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Provident Financial Services (PFS)
:PFS
RESEARCH TOOLSreports
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Earnings Data
Report Date
Jan 28, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
0.5Last Year’s EPS
0.36Same Quarter Last Year
Strong Buy
Based on 4 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 26, 2018
|% Change Since: 1.79%
|Next Earnings Date:Jul 27, 2018
Earnings Call Sentiment|Positive
The earnings call reflected a positive sentiment overall with strong core profitability, successful merger integration, and growth in fee-based businesses outweighing the challenges of increased deposit costs and slight deterioration in nonperforming loans.Company Guidance
During the third quarter earnings call for Provident Financial Services, the guidance provided highlighted several key metrics and positive developments. The company reported net earnings of $46.4 million or $0.36 per share, with an annualized adjusted return on average assets of 0.95% and a return on average tangible equity of 14.53%. The tangible book value per share increased by 4.5% to $13.66, and the tangible common equity ratio rose to 7.68% from 7.34% in the previous quarter. Despite an increase in the average cost of total deposits by 9 basis points to 2.36%, deposits grew by $22 million, mainly in short-term certificates of deposits. The net interest margin improved by 10 basis points to 3.31%. The commercial lending team closed approximately $489 million in new commercial loans, resulting in a net growth of $39 million. Fee-based businesses also performed well, with Provident Protection Plus achieving 13% organic growth compared to the same quarter last year. The company's credit quality remained strong, with a nonperforming loan ratio of 47 basis points. Looking forward, Provident Financial Services anticipates continued synergy from the merger with Lakeland Bank and expects further margin expansion and growth in the loan pipeline, projecting a net interest margin between 3.3% and 3.35% for the remainder of 2024, with improvements expected into 2025.Successful Merger and System Integration
Completed the conversion of Lakeland Bank's core system, operating as a fully united organization with cost savings and revenue enhancement opportunities from the merger.
Strong Core Profitability
Reported net earnings of $46.4 million or $0.36 per share with core margin expansion and improved operating efficiency.
Growth in Fee-Based Businesses
Provident Protection Plus had 13% organic growth in the third quarter year-over-year, and Beacon Trust assets under management grew 4% for the quarter.
Improved Credit Quality
Nonperforming loan ratio at 47 basis points with strong credit quality and lower levels of net charge-offs relative to peers.
Optimistic Outlook for Loan Pipeline
Loan pipeline grew to approximately $2 billion, with confidence in continued growth and quality.
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PFS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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PFS Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 29, 2024 | $18.98 | $18.82 | -0.84% |
| Jul 25, 2024 | $18.11 | $18.55 | +2.43% |
| Apr 18, 2024 | $13.20 | $13.88 | +5.15% |
| Jan 25, 2024 | $16.70 | $16.79 | +0.54% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Provident Financial Services (PFS) report earnings?
Provident Financial Services (PFS) is schdueled to report earning on Jan 28, 2025, TBA Not Confirmed.
What is Provident Financial Services (PFS) earnings time?
Provident Financial Services (PFS) earnings time is at Jan 28, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PFS EPS forecast?
PFS EPS forecast for the fiscal quarter 2024 (Q4) is 0.5.
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