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Dec 31, 2023
Provident Financial Q4 2023 Earnings Report
Reported net income, solid loan growth, and continued discussions with regulators concerning the merger.
Key Takeaways
Provident Financial Services, Inc. reported a net income of $27.3 million, or $0.36 per basic and diluted share, for the three months ended December 31, 2023. The company's total loan portfolio increased by $206.1 million, or 7.7% annualized, reaching $10.87 billion. The pending merger with Lakeland Bancorp, Inc. has been extended to March 31, 2024, to allow additional time for regulatory approvals.
Net income was $27.3 million, or $0.36 per share.
Total loan portfolio increased $206.1 million, or 7.7% annualized, to $10.87 billion.
Net interest income before provision for credit losses remained relatively flat at $95.8 million.
Merger deadline with Lakeland Bancorp, Inc. extended to March 31, 2024.
Provident Financial
Provident Financial
Forward Guidance
Provident is actively engaged in discussions with regulators concerning the merger. Both Provident and Lakeland have agreed to extend the merger deadline to March 31, 2024, to allow additional time to obtain the necessary regulatory approvals. Provident looks forward to closing the transaction as soon as possible following receipt of the approvals.