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    18.6800
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  • Oct 29, 2024

      Show headlines and story abstract
    • 5:01PM ET on Tuesday Oct 29, 2024 by MT Newswires
      Companies Mentioned: PFS
      05:01 PM EDT, 10/29/2024 (MT Newswires) -- ...
    • 5:00PM ET on Tuesday Oct 29, 2024 by Dow Jones
      Companies Mentioned: PFS
      Net interest margin 3.31% 3.21% 2.87% 2.92% 2.96% Ratio of 1.26x 1.25x 1.28x 1.28x 1.30x interest-earning assets to interest-bearing liabilities PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY Net Interest Margin Analysis Average Year to Date Balances (Dollars in Thousands) (Unaudited) September 30, 2024 September 30, 2023 ----------------------------------- ----------------------------------- Average Average Average Average Balance Interest Yield/Cost Balance Interest Yield/Cost ----------- -------- ------------ ----------- -------- ------------ Interest-Earning Assets: Deposits $ 39,280 $ 5,466 5.38% $ 69,696 $ 2,676 5.13% Federal funds sold and other short term investments -- -- --% 58 2 5.34% Available for sale debt securities 2,189,671 52,553 3.19% 1,777,861 30,819 2.31% Held to maturity debt securities, net (1) 350,529 6,761 2.57% 379,144 7,059 2.48% Equity securities, at fair value 10,050 -- --% 1,022 -- --% Federal Home Loan Bank stock 84,845 6,145 9.66% 77,634 3,929 6.75% Net loans: (2) Total mortgage loans 10,682,974 461,632 5.70% 7,740,591 299,830 5.12% Total commercial loans 3,487,600 175,815 6.69% 2,225,725 93,915 5.60% Total consumer loans 460,497 25,820 7.49% 302,706 13,419 5.93% ---------- ------- ---------- ------- Total net loans 14,631,071 663,267 5.99% 10,269,022 407,164 5.25% ---------- ------- ---------- ------- Total interest-earning assets $17,305,446 $734,192 5.61% $12,574,437 $451,649 4.76% ---------- ------- ---------- ------- Non-Interest Earning Assets: Cash and due from banks 229,336 121,801 Other assets 1,663,331 1,152,113 ---------- ---------- Total assets $19,198,113 $13,848,351 ========== ========== Interest-Bearing Liabilities: Demand deposits $ 7,931,251 $174,609 2.94% $ 5,710,855 $ 85,822 2.01% Savings deposits 1,444,135 2,476 0.23% 1,315,157 1,582 0.16% Time deposits 2,091,806 66,517 4.25% 961,010 21,476 2.99% ---------- ------- ---------- ------- Total deposits 11,467,192 243,602 2.84% 7,987,022 108,880 1.82% Borrowed funds 2,074,958 57,871 3.73% 1,556,619 38,329 3.29% Subordinated debentures 215,745 13,842 8.57% 10,563 774 9.80% ---------- ------- ---------- ------- Total interest-bearing liabilities $13,757,895 $315,315 3.06% $ 9,554,204 $147,983 2.07% ---------- ------- ---------- ------- Non-Interest Bearing Liabilities: Non-interest bearing deposits 2,896,453 2,382,144 Other non-interest bearing liabilities 379,909 266,910 ---------- ---------- Total non-interest bearing liabilities 3,276,362 2,649,054 ---------- ---------- Total liabilities 17,034,257 12,203,258 Stockholders' equity 2,163,856 1,645,093 ---------- ---------- Total liabilities and stockholders' equity $19,198,113 $13,848,351 ========== ========== Net interest income $418,877 $303,666 ======= ======= Net interest rate spread 2.55% 2.69% Net interest-earning assets $ 3,547,551 $ 3,020,233 ========== ========== Net interest margin (3) 3.18% 3.19% Ratio of 1.26x 1.32x interest-earning assets to total interest-bearing liabilities (1) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses. (2) Average outstanding balance are net of the allowance for loan losses, deferred loan fees and expenses, loan premium and discounts and include non-accrual loans. (3) Annualized net interest income divided by average interest-earning assets. The following table summarizes the year-to-date net interest margin for the previous three years. Nine Months Ended --------------------------------------------------- September 30, September 30, September 23, 2024 2023 2022 --------------- ---------------- ---------------- Interest-Earning Assets: Securities 3.33% 2.57% 1.72% Net loans 5.99% 5.25% 4.01% Total interest-earning assets 5.61% 4.76% 3.51% Interest-Bearing Liabilities: Total deposits 2.84% 1.82% 0.33% Total borrowings 3.73% 3.29% 0.97% Total interest-bearing liabilities 3.06% 2.07% 0.38% Interest rate spread 2.55% 2.69% 3.13% Net interest margin 3.18% 3.19% 3.24% Ratio of 1.26x 1.32x 1.38x interest-earning assets to interest-bearing liabilities
    • 5:00PM ET on Tuesday Oct 29, 2024 by Dow Jones
      Companies Mentioned: PFS
      Net interest margin 3.31% 3.21% 2.87% 2.92% 2.96% Ratio of 1.26x 1.25x 1.28x 1.28x 1.30x interest-earning assets to interest-bearing liabilities PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY Net Interest Margin Analysis Average Year to Date Balances (Dollars in Thousands) (Unaudited) September 30, 2024 September 30, 2023 ----------------------------------- ----------------------------------- Average Average Average Average Balance Interest Yield/Cost Balance Interest Yield/Cost ----------- -------- ------------ ----------- -------- ------------ Interest-Earning Assets: Deposits $ 39,280 $ 5,466 5.38% $ 69,696 $ 2,676 5.13% Federal funds sold and other short term investments -- -- --% 58 2 5.34% Available for sale debt securities 2,189,671 52,553 3.19% 1,777,861 30,819 2.31% Held to maturity debt securities, net (1) 350,529 6,761 2.57% 379,144 7,059 2.48% Equity securities, at fair value 10,050 -- --% 1,022 -- --% Federal Home Loan Bank stock 84,845 6,145 9.66% 77,634 3,929 6.75% Net loans: (2) Total mortgage loans 10,682,974 461,632 5.70% 7,740,591 299,830 5.12% Total commercial loans 3,487,600 175,815 6.69% 2,225,725 93,915 5.60% Total consumer loans 460,497 25,820 7.49% 302,706 13,419 5.93% ---------- ------- ---------- ------- Total net loans 14,631,071 663,267 5.99% 10,269,022 407,164 5.25% ---------- ------- ---------- ------- Total interest-earning assets $17,305,446 $734,192 5.61% $12,574,437 $451,649 4.76% ---------- ------- ---------- ------- Non-Interest Earning Assets: Cash and due from banks 229,336 121,801 Other assets 1,663,331 1,152,113 ---------- ---------- Total assets $19,198,113 $13,848,351 ========== ========== Interest-Bearing Liabilities: Demand deposits $ 7,931,251 $174,609 2.94% $ 5,710,855 $ 85,822 2.01% Savings deposits 1,444,135 2,476 0.23% 1,315,157 1,582 0.16% Time deposits 2,091,806 66,517 4.25% 961,010 21,476 2.99% ---------- ------- ---------- ------- Total deposits 11,467,192 243,602 2.84% 7,987,022 108,880 1.82% Borrowed funds 2,074,958 57,871 3.73% 1,556,619 38,329 3.29% Subordinated debentures 215,745 13,842 8.57% 10,563 774 9.80% ---------- ------- ---------- ------- Total interest-bearing liabilities $13,757,895 $315,315 3.06% $ 9,554,204 $147,983 2.07% ---------- ------- ---------- ------- Non-Interest Bearing Liabilities: Non-interest bearing deposits 2,896,453 2,382,144 Other non-interest bearing liabilities 379,909 266,910 ---------- ---------- Total non-interest bearing liabilities 3,276,362 2,649,054 ---------- ---------- Total liabilities 17,034,257 12,203,258 Stockholders' equity 2,163,856 1,645,093 ---------- ---------- Total liabilities and stockholders' equity $19,198,113 $13,848,351 ========== ========== Net interest income $418,877 $303,666 ======= ======= Net interest rate spread 2.55% 2.69% Net interest-earning assets $ 3,547,551 $ 3,020,233 ========== ========== Net interest margin (3) 3.18% 3.19% Ratio of 1.26x 1.32x interest-earning assets to total interest-bearing liabilities (1) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses. (2) Average outstanding balance are net of the allowance for loan losses, deferred loan fees and expenses, loan premium and discounts and include non-accrual loans. (3) Annualized net interest income divided by average interest-earning assets. The following table summarizes the year-to-date net interest margin for the previous three years. Nine Months Ended --------------------------------------------------- September 30, September 30, September 23, 2024 2023 2022 --------------- ---------------- ---------------- Interest-Earning Assets: Securities 3.33% 2.57% 1.72% Net loans 5.99% 5.25% 4.01% Total interest-earning assets 5.61% 4.76% 3.51% Interest-Bearing Liabilities: Total deposits 2.84% 1.82% 0.33% Total borrowings 3.73% 3.29% 0.97% Total interest-bearing liabilities 3.06% 2.07% 0.38% Interest rate spread 2.55% 2.69% 3.13% Net interest margin 3.18% 3.19% 3.24% Ratio of 1.26x 1.32x 1.38x interest-earning assets to interest-bearing liabilities
  • Oct 15, 2024

  • Oct 8, 2024

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