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Sep 30, 2022
Provident Financial Q3 2022 Earnings Report
Reported strong financial results with continued expansion of the net interest margin and strong net interest income growth quarter over quarter.
Key Takeaways
Provident Financial Services, Inc. reported net income of $43.4 million, or $0.58 per basic and diluted share for the three months ended September 30, 2022. The net interest margin expanded 30 basis points from the trailing quarter as loan yields increased, and benefited from deployment of cash balances into loan growth, while continuing to manage funding costs.
Net interest income increased $10.0 million to $109.5 million for the three months ended September 30, 2022, from $99.5 million for the trailing quarter.
Net interest margin increased 30 basis points to 3.51% for the quarter ended September 30, 2022, from 3.21% for the trailing quarter.
The average yield on total loans increased 49 basis points to 4.38% for the quarter ended September 30, 2022, compared to the trailing quarter, while the average cost of deposits, including non-interest bearing deposits, increased 15 basis points to 0.35% for the quarter ended September 30, 2022.
The Company’s total commercial loan portfolio, excluding Paycheck Protection Program (“PPP”) loans, increased $82.9 million, or 3.9% annualized, to $8.57 billion at September 30, 2022, from $8.48 billion at June 30, 2022.
Forward Guidance
The Company provided no specific forward guidance in the earnings report.
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