Get notified when PFS files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsRed Flags Detected
- New Jersey Tax Examination With $21m Preliminary Assessment (new) — The state is challenging the Company's CBT nexus and income sourcing positions for 2020-2023; management has not reserved for the exposure.
- Acl Coverage Declining While Npls Rising (worsened) — Reserve coverage fell 6bp to 0.92% even as non-performing loans jumped 28bp to 0.68%, suggesting the reserve build lagged credit deterioration.
- Reliance On Wholesale Funding Increased (worsened) — Borrowed funds rose to 9.4% of assets as the Company replaced deposit outflows with FHLB advances and brokered CDs, indicating tighter deposit liquidity.
- Acl Forecast Sensitivity Disclosure Removed (removed) — The prior filing quantified a $22.3M provision increase under a more severe economic outlook; the current filing omits this sensitivity analysis, reducing transparency.
PFS Q2 net income +8.6% to $78.1M; NPLs jump 28bp on $81.8M senior housing bankruptcies
Filed August 7, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 7, 2025 · ~2 min read
Key Changes
-
high
Non-performing loans surged to 0.68% of total loans (from 0.40% at year-end) driven by four senior housing properties totaling $81.8M now in bankruptcy. Management states strong collateral values supported by 2026 appraisals and initial sale bids require no specific reserves.
MD&A: Asset Quality verify on EDGAR → -
high
Allowance for credit losses coverage fell 6bp year-over-year to 0.92% despite NPLs rising 12bp, while net charge-offs increased 56% to $5.0M for the six months.
MD&A: Credit Reserves verify on EDGAR → -
high
New Jersey tax examination disclosed with $14M preliminary assessment plus $7M interest/penalties for 2020-2023, related to CBT nexus and income sourcing. Management believes the position is supportable and has not recorded a liability.
Legal Proceedings verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
Want to see a complete report first? Today's free report (INFQ 10-Q) is open in full — no account needed.
Partner
Trade PFS commission-free
Open an account, get a free stock.
Investing involves risk. Free stock terms apply.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Aug 20, 2026 · How we verify