Provident Financial Q2 net income falls to $32M ($0.43 EPS) on margin compression, higher provision

PROVIDENT FINANCIAL SERVICES INC

2023-Q2 EPS reported $0.97 revenue$29,663,000

Net income $32.0M ($0.43 EPS) vs $40.5M ($0.54) in Q1 and $39.2M ($0.53) YoY.
Net interest margin fell 37 bps to 3.11%; loan growth $306.3M to $10.53B.
Provision for credit losses $10.4M (vs $6.0M in Q1) due to worsened economic forecast.
Merger with Lakeland pending; $2.0M merger expenses in Q2; regulatory process ongoing.
Declared $0.24 quarterly dividend, payable Aug 25 to holders of record Aug 11.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PROVIDENT FINANCIAL SERVICES INC reported the three and six months ended June 30, 2023 results: net income net income of $32.0 million, or $0.43 per basic and diluted share for the three months ended June 30, 2023, EPS $0.43 per basic and diluted share.

Period: the three and six months ended June 30, 2023
Net income: net income of $32.0 million, or $0.43 per basic and diluted share for the three months ended June 30, 2023
EPS: $0.43 per basic and diluted share
Result: reported results

Exact text from the filing

On July 27, 2023, Provident Financial Services, Inc. (the “Company”) issued a press release reporting its financial results for the three and six months ended June 30, 2023.

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Source: SEC EDGAR

accession 0001628280-23-026028

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