Provident Financial Services (PFS) Tops Q4 EPS by 6c

Provident Financial Services (NYSE: PFS) reported Q4 EPS of $0.55, $0.06 better than the analyst estimate of $0.49.

Chairman, President and Chief Executive Officer Christopher Martin commented: “We achieved record earnings for the quarter, as our net interest margin expanded six basis points, contributing to growth in our net interest income. Expenses reflect investments in data analytics, customer experience and regulatory compliance, yet remain well controlled. Credit quality was strong, and capital levels increased despite $13.0 million of common stock repurchases in the quarter, executed during periods of stock market volatility.” Martin continued, “Our wealth management subsidiary, Beacon Trust Company recently announced its planned acquisition of Tirschwell & Loewy, Inc., a Manhattan-based registered investment adviser with approximately $750 million in assets under management. I am pleased to announce that our Board of Directors has approved an increase in our regular quarterly cash dividend as well as a special cash dividend. These dividend declarations reflect their confidence in our ability to generate strong earnings and profitability metrics, maintain our practice of sensible and measured growth, and our commitment to enhancing stockholder value.”

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

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