Provident Financial Q1 net interest income rises on new loan originations, favorable deposit repricing

Provident Financial Services

29/04/2026 21:39

Overview

US regional bank's Q1 net income and EPS rose yr/yr, but fell sequentially

Q1 revenue grew yr/yr, driven by net interest income and insurance agency income

Company repurchased $12.4 mln in common stock during the quarter

Outlook

Company says loan pipeline at record $3.1 bln, expects continued EPS growth

Result Drivers

NET INTEREST INCOME - Growth in net interest income was driven by new loan originations and favorable deposit repricing

INSURANCE AGENCY INCOME - Higher insurance agency income contributed to revenue growth, mainly from contingent commissions and increased business activity

CREDIT LOSS PROVISION - Net income benefited from a $2.1 mln recapture of previous provisions for credit losses, mainly due to reduced specific reserves on individually evaluated loans

Company press release: ID:nGNX3nD8SK

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$0.61
Q1 Net Income
$79.42 mln
Q1 Net Interest Income
$193.74 mln
Q1 Credit Loss Provision
-$2.12 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the banks peer group is "buy"

Wall Street's median 12-month price target for Provident Financial Services Inc is $25.00, about 8.7% above its April 28 closing price of $22.99

The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 8 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)