714

2,863,014

Average interest-earning assets

2,383,573

2,437,542

2,525,835

2,620,725

2,736,834

Loans held for investment (“LHFI”)

1,865,717

1,912,726

1,978,585

2,059,710

2,111,797

Allowance for credit losses 

19,444

20,503

21,974

23,126

23,023

Purchase accounting adjustments (discounts) on acquired loans

2,608

2,984

3,388

3,710

3,996

Loans held for sale

14,769

12,819

12,380

23,624

30,976

Securities available for sale, at fair value

332,928

341,354

327,958

325,401

312,035

Noninterest-bearing demand deposits

398,541

411,100

432,939

452,590

452,690

Total deposits

1,911,162

1,951,079

2,010,266

2,129,477

2,179,442

Subordinated notes, net 

14,716

14,731

24,928

39,773

39,789

FHLB advances

150,000

150,000

150,000

150,000

150,000

Average interest-bearing liabilities

1,697,083

1,739,014

1,819,735

1,899,315

2,021,814

Total stockholders’ equity

323,691

355,505

344,265

338,289

327,788

Average stockholders’ equity

331,888

345,358

339,131

329,684

330,343

Weighted average common shares outstanding – basic 

88,037

88,548

88,258

86,003

78,881

Weighted average common shares outstanding – diluted

99,207

99,384

95,903

86,003

78,881

Outstanding warrants to purchase common stock

`

24,320

27,549

27,674

28,690

31,452


Financial Ratios:

Return on average assets (1)

0.69 %

0.88 %

0.20 %

-0.06 %

-0.28 %

Return on average equity (1)

5.11 %

6.49 %

1.53 %

-0.53 %

-2.43 %

Total loan to deposit ratio

98.4 %

98.7 %

99.0 %

97.8 %

98.3 %

Held for investment loan-to-deposit ratio

97.6 %

98.0 %

98.4 %

96.7 %

96.9 %

Net interest margin (1)

3.04 %

3.60 %

3.15 %

2.90 %

2.80 %

Yield of LHFI (1)

5.66 %

6.40 %

5.80 %

5.70 %

5.83 %

Cost of deposits (1)

2.40 %

2.51 %

2.47 %

2.62 %

2.86 %

Cost of funds (1)

2.54 %

2.65 %

2.63 %

2.78 %

3.01 %

Efficiency ratio

81.3 %

77.8 %

95.3 %

104.0 %

116.9 %

Noninterest expense to total assets (1)

2.78 %

3.21 %

3.45 %

3.42 %

3.75 %


Capital and Asset Quality Ratios:

Average stockholders’ equity to average assets

13.4 %

13.6 %

12.9 %

12.1 %

11.5 %

Allowance for credit losses to LHFI

1.04 %

1.07 %

1.11 %

1.12 %

1.09 %

Ratio of net (recoveries) charge-offs to average loans outstanding (1)

-0.07 %

-0.07 %

0.09 %

-0.02 %

0.36 %

Nonperforming loans to total assets

0.98 %

1.14 %

0.94 %

0.93 %

0.93 %

Nonperforming assets to total assets

1.05 %

1.15 %

0.95 %

0.94 %

0.94 %

Nonperforming loans to total loans

1.26 %

1.48 %

1.20 %

1.19 %

1.20 %


Reconciliation of Non-GAAP Financial Measures (unaudited):


As of and for the Three Months Ended



(Dollars and shares in thousands, except per common share data)


December 31,


September 30,


June 30,


March 31,


December 31,


Tangible Common Equity and Tangible Book Value Per Common Share:


2025


2025


2025


2025


2024

Common stockholders’ equity

$              323,691

$              355,505

$              344,265

$              338,289

$              327,788

Less: other intangibles, net of deferred tax liability (2)

(2,052)

(2,285)

(2,509)

(2,740)

(2,998)

Tangible common equity (Non-GAAP)

$              321,639

$              353,220

$              341,756

$              335,549

$              324,790

Total common shares outstanding 

91,475

91,637

92,175

87,778

84,973

Less: unvested performance-based restricted stock awards

(3,453)

(3,460)

(3,496)

(109)

(117)

Total common shares outstanding, adjusted 

88,022

88,177

88,679

87,669

84,856

Book value per common share 

$                    3.68

$                    4.03

$                    3.88

$                    3.86

$                    3.86

Tangible book value per common share (Non-GAAP)

3.65

4.01

3.85

3.83

3.83


Tangible Common Equity to Tangible Total Assets

Total assets 

$           2,432,589

$           2,496,949

$           2,555,439

$           2,685,084

$           2,737,260

Less: other intangibles, net of deferred tax liability (2)

(2,052)

(2,285)

(2,509)

(2,740)

(2,998)

Tangible total assets (Non-GAAP)

$           2,430,537

$           2,494,664

$           2,552,930

$           2,682,344

$           2,734,262

Tangible common equity (Non-GAAP)

$              321,639

$              353,220

$              341,756

$              335,549

$              324,790

Tangible common equity to tangible total assets (Non-GAAP)

13.2 %

14.2 %

13.4 %

12.5 %

11.9 %

(1) Annualized.

(2) Excludes mortgage servicing rights.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/blue-ridge-bankshares-inc-announces-2025-fourth-quarter-and-full-year-results-302674535.html

SOURCE Blue Ridge Bankshares, Inc.

Posted on

Koss Corporation Reports Second Quarter Results

MILWAUKEE, Wis., Jan. 29, 2026 (GLOBE NEWSWIRE) — Koss Corporation (NASDAQ: KOSS) (the “Company”), the U.S. based high-fidelity headphone company, has reported its results for the second quarter ended December 31, 2025.

Net sales for the second quarter ended December 31, 2025 were $2,861,379, down $695,707, or 19.6%, from $3,557,086 for the same quarter in the prior year. The company posted a net loss of $565,407 for the three months ended December 31, 2025 versus net income of $94,142 for the same period of the prior fiscal year. Basic and diluted net loss per common share for the second quarter of fiscal year 2026 was $0.06 compared to basic and diluted net income per common share of $0.01 for the same three-month period one year ago.

For the six months ended December 31, 2025, net sales of $6,932,157 were up $173,203, or 2.6%, over net sales of $6,758,954 for the comparable period in the prior year. The net loss of $321,678 for the first six months of fiscal year 2026 was comparable to the net loss of $325,393 for the first six months of the prior fiscal year. Basic and diluted net loss per common share was $0.03 for each of the six-month periods ended December 31, 2025 and 2024.

“While the Company experienced strong sales gains in the Education market for the first two quarters of fiscal year 2026 compared to the prior year, the growth was mostly offset by the prior year’s sales uplift in our European markets resulting from new product launches that didn’t recur in this fiscal year,” Michael J. Koss, Chairman and CEO, said today. “The Company’s direct-to-consumer (DTC) business, which now makes up approximately 25% of the Company’s total sales, experienced growth of 13% year-over year.”

Koss stated, “Gross margins fell by 260 basis points, from 38.1% in the first six months of fiscal year 2025 to 35.5% for the comparable period in fiscal year 2026. The current year margin degradation was primarily due to the sell-through of product purchased from China when tariffs were at a peak rate of 145%. A favorable customer mix, which included higher volumes of higher margin domestic distributor and DTC sales, offset some of the negative impact of the tariffs.”

About Koss Corporation

Koss Corporation markets a complete line of high-fidelity headphones, wireless Bluetooth® speakers, computer headsets, telecommunications headsets, active noise canceling headphones, and wireless headphones.

Forward-Looking Statements

This press release contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “aims,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “thinks,” “may,” “will,” “shall,” “should,” “could,” “would,” “forecasts,” “predicts,” “potential,” “continue,” or the negative of such terms and other comparable terminology. These statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties. Actual events or results may differ materially. In evaluating forward-looking statements, you should specifically consider various factors that may cause actual results to vary from those contained in the forward-looking statements, such as continued future fluctuations in economic conditions; the Company’s ability to successfully develop new products and assess potential market opportunities; the receptivity of consumers to new consumer electronics technologies; the Company’s ability to successfully and profitably market its products; the rate and consumer acceptance of new product introductions; the amount and nature of competition for the Company’s products; pricing; the number and nature of customers and their product orders; the Company’s ability to meet demand for products; production by third party vendors; foreign manufacturing, sourcing, and sales (including foreign government regulation, trade and importation concerns); uncertainties associated with political developments, international trade disputes and restrictions, natural disasters, public health concerns, and other disruptions, including their possible effects on the Company’s operations and its supply chain; trade tensions between the U.S. and China given recently enacted tariffs and their uncertainty; the impact of the ongoing conflict in Eastern Europe and the instability in the Middle East on the Company’s operations; the effects of any judicial, executive or legislative action affecting the Company or the audio/video industry; borrowing costs; changes in tax rates; the outcome of any litigation, government investigations, enforcement actions or other legal proceedings; the Company’s ability to retain and hire key personnel and other risk factors described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 and subsequently filed Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances or new information. In addition, such uncertainties and other operational matters are discussed further in the Company’s quarterly and annual filings with the Securities and Exchange Commission.

 
KOSS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)
                       
  Three Months Ended   Six Months Ended
  December 31   December 31
  2025
   2024
   2025
   2024
Net sales $ 2,861,379     $ 3,557,086     $ 6,932,157     $ 6,758,954  
Cost of goods sold   2,030,573       2,152,129       4,472,659       4,181,071  
Gross profit   830,806       1,404,957       2,459,498       2,577,883  
                       
Selling, general and administrative expenses   1,845,384       1,546,741       3,520,116       3,356,800  
                       
Loss from operations   (1,014,578 )     (141,784 )     (1,060,618 )     (778,917 )
                       
Other income (expense):                      
Interest income   202,484       238,686       495,612       459,044  
Other income   250,000       —       250,000       —  
Interest expense   (553 )     —       (1,152 )     —  
Total other income, net   451,931       238,686       744,460       459,044  
                       
Income (loss) before income tax provision   (562,647 )     96,902       (316,158 )     (319,873 )
                       
Income tax provision   2,760       2,760       5,520       5,520  
                       
Net income (loss) $ (565,407 )   $ 94,142     $ (321,678 )   $ (325,393 )
                       
Income (loss) per common share:                      
Basic $ (0.06 )   $ 0.01     $ (0.03 )   $ (0.03 )
Diluted $ (0.06 )   $ 0.01     $ (0.03 )   $ (0.03 )
                       
Weighted-average number of shares:                      
Basic   9,462,416       9,355,686       9,459,427       9,332,844  
Diluted   9,462,416       9,629,535       9,459,427       9,332,844  
                               

   
CONTACT: Michael J. Koss
  Chairman & CEO
  (414) 964-5000
  [email protected]
   



Posted on

HII Names Fatina Brave Vice President of Infrastructure and Sustainability at Ingalls Shipbuilding

PASCAGOULA, Miss., Jan. 29, 2026 (GLOBE NEWSWIRE) — HII (NYSE: HII) announced today that Fatina Brave has been appointed vice president of infrastructure and sustainability at its Ingalls Shipbuilding division. Brave succeeds Eric Crooker, who has transitioned into the role of vice president of program management at Ingalls, succeeding George Nungesser who is retiring at the beginning of February after 37 years of service to the company.

Brave will oversee all environmental, health, safety, security, facilities and maintenance operations at Ingalls. She will be responsible for enhancing operational efficiency, fostering shipbuilder well-being, and spearheading the adoption of new technologies and equipment within the shipyard. Brave will report to Ingalls Shipbuilding President Brian Blanchette.

“Fatina brings a unique combination of experiences to this role, from her distinguished service in the U.S. Air Force to her 15 years of leadership in human resources at Ingalls,” Ingalls Shipbuilding President Brian Blanchette said. “Her commitment to developing talent and driving organizational growth underscores a career built on service, making her ideally suited to succeed Eric and further the infrastructure and operational strategies at Ingalls.”

Since joining HII in 2011, Brave has held roles of increasing responsibility across the human resources and administration organization, most recently serving as director of talent acquisition and workforce development.

A photo accompanying this release is available at: https://hii.com/news/hii-names-fatina-brave-vice-president-of-infrastructure-and-sustainability-at-ingalls-shipbuilding/.

Brave is a veteran of the United States Air Force and holds a Bachelor of Science degree in industrial psychology from William Carey University.

About HII

HII is America’s largest shipbuilder, delivering the world’s most powerful ships and all-domain mission technologies, including unmanned systems, to U.S. and allied defense customers. HII is the largest producer of unmanned underwater vehicles for the U.S. Navy and the world.

With a more than 140-year history of advancing U.S. national security, HII builds and integrates defense capabilities extending from the core fleet to C6ISR, AI/ML, EW and synthetic training. Headquartered in Virginia, HII’s workforce is 44,000 strong. For more information, visit:

Contact:

Kimberly Aguillard
[email protected]
(228) 355-5663

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0fc22ec2-8182-4a6a-bbbf-477ea527fa08



Posted on

Birks Group Reports FY2026 Holiday Period Sales Results

Birks Group Reports FY2026 Holiday Period Sales Results

MONTREAL–(BUSINESS WIRE)–
Birks Group Inc. (the “Company” or “Birks Group”) (NYSE American: BGI), today reported its sales results for the 8-week interim sales period ended December 27th, 2025 (the “FY2026 Holiday Period”), resulting in an increase of 11.8% in net sales as compared to the corresponding period in FY2025. Comparable store sales for the FY2026 Holiday Period increased by 2.5% as compared to the corresponding period in FY2025.

The 11.8% increase in net sales for the FY2026 Holiday Period, as compared to the corresponding period in FY2025, is attributable in part to the acquisition of the European Boutique luxury timepieces and jewelry stores as well as an increase in sales of branded timepieces and Birks branded jewelry, both in retail and in e-commerce. The 2.5% increase in comparable store sales in the FY2026 Holiday Period versus the comparable period in FY2025 was also attributable to the performance of branded timepieces and Birks branded jewelry.

Mr. Niccolò Rossi di Montelera, Executive Chairman of the Board and Interim CEO of Birks Group, commented: “Our teams have delivered good sales results this holiday period as compared to the corresponding period last year, due in part to the acquisition of the European Boutique stores but also due to our strong retail and e-commerce performances. We are focused on building on this momentum and on delivering excellence in customer service. I would like to sincerely thank all our employees for their continued hard work and dedication.”

Comparable Store Sales

We use comparable store sales as a key performance measure for our business. Comparable store sales include stores open in the same period in both the current and prior period. We include e-commerce sales in our comparable store sales calculations. Stores enter the comparable store calculation in their thirteenth full month of operation under our ownership. Stores that have been resized or relocated are evaluated on a case-by-case basis to determine if they are functionally the same store or a new store and then are included or excluded from comparable store sales, accordingly. Comparable store sales measure the percentage change in net sales for comparable stores in a period compared to the corresponding period in the previous year. If a comparable store is not open for the entirety of both periods, comparable store sales measure the change in net sales for the portion of time that such store was open in both periods. We believe that this measure provides meaningful information on our performance and operating results. However, readers should know that this financial measure has no standardized meaning and may not be comparable to similar measures presented by other companies.

About Birks Group Inc.

Birks Group is a leading designer of fine jewelry, and an operator of luxury jewelry, timepieces and gifts retail stores in Canada. The Company operates 17 stores under the Maison Birks brand in most major metropolitan markets in Canada, one retail location in Montreal under the Birks brand, one retail location in Montreal under the TimeVallée brand, one retail location in Calgary under the Brinkhaus brand, one retail location in Vancouver under the Graff brand, one retail location in Vancouver under the Patek Philippe brand, four retail locations in Laval, Ottawa and Toronto under the Breitling brand, four retail locations in Toronto under the European Boutique brand, one retail location in Toronto under the Omega brand and one retail location in Toronto under the Montblanc brand. Birks was founded in 1879 and has become Canada’s premier designer and retailer of fine jewelry, timepieces and gifts. Additional information can be found on Birks’ web site, www.birks.com.

Forward Looking Statements

This press release contains forward-looking statements which can be identified, for example, by their use of words like “plans,” “expects,” “believes,” “will,” “anticipates,” “intends,” “projects,” “estimates,” “could,” “would,” “may,” “planned,” “goal,” and other words of similar meaning. All statements that address expectations, possibilities or projections about the future, including without limitation, statements about anticipated economic conditions, our strategies for growth, expansion plans, sources or adequacy of capital, expenditures and financial results are forward-looking statements.

Because such statements include various risks and uncertainties, actual results might differ materially from those projected in the forward- looking statements and no assurance can be given that the Company will meet the results projected in the forward-looking statements. Accordingly, the reader should not place undue reliance on forward-looking statements. These risks and uncertainties include, but are not limited to the following: (i) heightened inflationary pressure and interest rates, a decline in consumer discretionary spending, increased cost of borrowing or deterioration in consumer financial position; (ii) the Company’s ability to maintain its listing on the NYSE American or to list its securities on another national securities exchange; (iii) economic, political and market conditions, including the economies of Canada and the U.S., which could adversely affect the Company’s business, operating results or financial condition, including its revenue and profitability, through the impact of changes in the real estate markets, changes in the equity markets and decreases in consumer confidence and the related changes in consumer spending patterns, the impact on store traffic, tourism and sales as well as tariffs (and retaliatory measures), possible changes therefrom and other trade restrictions; (iv) the impact of fluctuations in foreign exchange rates, increases in commodity prices and borrowing costs, and their related impact on the Company’s costs and expenses; (v) the Company’s ability to maintain and obtain sufficient sources of liquidity to fund its operations, to achieve planned sales, gross margin and net income, to keep costs low, to implement its business strategy, maintain relationships with its primary vendors, to source raw materials, to mitigate fluctuations in the availability and prices of the Company’s merchandise, to compete with other jewelers, to succeed in its marketing initiatives (including with respect to Birks branded products), and to have a successful customer service program; (vi) the Company’s plan to evaluate the productivity of existing stores, close unproductive stores and open new stores in prime retail locations, renovate existing stores and invest in its website and e-commerce platform; (vii) the Company’s ability to execute its strategic vision; (viii) the Company’s ability to invest in and finance capital expenditures; and (ix) the Company’s ability to continue as a going concern.

Information concerning the above and other risk factors that could cause actual results to differ materially is set forth under the captions “Risk Factors” and “Operating and Financial Review and Prospects” and elsewhere in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on July 25, 2025, and subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.

Company Contacts:

Katia Fontana

Vice President and Chief Financial Officer

(514) 397-2592

For all press and media inquiries, please contact:

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Jewelry Electronic Commerce Luxury Retail Technology

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i-80 Gold Strengthens Board of Directors with the Addition of Ronald Butler Jr., Michael Jalonen, and Steven Yopps

PR Newswire

TORONTO, Jan. 29, 2026 /PRNewswire/ – i-80 GOLD CORP. (TSX: IAU) (NYSE American: IAUX) (“i-80 Gold”, or the “Company”) is pleased to announce the appointment of Ronald Butler Jr., Michael Jalonen and Steven Yopps to its Board as independent directors, effective February 1, 2026. These additions strengthen the Company’s governance with deep experience in mining operations, finance, mineral processing, and capital markets. This collective experience will support i-80 Gold in achieving its growth strategy in Nevada. Following their appointments, the Board will be comprised of nine members.

“Ron, Mike, and Steve each bring highly relevant experience and proven track records across their respective fields, including financial leadership, deep capital markets knowledge, and autoclave and refractory processing expertise, making them strong additions to i-80 Gold’s Board of Directors,” said Ron Clayton, Chairman of the Board. “I am confident their expertise will provide valuable insight and guidance as the Company executes its development plan spanning five gold projects and the refurbishment of our Lone Tree autoclave processing facility to create long-term value for shareholders. These appointments reflect our ongoing effort to ensure that the Board maintains the technical, financial, and strategic skills and experience required to support the Company as we advance toward becoming a leading mid-tier gold producer in Nevada. On behalf of the Board, we are pleased to welcome three directors of this caliber.”


Ronald Butler Jr.

Ronald Butler Jr. is a Certified Public Accountant (CPA) with more than 30 years of experience in audit, financial and strategic planning, operational excellence, digital transformation, and corporate governance across industries including mining and metals, energy, technology, and consumer products. Mr. Butler spent 29 years with Ernst & Young LLP (EY) in Arizona, most recently serving as Managing Partner from 2008 until his retirement in 2024. From 2022 to 2024, he also served as EY’s U.S. Mining & Metals Leader, where he led national strategy and drove client and business growth, advising major mining companies such as Freeport-McMoRan and Newmont Corporation. As Managing Partner, Mr. Butler led EY Arizona’s growth initiatives and strategic ventures, including public-sector programs focused on cost reduction, grants management, real estate optimization, and technology enablement. He also served on the Executive Committee for the City of Phoenix’s US$500 million General Obligation Bond Program and was a senior member of EY’s West Region Executive Leadership Team. During his tenure, he oversaw more than 500 professionals and advised a broad range of midsize and multinational public and private companies. Mr. Butler holds a BSc in Accountancy from the University of Arizona.


Michael Jalonen
 

Michael Jalonen is a Chartered Financial Analyst (CFA) with nearly 40 years of mining and capital markets experience, including over 30 years as a highly respected mining analyst at Bank of America Securities (BofA). He served as Managing Director and North American Senior Precious Metals Research Analyst until his retirement in 2022 and was consistently ranked among the leading mining analysts in North America. In this role, Mr. Jalonen led coverage and investment recommendations for 30 senior and intermediate precious metals producers, as well as royalty and streaming companies. He developed detailed operating and financial models, performed valuation analyses, and authored numerous thematic industry reports. Prior to that, Mr. Jalonen served as Global Coordinator for BofA’s Metals, Mining & Steel Research Team, overseeing a global group of analysts, publishing thematic research on precious and base metals, and organizing the firm’s flagship global mining conference. He began his career as a geologist. Mr. Jalonen holds an MBA in Finance from the DeGroote School of Business and a BSc (Hons) in Geology from the University of Windsor.


Steven Yopps

Steven Yopps is a metallurgical engineer and accomplished mining executive with more than 35 years of operational, technical, project development, and regulatory experience across Nevada’s premier gold districts. His career spans senior roles at AngloGold Ashanti, Nevada Gold Mines, and Barrick Mining, where he led large-scale autoclave, roaster, and refractory processing operations, advanced complex feasibility studies, and executed district-level growth strategies that transformed regional mining portfolios.

Most recently, Mr. Yopps served as Vice President of Nevada Projects for AngloGold Ashanti through to his retirement in 2025. In this role, he led technical and exploration teams who were responsible for growing the Nevada resource base, advancing the feasibility study and NEPA permitting for the North Bullfrog project, and supporting the integration of acquisitions within the Beatty district to establish a top-tier mining district in southern Nevada. Previously, Mr. Yopps was Manager of Growth Projects for Nevada Gold Mines (“NGM”), where he led the long-term processing and refractory ore transportation strategy following the Newmont–Barrick joint venture, multiple pre-feasibility studies at Cortez, and refractory ore research and development programs. He has authored peer-reviewed research on Carlin-type refractory gold processing and pressure oxidation technologies.

Prior to his role at NGM, he spent more than 25 years in senior technical and operational roles, including serving as General Manager of the Ruby Hill Mine (currently i-80 Gold’s wholly owned Ruby Hill property) and managing Goldstrike’s autoclave, roaster, and mill facilities for more than a decade, delivering best-in-class safety and operational performance. Mr. Yopps holds a BSc and MSc in Metallurgical Engineering from the Colorado School of Mines and is a Qualified Person recognized by the Mining & Metallurgical Society of America.

About i-80 Gold Corp.

i-80 Gold Corp. is a Nevada-focused mining company committed to building a mid-tier gold producer through a new development plan to advance its high-quality asset portfolio. The Company is the fourth largest gold mineral resource holder in the state with a pipeline of high-grade development and production-stage projects strategically located in Nevada’s most prolific gold-producing trends. Leveraging its central processing facility following an anticipated refurbishment, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold’s shares are listed on the Toronto Stock Exchange (TSX:IAU) and the NYSE American (NYSE:IAUX). For more information, visit www.i80gold.com.

Cautionary Statement Regarding Forward Looking Information

Certain information set forth in this press release, including but not limited to management’s assessment of the Company’s future plans and operations, expectations regarding the timing, execution and results of the Company’s gold output, development plan, refurbishment of the Lone Tree autoclave processing facility, and the Company’s expected transition to creating a leading mid-tier gold producer in Nevada constitute forward looking statements or forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as  “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward-looking statements. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive therefrom. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control, including general economic and industry conditions, volatility of commodity prices, title risks and uncertainties, uncertainty in geological, metallurgical and geotechnical studies and opinions, and ability to access sufficient capital from internal and external sources  such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. The Company’s ability to refinance its indebtedness will depend on the capital markets and its financial condition at such time, currency fluctuations, construction and operational risks, licensing and permit requirements, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, imprecision of mineral resource, or production estimates. 

Please see “Risks Factors” in the Form 10-K for the fiscal year ended December 31, 2024 for more information regarding risks pertaining to the Company, which is available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Readers are encouraged to carefully review these risk factors as well as the Company’s other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators. All forward-looking statements contained in this press release speak only as of the date of this press release or as of the dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.

Additional information relating to i-80 Gold can be found on i-80 Gold’s website at www.i80gold.com, SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar. The information included on, or accessible through, the Company’s website is not incorporated by reference into this press release.

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Goldman Sachs BDC, Inc. Schedules Earnings Release and Conference Call to Announce Fourth Quarter and Fiscal Year Ended 2025 Results

Goldman Sachs BDC, Inc. Schedules Earnings Release and Conference Call to Announce Fourth Quarter and Fiscal Year Ended 2025 Results

NEW YORK–(BUSINESS WIRE)–
Goldman Sachs BDC, Inc. (“GS BDC”) (NYSE: GSBD) announced today that it will report its fourth quarter and fiscal year ended December 31, 2025 financial results after the market closes on Thursday, February 26, 2026. GS BDC will also host an earnings conference call on Friday, February 27, 2026 at 9:00 am Eastern Time to discuss its financial results.

All interested parties are invited to participate via telephone or the audio webcast, which will be hosted on the Investor Resources section of GS BDC’s website at www.goldmansachsbdc.com.

Conference Call Information:

Listen Only Callers:

Domestic: 800-330-6730

International: 646-769-9500

Conference ID: 427709

Q&A Participants:

Domestic: 800-330-6710

International: 646-769-9200

Conference ID: 9881719

All participants are asked to dial in approximately 10-15 minutes prior to the call, and reference “Goldman Sachs BDC, Inc.” when prompted.

Replay Information:

An archived replay of the call will be available on our webcast link located on the Investor Resources section of our website at www.goldmansachsbdc.com.

Please direct any questions regarding obtaining access to the conference call to Goldman Sachs BDC, Inc. Investor Relations, via e-mail, at [email protected].

ABOUT GOLDMAN SACHS BDC, INC.

Goldman Sachs BDC, Inc. is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. GS BDC was formed by The Goldman Sachs Group, Inc. (“Goldman Sachs”) to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. GS BDC seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com. Information on the website is not incorporated by reference into this press release and identification of the website is provided merely for convenience.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent GS BDC’s belief regarding future events that, by their nature, are uncertain and outside of GS BDC’s control. There are likely to be events in the future, however, that we are not able to predict accurately or control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Goldman Sachs BDC, Inc.

Investor Contact: John Psyllos, 212-902-1000

Media Contact: Victoria Zarella, 212-902-5400

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Ovintiv Names Gregory P. Hill to Board of Directors

PR Newswire

DENVER, Jan. 29, 2026 /PRNewswire/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced that Gregory P. Hill has been appointed as an independent member of its board of directors, effective January 30, 2026.

Hill, 64, retired in 2025 as President, Worldwide Exploration & Production and Executive Vice President of Hess Corporation. During more than four decades in the energy industry, he held senior leadership roles at Hess, Shell, Aera Energy, and other organizations, leading major global portfolios across North America, Europe, Asia Pacific, and the Middle East.

At Hess, Hill oversaw significant portfolio transformation, operational excellence initiatives, and major growth in key regions including Guyana, the Bakken, and the Gulf of America. He previously served in senior executive roles with Shell International E&P in both Europe and Asia, and Aera Energy. Hill holds a Bachelor of Science in Mechanical Engineering (with honors) from the University of Wyoming and received an Honorary Doctorate from the University in 2024.

“We are very pleased to welcome Greg to our board of directors,” said Ovintiv Chairman, Peter Dea. “Greg brings a distinguished track record of technical expertise, operational leadership, strategic implementation, and value creation. His depth of experience in leading diverse portfolios and driving safety cultural excellence will provide significant insight as our Board continues its work to enhance long‑term shareholder value.”

Further information on Ovintiv Inc. is available on the Company’s website, www.ovintiv.com, or by contacting:



Investor contact:                                                       


(888) 525-0304 



Media contact:


(403) 645-2252

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Primis Financial Corp. Reports Earnings per Share for the Fourth Quarter of 2025

PR Newswire

Declares Quarterly Cash Dividend of $0.10 Per Share

MCLEAN, Va., Jan. 29, 2026 /PRNewswire/ — Primis Financial Corp. (NASDAQ: FRST) (“Primis” or the “Company”), and its wholly-owned subsidiary, Primis Bank (the “Bank”), today reported net income available to common shareholders of $30 million, or $1.20 per diluted share, for the three months ended December 31, 2025, compared to a net loss available to common shareholders of $23 million, or a loss of $0.94 per diluted share, for the three months ended December 31, 2024.  For the twelve months ended December 31, 2025, the Company reported net income available to common shareholders of $61 million, or $2.49 per diluted share, compared to a net loss available to common shareholders of $16 million, or a loss of $0.66 per diluted share, for the same period in 2024.

2025 Accomplishments

The Company’s fundamentals showed significant improvement through the course of 2025 which we believe positions us for robust full-year profitability in 2026.  Significant areas of improvement year-over-year are detailed in the chart below:


As of or for the Three Months
Ended


($ in millions except per share)


12/31/2025


12/31/2024


Var.

Total Assets

$4,047

$3,690

10

%

Gross Loans HFI

3,284

2,887

14

Total Deposits

3,396

3,171

7

Average Earning Assets

$3.737

$3,577

5

%

Noninterest Bearing Deposits (“NIB”)

554

439

26

NIB / Total Deposits

16.3

%

14.4

%

190

bps

TCE / TA

8.33

%

7.16

%

117

bps

Tangible Book Value per Share

$13.34

$10.42

28

%

Net Interest Income

$30,852

$26,077

18

%

Net Interest Margin

3.28

2.90

38

bps

 Retail Mortgage Volume

$378

$205

84

%

Commenting on the results, Dennis J. Zember, Jr., President and Chief Executive Officer of the Company, stated, “We spent 2025 harvesting some of the embedded gains on our balance sheet and used those gains to reposition the Company for 2026 and beyond.  We rebuilt capital levels and tangible book value and eliminated the noise and excess exposure to the consumer loan portfolio.  But the year was more about offense than defense, which is reflected in a substantial increase in earning assets and the portion funded with non-interest bearing demand deposits.  The core bank along with all of our divisions had the best year in the last decade and are prepared to continue that momentum into 2026.”

Division Updates

2025 saw strong results from the Company’s focus on its core Bank and lines of business that drive premium operating results. The fourth quarter of 2025 demonstrated progress in key areas that are expected to drive profitability in 2026. The following discussion highlights recent progress for each of these strategies:

Core Community Bank

The core Bank’s 24 banking offices in Virginia and Maryland represent almost two-thirds of the Company’s total balance sheet.  Management believes the core Bank drives significant value for the Company with a stable deposit base and strong core profitability:

  • The core Bank has low concentrations of investor CRE (26% of total loans and only 200% of regulatory capital)
  • A robust pipeline of mostly new customers to the Bank with yields that are incremental to the Bank’s margin
  • Cost of deposits of 1.59% in the fourth quarter of 2025 compared to 2.06% in the same quarter in 2024. 
  • Zero brokered deposits and low utilization of FHLB borrowings.
  • A proprietary banking app for commercial depositors that drives new sales independent of lending efforts in and around the Company’s footprint.

Approximately 23% of the core Bank’s deposit base are noninterest bearing deposits, supported with what management believes is the region’s best and most unique technology including the Bank’s proprietary V1BE service, which directly supports more than $200 million of mostly commercial clients in the Bank’s footprint.  Approximately $30 million of checking accounts are associated with customers that use V1BE every week. The Company is frequently approached by other community banks looking to use this technology with their own customers.  Primis is currently implementing enhancements to make V1BE easier to license to other banks and expects to have its first customer onboard in 2026. 

Primis Mortgage

Primis Mortgage had closed mortgage volume of $378 million in the fourth quarter of 2025, up 84% compared to the same quarter in 2024.  Construction-to-permanent loan volume was $32 million in the fourth quarter of 2025 versus $2 million in the same period in 2024.  Pre-tax earnings related to mortgage were approximately $1.4 million for the fourth quarter of 2025, up substantially from a loss of $0.4 million in the fourth quarter of 2024. 

Mortgage Warehouse

Mortgage warehouse lending activity was significant in 2025 following the expansion of the team in the fall of 2024.  Outstanding loan balances at December 31, 2025 were $318 million, up 398% from $64 million at December 31, 2024.  Average loan balances were $300 million in the fourth quarter of 2025, up 43% from $210 million in the third quarter of 2025 and up 812% from $33 million in the fourth quarter of 2024.  Mortgage warehouse also funded on average approximately 14% of its balance sheet with associated customer noninterest bearing deposit balances during the fourth quarter of 2025.  

Panacea Financial

Panacea’s growth remained strong through the fourth quarter of 2025 with loans outstanding of $544 million, up 25% compared to the end of 2024 and after a $54 million loan sale in December 2025.  At the end of the fourth quarter of 2025, Panacea customer deposits totaled $128 million, up 39% from December 31, 2024.  Panacea continues to be the platform of choice for healthcare bankers with additional recruiting success in the fourth quarter of 2025.  Flow loan sales will begin in the first quarter of 2026 on the heels of the fourth quarter 2025 loan sale allowing for continued high growth rates without straining the Company’s balance sheet.  Panacea is the number one ranked “Bank for doctors” on Google and banks over 7,500 professionals and practices nationwide.      

Digital Platform

Funding for the national strategies is provided exclusively by the Bank’s digital platform powered by what the Bank believes is one of the safest and most functional deposit accounts in the nation.  Because of the scalability of the platform, there is significantly less pressure on the core Bank to provide this funding and risk the profitable, decades old relationships with core customers.

The platform ended the fourth quarter of 2025 with approximately $1.0 billion of deposits with a cost of deposits of 3.79% in the month of December 2025, compared to $1.0 billion at December 31, 2024 with a cost of 4.72%.  The platform also successfully grew business accounts in 2025 with small business balances reaching $16 million at December 31, 2025, up substantially from $2 million at December 31, 2024.  Over 1,200 of our digital accounts have come from referrals from another customer and approximately 82% of our consumer accounts have been with the Bank for over two years.

Net Interest Income

Net interest income in the fourth quarter of 2025 was $31 million, up 18% versus $26 million in the fourth quarter of 2024.  As noted above, the Company’s net interest margin improved to 3.28% in the fourth quarter of 2025 compared to 2.90% in the same quarter of 2024 with the expansion driven by robust earning asset growth funded at attractive incremental margins.

Yield on earnings assets in the fourth quarter of 2025 declined one basis point and five basis points versus the third quarter of 2025 and fourth quarter of 2024, respectively.  Yield on investments increased 33 basis points year-over-year largely due to the previously announced portfolio restructuring and offsetting declines in yield on loans and yield on other earning assets driven by recent rate cuts. 

Cost of deposits in the Bank have benefitted from the focus on growing noninterest bearing deposit balances as well as the core Bank’s management of interest expense.  In the fourth quarter of 2025, the Company reported cost of interest-bearing deposits of 2.66% compared to 3.25% in the same quarter in 2024.  Cost of funds was 2.52% in the fourth quarter of 2025, down 45 basis points from 2.97% in the fourth quarter of 2024.

The portfolio restructuring described above occurred in the middle of December 2025 and the Company intends to redeem $27 million of subordinated debt on January 31, 2026.  If both balance sheet changes had been in place for all of the fourth quarter of 2025, net interest margin would have been higher by 11 basis points.

Noninterest Income

Noninterest income was $50 million in the fourth quarter of 2025 versus $13 million in the fourth quarter of 2024 with a substantial portion of the increase driven by a $51 million gain from the Company’s previously announced sale leaseback transaction offset by a $15 million loss on investment portfolio restructuring.  The fourth quarter of 2024 also benefited from a $5 million gain from the sale of the Life Premium Finance division.  Excluding these items, noninterest income was $14 million in the fourth quarter of 2025 versus $8 million in the fourth quarter of 2024.  Mortgage related income grew 100% to $10 million in the fourth quarter of 2025 compared to $5 million in the same quarter in 2024.  Noninterest income for the fourth quarter of 2025 also included a $1.5 million gain from the sale of Panacea loans that had been moved to held-for-sale in the third quarter of 2025.  As previously disclosed, the Company is currently in the process of restructuring its bank-owned life insurance portfolio which is anticipated to improve noninterest income by approximately $1.2 million annually beginning late in the second quarter of 2026.

Noninterest Expense

Noninterest expense was $42 million for the fourth quarter of 2025, compared to $38 million for the same quarter of 2024.  The following table reflects the core operating expense burden at the Company, net of mortgage related and Panacea division impacts.


($ in thousands)


4Q25


3Q25


2Q25


1Q25


4Q24

 Reported Noninterest Expense

$42,164

$32,313

$31,942

$32,516

$37,841

 PFH Consolidated Expenses

–

–

–

(4,754)

(3,641)

 Noninterest Expense Excl. PFH

$42,164

$32,313

31,942

27,762

34,200

 Nonrecurring

(1,126)

–

(232)

(1,144)

(3,686)

 Primis Mortgage Expenses

(10,048)

(8,214)

(8,514)

(5,569)

(6,354)

 Panacea Net Expense

(2,614)

(2,100)

(370)

384

115

 Consumer Program Servicing Fee

(391)

(439)

(518)

(622)

(681)

 Reserve for Unfunded Commitment

127

19

(18)

(13)

6

 Total Adjustments

(14,052)

(10,734)

(9,652)

(6,964)

(10,600)

 Core Operating Expense Burden

$28,112

$21,579

$22,290

$20,798

$23,600

Core operating expense burden, as defined above, was $28 million in the fourth quarter of 2025 versus $24 million in the fourth quarter of 2024. As described further below, certain items impacted the fourth quarter of 2025 that management does not consider part of run rate expenses.  Adjusting for these expense, core operating expense burden would have been approximately $22 million in the fourth quarter of 2025, in line with core operating expense in the fourth quarter of 2024 after adjusting for certain items disclosed at that time.

A portion of the increased reported noninterest expense was due to the mortgage company driven by its growth in production and revenues.  Nonrecurring expenses in the fourth quarter of 2025 were driven by transaction costs related to the Company’s previously announced sale leaseback transaction.  Of the remaining increase in expense, the largest portion was approximately $4 million related to higher compensation expense in the fourth quarter of 2025 tied to the substantial improvement in operating results to finish the year and the majority of which was in the form of restricted stock expense. Expenses in the fourth quarter of 2025 also include $1.1 million in legal fees associated with a mortgage recruiting lawsuit that management expects to normalize in the first half of 2026.   The fourth quarter of 2025 included $0.3 million of data processing expense related to the finalization of the Company’s contract renewal in the quarter.  Lastly, lease expense increased $0.4 million due to a partial month of the sale leaseback transaction that was completed in early December 2025 with quarterly lease expense related to the transaction of approximately $1.5 million going forward. 

These expenses, with the exception of lease expense, are not expected to add to core operating expense in 2026. Including increased lease expense, management believes quarterly core operating expense burden of $23 to $24 million in 2026 is achievable and will drive substantial operating leverage.

Loan Portfolio and Asset Quality

Loans held for investment increased to $3.3 billion at December 31, 2025 compared to $3.2 billion at September 30, 2025 and $2.9 billion at December 31, 2024.  Important drivers in these levels are seen below:

  • Core Bank loans totaled $2.1 billion at December 31, 2025 compared to $2.2 billion at December 31, 2024. 
  • Panacea Financial loans grew $111 million through the end of 2025, or 25% compared to the end of 2024, to $544 million, net of a $54 million loan sale in the fourth quarter of 2025. 
  • Mortgage warehouse outstandings increased significantly to $318 million at the end of the fourth quarter of 2025 compared to only $64 million at the same time in 2024.  Approved lines ended 2025 at $1.2 billion across 125 customers.
  • Loan balances associated with the consumer loan program declined to $90 million at December 31, 2025, net of fair value discounts, compared to $148 million at December 31, 2024.  Importantly, loans in promotional periods with full deferral were only $2 million at December 31, 2025 compared to $39 million or 23% of total consumer program loans as of December 31, 2024.

Nonperforming assets, excluding portions guaranteed by the SBA, were 2.03% of total assets at December 31, 2025 compared to 2.07% of total assets at September 30, 2025.  Substandard and nonaccrual loans were essentially flat linked-quarter.

The Company recorded a provision for credit losses of $2.4 million for the fourth quarter of 2025 compared to a provision for credit losses of $33 million for the fourth quarter in 2024.  Approximately $0.6 million of the fourth quarter 2025 provision was related to growth in the loan portfolio with another $0.6 million related to the Consumer Program portfolio.  Lastly, changes in impairment amounts for individually evaluated loans contributed $1 million to the provision in the fourth quarter of 2025.  Core net charge-offs as a percentage of average loans were 5 basis points, flat with the same period a year ago.

As a percentage of loans held for investment, the allowance for credit losses was 1.40% at the end of the fourth quarter of 2025 compared to 1.86% at the end of the fourth quarter of 2024. Total allowance and discounts on the consumer loan program portfolio totaled $8.1 million at December 31, 2025, which represents 8.4% of gross principal balance and 453% of loans more than one period delinquent as of that date.

Deposits and Funding

Total deposits at December 31, 2025 were $3.3 billion, up $0.1 billion when compared to the same period in 2024. Noninterest bearing demand deposits were $554 million at December 31, 2025, an increase of 26% compared to balances at December 31, 2024.  The Company had FHLB advances totaling $25 million outstanding at December 31, 2025 down from $85 million at September 30, 2025 and versus no advances at December 31, 2024.  

Shareholders’ Equity

Tangible book value per common share(1) at the end of the fourth quarter of 2025 was $13.34, an increase of $2.92 or 28% from levels reported at December 31, 2024.  Tangible common equity(1) ended the fourth quarter of 2025 at $329 million, or 8.33% of tangible assets(1).  

The Board of Directors declared a dividend of $0.10 per share payable on February 27, 2026 to shareholders of record on February 13, 2026.  This is Primis’ fifty-seventh consecutive quarterly dividend. 

About Primis Financial Corp.

As of December 31, 2025, Primis had $4.0 billion in total assets, $3.2 billion in total loans held for investment and $3.3 billion in total deposits. Primis Bank provides a range of financial services to individuals and small- and medium-sized businesses through twenty-four full-service branches in Virginia and Maryland and provides services to customers through certain online and mobile applications.


Contacts:


Address:

Dennis J. Zember, Jr., President and CEO

Primis Financial Corp.

Matthew A. Switzer, EVP and CFO

1676 International Drive, Suite 900

 Phone: (703) 893-7400

McLean, VA 22102

Primis Financial Corp., NASDAQ Symbol FRST
Website: www.primisbank.com

Conference Call

The Company’s management will host a conference call to discuss its fourth quarter results on Friday, January 30, 2026 at 10:00 a.m. (ET). A live Webcast of the conference call is available at the following website: https://events.q4inc.com/attendee/704458155.  Participants may also call 1-888-330-3573 and ask for the Primis Financial Corp. call.  A replay of the teleconference will be available for 7 days by calling 1-800-770-2030 and providing Replay Access Code 4440924.

Non-GAAP Measures

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables. Primis uses non-GAAP financial measures to analyze its performance. The measures entitled net income adjusted for nonrecurring income and expenses; pre-tax pre-provision operating earnings; operating return on average assets; pre-tax pre-provision operating return on average assets; operating return on average equity; operating return on average tangible equity; operating efficiency ratio; operating earnings per share – basic; operating earnings per share – diluted; tangible book value per share; tangible common equity; tangible common equity to tangible assets; and core net interest margin are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. We use the term “operating” to describe a financial measure that excludes income or expense considered to be non-recurring in nature.  Items identified as non-operating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward-looking trends in our business.  A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is provided in the Reconciliation of Non-GAAP Items table.

Management believes that these non-GAAP financial measures provide additional useful information about Primis that allows management and investors to evaluate the ongoing operating results, financial strength and performance of Primis and provide meaningful comparison to its peers. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider Primis’ performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Primis.  Non-GAAP financial measures are not standardized and, therefore, it may not be possible to compare these measures with other companies that present measures having the same or similar names.

Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as “may,” “plan,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” “will,” and other similar words or expressions of the future or otherwise regarding the outlook for the Company’s future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, but are not limited to, our expectations regarding our future operating and financial performance, including the preliminary estimated financial and operating information presented herein, which is subject to adjustment; our outlook and long-term goals for future growth and new offerings and services; our expectations regarding net interest margin; expectations on our growth strategy, expense management, capital management and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: instability in global economic conditions and geopolitical matters; the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within our primary market areas; adverse developments in borrower industries; changes in interest rates, inflation, loan demand, real estate values, or competition, as well as labor shortages and supply chain disruptions; the impact of tariffs, trade policies, and trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services); the Company’s ability to implement its various strategic and growth initiatives, including its recently established Panacea Financial Division, digital banking platform, V1BE fulfillment service, Mortgage Warehouse division and Primis Mortgage Company; competitive pressures among financial institutions increasing significantly (including as a result of technological changes and the use of artificial intelligence); changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices; legislative, regulatory or supervisory actions related to so‑called “de‑banking,” including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices; changes in management’s plans for the future; credit risk associated with our lending activities; changes in accounting principles, policies, or guidelines; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions; potential impacts of adverse developments in the banking industry, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; potential increases in the provision for credit losses; our ability to identify and address increased cybersecurity risks, including those impacting vendors and other fourth parties; fraud or misconduct by internal or external actors, which we may not be able to prevent, detect or mitigate; acts of God or of war or other conflicts, civil unrest, acts of terrorism, pandemics or other catastrophic events that may affect general economic conditions; action or inaction by the federal government, including as a result of any prolonged government shutdown; and other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services.

Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company’s management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company’s filings with the Securities and Exchange Commission, the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors,” and in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.

(1)
Non-GAAP financial measure.  Please see “Reconciliation of Non-GAAP Items” in the financial tables for more information and for a reconciliation to GAAP.

 



Primis Financial Corp.   




Financial Highlights (unaudited)


(Dollars in thousands, except per share data)


For Three Months Ended:


For Twelve Months Ended:


Selected Performance Ratios:


4Q 2025


3Q 2025


2Q 2025


1Q 2025


4Q 2024


4Q 2025


4Q 2024

Return on average assets

2.94 %

0.70 %

0.26 %

2.52 %

(2.43 %)

1.61 %

(0.42 %)

Operating return on average assets(1)

0.23 %

0.70 %

(0.34 %)

0.40 %

(2.51 %)

0.25 %

(0.39 %)

Pre-tax pre-provision return on average assets

3.84 %

0.89 %

1.20 %

3.32 %

0.44 %

2.32 %

0.76 %

Pre-tax pre-provision operating return on average assets(1)

0.39 %

0.89 %

0.44 %

0.71 %

0.33 %

0.61 %

0.80 %

Return on average common equity 

29.46 %

7.13 %

2.57 %

26.66 %

(24.28 %)

16.35 %

(4.34 %)

Operating return on average common equity(1)

2.36 %

7.13 %

(3.40 %)

4.21 %

(25.13 %)

2.54 %

(3.97 %)

Operating return on average tangible common equity(1)

3.07 %

9.45 %

(4.51 %)

5.78 %

(33.33 %)

3.38 %

(5.32 %)

Cost of funds

2.52 %

2.62 %

2.67 %

2.67 %

2.97 %

2.62 %

3.09 %

Net interest margin

3.28 %

3.18 %

2.86 %

3.15 %

2.90 %

3.12 %

2.86 %

Core net interest margin(1)

3.29 %

3.15 %

3.12 %

3.13 %

2.91 %

3.17 %

2.93 %

Gross loans to deposits

96.70 %

95.92 %

93.65 %

96.04 %

91.06 %

96.70 %

91.06 %

Efficiency ratio 

52.14 %

78.81 %

73.92 %

55.39 %

96.41 %

62.09 %

85.26 %

Operating efficiency ratio(1)

91.05 %

78.81 %

88.67 %

91.97 %

98.92 %

87.48 %

83.51 %


Per Common Share Data:

Earnings per common share – Basic

$             1.20

$             0.28

$             0.10

$             0.92

$            (0.94)

$           2.49

$         (0.66)

Operating earnings per common share – Basic(1)

$             0.10

$             0.28

$            (0.13)

$             0.14

$            (0.98)

$           0.39

$         (0.60)

Earnings per common share – Diluted

$             1.20

$             0.28

$             0.10

$             0.92

$            (0.94)

$           2.49

$         (0.66)

Operating earnings per common share – Diluted(1)

$             0.10

$             0.28

$            (0.13)

$             0.14

$            (0.98)

$           0.39

$         (0.60)

Book value per common share

$           17.12

$           15.51

$           15.27

$           15.19

$           14.23

$         17.12

$        14.23

Tangible book value per common share(1)

$           13.34

$           11.71

$           11.48

$           11.40

$           10.42

$         13.34

$        10.42

Cash dividend per common share

$             0.10

$             0.10

$             0.10

$             0.10

$             0.10

$           0.40

$          0.40

Weighted average shares outstanding – Basic

24,634,544

24,632,202

24,701,319

24,706,593

24,701,260

24,668,367

24,688,006

Weighted average shares outstanding – Diluted

24,654,037

24,643,889

24,714,229

24,722,734

24,701,260

24,683,425

24,688,006

Shares outstanding at end of period

24,695,385

24,644,385

24,643,185

24,722,734

24,722,734

24,695,385

24,722,734


Asset Quality Ratios:

Non-performing assets as a percent of total assets, excluding SBA guarantees

2.03 %

2.07 %

1.90 %

0.28 %

0.29 %

2.03 %

0.29 %

Net charge-offs (recoveries) as a percent of average loans (annualized)

0.16 %

0.14 %

0.80 %

1.47 %

3.83 %

0.65 %

1.48 %

Core net charge-offs (recoveries) as a percent of average loans (annualized)(1)

0.05 %

0.03 %

0.15 %

0.06 %

0.05 %

0.07 %

0.05 %

Allowance for credit losses to total loans

1.40 %

1.40 %

1.47 %

1.45 %

1.86 %

1.40 %

1.86 %


Capital Ratios:

Common equity to assets

10.45 %

9.66 %

9.72 %

10.16 %

9.53 %

Tangible common equity to tangible assets(1)

8.33 %

7.48 %

7.49 %

7.82 %

7.16 %

Leverage ratio(2)

8.79 %

8.32 %

8.34 %

8.71 %

7.76 %

Common equity tier 1 capital ratio(2)

9.53 %

8.62 %

8.92 %

9.35 %

8.74 %

Tier 1 risk-based capital ratio(2)

9.81 %

8.91 %

9.22 %

9.66 %

9.05 %

Total risk-based capital ratio(2)

12.60 %

12.02 %

12.43 %

12.96 %

12.53 %


(1)
See Reconciliation of Non-GAAP financial measures.


(2)
Ratios are estimated and may be subject to change pending the final filing of the FR Y-9C.

 



Primis Financial Corp.   


(Dollars in thousands)


For Three Months Ended:




Condensed Consolidated Balance Sheets (unaudited)


4Q 2025


3Q 2025


2Q 2025


1Q 2025


4Q 2024


Assets 

Cash and cash equivalents

$        143,607

$         63,881

$         94,074

$         57,044

$         64,505

Investment securities-available for sale

171,377

234,660

242,073

241,638

235,903

Investment securities-held to maturity

6,981

8,550

8,850

9,153

9,448

Loans held for sale

166,066

202,372

126,869

74,439

247,108

Loans receivable, net of deferred fees

3,283,683

3,200,234

3,130,521

3,043,348

2,887,447

Allowance for credit losses

(45,883)

(44,766)

(45,985)

(44,021)

(53,724)

Net loans

3,237,800

3,155,468

3,084,536

2,999,327

2,833,723

Stock in Federal Reserve Bank and Federal Home Loan Bank

14,185

17,035

12,998

12,983

13,037

Bank premises and equipment, net

6,070

19,380

19,642

19,210

19,432

Operating lease right-of-use assets

65,596

9,427

9,927

10,352

10,279

Goodwill and other intangible assets

93,495

93,502

93,508

93,804

94,124

Assets held for sale, net

776

775

2,181

2,420

5,497

Bank-owned life insurance

68,969

68,504

68,048

67,609

67,184

Deferred tax assets, net

14,683

17,328

19,466

21,399

26,466

Consumer Program derivative asset

159

409

1,177

1,597

4,511

Investment in Panacea Financial Holdings, Inc. common stock

6,899

6,880

6,586

21,277

–

Other assets

50,725

56,678

81,791

65,058

58,898

Total assets

$     4,047,388

$     3,954,849

$     3,871,726

$     3,697,310

$     3,690,115


Liabilities and stockholders’ equity

Demand deposits

$        554,442

$        489,728

$        477,705

$        455,768

$        438,917

NOW accounts

862,735

831,709

858,624

819,606

817,715

Money market accounts

740,886

737,634

744,321

785,552

798,506

Savings accounts

922,337

958,416

935,527

777,736

775,719

Time deposits

315,185

318,865

326,496

330,210

340,178

    Total deposits

3,395,585

3,336,352

3,342,673

3,168,872

3,171,035

Securities sold under agreements to repurchase – short term

3,552

3,954

4,370

4,019

3,918

Federal Home Loan Bank advances

25,000

85,000

–

–

–

Secured borrowings

14,773

15,403

16,449

16,729

17,195

Subordinated debt and notes

96,162

96,091

96,020

95,949

95,878

Operating lease liabilities

61,340

10,682

11,195

11,639

11,566

Other liabilities

28,080

25,214

24,604

24,539

25,541

Total liabilities

3,624,492

3,572,696

3,495,311

3,321,747

3,325,133

Total Primis common stockholders’ equity

422,896

382,153

376,415

375,563

351,756

Noncontrolling interest

–

–

–

–

13,226

Total stockholders’ equity

422,896

382,153

376,415

375,563

364,982

Total liabilities and stockholders’ equity

$     4,047,388

$     3,954,849

$     3,871,726

$     3,697,310

$     3,690,115

Tangible common equity(1)

$        329,401

$        288,651

$        282,907

$        281,759

$        257,632

 



Primis Financial Corp.   


(Dollars in thousands)


For Three Months Ended:


For Twelve Months Ended:




Condensed Consolidated Statement of Operations (unaudited)


4Q 2025


3Q 2025


2Q 2025


1Q 2025


4Q 2024


4Q 2025


4Q 2024

Interest and dividend income

$         53,326

$         51,766

$         47,627

$         47,723

$         51,338

$     200,442

$     210,969

Interest expense

22,474

22,734

22,447

21,359

25,261

89,014

106,747

Net interest income

30,852

29,032

25,180

26,364

26,077

111,428

104,222

Provision for (recovery of) credit losses

2,439

(49)

8,303

1,596

33,483

12,289

50,621

Net interest income (loss) after provision for credit losses

28,413

29,081

16,877

24,768

(7,406)

99,139

53,601

Account maintenance and deposit service fees

1,292

1,358

1,675

1,339

1,276

5,664

5,784

Income from bank-owned life insurance

466

456

438

425

434

1,785

2,410

Mortgage banking income

9,992

8,887

7,893

5,615

5,140

32,387

23,919

Gain (loss) on sale of loans

1,470

249

210

–

(4)

1,929

303

Gains on Panacea Financial Holdings investment

20

294

7,450

24,578

–

32,342

–

Gain on sale of Life Premium Finance portfolio, net of broker fees

–

–

–

–

4,723

–

4,723

Consumer Program derivative

775

264

593

(292)

928

1,340

4,320

Gain on sale-leaseback

50,573

–

–

–

–

50,573

–

Loss on sales of investment securities

(14,777)

–

–

–

–

(14,777)

–

Gain (loss) on other investments

33

381

(308)

53

15

159

408

Other 

172

80

79

617

663

948

1,273

Noninterest income

50,016

11,969

18,030

32,335

13,175

112,350

43,140

Employee compensation and benefits

25,535

18,523

17,060

17,941

18,028

79,059

66,615

Occupancy and equipment expenses

4,459

3,481

3,127

3,285

3,466

14,352

12,742

Amortization of intangible assets

–

–

289

313

313

602

1,265

Virginia franchise tax expense

577

576

577

577

631

2,307

2,525

FDIC Insurance assessment

918

999

1,021

793

805

3,731

2,549

Data processing expense

2,421

2,369

3,037

2,849

3,434

10,676

10,564

Marketing expense

472

450

720

514

499

2,156

1,906

Telecommunication and communication expense

352

309

324

287

295

1,272

1,312

Professional fees

3,730

2,509

2,413

2,225

3,129

10,877

10,384

Miscellaneous lending expenses

634

231

900

834

1,446

2,599

3,280

Loss (gain) on bank premises and equipment

–

80

5

106

13

191

(463)

Other expenses

3,066

2,786

2,469

2,792

5,782

11,113

12,965

Noninterest expense

42,164

32,313

31,942

32,516

37,841

138,935

125,644

Income (loss) before income taxes

36,265

8,737

2,965

24,587

(32,072)

72,554

(28,903)

Income tax expense (benefit)

6,725

1,907

528

5,553

(5,917)

14,713

(4,238)

Net Income (loss)

29,540

6,830

2,437

19,034

(26,155)

57,841

(24,665)

Noncontrolling interest

–

–

–

3,602

2,820

3,602

8,460

Net income (loss) attributable to Primis’ common shareholders

$         29,540

$           6,830

$           2,437

$         22,636

$        (23,335)

$       61,443

$     (16,205)


(1)
See Reconciliation of Non-GAAP financial measures.

 



Primis Financial Corp.   


(Dollars in thousands)


For Three Months Ended:




Loan Portfolio Composition


4Q 2025


3Q 2025


2Q 2025


1Q 2025


4Q 2024

Loans held for sale

$        166,066

$        202,372

$        126,869

$         74,439

$        247,108

Loans secured by real estate:

Commercial real estate – owner occupied

510,088

495,739

480,981

477,233

475,898

Commercial real estate – non-owner occupied

567,092

592,480

590,848

600,872

610,482

Secured by farmland

3,407

3,642

3,696

3,742

3,711

Construction and land development

131,757

102,227

106,443

104,301

101,243

Residential 1-4 family

576,866

564,087

571,206

576,837

588,859

Multi-family residential

140,261

137,804

157,097

157,443

158,426

Home equity lines of credit

61,738

62,458

62,103

60,321

62,954

     Total real estate loans

1,991,209

1,958,437

1,972,374

1,980,749

2,001,573

Commercial loans

970,492

915,158

811,458

698,097

608,595

Paycheck Protection Program loans

1,719

1,723

1,729

1,738

1,927

Consumer loans

315,407

319,977

339,936

357,652

270,063

Total Non-PCD loans

3,278,827

3,195,295

3,125,497

3,038,236

2,882,158

PCD loans

4,856

4,939

5,024

5,112

5,289

Total loans receivable, net of deferred fees

$     3,283,683

$     3,200,234

$     3,130,521

$     3,043,348

$     2,887,447


Loans by Risk Grade:

  Pass Grade 1 – Highest Quality

87

666

667

880

872

  Pass Grade 2 – Good Quality

178,999

168,177

170,560

175,379

175,659

  Pass Grade 3 – Satisfactory Quality

1,882,934

1,842,958

1,737,153

1,643,957

1,567,228

  Pass Grade 4 – Pass

1,026,499

1,034,035

1,050,397

1,124,901

1,041,947

  Pass Grade 5 – Special Mention

48,683

7,004

31,902

28,498

30,111

  Grade 6 – Substandard

138,932

139,847

139,842

69,733

71,630

  Grade 7 – Doubtful

7,549

7,547

–

–

–

  Grade 8 – Loss

–

–

–

–

–

Total loans

$     3,283,683

$     3,200,234

$     3,130,521

$     3,043,348

$     2,887,447


(Dollars in thousands)


For Three Months Ended:




Asset Quality Information


4Q 2025


3Q 2025


2Q 2025


1Q 2025


4Q 2024


Allowance for Credit Losses: 

Balance at beginning of period

$        (44,766)

$        (45,985)

$        (44,021)

$        (53,724)

$        (51,132)

Recovery of (provision for) credit losses

(2,439)

49

(8,303)

(1,596)

(33,483)

Net charge-offs

1,322

1,170

6,339

11,299

30,891

Ending balance

$        (45,883)

$        (44,766)

$        (45,985)

$        (44,021)

$        (53,724)


Reserve for Unfunded Commitments:

Balance at beginning of period

$          (1,133)

$          (1,152)

$          (1,134)

$          (1,121)

$          (1,127)

Recovery of (provision for) unfunded loan commitment reserve

127

19

(18)

(13)

6

Total Reserve for Unfunded Commitments

$          (1,006)

$          (1,133)

$          (1,152)

$          (1,134)

$          (1,121)


Non-Performing Assets:


4Q 2025


3Q 2025


2Q 2025


1Q 2025


4Q 2024

Nonaccrual loans

$         84,823

$         84,973

$         53,059

$         12,956

$         15,026

Accruing loans delinquent 90 days or more

1,713

1,713

25,188

1,713

1,713

Total non-performing assets

$         86,536

$         86,686

$         78,247

$         14,669

$         16,739

SBA guaranteed portion of non-performing loans

$           4,482

$           4,682

$           4,750

$           4,307

$           5,921

 



Primis Financial Corp.   


(Dollars in thousands)


For Three Months Ended:


For Twelve Months Ended:




Average Balance Sheet


4Q 2025


3Q 2025


2Q 2025


1Q 2025


4Q 2024


4Q 2025


4Q 2024


Assets

Loans held for sale

$        162,854

$        130,061

$        108,693

$        170,509

$        100,243

$     142,973

$       85,485

Loans, net of deferred fees 

3,238,184

3,143,155

3,074,993

2,897,481

3,127,249

3,089,537

3,231,206

Investment securities

220,343

247,008

249,485

245,216

253,120

240,463

245,323

Other earning assets

115,908

101,278

98,369

86,479

96,697

100,591

82,757


Total earning assets

3,737,289

3,621,502

3,531,540

3,399,685

3,577,309

3,573,564

3,644,771

Other assets

244,183

232,636

272,910

241,912

237,704

245,381

242,544


Total assets

$     3,981,472

$     3,854,138

$     3,804,450

$     3,641,597

$     3,815,013

$   3,818,945

$  3,887,315


Liabilities and equity

Demand deposits

$        498,681

$        481,697

$        467,493

$        446,404

$        437,388

$     473,734

$     441,520

Interest-bearing liabilities:

NOW and other demand accounts

837,231

834,839

821,893

805,522

787,884

824,985

772,099

Money market accounts

740,915

756,361

759,107

788,067

819,803

760,971

829,331

Savings accounts

934,092

922,048

882,227

754,304

767,342

873,794

825,129

Time deposits 

315,943

324,614

329,300

335,702

404,682

326,331

421,058


   Total Deposits

3,326,862

3,319,559

3,260,020

3,129,999

3,217,099

3,259,815

3,289,137

Borrowings

205,767

117,697

117,701

116,955

160,886

139,714

169,912


  Total Funding

3,532,629

3,437,256

3,377,721

3,246,954

3,377,985

3,399,529

3,459,049

Other Liabilities

50,978

36,720

36,649

38,280

39,566

40,681

36,422


Total liabilites

3,583,607

3,473,976

3,414,370

3,285,234

3,417,551

3,440,210

3,495,471

Primis common stockholders’ equity

397,865

380,162

380,080

344,381

382,370

375,740

373,613

Noncontrolling interest

—

—

—

11,982

15,092

2,996

18,231


Total stockholders’ equity

397,865

380,162

380,080

356,363

397,462

378,735

391,844


Total liabilities and stockholders’ equity

$     3,981,472

$     3,854,138

$     3,794,450

$     3,641,597

$     3,815,013

$   3,818,945

$  3,887,315




Net Interest Income

Loans held for sale

$           2,511

$           2,085

$           1,754

$           2,564

$           1,553

$         7,406

$        5,571

Loans

47,856

46,772

42,963

42,400

46,831

181,499

194,369

Investment securities

1,841

1,894

1,928

1,906

1,894

7,569

7,213

Other earning assets

1,118

1,015

982

853

1,060

3,968

3,816


   Total Earning Assets Income

53,326

51,766

47,627

47,723

51,338

200,442

210,969

Non-interest bearing DDA

–

–

–

–

–

–

–

NOW and other interest-bearing demand accounts

4,124

4,549

4,603

4,515

4,771

17,794

18,695

Money market accounts

4,615

5,229

5,271

5,420

6,190

20,534

26,923

Savings accounts

7,599

8,070

7,793

6,418

7,587

29,880

33,462

Time deposits 

2,639

2,723

2,830

3,039

4,127

11,229

16,582


  Total Deposit Costs

18,977

20,571

20,497

19,392

22,675

79,437

95,662

Borrowings

3,497

2,163

1,950

1,967

2,586

9,577

11,085


  Total Funding Costs

22,474

22,734

22,447

21,359

25,261

89,014

106,747


Net Interest Income

$         30,852

$         29,032

$         25,180

$         26,364

$         26,077

$     111,428

$     104,222




Net Interest Margin

Loans held for sale

6.12 %

6.36 %

6.47 %

6.10 %

6.16 %

5.18 %

6.52 %

Loans

5.86 %

5.90 %

5.60 %

5.93 %

5.96 %

5.87 %

6.02 %

Investments

3.31 %

3.04 %

3.10 %

3.15 %

2.98 %

3.15 %

2.94 %

Other Earning Assets

3.83 %

3.98 %

4.00 %

4.00 %

4.36 %

3.94 %

4.61 %


  Total Earning Assets

5.66 %

5.67 %

5.41 %

5.69 %

5.71 %

5.61 %

5.79 %

NOW

1.95 %

2.16 %

2.25 %

2.27 %

2.41 %

2.16 %

2.42 %

MMDA

2.47 %

2.74 %

2.79 %

2.79 %

3.00 %

2.70 %

3.25 %

Savings

3.23 %

3.47 %

3.54 %

3.45 %

3.93 %

3.42 %

4.06 %

CDs 

3.31 %

3.33 %

3.45 %

3.67 %

4.06 %

3.44 %

3.94 %


  Cost of Interest Bearing Deposits

2.66 %

2.88 %

2.94 %

2.93 %

3.25 %

2.85 %

3.36 %


  Cost of Deposits

2.26 %

2.46 %

2.52 %

2.52 %

2.80 %

2.44 %

2.91 %

Other Funding

6.74 %

7.29 %

6.65 %

6.82 %

6.39 %

6.85 %

6.52 %


  Total Cost of Funds

2.52 %

2.62 %

2.67 %

2.67 %

2.97 %

2.62 %

3.09 %


Net Interest Margin

3.28 %

3.18 %

2.86 %

3.15 %

2.90 %

3.12 %

2.86 %


Net Interest Spread

2.72 %

2.62 %

2.32 %

2.60 %

2.30 %

2.57 %

2.25 %

 



Primis Financial Corp.   


(Dollars in thousands, except per share data)


For Three Months Ended:


For Twelve Months Ended:


Reconciliation of Non-GAAP items:


4Q 2025


3Q 2025


2Q 2025


1Q 2025


4Q 2024


4Q 2025


4Q 2024

Net income (loss) attributable to Primis’ common shareholders

$            29,540

$              6,830

$              2,437

$            22,636

$           (23,335)

$         61,443

$       (16,205)

Non-GAAP adjustments to Net Income:

Loss on sale of investment securities

14,777

–

–

–

–

14,777

–

Branch Consolidation / Other restructuring

–

–

–

144

–

144

–

Professional fee expense related to accounting matters and LPF sale

–

–

232

893

1,782

1,125

5,025

Gain on sale-leaseback

(50,573)

–

–

–

–

(50,573)

–

Transaction costs related to sale-leaseback

1,126

–

–

–

–

1,126

–

Gains on Panacea Financial Holdings investment

–

–

(7,450)

(24,578)

–

(32,028)

–

Loss (Gains) on sale of closed bank branch buildings

–

–

–

107

–

107

(476)

Gain on sale of Life Premium Finance portfolio, net of broker fees

–

–

–

–

(4,723)

–

(4,723)

Consumer program fraud losses 

–

–

–

–

1,904

–

1,904

Income tax effect

7,489

–

1,559

4,370

224

13,418

(374)

Net income (loss) attributable to Primis’ common shareholders adjusted for nonrecurring
income and expenses

$              2,359

$              6,830

$             (3,222)

$              3,572

$           (24,148)

$            9,539

$       (14,849)

Net income (loss) attributable to Primis’ common shareholders

$            29,540

$              6,830

$              2,437

$            22,636

$           (23,335)

$         61,443

$       (16,205)

Income tax expense (benefit)

6,725

1,907

528

5,553

(5,917)

14,713

(4,238)

Provision (benefit) for credit losses (incl. unfunded commitment expense/benefit)

2,312

(68)

8,321

1,609

33,477

12,174

50,163

Pre-tax pre-provision earnings

$            38,577

$              8,669

$            11,286

$            29,798

$              4,225

$         88,330

$         29,720

Effect of adjustment for nonrecurring income and expenses

(34,670)

–

(7,218)

(23,434)

(1,037)

(65,322)

1,730

Pre-tax pre-provision operating earnings

$              3,907

$              8,669

$              4,068

$              6,364

$              3,188

$         23,008

$         31,450

Return on average assets 

2.94 %

0.70 %

0.26 %

2.52 %

(2.43 %)

1.61 %

(0.42 %)

Effect of adjustment for nonrecurring income and expenses

(2.71 %)

0.00 %

(0.60 %)

(2.12 %)

(0.08 %)

(1.36 %)

0.03 %

Operating return on average assets 

0.23 %

0.70 %

(0.34 %)

0.40 %

(2.51 %)

0.25 %

(0.39 %)

Return on average assets 

2.94 %

0.70 %

0.26 %

2.52 %

(2.43 %)

1.61 %

(0.42 %)

Effect of tax expense

0.67 %

0.20 %

0.06 %

0.62 %

(0.62 %)

0.39 %

(0.11 %)

Effect of provision for credit losses  (incl. unfunded commitment expense)

0.23 %

(0.01 %)

0.88 %

0.18 %

3.49 %

0.32 %

1.29 %

Pre-tax pre-provision return on average assets 

3.84 %

0.89 %

1.20 %

3.32 %

0.44 %

2.32 %

0.76 %

Effect of adjustment for nonrecurring income and expenses

(3.45 %)

0.00 %

(0.76 %)

(2.61 %)

(0.11 %)

(1.71 %)

0.04 %

Pre-tax pre-provision operating return on average assets

0.39 %

0.89 %

0.44 %

0.71 %

0.33 %

0.61 %

0.80 %

Return on average common equity

29.46 %

7.13 %

2.57 %

26.66 %

(24.28 %)

16.35 %

(4.34 %)

Effect of adjustment for nonrecurring income and expenses

(27.10 %)

0.00 %

(5.97 %)

(22.45 %)

(0.85 %)

(13.81 %)

0.37 %

Operating return on average common equity

2.36 %

7.13 %

(3.40 %)

4.21 %

(25.13 %)

2.54 %

(3.97 %)

Effect of goodwill and other intangible assets

0.71 %

2.32 %

(1.11 %)

1.57 %

(8.20 %)

0.84 %

(1.35 %)

Operating return on average tangible common equity

3.07 %

9.45 %

(4.51 %)

5.78 %

(33.33 %)

3.38 %

(5.32 %)

Efficiency ratio

52.14 %

78.81 %

73.92 %

55.39 %

96.36 %

62.09 %

85.26 %

Effect of adjustment for nonrecurring income and expenses

38.91 %

0.00 %

14.75 %

36.58 %

2.54 %

25.39 %

(1.75 %)

Operating efficiency ratio 

91.05 %

78.81 %

88.67 %

91.97 %

98.90 %

87.48 %

83.51 %

Earnings per common share – Basic

$                1.20

$                0.28

$                0.10

$                0.92

$               (0.94)

$              2.49

$            (0.66)

Effect of adjustment for nonrecurring income and expenses

(1.10)

–

(0.23)

(0.78)

(0.04)

(2.10)

0.06

Operating earnings per common share – Basic

$                0.10

$                0.28

$               (0.13)

$                0.14

$               (0.98)

$              0.39

$            (0.60)

Earnings per common share – Diluted

$                1.20

$                0.28

$                0.10

$                0.92

$               (0.94)

$              2.49

$            (0.66)

Effect of adjustment for nonrecurring income and expenses

(1.10)

–

(0.23)

(0.78)

(0.04)

(2.10)

0.06

Operating earnings per common share – Diluted

$                0.10

$                0.28

$               (0.13)

$                0.14

$               (0.98)

$              0.39

$            (0.60)

Book value per common share

$              17.12

$              15.51

$              15.27

$              15.19

$              14.23

$            17.12

$           14.23

Effect of goodwill and other intangible assets

(3.78)

(3.80)

(3.79)

(3.79)

(3.81)

(3.78)

(3.81)

Tangible book value per common share

$              13.34

$              11.71

$              11.48

$              11.40

$              10.42

$            13.34

$           10.42

Net charge-offs as a percent of average loans (annualized)

0.16 %

0.14 %

0.80 %

1.47 %

3.83 %

0.65 %

1.48 %

Impact of third-party consumer portfolio

(0.11 %)

(0.11 %)

(0.65 %)

(1.41 %)

(3.78 %)

(0.58 %)

(1.43 %)

Core net charge-offs (recoveries) as a percent of average loans (annualized)

0.05 %

0.03 %

0.15 %

0.06 %

0.05 %

0.07 %

0.05 %

Total Primis common stockholders’ equity

$          422,896

$          382,153

$          376,415

$          375,563

$          351,756

$       422,896

$      351,756

Less goodwill and other intangible assets

(93,495)

(93,502)

(93,508)

(93,804)

(94,124)

(93,495)

(94,124)

Tangible common equity

$          329,401

$          288,651

$          282,907

$          281,759

$          257,632

$       329,401

$      257,632

Common equity to assets

10.45 %

9.66 %

9.72 %

10.16 %

9.53 %

10.45 %

9.53 %

Effect of goodwill and other intangible assets

(2.12 %)

(2.18 %)

(2.23 %)

(2.34 %)

(2.37 %)

(2.12 %)

(2.37 %)

Tangible common equity to tangible assets

8.33 %

7.48 %

7.49 %

7.82 %

7.16 %

8.33 %

7.16 %

Net interest margin

3.28 %

3.18 %

2.86 %

3.15 %

2.90 %

3.12 %

2.86 %

Effect of adjustment for Consumer Portfolio

0.01 %

(0.03 %)

0.26 %

(0.02 %)

0.01 %

0.05 %

0.07 %

Core net interest margin

3.29 %

3.15 %

3.12 %

3.13 %

2.91 %

3.17 %

2.93 %

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/primis-financial-corp-reports-earnings-per-share-for-the-fourth-quarter-of-2025-302674442.html

SOURCE Primis Financial Corp.

Posted on

Class Action Filed Against Fermi Inc. (FRMI) Seeking Recovery for Investors – Contact Levi & Korsinsky

NEW YORK, Jan. 29, 2026 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP notifies investors in Fermi Inc. (“Fermi Inc.” or the “Company”) (NASDAQ: FRMI) of a class action securities lawsuit.

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Fermi Inc. investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of persons and entities that purchased or otherwise acquired Fermi: (a) common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s October 2025 initial public offering; and/or (b) securities between October 1, 2025 and December 11, 2025, inclusive. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/fermi-inc-lawsuit-submission-form?prid=183300&wire=3 

FRMI investors may also contact Joseph E. Levi, Esq. via email at [email protected]  or by telephone at (212) 363-7500.

CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) the Company overstated its tenant demand for its Project Matador campus; (2) the extent to which Project Matador would rely on a single tenant’s funding commitment to finance the construction of Project Matador; (3) there was a significant risk that that tenant would terminate its funding commitment; and (4) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

WHAT’S NEXT? If you suffered a loss in Fermi Inc. during the relevant time frame, you have until March 6, 2026 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected] 
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com