secwatch.observer — SEC 8-K summary
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Issuer:     PROVIDENT FINANCIAL SERVICES INC (PFS)
CIK:        0001178970
Form:       8-K
Filed at:   2023-04-28T23:59:59+00:00
Accession:  0001628280-23-013967
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1178970/000162828023013967/0001628280-23-013967-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1178970/000162828023013967/pfs-20230427.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-013967

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