Provident Financial reports Q4 EPS 28c vs. 26c last year

Q4 net interest margin decreased 14 basis points to 2.74% from 2.88% in the same quarter last year. “I am excited to begin our new fiscal year, especially with indications that the Federal Open Market Committee is nearing a decision to lower the targeted federal funds rate. If looser monetary policy is implemented, we anticipate the currently elevated interest rates and the inverted yield curve would begin to reverse course. This shift would enable us to gradually transition back to less restrictive operating strategies and resume growing our loan portfolio at a reasonable pace,” stated CEO Donavon Ternes. “In any event, we remain committed to prudently managing operating expenses, maintaining strong credit and interest rate risk management practices, and ensuring a sound balance sheet. Additionally, we expect to continue to declare cash dividends and execute our common stock repurchase program consistent with the company’s business plan”.