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Sep 30, 2024
Provident Financial Q3 2024 Earnings Report
Reported solid performance, driven by merger synergies and strong fee-based businesses.
Key Takeaways
Provident Financial Services reported a net income of $46.4 million, or $0.36 per basic and diluted share, for the third quarter of 2024. The results reflect the impact of the merger with Lakeland Bancorp, contributing to increased net interest income and non-interest income. The company is optimistic about continued improvement as merger synergies are realized.
Net interest income increased by $42.2 million compared to the trailing quarter, driven by the Lakeland merger and core margin expansion.
Net interest margin increased by ten basis points to 3.31% for the quarter.
Non-interest income increased by $4.6 million, while non-interest expense increased by $20.6 million, reflecting a full quarter of combined operations with Lakeland.
The company's loan pipeline totaled $1.98 billion with a weighted average interest rate of 7.18%.
Provident Financial
Provident Financial
Provident Financial Revenue by Segment
Revenue by Segment
Wealth Management Revenue
CapyFin.comInsurance Agency Revenue
CapyFin.com Forward Guidance
Provident Financial Services did not provide specific forward guidance in the Q3 2024 earnings report.
Revenue & Expenses
Visualization of income flow from segment revenue to net income