Reports Q4 revenue $114.8M, consensus $94.1M. Net interest income before provision for credit losses remained relatively flat at $95.8 million for the three months ended December 31, 2023, compared to the prior quarter. The net interest margin decreased four basis points to 2.92% for the quarter ended December 31, 2023, from 2.96% for the trailing quarter. Anthony J. Labozzetta, CEO, ommented, “Provident produced respectable financial results for the fourth quarter and the full year 2023 despite challenging market conditions throughout the year. We had solid loan growth, including annualized growth in our total loan portfolio of 7.7% during the fourth quarter. Our fee income from the wealth management and insurance agency businesses continue to make significant contributions to our overall financial success. Elevated short-term interest rates and a shift in the funding mix continued to impact our net interest margin, however, we are starting to see stabilization in our funding costs. An increased provision for loan losses largely driven by changes in our CECL economic forecast also impacted the full year’s results, however, our asset quality remains strong.”
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