Provident Financial Services (PFS) Reports In-Line Q1 EPS, Beats on Revenues

Provident Financial Services (NYSE: PFS) reported Q1 EPS of $0.43, in-line with the analyst estimate of $0.43. Revenue for the quarter came in at $86.33 million versus the consensus estimate of $76.91 million.

Christopher Martin, Chairman, President and Chief Executive Officer commented: “Following record originations in the trailing quarter, our average loans outstanding grew by 9.4%, annualized during the first quarter. Although we experienced a net decrease in loans at period end, overall first quarter originations were 22% better than the prior year’s first quarter, and the pipeline improved as to both rate and volume.” Martin continued: “Our net interest margin expanded 5 basis points from the previous quarter which resulted in record quarterly revenue, efficiency and earnings. While we saw some deterioration in selected loans, overall credit metrics remained favorable.”

For earnings history and earnings-related data on Provident Financial Services (PFS) click here.

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