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