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Provident Financial Services (PFS) of Jersey City beat fourth-quarter earnings expectations as it lowered its loan-loss provision and profited from asset sales.
February 1 -
Domenick Cama, the COO of Investors, helped honor Christopher Martin, the chairman and CEO of Provident Financial Services, at a human relations award dinner in New Jersey this week.
November 30 -
Provident Financial Services (PFS) of New Jersey is beefing up its marketing efforts with a new slogan as it tries to stand out in the rough-and-tumble New York banking market.
September 4
Provident Financial Services (PFS) in Iselin, N.J., reported lower quarterly earnings as margins tightened and noninterest income fell.
The $7.2 billion-asset company said Friday that it earned a $17.8 million profit in the first quarter, down 3% from the first quarter of 2012.
Net interest income was $53.9 million in the first quarter, a 2% decline, as net interest margin contracted by 9 basis points, to 3.33%. That decline was partially offset by a $251 million, or 5%, expansion of Provident's loan portfolio, to $4.9 billion.
Noninterest income fell 22%, to $9.9 million, as gains on securities sales fell $1.7 million. Fee income decreased because of lower deposit and wealth-management fee revenue, while other noninterest income fell 76%, to $264,000, partly because of Provident's termination of its debit card rewards program.
Provident's asset quality improved on the quarter. Nonperforming loans fell 18%, to $99 million, while provision for loan losses fell to $1.5 million, a $3.5 million decline. Net chargeoffs fell to $1.8 million, a $3.6 million improvement.
"Earnings benefited from margin expansion from the trailing quarter and stable credit quality," Christopher Martin, the president and chief executive of Provident, said in the earnings release. "With our market providing limited business-lending opportunities, we maintained our conservative credit discipline and concentrated on relationship expansion."
