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Mar 31, 2022
Provident Financial Q1 2022 Earnings Report
Reported net income of $44.0 million, driven by commercial loan growth and expanded net interest margin.
Key Takeaways
Provident Financial Services, Inc. reported a strong first quarter with a net income of $44.0 million, or $0.58 per basic and diluted share. The company saw solid commercial loan growth and an expansion of the net interest margin. Credit quality also improved, contributing to a negative provision in the quarter.
Commercial loan portfolio increased by $164.9 million, or 8.3% annualized, excluding PPP loans.
Net interest margin increased seven basis points to 3.02%.
Non-performing loans declined to $44.3 million, or 0.46% of total loans.
The Company repurchased 1.3 million shares of its common stock at an average cost of $23.36 per share, for a total of $29.9 million during the quarter.
Forward Guidance
No specific forward guidance was provided in the earnings report.
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