Provident Financial Q1 net income $40.5M ($0.54 EPS) down 17.5% QoQ; NIM narrows to 3.48%

PROVIDENT FINANCIAL SERVICES INC

2023-Q1 EPS reported $0.54 revenue$15,085,000

Net income $40.5M ($0.54 diluted EPS) vs $49.0M ($0.66) in Q4 2022 and $44.0M ($0.58) in Q1 2022.
Net interest margin fell 14bp to 3.48% (Q4: 3.62%); provision for credit losses rose to $6.0M from $3.4M.
Non-performing loans dropped to $35.5M (0.35% of loans) from $58.5M; allowance for credit losses at 0.91% of loans.
Total average deposits declined $227M to $10.58B; uninsured/uncollateralized deposits estimated at $3.03B; liquidity coverage of 119%.
Board declared $0.24 quarterly dividend, payable May 26, 2023; merger with Lakeland progressing with $1.1M costs in Q1.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PROVIDENT FINANCIAL SERVICES INC reported the three months ended March 31, 2023 results: net income $40.5 million, EPS $0.54 per basic and diluted share.

Period: the three months ended March 31, 2023
Net income: $40.5 million
EPS: $0.54 per basic and diluted share
Result: reported results

Exact text from the filing

Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $40.5 million, or $0.54 per basic and diluted share, for the three months ended March 31, 2023

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Source: SEC EDGAR

accession 0001628280-23-013967

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