Provident Financial Services, Inc. (PFS) Q1 2010 Earnings Call Transcript April 23, 2010 10:00 am ET Executives Chris Martin – President and CEO Tom Lyons – SVP and CFO Analysts Mark Fitzgibbon – Sandler O'Neill Rick Weiss – Janney Montgomery Scott Jason O'Donnell – Boenning & Scattergood Collyn Gilbert – Stifel Nicolaus Damon DelMonte – Keefe Bruyette & Woods Matthew Kelley – Sterne Agee Ross Haberman – Haberman Fund PresentationOperator
Good morning and welcome to the Provident Financial Services first quarter 2010 earnings conference call. (Operator instructions) Please note that this event is being recorded. I would now like to turn the conference over to Mr Chris Martin. Sir, please go ahead. Chris Martin Thank you, good morning everyone. Before we discuss our first quarter 2010 results, we ask that you please review our standard cautions or any forward-looking statements that may be made during the review of our financial performance of Provident Financial Services Incorporated. A full disclosure and disclaimer can be found on the text of our earnings release and you can obtain a copy of that and all of our SEC filings by accessing our Web site www.providentnj.com or by calling our Investor Relations area 201 915 5344. For today’s discussions, I am joined by Tom Lyons, our CFO. Our earnings of $11.2 million or $0.20 per share represent an improvement of 25% over the same quarter last year on an operating basis excluding the goodwill impairment taken in our first quarter of 2009. We are pleased with these results as our net interest income before the loan loss provision increased 15.6% from the same quarter last year. Provision for loan losses of $9 million was an increase of $3.2 million from the same period in 2009 and represent our view that the New Jersey economy and the market in general remain under some stress.