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Stock impact report

Provident Financial Services, Inc. Announces First Quarter Earnings and Declares Quarterly Cash Dividend

Provident Financial Services, Inc (PFS) 
Last provident financial services, inc earnings: 4/30 08:00 am Check Earnings Report
US:NYSE Investor Relations: providentfinancial.com/investors
Company Research Source: GlobeNewswire
ISELIN, N.J., April 30, 2020 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $14.9 million, or $0.23 per basic and diluted share, for the three months ended March 31, 2020, compared to net income of $30.9 million, or $0.48 per basic and diluted share, for the three months ended March 31, 2019.  The Company’s earnings for the three months ended March 31, 2020 were adversely impacted by elevated provisions for credit losses primarily due to the adoption of a new accounting standard that requires the current recognition of allowances for losses expected to be incurred over the life of covered assets (“CECL”).  These provisions were exacerbated by the current weak economic forecast attributable to the COVID-19 pandemic.  For the three months ended March 31, 2020, provisions for credit losses and off-balance sheet credit exposures totaled $15.7 million.  Current quarter earnings were further impacted by $463,000 of costs related t Show less Read more
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