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Jun 30, 2024
Provident Financial Q2 2024 Earnings Report
Reported a net loss due to merger-related costs, but core businesses and credit quality remained strong.
Key Takeaways
Provident Financial Services, Inc. reported a net loss of $11.5 million for Q2 2024, impacted by merger-related costs and an initial CECL provision for credit losses from the Lakeland merger. However, core businesses, credit quality, and risk management remained strong, with fee-based wealth management and insurance agency teams performing well.
Completed merger with Lakeland Bancorp, Inc., adding $10.91 billion to total assets and $7.91 billion to loans.
Recorded a $66.1 million provision for credit losses on loans, primarily due to an initial CECL provision of $60.1 million related to the Lakeland merger.
Net interest income increased $47.8 million to $141.5 million, driven by net assets acquired from Lakeland.
Wealth Management and Insurance Agency income increased 12.3% and 16.7%, respectively, versus the same period in 2023.
Revenue by Segment
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