Provident Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Declares Quarterly Dividend Payable on February 29, 2012
January 27, 2012 at 06:30 pm IST
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Provident Financial Services, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported net interest income of $53,911,000, income before income tax expense of $20,379,000, net income of $14,870,000 or $0.26 per basic and diluted share as compared to net interest income of $53,021,000, income before income tax expense of $15,914,000, net income of $12,115,000 or $0.21 per basic and diluted share for the same period prior year. Annualized return on average assets was 0.84% as compared to 0.70% for the same period prior year. Annualized return on average equity was 6.18% as compared to 5.19% for the same period prior year.
For the year, the company reported net interest income of $215,990,000, income before income tax expense of $77,186,000, net income of $57,344,000 or $1.01 per basic and diluted share as compared to net interest income of $208,965,000, income before income tax expense of $66,269,000, net income of $49,705,000 or $0.88 per basic and diluted share for the same period prior year. Annualized return on average assets was 0.83% as compared to 0.73% for the same period prior year. Annualized return on average equity was 6.09% as compared to 5.46% for the same period prior year. At December 31, 2011, book value per share and tangible book value per share were $15.88 and $9.87, respectively, compared with $15.38 and $9.47, respectively, at December 31, 2010.
The company's Board of Directors declared a quarterly cash dividend of $0.12 per common share payable on February 29, 2012, to stockholders of record as of the close of business on February 15, 2012.
Provident Financial Services, Inc. is a holding company for The Provident Bank (the Bank). The Bank is a community-oriented financial institution that provides an array of financial products and business and retail services through its network of branches throughout northern and central New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. Its business services include commercial loans and lines of credit, commercial real estate loans, loans for healthcare services, asset-based lending, equipment financing, small business loans, and lines and cash management services. Its consumer services include online and mobile banking, home equity loans and lines, and mortgage options. It also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance brokerage services through its subsidiary, Provident Protection Plus, Inc. It operates over 140 branches.
Provident Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Declares Quarterly Dividend Payable on February 29, 2012