secwatch.observer — SEC 8-K summary
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Issuer:     PROVIDENT FINANCIAL SERVICES INC (PFS)
CIK:        0001178970
Form:       8-K
Filed at:   2023-07-28T23:59:59+00:00
Accession:  0001628280-23-026028
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1178970/000162828023026028/0001628280-23-026028-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1178970/000162828023026028/pfs-20230727.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-026028

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