Provident posts Q2 net loss of $11.5M on Lakeland merger costs; declares $0.24 dividend

PROVIDENT FINANCIAL SERVICES INC

2024-Q2 EPS reported $0.23 revenue$33,923,000

Net loss of $11.5M ($0.11 diluted EPS) vs net income of $32.1M in Q1 2024 and $32.0M in Q2 2023.
Net interest income rose $47.8M to $141.5M; NIM expanded 34 bps to 3.21% with 47 bps from purchase accounting accretion.
Provision for credit losses was $66.1M, including $60.1M initial CECL charge from Lakeland merger; merger costs totaled $18.9M in Q2.
Completed merger with Lakeland on May 16, adding $10.9B assets, $7.9B loans, and $8.6B deposits.
Declared quarterly cash dividend of $0.24/share, payable Aug 30 to holders of record Aug 16.

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