Peoples Financial Services Corp Reports Q2 and Year-to-Date Earnings for 2026
Peoples Financial Services Corp (NASDAQ: PFIS) reported unaudited second-quarter earnings of $14.8 million, or $1.48 per diluted share, representing a decline from the same period in 2025 when it earned $17.0 million, or $1.68 per diluted share. For the six months ended June 30, 2026, net income was $29.6 million compared to $32.0 million for the prior year's period. The drop in earnings is attributed primarily to a higher provision for credit losses due to strong loan growth and increased noninterest expenses and tax costs, partially offset by gains from higher interest and noninterest incomes. The company noted robust loan growth of 10.8% annualized on a linked-quarter basis, with total loans reaching $4.3 billion at June 30, 2026. Total deposits also increased to $4.5 billion during the same period. Book value per common share rose from $49.44 in Q2 of 2025 to $53.56 as of June 30, 2026. Peoples' CEO emphasized that despite lower net income compared to last year, strong performance was driven by loan growth and solid noninterest income. The company remains focused on prudent risk management and operational efficiency.
Topics: credit losses earnings loan growth net income decline