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Dec 31, 2020
Provident Financial Q4 2020 Earnings Report
Reported net income aided by the acquisition of SB One Bancorp, managed credit issues, improved net interest margin, and expanded fee income.
Key Takeaways
Provident Financial Services, Inc. reported a solid fourth quarter, reflecting positive contributions from the merger with SB One. The company's net income for the quarter ended December 31, 2020, was $40.6 million, or $0.53 per basic and diluted share, compared to $26.0 million, or $0.40 per basic and diluted share for the quarter ended December 31, 2019.
Net income for the quarter was $40.6 million, or $0.53 per share, compared to $26.0 million, or $0.40 per share for the same quarter in 2019.
The company authorized a new stock repurchase program for up to 5% of outstanding shares.
A quarterly cash dividend of $0.23 per common share was declared.
Net interest income increased to $88.7 million from $72.9 million in the same period of 2019.
Provident Financial
Provident Financial
Forward Guidance
The company believes it is well-positioned to take advantage of growth opportunities afforded by the rollout of the vaccine and the anticipated economic recovery during 2021.