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Sep 30, 2020
Provident Financial Q3 2020 Earnings Report
Reported a decrease in net income and EPS compared to the same quarter last year, impacted by acquisition-related charges, the adoption of a new accounting standard (CECL), and COVID-19 related costs.
Key Takeaways
Provident Financial Services, Inc. reported a net income of $27.1 million, or $0.37 per basic and diluted share, for the three months ended September 30, 2020. This compares to a net income of $31.4 million, or $0.49 per basic and diluted share, for the three months ended September 30, 2019. The results were impacted by the acquisition of SB One Bancorp, the adoption of CECL, and COVID-19 related costs.
Net income decreased to $27.1 million, or $0.37 per share, compared to $31.4 million, or $0.49 per share, in Q3 2019.
Completed the acquisition of SB One Bancorp on July 31, 2020, adding $2.19 billion to total assets.
Net interest income increased to $82.0 million, from $73.5 million for the same period in 2019.
Total assets increased to $12.87 billion, a $3.06 billion increase from December 31, 2019.
Provident Financial
Provident Financial
Forward Guidance
No specific forward guidance was provided in the document.