PFS Q1 earnings jump 24% on deposit repricing; NPLs spike on senior housing bankruptcies

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~1 min read

Key Changes

• high

  Net income rose 24% to $79.4M ($0.61/share) vs $64.0M prior year, driven by 6-basis-point margin expansion to 3.40% as deposit costs fell 25 bps to 2.39%. Pre-provision revenue up 9.2%.

  MD&A: Net Income & NIM verify on EDGAR →
• high

  Non-performing loans jumped $64.5M to $142.9M (0.73% of loans) on four senior housing bankruptcies totaling $82.1M. Management cites strong collateral (LTVs 33%-82%) and no reserves needed.

  MD&A: Asset Quality verify on EDGAR →
• high

  Company recaptured $4.7M in loan loss provisions (vs $325K provision prior year), lowering allowance coverage to 0.90% from 1.02%. Reflects improved credit outlook and resolved problem credits.

  MD&A: Provision for Credit Losses verify on EDGAR →