Provident Financial Services, Inc. (PFS)

Q1 2010 Earnings Call Transcript

April 23, 2010 10:00 am ET


Chris Martin – President and CEO

Tom Lyons – SVP and CFO


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



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 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.

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