Provident posts $46.4M net income in Q3, Lakeland merger complete; declares $0.24 dividend

PROVIDENT FINANCIAL SERVICES INC

2024-Q3 EPS reported $0.65 revenue$51,773,000

Net income of $46.4M ($0.36/share) in Q3 2024 vs net loss of $11.5M in Q2 2024; net income $28.5M ($0.38) in Q3 2023.
Net interest margin expanded 10 bps to 3.31%, aided by full-quarter Lakeland accretion contributing 53 bps.
Provision for credit losses on loans dropped to $9.6M from $66.1M in Q2, which included merger-related CECL charge.
Lakeland merger core system conversion completed in early September; merger-related costs were $15.6M in Q3.
Quarterly dividend maintained at $0.24/share, payable Nov 29, 2024 to record Nov 15.

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