The bank holding company for Peoples Security Bank and Trust Company recorded $1.48 per diluted share for the quarter ending June 30, 2026, compared to $1.68 per share in the prior-year period. For the first half of 2026, net income reached $29.6 million, down from $32.0 million in the first six months of 2025. President and CEO Gerard A. Champi noted that the results highlight the firm's disciplined growth strategy, despite the impact of rising costs and a higher provision for credit losses, which totaled $3.1 million for the quarter.
Despite the decline in net income, the bank experienced robust activity across its balance sheet. Total loans grew to $4.3 billion by the end of June, an increase of $112.6 million on a linked-quarter basis. Net interest income improved to $45.6 million for the quarter, bolstered by the company's investment portfolio repositioning. However, noninterest expenses rose to $30.6 million, driven primarily by higher salary costs, employee benefits, and data processing investments. The bank maintains a strong capital position, with stockholders' equity rising to $536.2 million, or $53.56 per share, by mid-year.
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