Last week, the company also reported Q1 Net income of $40.5M vs. $44.0M last year, with net interest margin down 14bps to 3.48%. CEO Anthony J. Labozzetta stated: "Despite the recent instability in the banking industry, Provident posted solid financial results. Those results were negatively impacted by the recognition of expenses associated with our pending merger with Lakeland, as well as costs associated with maintaining additional on-balance sheet liquidity. Our community bank model and commitment to our customers served us well during this period of instability and our balance sheet, deposit franchise, liquidity and capital position remain strong. I am incredibly proud of the way our team successfully navigated the recent disruption we experienced across the banking industry. Our team quickly mobilized, conducted extensive customer outreach, and conservatively enhanced our liquidity position."
Published first on TheFly
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