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Jun 30, 2021
Provident Financial Q2 2021 Earnings Report
Reported net income of $44.8 million, or $0.58 per basic and diluted share, driven by improved economic conditions and lower credit loss allowance requirements.
Key Takeaways
Provident Financial Services reported a strong second quarter with net income of $44.8 million, or $0.58 per share, compared to $14.3 million, or $0.22 per share, for the same period last year. The results were driven by improved economic conditions, lower credit loss provisions, and contributions from the SB One Bancorp merger. The company experienced record revenues and net interest income, along with growth in non-interest bearing deposits.
Net income increased to $44.8 million, or $0.58 per share, compared to $14.3 million, or $0.22 per share, year-over-year.
Net interest income rose to $90.9 million, driven by growth in average earning assets and favorable liability repricing.
Non-interest income increased to $21.2 million, boosted by fee income, insurance agency income, and wealth management income.
Total assets reached $13.22 billion, reflecting increases in total investments and cash and cash equivalents.
Forward Guidance
The loan pipeline heading into the third quarter is very strong.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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