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Mar 31, 2021
Provident Financial Q1 2021 Earnings Report
Reported a solid start for 2021, leveraging the benefits of the SB One acquisition and improved economic outlook.
Key Takeaways
Provident Financial Services reported a net income of $48.6 million, or $0.63 per basic and diluted share, for the three months ended March 31, 2021. The results were aided by an improved economic outlook, lower allowance for credit loss requirements, and the acquisition of SB One Bancorp.
Net income increased to $48.6 million, or $0.63 per share, compared to $14.9 million, or $0.23 per share, for the same period last year.
Total assets increased to $13.13 billion, a $210.7 million increase from December 31, 2020.
Net interest margin increased six basis points to 3.10% for the quarter ended March 31, 2021.
The Company's Board of Directors declared a quarterly cash dividend of $0.23 per common share.
Provident Financial
Provident Financial
Provident Financial Revenue by Segment
Revenue by Segment
Fees Revenue
CapyFin.comBank-Owned Life Insurance Revenue
CapyFin.comOther Income Revenue
CapyFin.com Forward Guidance
The Company did not provide specific forward guidance in the earnings report.
Revenue & Expenses
Visualization of income flow from segment revenue to net income