Provident Financial Services (PFS) Tops Q2 EPS by 7c

Provident Financial Services (NYSE: PFS) reported Q2 EPS of $0.22, $0.07 better than the analyst estimate of $0.15. Revenue for the quarter came in at $81.54 million versus the consensus estimate of $72.23 million.

Christopher Martin, Chairman, President and Chief Executive Officer commented: “While our markets continue to be impacted by the COVID-19 pandemic, our dedicated employees have worked diligently to deliver a high level of service to our customers in a caring and safe manner. Our second quarter results were adversely affected by an elevated provision for credit losses driven by a negative economic outlook and net interest margin pressure. Despite all this, we were able to deliver strong pre-provision net revenues, and asset quality improved during the quarter. Many of our borrowers granted principal and/or interest deferrals in the first quarter have resumed making full payments. Our strong capital base and favorable funding costs continue to be a source of strength.” Martin further noted: “The closing of our acquisition of SB One Bancorp is scheduled for tomorrow, and we look forward to capitalizing on the growth opportunities, scale and strong management that this strategic transaction affords us.”

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

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