Provident Financial Q1 net income $32.1M, EPS $0.43; net interest margin narrows to 2.87%

PROVIDENT FINANCIAL SERVICES INC

2024-Q1 EPS reported $0.43 revenue$16,285,000

Net income $32.1M ($0.43 diluted) vs $40.5M ($0.54) in Q1 2023, down 20.7%.
Net interest margin 2.87% vs 3.48% a year ago, down 61 bps; net interest income $93.7M vs $108.3M.
All regulatory approvals obtained for Lakeland Bancorp merger; closing subject to subordinated debt offering.
Quarterly dividend $0.24 per share, payable May 31 to record Apr 29; unchanged.
Non-performing loans improved to 0.44% of total loans; C&I loans grew 11.5% annualized.

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, 2024 results: net income $32.1 million, EPS $0.43 per basic and diluted share.

Period: the three months ended March 31, 2024
Net income: $32.1 million
EPS: $0.43 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 $32.1 million, or $0.43 per basic and diluted share for the three months ended March 31, 2024

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Source: SEC EDGAR

accession 0001628280-24-016891

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