Quarterly ResultApr 30, 2026, 11:24 AM
PFS Q1 Net Income $79.4M, EPS $0.61; Non-Performing Loans Rise
AI Summary
Provident Financial Services, Inc. reported net income of $79.4 million, or $0.61 per diluted share, for Q1 2026, an increase from $64.0 million, or $0.49 per diluted share, in Q1 2025. The company saw pre-provision, net revenue growth of 13.5% year-over-year, driven by expanding net interest income and higher insurance agency income. However, non-performing loans significantly increased to $142.9 million, primarily due to four commercial loans on senior housing properties totaling $82.1 million related to bankruptcy filings.
Key Highlights
- PFS Q1 2026 net income $79.4M, up from $64.0M YoY
- Diluted EPS $0.61, up from $0.49 YoY
- Revenue $225.2M, up from $208.8M YoY
- Pre-provision, net revenue grew 13.5% YoY
- Total commercial and industrial (C&I) loan portfolio increased $123.1M, or 10.3% annualized, to $4.97B
- Non-performing loans increased to $142.9M (0.73% of total loans) from $78.4M (0.40%) QoQ
- Tangible book value per share increased 2.1% to $16.03
- Common stock repurchases totaled $12.4M (588,923 shares) at average cost of $21.04 per share