Quarterly ResultMay 8, 2026, 02:37 PM
Provident Financial Q1 Net Income $79.4M, EPS $0.61
AI Summary
Provident Financial Services Inc. reported a significant increase in net income and EPS for Q1 2026, driven by higher net interest income and a recapture of credit loss provisions. Total assets and loans held for investment grew, but deposits decreased. The company also noted a substantial rise in non-accrual loans, primarily due to four commercial loans on senior housing properties.
Key Highlights
- Net income rose 24.0% to $79.4 million in Q1 2026 from $64.0 million in Q1 2025.
- Basic EPS increased 24.5% to $0.61 in Q1 2026 from $0.49 in Q1 2025.
- Net interest income grew 6.6% to $193.7 million in Q1 2026 from $181.7 million in Q1 2025.
- The company recorded a $2.1 million recapture of provision for credit losses in Q1 2026.
- Total assets increased to $25.20 billion as of March 31, 2026, from $24.98 billion at year-end 2025.
- Total deposits decreased to $19.10 billion as of March 31, 2026, from $19.28 billion at year-end 2025.
- Non-accrual loans surged 82.2% to $142.9 million as of March 31, 2026, from $78.4 million.
- Allowance for credit losses decreased 4.2% to $177.0 million as of March 31, 2026.
Price Impact
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