Overview

* Provident Q3 net income stable at $71.7 mln, EPS at $0.55

* Company achieves record Q3 revenue of $221.8 mln, driven by net interest income

* Credit loss provision rises to $7.0 mln in Q3, reflecting loan portfolio growth

Outlook

* Provident Financial Services ( PFS ) did not provide specific future guidance

Result Drivers

* RECORD REVENUE - Provident achieved record revenue of $221.8 mln, driven by net interest income of $194.3 mln and non-interest income of $27.4 mln

* LOAN PORTFOLIO GROWTH - C&I loan portfolio increased $149 mln

* DEPOSIT GROWTH - Total deposits rose $387.7 mln

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $0.55

Q3 Net $71.72

Income mln

Q3 Net $194.33

Interest mln

Income

Q3 $7.04

Credit mln

Loss

Provisio

n

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "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 ( PFS ) is $22.50, about 17.5% above its October 29 closing price of $18.56

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

Press Release:

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(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.)