Providence Financial Services, Inc. (PFS) has reported a net income of $48.5 million for the three months ended December 31, 2024, as compared to $46.4 million for the three months ended September 30, 2024, and $27.3 million for the three months ended December 31, 2023. For the year ended December 31, 2024, the net income totaled $115.5 million, compared to $128.4 million for the year ended December 31, 2023.
The company's net interest margin decreased three basis points to 3.28% for the quarter ended December 31, 2024, from 3.31% for the trailing quarter. The average yield on total loans also decreased 22 basis points to 5.99% for the quarter ended December 31, 2024, compared to the trailing quarter.
Wealth management and insurance agency income increased 12% and 19%, respectively, versus the same period in 2023. Additionally, asset quality improved in the quarter, with non-performing loans to total loans decreasing to 0.39% from 0.47% and non-performing assets to total assets decreasing to 0.34% from 0.41%.
Total deposits increased by $247.6 million to $18.62 billion as of December 31, 2024, compared to September 30, 2024. The company also reclassified $151.3 million of the bank's commercial loan portfolio from loans held for investment into the held for sale portfolio in December 2024.
The company's board of directors declared a quarterly cash dividend of $0.24 per common share payable on February 28, 2025, to stockholders of record as of the close of business on February 14, 2025.
Following these announcements, the company's shares moved -5.7%, and are now trading at a price of $18.09. Check out the company's full 8-K submission here.
