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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%.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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