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Dec 31, 2024
Provident Financial Q4 2024 Earnings Report
Reported solid financial performance and completed merger with Lakeland.
Key Takeaways
Provident Financial Services, Inc. reported a net income of $48.5 million, or $0.37 per basic and diluted share, for the three months ended December 31, 2024, compared to $27.3 million, or $0.36 per basic and diluted share, for the three months ended December 31, 2023. The company's performance was positively impacted by the May 16, 2024 merger with Lakeland Bancorp, Inc.
Net income for Q4 2024 was $48.5 million, or $0.37 per share.
Total deposits increased $247.6 million to $18.62 billion as of December 31, 2024 compared to September 30, 2024.
Asset quality improved, with non-performing loans to total loans decreasing to 0.39% as of December 31, 2024.
Wealth management and insurance agency income increased 12% and 19%, respectively, versus the same period in 2023.
Provident Financial
Provident Financial
Forward Guidance
Company looks forward to further improving performance across all business lines in 2025.
Positive Outlook
- Further improving performance across all business lines in 2025
- Excellent asset quality
- Grown our deposits
- Benefited from our expanding fee-based businesses
- Core systems conversion and integration now completed