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.”

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