Jul. 26 at 1:58 AM
$PFS Provident Financial reports Q2 EPS with items (11c), consensus 35c
Q2 EPS was impacted by an initial CECL provision for credit losses on loans and commitments to extend credit of
$65.2M recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. Reports Q2 NII
$141.51M, consensus
$118.54M. Net interest margin increased 34 basis points to 3.21% for the quarter ended June 30 from 2.87% for the trailing quarter. Tangible book value per share as of June 30, 2024 was
$13.07 from
$16.32 as of December 31, 2023.
CEO Anthony Labozzetta commented, "We are pleased with our performance this quarter, which featured the completion of our merger with Lakeland. While financial results reflect merger-related expenses, our core businesses, credit quality and risk management remain strong. Our fee-based wealth management and insurance agency teams performed well and are positioned to take advantage of our strengths as a larger organization...
It is an exciting time for us as we have successfully closed the merger and welcomed the Lakeland team into Provident...Our teams are working together to broaden and deepen our relationships across a larger customer base through our complementary platforms of banking, insurance and wealth management."
