Provident Financial Services (NYSE: PFS) reported Q1 EPS of $0.23, $0.11 worse than the analyst estimate of $0.34.

Christopher Martin, Chairman, President and Chief Executive Officer commented: “The COVID-19 pandemic and related mitigation efforts have brought extraordinary recessionary conditions and a new level of economic uncertainty that did not exist at the start of the year. We have taken aggressive action to protect the health and safety of our employees and customers, while striving to maintain our customary high level of service. We are working closely with our loan customers to guide them through their options for financial assistance including the Paycheck Protection Program (“PPP”) and payment relief through deferrals and waived fees. Subsequent to quarter-end and through April 28, 2020, the Company has secured 820 PPP loans for a total of $377.5 million, while providing deferred payment relief to 638 customers with a total of $889.0 million in outstanding loan balances. We will continue to nimbly address changing circumstances and are confident that our dedicated employees, as well as our capital strength, will enable us to successfully navigate through these trying times.” Martin further noted: “Our announced acquisition of SB One Bancorp is proceeding on schedule and we remain committed to this strategically compelling combination. We look forward to welcoming new customers and colleagues as we add meaningful scale through this complementary transaction.”

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