Provident Financial reports Q1 EPS 61c, consensus 55c

Reports Q1 revenue $225.2M, consensus $225.2M. Reports Q1 tangible book value per share $16.03. Reports Q1 net charge-offs .06%. Anthony J. Labozzetta, President and Chief Executive Officer commented, “Provident delivered another strong quarter of financial performance, demonstrating the continued momentum in our business and the effectiveness of our strategic initiatives. Pre-provision, net revenue grew 13.5% year-over-year, driven by strong loan growth, modest margin expansion, and notable growth in insurance agency income. The bank’s loan pipeline of $3.1 billion sits at record levels, and we remain optimistic about continued earnings per share growth and compounding of tangible book value moving forward.”