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Mar 31, 2023
Provident Financial Q1 2023 Earnings Report
Reported a decrease in net income due to increased funding costs, provision for credit losses, and non-interest expense, partially offset by increased non-interest income.
Key Takeaways
Provident Financial Services reported a net income of $40.5 million, or $0.54 per basic and diluted share, for the three months ended March 31, 2023. The results were negatively impacted by merger-related expenses and costs associated with maintaining additional on-balance sheet liquidity, but the balance sheet, deposit franchise, liquidity, and capital position remained strong.
Net income was $40.5 million, or $0.54 per share, compared to $49.0 million in the previous quarter and $44.0 million in the same quarter last year.
Tangible book value per share increased by $0.52, or 3.4%, to $15.64 at March 31, 2023.
Asset quality improved, with non-performing loans declining to $35.5 million, or 0.35% of total loans.
Net interest margin decreased 14 basis points to 3.48% for the quarter.
Provident Financial
Provident Financial
Forward Guidance
The company continues to work towards obtaining regulatory approvals for the pending merger with Lakeland Bancorp, Inc.