PFS earnings analysis
What we found in PFS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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%.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.6
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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