Provident Financial Services, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended of December 31, 2016
January 27, 2017 at 08:16 am EST
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Provident Financial Services, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended of December 31, 2016. For the quarter, the company reported total interest income of $77,491,000 compared to $74,349,000 a year ago. Net interest income after provision for loan losses was $65,417,000 compared to $62,481,000 a year ago. Income before income tax expense was $32,750,000 compared to $30,929,000 a year ago. Net income was $22,568,000 compared to $21,515,000 a year ago. Basic and diluted earnings per share were $0.35 compared to $0.34 a year ago. Annualized return on average assets was 0.95% compared to 0.96% a year ago. Annualized return on average equity was 7.16% compared to 7.14% a year ago. Annualized return on average tangible equity was 10.82% compared to 11.14% a year ago.
For the full year, the company reported total interest income of $302,315,000 compared to $291,781,000 a year ago. Net interest income after provision for loan losses was $253,167,000 compared to $245,530,000 a year ago. Income before income tax expense was $124,782,000 compared to $120,163,000 a year ago. Net income was $87,802,000 compared to $83,722,000 a year ago. Basic and diluted earnings per share were $1.38 compared to $1.33 a year ago. Annualized return on average assets was 0.95% compared to 0.96% a year ago. Annualized return on average equity was 7.12% compared to 7.12% a year ago. Annualized return on average tangible equity was 10.86% compared to 11.13% a year ago. Book value per share was $18.94. Tangible book value per share was $12.54.
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.