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Jun 30, 2020
Provident Financial Q2 2020 Earnings Report
Reported net income of $14.3 million, or $0.22 per basic and diluted share, for the three months ended June 30, 2020.
Key Takeaways
Provident Financial Services reported a decrease in net income for the second quarter of 2020, impacted by elevated provisions for credit losses and expenses related to the pending acquisition of SB One Bancorp and COVID-19 related costs. However, asset quality improved during the quarter, and many borrowers resumed making full payments.
Net income for the quarter was $14.3 million, or $0.22 per share, compared to $24.4 million, or $0.38 per share, for the same period last year.
Elevated provisions for credit losses due to the weak economic forecast and the adoption of CECL negatively impacted earnings.
Expenses related to the pending acquisition of SB One Bancorp and COVID-19 related costs further impacted earnings.
Total assets increased to $10.51 billion, driven by increases in total loans and cash and cash equivalents.
Forward Guidance
The closing of the acquisition of SB One Bancorp is scheduled for tomorrow, and the company looks forward to capitalizing on the growth opportunities, scale and strong management that this strategic transaction affords.
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