secwatch.observer — SEC 8-K summary
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Issuer:     PROVIDENT FINANCIAL SERVICES INC (PFS)
CIK:        0001178970
Form:       8-K
Filed at:   2024-07-26T23:59:59+00:00
Accession:  0001628280-24-033104
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1178970/000162828024033104/0001628280-24-033104-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1178970/000162828024033104/pfs-20240725.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-033104

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