Provident Financial reports Q2 EPS 38c, consensus 47c.
Book value per share and tangible book value per share at June 30, 2019 were $20.95 and $14.36, respectively, compared with $20.49 and $14.18, respectively, at December 31, 2018. Christopher Martin, Chairman, President and CEO commented: "Our pre-tax pre-provision earnings for the quarter remained robust, as our loan portfolio grew and overall asset quality remained strong. We were, however, disappointed in the elevated loan loss provision required by borrower-specific deterioration in two commercial credits." Martin continued, "Industry net interest margins remain under pressure, but we did see some relief in deposit costs as the quarter progressed. We closed the T&L acquisition, effectively deploying capital and helping to further diversify our revenue from spread-based sources."