Provident Financial Services (PFS) Misses Q2 EPS by 10c

Provident Financial Services (NYSE: PFS) reported Q2 EPS of $0.30, $0.10 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $0 versus the consensus estimate of $74.18 million.

Christopher Martin, Chairman, President and Chief Executive Officer commented: “This quarter’s results reflect record revenue for the Company and continued expansion of our net interest margin, as our funding costs continue to be well-managed and the yield on our loan portfolio increased. The credit losses incurred this quarter were primarily driven by two commercial relationships which we believe involved borrower fraud in each instance. We do not believe these credits are indicative of any deterioration in our overall credit quality. We will continue to pursue all available avenues for recovery of these loan losses, although there can be no assurance as to how successful we will be in this regard.” Martin added: “I am pleased to report that our board of directors declared an increase in the quarterly cash dividend to $0.21 per share. We remain positive about our strong capital position, increased core revenue, and the prospect of expansion of both our core banking and wealth management businesses.”

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

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