Provident Financial Services Inc. (PFS) experienced a significant after-hours surge, with its stock price climbing 9.60% following the release of its fourth-quarter financial results.

The financial services firm reported quarterly earnings per share of $0.64, beating the analyst consensus estimate of $0.56 by 15.11%. This represents a substantial 72.97% increase compared to earnings of $0.37 per share from the same period last year. The company also posted revenue of $225.7 million, which exceeded the consensus estimate of $207.6 million.

Key drivers behind the strong performance included record revenue driven by increased net interest income and non-interest income, strategic growth in middle market banking, insurance, and wealth management, and improved asset quality with a reduction in non-performing loans. The company reported a credit loss provision of -$1.213 million and net income of $83.431 million for the quarter.