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Dec 31, 2021
Provident Financial Q4 2021 Earnings Report
Reported net income due to growth in average interest earning assets and benefited from deployment of liquidity.
Key Takeaways
Provident Financial Services, Inc. reported a net income of $37.3 million, or $0.49 per basic and diluted share for the quarter ended December 31, 2021, compared to net income of $40.6 million, or $0.53 per basic and diluted share for the quarter ended December 31, 2020. The results were favorably impacted by growth in average interest earning assets and the deployment of liquidity into earning assets.
Provident recorded strong results for the fourth quarter and full year 2021 despite continuing hurdles posed by the pandemic.
Excluding PPP loan forgiveness, the company had solid loan growth, including annualized growth in commercial loan portfolio of 7.1% during the fourth quarter.
Net interest margin remained stable and the balance sheet is well positioned for a rising interest rate environment.
Fee income sources in the wealth management and insurance agency businesses continue to make significant contributions to financial success.
Provident Financial
Provident Financial
Provident Financial Revenue by Segment
Revenue by Segment
Fees Revenue
CapyFin.comWealth Management Revenue
CapyFin.comBank-Owned Life Insurance Revenue
CapyFin.comOther Income Revenue
CapyFin.com Forward Guidance
The Company did not provide specific forward guidance in the earnings report.
Revenue & Expenses
Visualization of income flow from segment revenue to net income