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Sep 30, 2023
Provident Financial Q3 2023 Earnings Report
Reported net income of $28.5 million, or $0.38 per basic and diluted share.
Key Takeaways
Provident Financial Services, Inc. reported a net income of $28.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023. The company's total loan portfolio increased to $10.67 billion. Net interest income decreased to $96.2 million due to higher funding costs. Asset quality improved, with non-performing loans declining to 0.37% of total loans.
Total loan portfolio increased $137.1 million, or 5.2% annualized, to $10.67 billion.
Loan pipeline totaled $1.70 billion, with a weighted average interest rate of 7.62%.
Net interest income decreased $2.9 million to $96.2 million due to higher funding costs.
Non-performing loans declined to $39.5 million, or 0.37% of total loans.
Provident Financial
Provident Financial
Provident Financial Revenue by Segment
Revenue by Segment
Fees Revenue
CapyFin.comBank-Owned Life Insurance Revenue
CapyFin.comOther Income Revenue
CapyFin.com Forward Guidance
Provident continues to engage in productive discussions with regulators and looks forward to closing the transaction as soon as the required regulatory approvals are received.
Revenue & Expenses
Visualization of income flow from segment revenue to net income