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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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