10-Q · May 8, 2026
Provident Financial Services, Inc. (PFS) reported Q1 2026 earnings with diluted EPS of $0.61, exceeding estimates of $0.55. Revenue for the quarter came in at $225.2 million, slightly below expectations, but the…
Earnings analysis · 10-Q
PFS earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Q2 2026 diluted EPS of $0.60 increased from $0.55 a year earlier but declined from $0.61 in Q1 2026, while reported revenue of $202.68 million was below both the prior-year quarter’s $343 million and the prior quarter’s…
Read full summary
Q2 2026 diluted EPS of $0.60 increased from $0.55 a year earlier but declined from $0.61 in Q1 2026, while reported revenue of $202.68 million was below both the prior-year quarter’s $343 million and the prior quarter’s $347 million. The filing provides no explicit quantitative guidance in the supplied text. Interest-rate sensitivity appears relatively balanced for net interest income, but modeled equity value is more exposed to falling rates, with a projected $107.709 million decline under a 200-basis-point rate decrease. No material changes to previously disclosed risk factors were reported.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.6
What stood out
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EPS Up Year Over Year
Reported diluted EPS was $0.60, up from $0.55 in Q2 2025 but down from $0.61 in Q1 2026. EPS exceeded the supplied consensus estimate of $0.56 by $0.04.
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Revenue Misses Consensus
Reported revenue was $202.68 million, below $343 million in Q2 2025 and $347 million in Q1 2026. Revenue was also $25.85 million below the supplied consensus estimate of $228.53 million.
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Interest-Rate Position Relatively Neutral
Management characterizes the interest-rate-risk position as relatively neutral. Its model indicates that a 200-basis-point rate increase would reduce projected 12-month net interest income by $15.471 million, or 1.8%.
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Controls Remained Effective
The 10-Q states that disclosure controls and procedures were effective as of June 30, 2026, and that there were no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls.
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Continued Share Repurchases
The company repurchased 25,799 shares during the quarter at an average price of $22.15, leaving 2,199,471 shares available under the existing authorization at June 30, 2026.
What to watch
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Rate-Cut NII Exposure
A 200-basis-point decline in rates would reduce projected 12-month net interest income by $14.503 million, or 1.7%; the filing notes that deposit repricing floors and assumptions may cause actual results to differ materially from model projections.
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Equity Value Rate Sensitivity
The economic-value-of-equity model projects a $107.709 million, or 2.5%, decrease in present value of equity under an immediate and sustained 200-basis-point rate decline. The filing cautions that the model depends on assumptions about prepayments and deposit decay.
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Funding and Deposit Pressure
The company may access short-term FHLBNY lines of credit during periods of pricing dislocation, while its ability to retain maturing time deposits depends on remaining competitively priced. This creates funding-cost and deposit-retention exposure.
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No Material Risk-Factor Update
The filing explicitly states that there were no material changes to the risk factors disclosed in the December 31, 2025 Form 10-K; therefore, no new or revised risk-factor disclosures were identified.
Management's outlook
The provided 10-Q text does not include explicit numeric revenue, EPS, loan-growth, or deposit-growth guidance. Prior guidance from the earlier analysis is not reaffirmed in the supplied filing excerpt.
Earlier filings 4
10-K · February 27, 2026
Provident reported a strong 2025 with net income of $291.16 million and diluted EPS of $2.23, driven by loan growth to $19.50 billion and higher net interest income of $760.565 million. The company emphasizes a…
10-Q · August 7, 2025
Provident’s 10-Q shows balance-sheet-driven growth in the quarter: total assets rose $495.5 million to $24.55 billion and loans held for investment increased $445.5 million to $19.10483 billion. Credit metrics are mixed…
10-K · February 28, 2025
Provident materially scaled up via the May 16, 2024 merger with Lakeland (adding $10.59B assets, $7.91B loans and $8.62B deposits) but 2024 earnings were pressured by merger-related provisioning and expenses. Net…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.