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Provident Financial Services

Provident Financial Services (PFS) Q1 2026 Earnings

Reported Apr 30, 2026 at 11:16 AM ET · SEC Source

Q1 26 EPS

$0.61

BEAT +11.31%

Est. $0.55

Q1 26 Revenue

$225.2M

BEAT +0.00%

Est. $225.2M

vs S&P Since Q1 26

+1.9%

BEATING MARKET

PFS +4.7% vs S&P +2.8%

Market Reaction

Did PFS Beat Earnings? Q1 2026 Results

Provident Financial Services delivered a stronger-than-expected first quarter, posting earnings of $0.61 per diluted share against a consensus estimate of $0.55, a beat of 11.31% that marks the company's fourth consecutive quarter of topping Wall Str… Read more Provident Financial Services delivered a stronger-than-expected first quarter, posting earnings of $0.61 per diluted share against a consensus estimate of $0.55, a beat of 11.31% that marks the company's fourth consecutive quarter of topping Wall Street's EPS forecasts. Net income climbed to $79.42 million, up from $64.03 million a year ago, as revenue of $225.20 million landed precisely in line with analyst expectations despite a 32.3% year-over-year decline tied to the prior-year base effects from the Lakeland merger integration. The primary engine behind the earnings improvement was pre-provision net revenue growth of 13.5%, powered by net interest income rising to $193.74 million from $181.73 million a year ago alongside record non-interest income of $31.45 million, led by insurance agency income that grew 21.2% year-over-year. Asset quality drew attention after non-performing loans rose to 0.73% of loans due to four senior housing commercial loans in bankruptcy, though management noted strong collateral positions and recorded a $2.10 million provision recapture. Looking ahead, CEO Labozzetta pointed to a record loan pipeline of $3.11 billion at a weighted average rate of 6.24% as a foundation for continued EPS growth and tangible book value compounding.

Key Takeaways

  • • Pre-provision net revenue growth of 13.5% year-over-year
  • • Net interest income expansion driven by new loan originations and favorable deposit repricing
  • • Insurance agency income up 21.2% year-over-year due to contingent commissions and additional business
  • • C&I loan portfolio growth of 10.3% annualized
  • • Average cost of deposits declined to 1.94% from 2.11% year-over-year
  • • $2.1 million recapture of previous provisions for credit losses
  • • Efficiency ratio improved to 52.02% from 54.43% year-over-year

PFS Forward Guidance & Outlook

CEO Labozzetta expressed optimism about continued EPS growth and compounding of tangible book value, supported by a loan pipeline at record levels of $3.1 billion with a weighted average interest rate of 6.24%. Unfunded loan commitments totaled $3.96 billion as of March 31, 2026, up from $3.71 billion at year-end 2025.

24/7 Wall St

PFS YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

PFS Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Provident delivered another strong quarter of financial performance, demonstrating the continued momentum in our business and the effectiveness of our strategic initiatives. Pre-provision, net revenue grew 13.5% year-over-year, driven by strong loan growth, modest margin expansion, and notable growth in insurance agency income. The bank's loan pipeline of $3.1 billion sits at record levels, and we remain optimistic about continued earnings per share growth and compounding of tangible book value moving forward.”

— Anthony J. Labozzetta, Q1 2026 Earnings Press Release

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