Provident Financial Services Reports 2025 Q1 Net Income Rise

By Tamara Parker • Friday, April 25 15:13 • Permanent Link

Provident Financial Services, Inc. (NYSE:PFS) has reported a significant increase in net income for the first quarter of 2025. The company's net income for the three months ended March 31, 2025, was $64.0 million, or $0.49 per basic and diluted share, compared to $48.5 million, or $0.37 per basic and diluted share, for the three months ended December 31, 2024.

The company's performance highlights for the first quarter of 2025 include the following: The company's annualized adjusted returns on average assets, average equity, and average tangible equity were 1.11%, 10.13%, and 16.15% for the quarter ended March 31, 2025, compared to 1.05%, 9.53%, and 15.39% for the quarter ended December 31, 2024. The company's annualized adjusted pre-tax, pre-provision returns on average assets, average equity, and average tangible equity were 1.61%, 14.63%, and 21.18% for the quarter ended March 31, 2025, compared to 1.53%, 13.91%, and 20.31% for the quarter ended December 31, 2024. The total commercial and industrial ("C&I") loan portfolio increased $74.3 million, or 6.5% annualized, to $4.68 billion as of March 31, 2025, from $4.61 billion as of December 31, 2024. The net interest margin increased six basis points to 3.34% for the quarter ended March 31, 2025, from 3.28% for the trailing quarter. * The company recorded a $325,000 provision for credit losses on loans for the quarter ended March 31, 2025, compared to a $7.8 million provision for the trailing quarter.

Furthermore, the company's non-interest income totaled $27.0 million for the three months ended March 31, 2025, an increase of $2.9 million compared to the trailing quarter. Additionally, non-interest expense totaled $116.3 million for the three months ended March 31, 2025, a decrease of $18.1 million compared to the trailing quarter.

The company's board of directors declared a quarterly cash dividend of $0.24 per common share payable on May 30, 2025, to stockholders of record as of the close of business on May 16, 2025.

The market has reacted to these announcements by moving the company's shares -3.1% to a price of $16.35. If you want to know more, read the company's complete 8-K report here.

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