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Lower Fees Offset Loan Growth at Provident in N.J.

Provident Financial Services in Iselin, N.J., reported relatively flat quarterly results as lower fees offset loan growth.

The $9.2 billion-asset company said in a press release Friday that profit fell 1.8% from a year earlier to $21.4 million, or 34 cents a share.

Noninterest income dropped 18.4% to $13.8 million, largely because of declines in fees from interest rate swap transactions.

Net interest income increased 3.7% to $63.9 million. Net loans rose 6.5%, to $6.5 billion, with notable increases in mortgages and commercial loans. The net interest margin contracted by 6 basis points to 3.10%.

The loan-loss provision increased 54.5% to $1.7 million, while net chargeoffs rose 15.3% to $3 million.

Noninterest expenses fell 0.6% to $45.9 million with reductions in occupancy and marketing costs.

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