Net interest income more than doubled from $20.3 million in 2023Q4 to $42.9 million in 2026Q1, though efficiency ratios remain sensitive to integration costs, fluctuating between 39.2% and 49.0% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Net Interest Income | 169.19M | 165.96M | 115.9M | 86.75M | 95.75M | 84.56M | 79.7M | 75.43M | 71.27M | 65.49M | 61.69M | 56.97M | 57.26M | 33.11M | 32.17M | 32.3M | 19.04M | 17.02M | 16.32M | 13.51M | 11.9M | 12.42M | 12.68M | 12.33M | 12.25M | 10.88M | 9.52M | 9.14M | 8.39M | 7.81M |
| NII Growth % | 148.19% | 43.19% | 33.6% | -9.4% | 13.23% | 6.09% | 5.67% | 5.84% | 8.82% | 6.17% | 8.28% | -0.52% | 72.94% | 2.94% | -0.43% | 69.71% | 11.87% | 4.23% | 20.87% | 13.49% | -4.21% | -1.98% | 2.83% | 0.6% | 12.61% | 14.27% | 4.14% | 8.94% | 7.45% | - |
| Net Interest Margin % | 3.12% | 3.15% | 2.28% | 2.32% | 2.69% | 2.51% | 2.76% | 3.05% | 3.11% | 3.02% | 3.08% | 3.13% | 3.29% | 1.96% | 3.5% | 5.2% | 3.41% | 3.29% | 3.46% | 3.11% | 2.86% | 3.18% | 3.34% | 3.32% | 3.53% | 3.45% | 3.31% | 3.5% | 3.4% | 3.41% |
| Interest Income | 261.89M | 259.7M | 211.37M | 149.85M | 111.33M | 93.98M | 94.03M | 93.3M | 84.59M | 74.19M | 68.94M | 63.01M | 63.91M | 37.28M | 37.53M | 39.64M | 25.58M | 24.27M | 25.48M | 24.61M | 22.7M | 20.67M | 19.76M | 19.9M | 20.54M | 20.9M | 19.99M | 17.62M | 16.58M | 15.72M |
| Interest Expense | 92.69M | 93.73M | 95.47M | 63.1M | 15.59M | 9.42M | 14.32M | 17.87M | 13.32M | 8.7M | 7.25M | 6.04M | 6.64M | 4.17M | 5.36M | 7.34M | 6.5M | 7.26M | 9.15M | 11.11M | 10.8M | 8.25M | 7.08M | 7.57M | 8.33M | 10.02M | 10.47M | 8.48M | 8.19M | 7.91M |
| Loan Loss Provision | 1.28M | 98K | 19.13M | 566K | -449K | 1.75M | 7.4M | 6.1M | 4.2M | 4.8M | 5M | 3.7M | 3.52M | 2.36M | 924K | 2.38M | 2.2M | 1.74M | 713K | 280K | 302K | 392K | 1.05M | 289K | 180K | 20K | 240K | 240K | 190K | 130K |
| Non-Interest Income | 23.07M | 21.25M | 18.43M | 14.15M | 12.32M | 13.77M | 16.74M | 15.2M | 13.73M | 14.96M | 12.94M | 13.11M | 13.06M | 9.36M | 8.76M | 9.52M | 4.45M | 3.29M | 3.45M | 3.31M | 2.79M | 2.82M | 1.73M | 2.59M | 1.33M | 1.71M | -7.83M | -7.6M | -7.01M | -6.54M |
| Non-Interest Income % | 8.1% | 7.57% | 8.02% | 8.63% | 9.97% | 12.78% | 15.11% | 14.01% | 13.97% | 16.78% | 15.81% | 17.22% | 16.97% | 20.07% | 18.93% | 19.36% | 14.83% | 11.93% | 11.92% | 11.85% | 10.95% | 11.99% | 8.06% | 11.52% | 6.08% | 7.54% | -64.38% | -75.75% | -73.16% | -71.26% |
| Total Revenue | 284.96M | 280.95M | 229.8M | 164M | 123.66M | 107.75M | 110.77M | 108.5M | 98.32M | 89.15M | 81.88M | 76.12M | 76.97M | 46.64M | 46.29M | 49.16M | 30.03M | 27.56M | 28.93M | 27.92M | 25.49M | 23.49M | 21.49M | 22.49M | 21.87M | 22.61M | 12.16M | 10.03M | 9.58M | 9.18M |
| Revenue Growth % | 71.01% | 22.26% | 40.12% | 32.63% | 14.76% | -2.72% | 2.09% | 10.36% | 10.29% | 8.88% | 7.57% | -1.11% | 65.03% | 0.76% | -5.84% | 63.7% | 8.96% | -4.72% | 3.61% | 9.54% | 8.51% | 9.3% | -4.45% | 2.86% | -3.28% | 85.9% | 21.27% | 4.7% | 4.31% | - |
| Non-Interest Expense | 118.48M | 114.89M | 106.73M | 67.84M | 63.16M | 43.06M | 54.87M | 55.64M | 52.49M | 49.02M | 45.04M | 44.14M | 43.7M | 33.91M | 26.36M | 25.88M | 13.41M | 12.6M | 15.93M | 10.57M | 9.49M | 9.39M | 7.89M | 7.23M | 6.79M | 6.22M | -3.55M | -3.59M | -3.11M | -2.69M |
| Efficiency Ratio | 41.58% | 40.89% | 46.44% | 41.36% | 51.07% | 39.96% | 49.53% | 51.28% | 53.38% | 54.98% | 55% | 57.98% | 56.77% | 72.69% | 56.94% | 52.63% | 44.65% | 45.7% | 55.08% | 37.85% | 37.23% | 39.97% | 36.71% | 32.16% | 31.04% | 27.52% | -29.19% | -35.85% | -32.5% | -29.26% |
| Operating Income | 72.56M | 72.23M | 8.47M | 32.5M | 45.37M | 53.52M | 34.17M | 28.89M | 28.31M | 26.64M | 24.59M | 22.24M | 23.11M | 6.21M | 13.65M | 13.56M | 7.92M | 5.97M | 3.13M | 5.97M | 4.9M | 5.46M | 5.47M | 7.39M | 6.57M | 6.34M | 5M | 4.9M | 4.31M | 3.82M |
| Operating Margin % | 25.46% | 25.71% | 3.69% | 19.82% | 36.69% | 49.67% | 30.85% | 26.63% | 28.79% | 29.88% | 30.03% | 29.22% | 30.02% | 13.31% | 29.48% | 27.59% | 26.38% | 21.67% | 10.81% | 21.38% | 19.23% | 23.25% | 25.44% | 32.88% | 30.04% | 28.06% | 41.13% | 48.88% | 44.99% | 41.66% |
| Operating Income Growth % | - | 753.02% | -73.95% | -28.36% | -15.23% | 56.6% | 18.29% | 2.05% | 6.28% | 8.32% | 10.55% | -3.74% | 272.35% | -54.52% | 0.6% | 71.23% | 32.65% | 91.04% | -47.62% | 21.77% | -10.25% | -0.11% | -26.06% | 12.58% | 3.53% | 26.83% | 2.05% | 13.74% | 12.66% | - |
| Pretax Income | 72.5M | 72.23M | 8.47M | 32.5M | 45.37M | 53.52M | 34.17M | 28.89M | 28.31M | 26.64M | 24.59M | 22.24M | 23.11M | 6.21M | 13.65M | 13.56M | 7.92M | 5.97M | 3.13M | 5.97M | 4.9M | 5.46M | 5.47M | 7.39M | 6.57M | 6.34M | 5M | 4.9M | 4.31M | 3.82M |
| Pretax Margin % | 25.44% | 25.71% | 3.69% | 19.82% | 36.69% | 49.67% | 30.85% | 26.63% | 28.79% | 29.88% | 30.03% | 29.22% | 30.02% | 13.31% | 29.48% | 27.59% | 26.38% | 21.67% | 10.81% | 21.38% | 19.23% | 23.25% | 25.44% | 32.88% | 30.04% | 28.06% | 41.13% | 48.88% | 44.99% | 41.66% |
| Income Tax | 13.57M | 13.05M | -30K | 5.12M | 7.28M | 10M | 4.82M | 3.15M | 3.39M | 8.18M | 5.01M | 4.52M | 5.46M | 485K | 3.06M | 3.03M | 1.44M | 923K | 87K | 1.1M | 772K | 985K | 1.01M | 1.83M | 1.55M | 1.51M | 1.1M | 1.11M | 903.8K | 813.62K |
| Effective Tax Rate % | 18.72% | 18.06% | -0.35% | 15.76% | 16.04% | 18.68% | 14.11% | 10.92% | 11.98% | 30.71% | 20.37% | 20.32% | 23.62% | 7.82% | 22.41% | 22.37% | 18.14% | 15.46% | 2.78% | 18.38% | 15.75% | 18.04% | 18.55% | 24.75% | 23.64% | 23.77% | 21.93% | 22.74% | 20.97% | 21.27% |
| Net Income | 58.92M | 59.19M | 8.5M | 27.38M | 38.09M | 43.52M | 29.35M | 25.74M | 24.92M | 18.46M | 19.58M | 17.72M | 17.65M | 5.72M | 10.59M | 10.53M | 6.49M | 5.05M | 3.04M | 4.87M | 4.13M | 4.48M | 4.45M | 5.56M | 5.01M | 4.84M | 3.9M | 3.79M | 3.41M | 3.01M |
| Net Margin % | 20.68% | 21.07% | 3.7% | 16.69% | 30.8% | 40.39% | 26.5% | 23.72% | 25.35% | 20.7% | 23.92% | 23.28% | 22.93% | 12.27% | 22.88% | 21.42% | 21.59% | 18.32% | 10.51% | 17.45% | 16.2% | 19.06% | 20.72% | 24.74% | 22.94% | 21.39% | 32.11% | 37.76% | 35.56% | 32.8% |
| Net Income Growth % | 194.02% | 596.48% | -68.96% | -28.12% | -12.47% | 48.26% | 14.06% | 3.27% | 35.02% | -5.75% | 10.49% | 0.42% | 208.5% | -45.97% | 0.55% | 62.39% | 28.44% | 66.14% | -37.61% | 17.97% | -7.75% | 0.52% | -19.97% | 10.95% | 3.7% | 23.84% | 3.12% | 11.2% | 13.09% | - |
| Net Income (Continuing) | 58.92M | 59.19M | 8.5M | 27.38M | 38.09M | 43.52M | 29.35M | 25.74M | 24.92M | 18.46M | 19.58M | 17.72M | 17.65M | 5.72M | 10.59M | 10.53M | 6.49M | 5.05M | 3.04M | 4.87M | 4.13M | 4.48M | 4.45M | 5.56M | 5.01M | 4.84M | 3.9M | 3.79M | 3.41M | 3.01M |
| EPS (Diluted) | 5.88 | 5.88 | 0.99 | 3.83 | 5.28 | 6.01 | 4.00 | 3.72 | 3.37 | 2.50 | 2.65 | 2.36 | 2.34 | 1.07 | 2.37 | 3.37 | 2.06 | 1.61 | 0.97 | 1.55 | 1.31 | 1.41 | 1.40 | 1.75 | 1.59 | 1.52 | 1.20 | 1.16 | 1.04 | 0.92 |
| EPS Growth % | 174.65% | 493.94% | -74.15% | -27.46% | -12.15% | 50.25% | 7.53% | 10.39% | 34.8% | -5.66% | 12.29% | 0.85% | 118.69% | -54.85% | -29.67% | 63.59% | 27.95% | 65.98% | -37.42% | 18.32% | -7.09% | 0.71% | -20% | 10.06% | 4.61% | 26.67% | 3.45% | 11.54% | 13.04% | - |
| EPS (Basic) | - | 5.92 | 1.00 | 3.85 | 5.31 | 6.05 | 4.02 | 3.72 | 3.37 | 2.50 | 2.65 | 2.36 | 2.34 | 1.07 | 2.37 | 2.36 | 2.07 | 1.61 | 0.97 | 1.55 | 1.31 | 1.42 | 1.41 | 1.76 | 1.59 | 1.52 | 1.20 | 1.16 | 1.04 | 0.92 |
| Diluted Shares Outstanding | 10.03M | 10.07M | 8.59M | 7.15M | 7.21M | 7.24M | 7.34M | 7.39M | 7.4M | 7.4M | 7.4M | 7.52M | 7.55M | 4.73M | 4.47M | 3.13M | 3.14M | 3.13M | 3.13M | 3.14M | 3.15M | 3.17M | 3.18M | 3.18M | 3.15M | 3.18M | 3.25M | 3.26M | 3.27M | 3.27M |
Integration and funding costs
As indicated by the quarterly financial data, PFIS achieved a significant step-up in net interest income, rising from $20.3 million in 2023Q4 to $42.9 million by 2026Q1, reflecting a successful expansion of the interest-earning asset base despite a challenging and competitive regional funding environment.
The sharp inflection in NII suggests that the bank has successfully deployed capital into higher-yielding assets, likely benefiting from the recent merger activity. Investors should monitor whether this growth trajectory can be sustained without a corresponding spike in deposit betas, which could compress the net interest spread.
Based on the reported income statements, the efficiency ratio fluctuated between 39.2% and 49.0% over the last ten quarters, suggesting that the bank is currently navigating the operational complexities and overhead requirements associated with its recent inorganic growth strategy and expanded geographic footprint in Pennsylvania.
The volatility in the efficiency ratio implies that management is balancing the benefits of scale against the immediate costs of integration. Maintaining an efficiency ratio below 45% will be critical for demonstrating that the merger with FNCB is delivering the anticipated operational synergies to shareholders.
According to the provided financial statements, the provision for credit losses exhibited extreme variance, peaking at $14.5 million in 2024Q3 before swinging to a net recovery of $838,000 in 2025Q3, which complicates the assessment of the bank's true credit risk profile and earnings quality.
This erratic provisioning pattern suggests that the bank's earnings are highly sensitive to management's qualitative adjustments under the CECL framework. Analysts should investigate whether these swings represent genuine shifts in loan portfolio health or merely conservative accounting adjustments related to the integration of acquired loan books.
As reported in the financial data, the period between 2024Q4 and 2025Q1 marks a clear inflection point where net interest income more than doubled, signaling a fundamental change in the bank's scale and revenue-generating capacity following the initiation of its recent strategic merger and expansion efforts.
This structural shift suggests that PFIS has moved into a new tier of regional banking, though the transition has introduced significant volatility in quarterly EPS. The sustainability of this higher revenue plateau remains the primary question for investors evaluating the long-term profitability of the combined entity.
Quick answers to the most common questions about buying PFIS stock.
Peoples Financial Services Corp. (PFIS) is profitable, generating $59.2M in net income for the fiscal year ending 2025 with a net profit margin of 21.1%.
Peoples Financial Services Corp. (PFIS) reported an operating income of $72.2M, resulting in an operating profit margin of 25.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Peoples Financial Services Corp. (PFIS) generated $187.1M in gross profit for the year, representing a gross profit margin of 66.6%. This demonstrates the company's core pricing power and production efficiency.