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PFS - Provident Financial: Acquisition Benefits To Drive Earnings
Provident Financial Services Inc
The average loan balance will be higher in 2021 relative to 2020 because of the acquisition of SB One Bancorp last year. Further, PFS has a robust loan pipeline.
The credit risk has substantially declined. Loan deferrals made up 3.2% of total loans by the mid of October 2020, down from a peak of 16.8%.
The total expected return is moderately high, which warrants a bullish rating.