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Jun 30, 2023
Provident Financial Q2 2023 Earnings Report
Reported net income of $32.0 million, with a $0.43 diluted EPS, and the loan portfolio increased by $306.3 million.
Key Takeaways
Provident Financial Services, Inc. reported a net income of $32.0 million, or $0.43 per basic and diluted share, for the three months ended June 30, 2023. The total loan portfolio increased by $306.3 million, or 12.0% annualized, reaching $10.53 billion. Net interest income decreased to $99.1 million due to higher funding costs. The company declared a quarterly cash dividend of $0.24 per common share.
Net income was $32.0 million, or $0.43 per basic and diluted share.
Total loan portfolio increased by $306.3 million, or 12.0% annualized, to $10.53 billion.
Net interest income decreased to $99.1 million due to higher funding costs.
Declared a quarterly cash dividend of $0.24 per common share.
Provident Financial
Provident Financial
Forward Guidance
The company continues to work with regulators to get the merger approved and is making progress on various integration initiatives.
Positive Outlook
- Interaction with regulators is ongoing to support merger approval applications.
- Significant progress in various integration initiatives through teamwork.
- Looking forward to receiving regulatory approval.
- Anticipating the combination of two great franchises into the best bank in New Jersey.
- Loan pipeline increased.
Challenges Ahead
- Increased interest rates have adversely impacted net interest margin.
- Shift in funding mix has adversely impacted net interest margin.
- Increased provision for loan losses due to changes in CECL forecast.
- Unfavorable market conditions.
- Net interest income decreased due to higher funding costs.