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Jun 30, 2022
Provident Financial Q2 2022 Earnings Report
Reported solid second quarter results with record quarterly top-line revenue, strong commercial loan growth, net interest margin expansion, and stable funding costs.
Key Takeaways
Provident Financial Services, Inc. reported a net income of $39.2 million, or $0.53 per basic and diluted share for the three months ended June 30, 2022. The company's total commercial loan portfolio, excluding Paycheck Protection Program (PPP) loans, increased $350.9 million, or 17.3% annualized. Net interest income increased $4.9 million to $99.5 million.
Net income was $39.2 million, or $0.53 per basic and diluted share.
Total commercial loan portfolio, excluding PPP loans, increased $350.9 million, or 17.3% annualized.
Net interest income increased $4.9 million to $99.5 million.
Net interest margin increased 19 basis points to 3.21%.
Provident Financial
Provident Financial
Forward Guidance
The company's loan origination pipeline remains robust, and they continue to leverage their solid core deposit funding base to support organic asset growth, while mindful of macroeconomic headwinds posed by high inflation levels.