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Dec 31, 2019
Provident Financial Q4 2019 Earnings Report
Reported net income due to net interest margin compression and non-interest expenses increasing.
Key Takeaways
Provident Financial Services, Inc. reported net income of $26.0 million, or $0.40 per basic and diluted share for the quarter ended December 31, 2019, compared to net income of $35.8 million, or $0.55 per basic and diluted share for the quarter ended December 31, 2018.
Net income for the quarter ended December 31, 2019 was $26.0 million, or $0.40 per basic and diluted share.
Total assets at December 31, 2019 were $9.81 billion, an $82.8 million increase from December 31, 2018.
The Company’s loan portfolio increased $82.3 million to $7.33 billion at December 31, 2019, from $7.25 billion at December 31, 2018.
Net interest margin for the quarter ended December 31, 2019 decreased two basis points to 3.21%, compared with 3.23% for the trailing quarter ended September 30, 2019.
Provident Financial
Provident Financial
Provident Financial Revenue by Segment
Revenue by Segment
Wealth Management Revenue
CapyFin.com Forward Guidance
Christopher Martin, Chairman, President and Chief Executive Officer commented: “Our core earnings for the quarter remained strong despite the flat yield curve. Net interest margin compression was minimal quarter over quarter.” Martin noted: “We will carefully manage our deposit and funding costs as the interest rate environment continues to evolve.”