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Sep 30, 2021
Provident Financial Q3 2021 Earnings Report
Reported strong third quarter results driven by improved economic conditions, lower credit loss allowance, and growth in average interest earning assets.
Key Takeaways
Provident Financial Services, Inc. reported a strong third quarter with net income of $37.3 million, or $0.49 per basic and diluted share, compared to $27.1 million, or $0.37 per basic and diluted share, for the same period last year. The results were driven by improved economic conditions, lower credit loss allowance requirements and growth in average interest earning assets.
Net income for the quarter was $37.3 million, or $0.49 per share.
Excluding PPP loans, quarter-end outstanding loans increased $153 million compared to the trailing quarter total, or an annualized increase of 6.4%.
Average non-interest bearing deposits grew during the quarter.
The Board of Directors approved an increase in the regular quarterly cash dividend by 4.3% to $0.24 per common share.
Forward Guidance
The company did not provide specific forward guidance in the earnings report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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