NYSE$PFS
Provident Financial Services Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Reported a decrease in net income due to increased funding costs, provision for credit losses, and non-interest expense, partially offset by increased non-interest income.
Provident Financial Services reported a net income of $40.5 million, or $0.54 per basic and diluted share, for the three months ended March 31, 2023. The results were negatively impacted by merger-related expenses and costs associated with maintaining additional on-balance sheet liquidity, but the balance sheet, deposit franchise, liquidity, and capital position remained strong.
- Net income was $40.5 million, or $0.54 per share, compared to $49.0 million in the previous quarter and $44.0 million in the same quarter last year.
- Tangible book value per share increased by $0.52, or 3.4%, to $15.64 at March 31, 2023.
- Asset quality improved, with non-performing loans declining to $35.5 million, or 0.35% of total loans.
- Net interest margin decreased 14 basis points to 3.48% for the quarter.
Headline financials
Revenue & EPS history
Provident Financial · Revenue · Quarterly
$130M
Revenue by segment
Provident Financial · $9.09M total across 3 segments · Q3 2023
- Fees$6.13M—67.5%
- BOLI$1.82M—20.0%
- Other Income$1.14M—12.5%
Forward guidance
The company continues to work towards obtaining regulatory approvals for the pending merger with Lakeland Bancorp, Inc.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
-0.1%
Avg return
Earnings day
-0.3%
Avg return
5 days after
+0.6%
Avg return
30 days after
49%
34 / 69 earnings
Positive
+10.8%
Q4 2018
Best reaction
-15.1%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.3% | -0.3% | -2.2% | |
| Q4 2025 | +6.8% | +9.0% | +1.0% | |
| Q3 2025 | -1.1% | -1.5% | +3.3% | |
| Q2 2025 | -2.6% | -2.0% | +2.9% | |
| Q1 2025 | -2.0% | -3.0% | -2.3% | |
| Q4 2024 | -4.6% | -5.0% | -4.9% | |
| Q3 2024 | -1.5% | -2.4% | +10.4% | |
| Q2 2024 | +0.4% | -0.1% | +3.0% | |
| Q1 2024 | +6.2% | +14.0% | +18.8% | |
| Q4 2023 | +1.2% | +1.8% | -13.2% | |
| Q3 2023 | +1.6% | +1.4% | +9.7% | |
| Q2 2023 | -1.0% | -3.7% | -15.8% | |
| Q1 2023 | +1.0% | -9.7% | -5.5% | |
| Q4 2022 | +2.5% | +5.9% | +4.3% | |
| Q3 2022 | +7.0% | +4.7% | +8.1% | |
| Q2 2022 | +1.3% | -0.2% | -0.0% | |
| Q1 2022 | -1.0% | +3.3% | +4.7% | |
| Q4 2021 | +2.5% | +1.0% | +0.4% | |
| Q3 2021 | +2.2% | +3.1% | -2.4% | |
| Q2 2021 | -1.3% | -1.1% | +2.4% | |
| Q1 2021 | +1.1% | +3.0% | +5.1% | |
| Q4 2020 | -3.7% | -2.5% | +8.1% | |
| Q3 2020 | +6.0% | +1.3% | +21.3% | |
| Q2 2020 | -6.4% | -8.0% | -8.1% | |
| Q1 2020 | -15.1% | -20.1% | -19.0% | |
| Q4 2019 | -1.7% | -0.4% | -15.2% | |
| Q3 2019 | +0.8% | +0.6% | -3.2% | |
| Q2 2019 | -3.6% | -2.4% | -6.4% | |
| Q1 2019 | +0.6% | -2.1% | -9.0% | |
| Q4 2018 | +10.8% | +11.3% | +11.8% | |
| Q3 2018 | +8.5% | +6.5% | +7.9% | |
| Q2 2018 | -7.1% | -7.8% | -7.4% | |
| Q1 2018 | -1.5% | -1.0% | +5.2% | |
| Q4 2017 | -3.6% | -4.5% | -5.8% | |
| Q3 2017 | -1.3% | -2.1% | -2.1% | |
| Q2 2017 | +3.0% | +2.4% | -3.5% | |
| Q1 2017 | -2.6% | -2.6% | -9.4% | |
| Q4 2016 | -1.5% | -1.7% | -0.0% | |
| Q3 2016 | +4.9% | +1.7% | +25.7% | |
| Q2 2016 | -0.2% | +0.3% | +5.3% | |
| Q1 2016 | -1.5% | — | — | |
| Q4 2015 | +4.2% | — | — | |
| Q3 2015 | -3.5% | — | — | |
| Q2 2015 | +3.7% | — | — | |
| Q1 2015 | -3.3% | — | — | |
| Q4 2014 | +3.4% | — | — | |
| Q3 2014 | +2.2% | — | — | |
| Q2 2014 | -0.5% | — | — | |
| Q1 2014 | -3.3% | — | — | |
| Q4 2013 | -6.7% | — | — | |
| Q3 2013 | +6.2% | — | — | |
| Q2 2013 | +0.5% | — | — | |
| Q1 2013 | +0.5% | — | — | |
| Q4 2012 | -0.2% | — | — | |
| Q3 2012 | -3.7% | — | — | |
| Q2 2012 | +0.9% | — | — | |
| Q1 2012 | +1.3% | — | — | |
| Q4 2011 | -3.4% | — | — | |
| Q3 2011 | -4.2% | — | — | |
| Q2 2011 | -1.7% | — | — | |
| Q1 2010 | +0.3% | — | — | |
| Q1 2011 | +0.4% | — | — | |
| Q4 2009 | -1.1% | — | — | |
| Q4 2010 | -1.1% | — | — | |
| Q4 2008 | -1.1% | — | — | |
| Q3 2009 | +0.7% | — | — | |
| Q3 2010 | +0.7% | — | — | |
| Q2 2009 | +0.7% | — | — | |
| Q2 2010 | +0.7% | — | — |
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