---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-013967"
form_type: "8-K"
ticker: "PFS"
cik: "0001178970"
company_name: "PROVIDENT FINANCIAL SERVICES INC"
filed_at: "2023-04-28T23:59:59+00:00"
generated_at: "2026-06-16T06:14:45.797606+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Provident Financial Q1 net income $40.5M ($0.54 EPS) down 17.5% QoQ; NIM narrows to 3.48%

## Summary
- Net income $40.5M ($0.54 diluted EPS) vs $49.0M ($0.66) in Q4 2022 and $44.0M ($0.58) in Q1 2022.
- Net interest margin fell 14bp to 3.48% (Q4: 3.62%); provision for credit losses rose to $6.0M from $3.4M.
- Non-performing loans dropped to $35.5M (0.35% of loans) from $58.5M; allowance for credit losses at 0.91% of loans.
- Total average deposits declined $227M to $10.58B; uninsured/uncollateralized deposits estimated at $3.03B; liquidity coverage of 119%.
- Board declared $0.24 quarterly dividend, payable May 26, 2023; merger with Lakeland progressing with $1.1M costs in Q1.

## SEC filing metadata
- accession: 0001628280-23-013967
- form_type: 8-K
- ticker: PFS
- cik: 0001178970
- company_name: PROVIDENT FINANCIAL SERVICES INC
- filed_at: 2023-04-28T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1178970/000162828023013967/0001628280-23-013967-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1178970/000162828023013967/pfs-20230427.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-013967
- JSON: https://secwatch.observer/filing/0001628280-23-013967.json
- Plain text: https://secwatch.observer/filing/0001628280-23-013967.txt

## Key facts
- Earnings Releases
  PROVIDENT FINANCIAL SERVICES INC reported the three months ended March 31, 2023 results: net income $40.5 million, EPS $0.54 per basic and diluted share.
  - Period: the three months ended March 31, 2023
  - Net income: $40.5 million
  - EPS: $0.54 per basic and diluted share
  - Result: reported results
  source text: Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $40.5 million, or $0.54 per basic and diluted share, for the three months ended March 31, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1178970/000162828023013967/0001628280-23-013967-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.