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Provident Financial Services, Inc. Announces Increased Quarterly Earnings And Declares Quarterly Cash Dividend

Stocks in this article: PFS

ISELIN, N.J., July 26, 2013 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the "Company") reported net income of $19.2 million, or $0.34 per basic and diluted share for the three months ended June 30, 2013, compared to net income of $16.0 million, or $0.28 per basic and diluted share for the three months ended June 30, 2012.

For the six months ended June 30, 2013, the Company reported net income of $37.1 million, or $0.65 per basic and diluted share, compared to net income of $34.4 million, or $0.60 per basic and diluted share for the same period last year.

Earnings for the three and six months ended June 30, 2013 were aided by a continued improvement in asset quality and a related reduction in the provision for loan losses compared with the same periods last year. Year-over-year growth in both average loans outstanding and average non-interest bearing demand deposits has mitigated compression in the net interest margin and the related adverse impact on net interest income.

Christopher Martin, Chairman, President and Chief Executive Officer, commented, "Consistent earnings performance has become a standard for Provident, and this quarter was no exception. Our growth in average loans and non-interest bearing deposits helped to partially offset the nominal net interest margin compression we experienced during the quarter." Martin continued: "Improvement in asset quality accelerated further this quarter as problem loan formation subsided and previously troubled assets were resolved. With our return on average assets at 1.07% and the loan pipeline at its highest level in over five years, our team's commitment to improved performance is evident in our results."

Declaration of Quarterly Dividend

The Company's Board of Directors declared a quarterly cash dividend of $0.14 per common share payable on August 30, 2013, to stockholders of record as of the close of business on August 15, 2013.

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