Provident Financial Q3 adjusted EPS beats estimates
PFS•Provident Financial Services reported third-quarter adjusted EPS of $0.65, above the $0.60 analyst estimate. Net income was $69.2 million, while net interest income rose year over year to $208 million.
1. Quarterly results
Provident Financial Services’ third-quarter adjusted EPS was $0.65, compared with analyst expectations of $0.60. EPS was $0.53 and net income was $69.2 million.
2. Income and outlook
Net interest income rose year over year to $208 million, driven by new loan originations at current market rates and favorable deposit repricing. Net income declined sequentially and year over year, with the quarter including a one-time debt extinguishment loss and core system conversion costs. The company expects continued organic loan growth, sustained demand in commercial real estate and commercial and industrial lending, and revenue growth supported by spread and fee-based businesses.
